Business Opportunities and Competitive Advantages

For this assignment, you will be assessing potential business opportunities and competitive advantages for your product(s)/services(s). The goal is to describe what you’re planning to sell, the consumer need that your product(s)/services(s) will satisfy, who your target market is, and how you will differentiate yourself from your competitors in the marketplace.

Research potential business opportunities on the Internet, as well as relevant topics that can help you to cultivate new business ideas. Keep in mind that it’s better to start small and grow your idea or market than to try to take on too much initially.

Write a 525- to 700-word paper in which you describe your potential business opportunity and complete the following:

Describe the product(s) or service(s) that you are planning to sell.

How much will you charge for your product(s)/service(s)?

How often do you plan to sell your product(s)/service(s)?

Will your product(s)/service(s) require frequent updates? (e.g. software apps)

Explain how your product(s)/service(s) will meet an unmet consumer need or problem. For example:

Is it a new product or service that does not yet exist, or a refinement of an existing product or service?

Does your product/service cater to a specific type of consumer or need?

Are you able to offer your product/service for a cheaper price than your competitors?

Do you offer your product/service at a more convenient location or with better hours? (e.g. over the Internet, a franchise in a growing neighborhood, 24/7 access)

Assess your target market or customer. For example:

Are you meeting a Business-to-Business (B2B) and/or Business-to-Consumer (B2C) need?

Are your consumers within a specific demographic or business field, or across a wide range of market segments?

How large is your target market?

What are your specific customer needs or expectations?

How will your product(s)/service(s) satisfy the needs or expectations of this target market?

How much and how often do you expect your customers to purchase your product(s)/service(s)?

Explain how you will differentiate yourself from your competitors in the marketplace. (i.e. how are your products or services cheaper, faster, better, specialized, personalized, etc.?)

Include any research, references (minimum of 2 required), or other information needed to support your business concept.

Format your paper consistent with APA guidelines. Include a minimum of 2 references