Critical Thinking Fourth Assignment.docx – Task 2
1- In this week, we move further along with your discussion board topic of market research. From your reading, on Phase 2, when researching your niche market for your final project, do you know who your customers are? Who are your top competitors? Focus your post on providing your customers, top 3 competitors, and what plan do you have to research your niche market?
(My business is an online sex shop focused in sexual education exploring tantric and sensory sex)
2- (I’m uploading a doc with the business idea so you can answer the following questions)
Using Porter’s five forces, analyse the factors at work in your industry.
If you are expecting to be first to market, what other advantages for your proposition can you expand on in your business plan?
Describe the strategic direction being pursued by the business you are/will be competing with, ie focus, differentiation, cost.
What strategic option will you be going for and why?
Explain how you arrived at your proposition.
What makes you believe it will succeed?
Write a mission statement linking your product or service to the customer needs it is aimed at.
Write vision and values statements.
What are your principal objectives:
- –short term?
- –long term?
- List your tasks and action plans as you see them at present.
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