January 28, 2011 Objective: Students will identify the niche for their business ideas.

Lesson Niche What will you do that is better, faster, cheaper than your competitor? How will you differentiate yourself from the competition? What makes your business model unique? Discuss with a partner these questions about each of your businesess… you have 7 minutes.

Competitive Advantage The answers to these questions will help you identify a “niche” which is also known as your “competitive advantage”. It is common that a competitive advantage includes one or several of the following planned elements : – Price – Quality – Location – Speed – Service

Niche Areas In the United States, consumers already expect “good” service. Therefore, it is very hard and rare for a U.S. based business (or a business looking to sell to U.S. citizens) to have a competitive advantage resting solely on service. It therefore must be combined with another advantageous attribute to create a competitive advantage. Talk with your partner about the niche you identified for your business. In what areas have you identified a niche for your business? Document the competitive advantages for your business in your notebook.

Section 3.3 – Assignment Part 1: For your BIG IDEA discussed in the prior module; identify 3 REAL direct competitors and assess each of their competitive advantages. Be specific. Part 2: Explain the plans for your BIG IDEA to be able to compete. What will be your “niche” or “competitive advantage”?