Issue link: https://docs.hic.us/i/403552
• strengths and weaknesses of competitors • assessment of how competitors businesses are doing • description of the unique features of your product or service • similarities and dissimilarities between your product and competitor's • pricing strategy for and comparison of yours and the competition's C. The Market Environment There are many factors in the marketplace that can have a direct affect on your business. Any of them can influence the market performance. Understanding these factors will enable you to plan a successful strategy to address or overcome them. Identify Marketplace Environmental Factors such as: • Economic factors that will affect your product and/or service. • Legal issues that may affect your market. • Government factors than can influence the direction of the market. • Enviromental issues that have a direct bearing on market performance. II. Product And/or Service Analysis It's important to investigate how your product and/or service is going to perform in the marketplace and how it compares to the competition. A thorough understanding of this data will enable you to choose effective marketing strategies. There are three sections dealing with Product/Service Analysis: Section A – Describe the product and/or service that you will provide. Section B – Compare your product and/or service to the competitions. Section C – Identify any special considerations about your product/service. A. Description Try to describe the benefits of your goods or services from your customer's perspective. Emphasize its special features - i.e., the selling points. Successful business owners know or at least have an idea of what their customers what or expect from them. This type of anticipation can be helpful in building customer satisfaction and loyalty. Address the following in detail: • Describe your product or service. • Describe the purpose of your product or service. • Identify special features and selling points. B. Comparison To The Competition www.hsi.us care@hsi.us 53