ENTREPRENEURIAL PLANNING
BUSINESS PLAN DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Competition
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Balance Sheet
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Identify markets that share certain identifiable need that is to be satisfied
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Define demographic characteristics, psychographic, geographic, etc.
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Detailed explanation-1: -Economists have identified four types of competition-perfect competition, monopolistic competition, oligopoly, and monopoly.
Detailed explanation-2: -Vertical, horizontal, and mixed are the main types of product differentiation. Each one has its advantages and challenges and ultimately, how customers evaluate products is unique to them. Determining how you want to differentiate your product or brand depends on your target audience and their typical buying behaviors.
Detailed explanation-3: -Step 1: Identify Your True Competitors. Step 2: Categorize the Competition. Step 3: Read Competitor Content. Step 4: Analyze Competitor Prices. Step 5: Compare Your Websites. Step 6: List Out Value Propositions. More items