From the course: Creating a Business Plan
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Describe why you can win in the market
From the course: Creating a Business Plan
Describe why you can win in the market
- Once you've described the market you're going to compete in and the way your product solves that problem, you need to do a SWOT analysis and describe why you're going to win in that market. It's not good enough to just have a product. You need to understand how you stack up versus your competitors, and what your competitive advantage is going to be. You'll conduct a SWOT analysis: strengths, weaknesses, opportunities, and threats. Those are going to highlight implications for how you're going to approach the market and compete there. For example, let's look at a business where you may have a strength in terms of your intellectual property, and a key market segment is showing high demand for that product. A weakness that you have is you lack distribution capabilities, and your competitors have much better distribution than you do. Now, that's going to identify an opportunity for you in terms of how you're going…
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