Identify Competitive Advantages (Business Plans and Feasibility Study)

Identify Competitive Advantages (Business Plans and Feasibility Study) 

Identify Competitive Advantages (Business Plans and Feasibility Study)
Identify Competitive Advantages (Business Plans and Feasibility Study) - this guide talks about Competitive Advantage, Business Plans and Feasibility Study and other related tips. 


The course is designed to give a road guide to learners with basic knowledge on how to identify competitive advantages. 


THREE BASIC COMPETITION STRATEGIES

Identify Competitive Advantages (Business Plans and Feasibility Study)

Cost Leadership 

Firm should have several advantages in place 

For e.g 
  • The infrastructure should be large enough to enjoy a scale advantages 
  • The business should have a source of cheap materials 
  • The firm should seek to cut production cost at all stages
  • The foundation of the above is to seek cheaper production costs than competitors 
  • Attention should also be paid to quality and services 

Large scale investment 

Sell at a low price to gain market share

Buy material at a cheaper price 

High profit continue to invest to reduce price 

When there is availability of large cash, you can invest large volume of material you need, and make many profit, as a result of you having strong negotiation power. 

How can low costs help the business to compete?

(According to porter’s 5 forces model)

Competitors within the industry 

To customers; they also use their power to ask for a low cost reduction

To suppliers; 

To potential competitors; low cost create a barriers and makes the market less attractive. It put that entry barriers to others to enter 

To substitute product; low cost create a more variable position for the firm 



WHEN SELECTING A COST LEADERSHIP STRATEGY

Business should have some advantages in place to Able it to implement, as well as have the ability to continuously improve its skills.

Organization to match the strategy. 



Differentiation 

Create some distinctive features 

The best way is to make the product different in specific ways 

The important thing here is the customer.

Customers will become less sensitive to price when the product has achieve the customer loyalty. The business can now sell the product at a higher price. 

HOW CAN DIFFERENTIATION HELP THE BUSINESS TO COMPETE? 

(According to porter’s 5 forces model) 

From competitors within the industry 

  1. Loyalty makes the customers feel less sensitive to price. For eg apple product; prices are at premium level and her customers also go for it 
  2. To the customers; difficult to compare between products 
  3. To suppliers; high profit so they can buy the product at a higher price
  4. To potential competitors; create a barriers 
  5. To substitute products; has more advantages

Focus strategy looks at a specific group of people. This will help to create a distinction to a specific product.

RISK FACTORS 

  • Risks in implementing a cost leadership strategy 
  1. Change in technology 
  2. Competitors can simulate or copy 
  3. Not focused on changing the product 
  4. Features and marketing methods 
  5. Input expenses increased

  • Risks in implementing a differentiation strategy 

High cost for uniqueness 

For example in the picture 

Identify Competitive Advantages (Business Plans and Feasibility Study)



From the above, if you over price yourself or underprice yourself, it has an effect also.


The uniqueness is no longer valued by customers, for eg Mr. biggs, at first most people went for it, but has time goes on, more fast food came up with better services that brought down the market, that is no more big uniqueness 

Identify Competitive Advantages (Business Plans and Feasibility Study)

Competitors can make similar products and narrow the value of the uniqueness; for eg; channel TV as a private news station, but now there are several news station

Identify Competitive Advantages (Business Plans and Feasibility Study)



c. RISKS IN IMPLEMENTING THE FOCUS STRATEGY 

  • The cost for the uniqueness is too high.

For eg; some CISCO network devices is high because it provide functions only for innovated Cisco products
  • Not much difference in demand between the special group of customers and the mass market. For eg; ceramic kitchenware for microwaves, which is targeting rich families only. 
  • This might not be welcomed because products currently available on the market can be used in the microwave oven anyways 
  • Competitors jump in the segment for the special group of customers 

In like manner, if brand X produce a shampoo for men, and others enter the market with additional valve chains like anti dandruff and other values, that brand X will loss customers. 

  • Competition strategy in market;

Who are you in the market? 

  • Every firm needs to select a basic competition strategy for themselves
  • Business to have different advantages 
  • Competition strategy in marketing is applied at each level for each brand 
  • That is while each brand should have its own competition strategy 
  • Strong position and competitive advantage for the business 

To select a suitable strategy, the business should identify the following 
  1. Who are the competitors? 
  2. What is the position of the business in comparison to its competitors 

The firm will 
  • Attack weaker competitors 
  • Compete with ‘equal’ competitors 
  • Classify the competitors that could benefit the business and those who are trouble markets’ 


Strategy for market leaders, challenges and followers; in other to address all this, the firm or business must play a specialized role and also understand her position, competitive advantages.

Identify Competitive Advantages (Business Plans and Feasibility Study) has some related search which are; 

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You can use this format in developing your own business Plans and feasibility Study 

OUR TABLE OF CONTENT INCLUDE;

  • SECTION I – EXECUTIVE SUMMARY
  • NAME OF BUSINESS / COMPANY
  • OFFICE & SITE LOCATION
  • MOTIVATION
  • MISSION STATEMENT
  • SOCIAL/ECONOMIC VALUE
  • PROJECT STATUS & START UP
  • WHY PREPARE THIS BUSINESS PLAN?
  • SECURITIES FOR THE PROPOSED LOAN
  • REPAYMENT
  • SECTION II – STUDY AREA
  • STUDY AREA
  • COMPANY OVERVIEW
  • MANAGEMENT TEAM
  • DEPARTMENTS IN THE COMPANY
  • EXPERIENCE
  • MANAGEMENT TEAM GAPS
  • SECTION III – INDUSTRY ANALYSIS
  • DEFINING YOUR INDUSTRY
  • YOUR INDUSTRY SIZE GROWTH RATE AND SALES PROJECTIONS
  • INDUSTRY STRUCTURE
  • MARKET OVERVIEW
  • MARKET SEGMENTATION
  • RELEVANT MARKET SIZE
  • KEY SUCCESS FACTORS
  • LONG TERM PROSPECTIVE
  • MARKET CHARACTERISTICS
  • SAMPLING TECHNIQUE
  • SECTION IV – CUSTOMER ANALYSIS
  • TARGET CUSTOMERS
  • CUSTOMER NEEDS
  • MARKET NEEDS / SOCIAL PROBLEMS AND SOLUTIONS
  • BUYERS BEHAVIOUR
  • MARKET SHARE
  • SALES FORECASTING
  • SECTION V – COMPETITIVE ANALYSIS
  • DIRECT COMPETITORS
  • COMPETITIVE ADVANTAGES
  • SECTION VI – MARKETING PLAN
  • PRODUCTS & SERVICES
  • FINISHED PRODUCTS
  • PRODUCT QUALITY AND PRODUCTION QUANTITY
  • PRODUCTION CAPACITY
  • PRICING
  • PROMOTIONS PLAN
  • DISTRIBUTION PLAN
  • SECTION VII – OPERATIONS PLAN
  • GENERAL APPROACH TO PRODUCTION
  • TECHNICAL ANALYSIS / PRODUCTION PROCESS
  • EQUIPMENT
  • PACKAGING REQUIREMENTS
  • SECTION VIII – FINANCIAL PLAN
  • REVENUE MODEL
  • FINANCIAL ANALYSIS
  • FINANCIAL ASSUMPTIONS
  • FINANCE CHARGES
  • FINANCIAL PROJECTIONS
  • FUNDING REQUIREMENTS/USE OF FUNDS
  • CRITICAL ASSUMPTIONS



  • FINANCIAL MODELS
  • SUMMARY OF PROJECT COST
  • BUDGET OF FIXED ASSETS / CAPITAL EXPENSES / INVESTMENTS
  • DEPRECIATION
  • UTILITIES
  • OPERATING EXPENSES (OPEX)
  • TOTAL REQUIRED INVESTMENT OUTLAY (REQUIRED START-UP CAPITAL)
  • FINANCING PLAN
  • INSTALLED / AVAILABLE EQUIPMENT
  • BREAK-EVEN ANALYSIS
  • LOAN REPAYMENT SCHEDULE AND INTEREST PAID
  • FORECAST OF PROFIT AND LOSS
  • CASH FLOW
  • BALANCE SHEET
  • GENERAL ASSUMPTIONS (BREAK EVEN ANALYSIS)
  • BUSINESS RATIOS - PROFITABILITY ANALYSIS
  • CONCLUSION
  • SECTION 3 – APPENDIX

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·         NOTE; According to our policy, we are not “allowed / permitted” to disclose peoples business or written feasibility study, “to anyone”, irrespective of their personality.

·        BUT, WE are permitted to display only executive summary.
·         This is just a sample of our executive summary on poultry feasibility study and business plan, carried out in Rivers State. 

·         1st sample;

These Feasibility study on poultry farming business (specializing on layers and boilers production), was conducted using projections, impressive publications, compounding interest/values, tables, graph, bar chart, pie chart, profits analysis and cash flow positions in other to give a clear picture of what is obtainable in that location, using eight plots of land, at Esemdiary village, Off Effurun Sapele Road, Okpe LGA of Delta state, Nigeria as a case study. 

Esemdiary village is a community in Okpe Local Government Area of Delta State with coordinates 05°26’N 5°57’E, which also plays the host community to the Warri Airport, which is actually located at Osubi. 

Okpe Local Government is a territory that used to be part of the original Okpe Kingdom, its headquarters is at Orerokpe, with a population of 128,398 people whose primary occupations include commercial farming, fishing, hunting, trading and gas exploration. 

After carrying out the feasibility study on Esemdiary village, Off Effurun-Sapele Road, Okpe LGA of Delta state, Nigeria, it was discovered that, farming generally will do well both on crop and animal production.

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