10 May WHAT ARE THEIR STRENGTHS AND WEAKNESSES?
Industryreview Research industry averages for profitability in yourmarketplace. Use this information to determine the validity ofyour own projections and make changes if necessary. Regulationreview andlegalconcerns Determine your location and business environment. Addressall legal zoning and licensing concerns your business willface. What form of business will you set up? Why? The levelof detail required for this section will depend on your type oflocation (virtual retail warehouse office restaurant etc.)and on your idea. Demonstrate that you have completed yourresearch. Don’t say “We will obtain all of the appropriatepermits”; instead summarize them. When you explain yourform of business remember your audience. For example ifyou select an S corporation explain your reasoning for thatselection in the context of your potential business rather thanproviding the definition of an S corporation. Address anypending regulations that may have an impact on yourbusiness. Competitiveanalysis Describe the competitive landscape. Who are the keycompetitors? What are their strengths and weaknesses?Approximate their market shares. How will you take sharefrom them? How will they most likely try to stop you if you aresuccessful? Who are your indirect competitors? What do theyoffer your prospects? SWOTanalysis Identify your company’s major strengths weaknesses opportunities and threats. Describe how you plan tomaximize your strengths and opportunities and minimize ormitigate your weaknesses and threats. IndustryAnalysisTotals This section will give the reader an understanding of theoverall industry with specific facts and figures. Data arecritical in this section because you must specify the size ofthe market and show how you plan to capture the market.You should also have an overview of the competitors in yourspace. BackgroundThe Business idea we are presenting is for online retail service. Our society is moving fast withtechnological advancements and our concept helps in delivering the ultimate results in retailexperience for the customers according to their own requirements and needs. Similar to Amazonor eBay we are providing an online retail service with a website where consumers can buy or sellproducts. What makes our idea unique is that we are incorporating the service aspect to the retailproducts based on the need of the customer where they can not only purchase the product butalso obtain services related to the product according to the customer’s needs.For example anyone can buy a basketball hoop from online and have it delivered to their home.With our service aspect one can request and bid on service prior to the purchase; which in thiscase would be whether they need help unloading assembling or installing the product. A requestcan be placed and the customer will be provided with a quote for the service prior to the purchase. The target audience would be any consumer. By using social media marketing weobtain the quotes for the services prior to the listing of categories. If a consumer needs servicefor the retail product it will be presented with a feasible quote and they have the freedom to makethe decision on the service. Industry Analysis1.1. Industry ReviewText 1.2. Regulations and Legal EnvironmentText 1.3. CompetitionText 1.4. SWOT AnalysisText
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