Assignment Instructions Competition Analysis

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  Assignment Instructions  Competition Analysis Business Model © Wadhwani Foundation www.nen.org Page 1 of 4 For Students’  Use V01 Please note the following:    It will take you approximately 3 hours to complete this assignment.    It will be wise to divide your time as: o   30 minutes to work on interviewing each of the 4 customers, that is, a total of 2 hours. o   30 minutes to research online on your competitors. o   30 minutes to discuss with your teammates and finalize on the competitors, product benefits, and what customers perceive about those benefits.    Ask your facilitator how and when to submit your assignment. Learning Objectives:  Objectives of this assignment are to:    Understand who your competitors are.    Identify product benefits that are most important to the customers.    Understand how customers perceive the benefits of what your competitors are offering so that you can further refine your value proposition. What do you need to do?     Identify your competition and important product benefits.    Conduct at least 4 customer interviews to validate important product benefits and capture how competition is doing against those benefits. How will you go about this assignment?  A.   Follow the instructions below to fill in this section. You have identified your Unique Value Proposition in the previous lesson. Now, you will identify and analyze your competitors. By doing so, you will understand if your value proposition is sufficiently different from what your competitors are offering. This will help you to further refine your Unique Value Proposition and make sure your products and services are different from theirs. Step 1: Identify 3 to 6 existing players who are likely to be your main competition. Be careful to correctly identify those competitors who will be fighting for the same niche. In case you are able to identify many more competitors, go for the ones who sell more in your niche. Step 2: Identify important product benefits (pain relievers or gain creators). Shortlist 4 to 10 that are most important to customers. To do this, simply merge the lists of gain creators and pain relievers you had worked on and prioritize the joint list. List them below: asic Course in Entrepreneurship   Assignment Instructions  Competition Analysis Business Model © Wadhwani Foundation www.nen.org Page 2 of 4 For Students’  Use V01 Product Benefits: 1.   Comfortness-Custormers wants a barbershop that present a comfortable feels. 2.   Time-Reserve time and no time queue. 3.   Reservation-Just download an App.(Express Barber) and register,so you can get a reservation 4.Services-The barber shop can service you by what the expectation of the customer desire. 4.   Equipments-We assure that the equipments(Scissors,Brush,Towel,Razor etc.) are sanitize and new before we proceed to the next customer. 5.   Cheaper rates for regular/junior stylists.  B.   Customer Interviews It is recommended you interview at least 4 customers. You need to interview customers to: 1.   Validate the product benefits. asic Course in Entrepreneurship   Assignment Instructions  Competition Analysis Business Model © Wadhwani Foundation www.nen.org Page 3 of 4 For Students’  Use V01 2.   Capture how the competitors fare against those product benefits i.e. the perceived performance of the competitors for each of the benefits. To do this, show them your list of product benefits and add or remove them based on what the customers say. Ask them how the competitors fare against those product benefits. Based on what the customers say as well as your research, you need to tabulate your findings.  Assignment Instructions  Competition Analysis Business Model © Wadhwani Foundation www.nen.org Page 4 of 4 For Students’  Use V01 Competitors Product Benefits Price:Cut and Rinse Logo Men’s Hair Color Price Volume of Customers Location (from Quezon City) Felipe and Sons 360 1,300 to 1,750  Frequently Malls,Around BGC and Mandaluyong City Davids Salon 250 to Php 300 1,700  Few Malls,Commonwealth,Marik ina. Bruno’s barbers 280 to 380 1,200  Frequently BGC and Uptown Azta urban salon 250 800  Few Around Diliman,Makati City and Cainta Bench barbers 350 1,800  Few Taguig and Makati asic Course in Entrepreneurship 
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