- Conduct a comprehensive analysis of the following four areas:
- Industry Analysis– Identify detailed information on your industry
- Competitor Analysis â€“ Identify 2-3 competitors in your market and conduct a detailed analysis of their business
- Potential pricing
- Potential distribution channels
Click Market Analysis Questionnaire Handout for specific questions to address.Design a research data toolkit or portfolio that contains various resources (websites, journals, free sites, trade associations, etc.) specifically for your product. Below is an example of how you might want to design your toolkit. It includes two websites for the restaurant industry. Once identified I recommend including a brief descriptor easier to referencing.
Marketing Sites Descriptor (for your reference)
- A minimum of 12 resources should be identified. You may include resources from the industry and competitive analysis. Also, the internal and external checklist sheet could be used as a framework for your toolkit. As always presentation counts.
- Resource: Guide to Writing a Killer Marketing Plan – Start at Section 2: Analysis and Competition
- Upload the Market analysis paper and toolkit into canvas. If you’re partnering with someone, please have both individuals submit your paper.
Now that you have selected your business, find 3-5 other businesses that are very similar to your primary product or service offering. For example, If you want a T-shirt business with your primary offering being designer Tâ€™s; then select other T-shirt companies that do what you want your company to do. (Note: the reference to primary offering). Once found conduct the following:
Prepare a 1-2 page, typed and double-spaced critique (analysis) of the mission and vision statements from three businesses that are similar to yours. Your critique should include the information below:
Vision and mission statement (Note: a company may only have one, which is okay just select another company to highlight the other statement. The goal is to have 3 vision statements and 3 mission statements total.
Link to the specific page of each company
Paragraph with your analysis of how well written the vision and mission statements are with sound marketing rationale
Write a vision and mission statement for your business.