38. Competitor Pricing – Business PositionBy Roger Bryan
Analyzing the business position in the market with respect to your business plan is an essential part of implementing your business plan. There are various aspects which you need to mention in your business plan of in order to determine the business position accurately. These are:
1) Demand – What is the demand of the product you plan to offer? Include the data about the actual demand of the product and if it is a new product then include reasons as to why it will be accepted by the customers. Can this demand be increased by making changes in the current available products? Is this demand being met aptly by the current players in the market? All these factors should be included in this sub section
2) Suppliers – Who is supplying the product and how? What is their current stand in the market and their market share? Include facts about why you believe that you can carve out a niche for yourself despite of the prevailing supply. Include details about the supply chain of your competition and their current production lines
3) Customers or the consumers – These are the people who are going to consume your products finally so include the details of the people who are being targeted. How much sales and revenues are being generated in the current business position? Answer all these questions in your business plan to make it stand out.
4) Current and Future Projections – Based on indicators like market condition and other research that you would have carried out, include the current and future projections about the business position. If the position is slated to expand or evolve in the days ahead, then mention all that with sound reasoning.