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If you have superior quality, there is a market for that as well.Competitive analysis should be conducted simultaneously with identifying your target audience.
But this information will be based on your target market.
For example, let’s say you’re in the clothing industry.
Both of these fall under the market research category of your business plan.
Once you figure out who your competitors are, it will be easier to determine how your company will be different from them.
Your competitors will depend on your target market.
Prepare A Business Plan
If you’re planning to sell jeans for , you won’t be competing with designer brands selling jeans for 0.
Customers won’t have a reason to switch to your brand if it’s the same as the company they already know and trust. Your differentiation strategy could involve your price and quality.
If your prices are significantly lower, that can be your niche in the industry.
This is arguably the most important part of launching a startup company.
If there’s no market for your business, the company will fail. All too often I see entrepreneurs rush into a decision because they fall in love with an idea.