41. Competitor Product – Business MenuBy Roger Bryan
Business product menu section in a business plan includes the detail of products that you plan to offer in the market. It is very important to analyze your business product menu in the light of the competition and lay it out in a coherent manner in your plan.
Listing – Start by creating a list of the products that you plan to offer. If it is a long list, try to generalize the products based on difference categories. For e.g. if you deal with various types of T-shirts then you may base categories based on gender or age.
Description – Include a short description about the product menu that you have created just to give a general idea while presenting your business plan.
Strengths and advantages – Mention the edge that the product line has over the competition and if there is something new that is being offered; make sure to highlight that aspect even more. A good area of strength for any business can be the weakness of the competition. Hence, you can view this sub section from a different angle too.
Future Prospects – Include details of products that you may plan to launch later once your business plan takes a more concrete shape and finds a foothold in the market.