Page 85 - Design Thinking C11

Some key aspects to keep in mind while studying your competition are:

Position
Any offer (High quality/
given to Low quality
customer brand, etc.)

Relationship
with Price
Customer

Conducting a Competitive Survey
Business owners need to survey all possible businesses to find out what is available in the market and what
their competitors are doing. In customer surveys, you go directly to your customers and talk to them, but in
competitive surveys, entrepreneurs need to observe these questions and ask others. This is a sample survey
that you can use for competitive research.

Questions Observations (To be filled by students)

Customer outlook of business
1. High-end
2. Low-cost

Competitor Price for Product

Is any offer being given?

Competitor’s interaction with the customer

Customer’s feelings while buying the Product

B usiness Planning & Improving Business Growth

Planning is fundamental to business growth. It helps to create a vision for a well established business. A
successful business requires strategy to please its customers and excel despite cut throat competition. Let us
now learn what exactly is business plan and why it is necessary.

Planning the
business

Growing Business

Entrepreneurial Skills-III
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