GRAND RAPIDS – Who is your competition? Competitors include other suppliers who provide similar products (direct competitors) as well as those who provide a product in the same general category (indirect competitors).

For example, a retail video rental store competes with other video rental companies, and also with other forms of entertainment such as movie theatres, HBO, etc.)

How much of the market do your competitors hold?

Who has the largest share of the market and what are their strengths and weaknesses?

In which areas does your company have a competitive advantage over your competitors?

Are there products or services that may threaten your company?s ability to produce a profit?

You may want to highlight the following elements within this section:

Indirect & direct competitors and who they are:

A. Socioeconomic Environment

B. Regional History

C. Past Year’s Marketing Efforts and Success

Market share of competitors

SWOT stands for strengths, weaknesses, opportunities, and threats. Strengths and weaknesses generally apply to the internal factors of a company analysis, however, the strengths and weaknesses of competitors should also be reviewed. Opportunities and threats refer to the external factors which can have an impact on the business or can be used to develop your marketing objectives.

The Michigan Small Business Development Center provides counsel, training, research, and advocacy for Michigan?s new business ventures, existing small businesses, expanding new businesses, new technology companies, and innovators. The MI-SBDC is housed at the Grand Valley State University Seidman School of Business in Grand Rapids, Michigan. As host of the MI-SBDC State Headquarters, the Seidman School of Business oversees the 12 region MI-SBDC network and over 60 satellite and affiliate offices. Entrepreneurs and small business owners may access the services of their nearest MI-SBDC by calling (616) 336.7480

For online info, click on MI-SBDC.Org

This column was written by Jill Wallace, Marketing & Training Manager ? Michigan Small Business Development Center State Headquarters