ASSIGNMENT OVERVIEW
Your professor has approved a company choice for your team's New Venture Project. Use the company to individually perform a separate environmental and competitive analysis.
TASKS:
1. Conduct a PESTLE (political, economic, socio-cultural, technological, legal and environmental - consider local, national, and international aspects as applicable) environmental scan for the industry your company operates within. Provide at least two examples for each factor.
Consider the following questions. Do you think this is a good time to be entering this market? Is this a growing market? What is the economic situation in the local, national, global market? Is there a lot of competition in this area? Is there government or other incentives for opening this type of business? Is labour available? Do you think that you'll import supplies or products from another country? Will you export finished goods to another country? If so, which countries would you choose, and why? What challenges will you face?
2. PORTER'S FIVE FORCES: Complete a Competitive Analysis using Porter's Five Forces Model. Provide at least two examples for each force.
3. CURRENT TRENDS: Discuss two current trends (not already discussed in Porter's analysis above) happening within your industry and describe how they might affect your business. For more information on industry trends.
4. COMPETITOR OBSERVATION: Within your team, assign each member one local competing company for which they will conduct competitive research. Each member will visit their assigned local competitor and observe consumer flow, layout, product/service offerings, etc. for at least one hour. Students may wish to speak with a manager and ask some questions to help them gather research.
a. Which competitor did you visit? How does this competitor market itself? What target market segment are they focusing on? How do customers perceive this competitor (brand image)? Why do customers purchase from this store?
b. What are the hours and days of operation? What days or times of the day is the business most busy? Based on your one-hour observation and knowing the hours of operation and busy times of the day, how many customers (approximately) can the local competitor serve in a day? What factors (provide at least three) affect the number of customers that a company can serve in a day?
c. Describe the layout of the business? How does the layout support business processes? What suggestions could you make on how the layout/design could be improved?
d. What are the key strengths and weaknesses of the local competitor you visited? How does this competitor differentiate? What are its CSR initiatives
e. Describe the variety of products or services the company offers. Analyze this competitor's products and services in terms of features, value, and quality. Which products sell most often?
5. Use APA formatting for in-text citations, report format and References page.
6. Use correct formatting, spelling/grammatical errors
Attachment:- Template and Instructions.rar