26 Strengths And Weaknesses Of Competitors Obtain information on your competitor’s products, prices, quality, and selection, advertising, personnel, customer service, and distribution methods.You can get some of this information by actually buying their goods or services.You can also ask customers about them.Evaluate each of the companies on the basis of determine their responsiveness to changing market conditions.In other words, can they respond quickly when the tastes and preferences of customers change?If possible, try to determine their responsiveness to changing market conditions.In other words, can they respond quickly when the tastes and preferences of customers change?It’s also a good idea to make note of similar companies that have recently gone out of business, and try to determine why.
27 Your Competitive Advantage Identify those things about your proposed business that are clearly unique and would enable you to take business away from your competitors.For example, you develop a recipe for a mango bar that no one else has.
28 What Do We Want To Know About The Customer? A customer profile is a complete picture of a venture’s prospective customers.It includes geographic, demographic, and psychographic data.This profile will help you make decisions about your product or service.When you are creating your customer profile, ask yourself four questions:Who are my customers?What do they generally buy and how do they hear about it?How often do they buy?How can my business meet their needs?If you do a thorough job of studying your customer, you ought to be able to describe that customer in detail.Once you have the demographics in place, you can move on the look at customer needs.
29 What Do My Customers Need? A customer needs analysis is a way to pinpoint exactly which features and benefits of your goods or services your customers value.Suppose you’re proposing to sell a new type of cookie.What kinds of features and benefits do your customers prefer?Perhaps you learn that more students like crunchy cookies than soft ones.Because they are hungry right after school, they want food that is easily accessible.The first is a feature of the product, while the second is a benefit to the customer.You want to be sure that you’re providing the features and benefits the customers want so they’ll choose your product or service over the competition.