The Ernst & Young Business Plan Guide by Ford Brian R. & Bornstein Jay M. & Pruitt Patrick T. & Ernst & Young

Author:Ford, Brian R. & Bornstein, Jay M. & Pruitt, Patrick T. & Ernst & Young [Ford, Brian R. & Bornstein, Jay M. & Pruitt, Patrick T. & Ernst & Young]
Language: eng
Format: epub
Tags: Business & Economics, General
ISBN: 9781118039168
Google: LGF4cGm-z0sC
Publisher: John Wiley & Sons
Published: 2010-12-15T05:00:00+00:00

COMMENT: COMPETITION AND OTHER INFLUENCES

In this section of the plan, GFI addresses a number of issues: • It identifies competition in the marketplace in a general way.

• By reference to an attachment, it specifically identifies competitive companies along with their relevant characteristics.

• It anticipates the impact of competition on its own performance.

• It explains its competitive advantages.

All of these issues are appropriate and should be addressed in most business plans.

If this section has a shortcoming, it is that it appears to dismiss competition too lightly. No real threats are acknowledged, which perhaps is an objective assessment but more than likely is overly optimistic. Only in the last paragraph is mention made of price differences between GFI and the competition, and the reader must take it on faith that even if the target market is as big as GFI believes it to be, people will be willing to pay such a high premium.

In order to be complete, GFI should note influences other than competition that will have an impact on their marketing activity. Most notably missing is the impact of FDA regulations as they pertain to marketing. This is briefly addressed in the operations section, but should be addressed here also.