Location Description of business
History of the business
Where did they come from?
Mission Statement of the business (many small businesses may not have this)
Two Objectives for 2018
External Environmental Factors:
Technological – what technological factors influence or could influence this business
Political/Legal – what laws, regulations, etc. could impact this business?
Social/Culture
Economic
Competition – provide a table comparing and contrasting your chosen business and its competition.
COMPETITIVE ADVANTAGE ANALYSIS: How well does the proposed service meet the demands of the market compared with the competition? Create a table comparing your business with its direct competition as to what is offered. What does your chosen company do that the competition does not?
Complete a SWOT Analysis of the business.
What are the TARGET SEGMENTS of your business? Why? Create a table identifying your target segments. This table should address each target by a “label” – for example, if we are discussing the target market for jewelry. Commonly you would have the woman who buys consistently, the man who buys for his favorite woman, the woman who buys occasionally, men who purchase men’s jewelry, age groups and incomes would come into the segmentation as well.
Describe the BUSINESS. Who delivers the service/product? What is the physical environment like? Describe it. Describe the process.
PRODUCT
What are the PRODUCTS and/or SERVICES offered by your company?
This should be in a table format. If you have a company such as a retail store, you may list the products by brands and/or categories.
Make sure that you include any services provided by your company (wrapping, free delivery, etc.)
How does your company compare to its competition?
Are there any changes you would recommend making to their product/service offerings?
PROMOTION
Assess the INFORMATION NEEDS of target market(s). What information do customers need, (e.g. address of premises)?
Describe any PERSONAL SELLING is involved and if so what forms this takes. If not explain why not.
Explain their current advertising strategy.
Location Description of Business:
Unfortunately, you haven’t specified the name of the business, so I can’t provide you with a specific location description. However, I can provide you with general information on how to describe a business location. A business location description should include the physical address of the business, the type of building it is located in, and any unique features that the location has to offer, such as easy access to public transportation or proximity to a popular tourist destination.
History of the Business:
Again, without a specific business name, I can’t provide you with a history of a particular business. However, generally speaking, the history of a business should include information such as when it was founded, who the founders were, and how the business has evolved over time.
Where Did They Come From?
This question is also difficult to answer without a specific business name. However, if you are asking about the origin of a particular business, you should research where the founders came from, what inspired them to start the business, and any significant events or circumstances that led to the formation of the business.
Mission Statement of the Business:
A mission statement is a brief statement that describes the purpose and values of a business. Not all small businesses have a mission statement, but those that do often use it as a tool to guide their decision-making and communicate their values to customers and employees. If you provide me with the name of the business, I can try to find their mission statement for you.
Two Objectives for 2018:
Since the current year is 2023, I cannot provide objectives for 2018. However, if you provide me with the name of the business, I can try to find their current objectives or goals.
External Environmental Factors:
External environmental factors are external influences that can affect a business, but that the business cannot control. These factors can include technological, political/legal, social/cultural, and economic trends. Here are some examples of each:
Technological: The increasing use of mobile devices and social media platforms to connect with customers, the emergence of new technologies that could disrupt the industry, such as artificial intelligence or blockchain.
Political/Legal: Changes in laws and regulations that could impact the business, such as changes in tax policies or trade agreements.
Social/Cultural: Changes in consumer preferences or attitudes towards certain products or services, demographic shifts in the population, or cultural trends that could impact the business.
Economic: Changes in the overall economy, such as inflation or changes in consumer spending patterns.
Competition:
To compare and contrast a business with its competition, you can create a table that lists the key features of each business side by side. Here’s an example of what that could look like:
Business Name Product/Service Offered Price Quality Customer Service Unique Selling Point
Company A Product A $$$ High Excellent Made from sustainable materials
Company B Product B $$ Medium Good Made in the USA
Company C Product C $ Low Fair Fast shipping
Competitive Advantage Analysis:
To analyze a business’s competitive advantage, you should consider how well their product or service meets the demands of the market compared to their competition. You can use the same table format as above to identify what the chosen company does that the competition does not. For example:
Business Name Product/Service Offered Price Quality Customer Service Unique Selling Point
Company A Product A $$$ High Excellent Made from sustainable materials
