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MKT$/431$: Small Business Marketing

Course Faculty

Randy Weinerman $($Faculty$)$

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Exam

Wk $1-$ Apply: Summative Assessment: Business Market Analysis $[$due Day $7]$

Wk $1-$ Apply: Summative Assessment: Business Market Analysis $[$due Day $7]$

Exam Content

Establish a small business that you might launch in your area, such as a gym or salon.

If your potential business is small and local, research the number, location, and quality of all potential competitor businesses. As precisely as possible, estimate their annual sales and rank them according to size. Estimate your potential sales against these competitors.

If your potential business will have global reach, research and estimate the size of your products market and the industry in which it exists. If possible, estimate whether the market is expanding or declining.

Use at least $2$ resources focused on sales growth to support your business idea. Consider resources such as the chamber of commerce and Better Business Bureau in the area. You might also consider using other public resources, such as the U$.$S$.$ Census or Small Business Administration.

Write a $525-$ to $700-$word business market analysis in which you:

Estimate the annual sales for your product or service within the industry. Refer to recommended information sources in Topic $1,$ Section $1\mathrm{.}3,$ and the resources on the University Librarys Get Started With Industry Research page.

Evaluate the percentage of growth or decline for this industry for each of the past $5$ years and the expected growth rate for the next $5$ years. This information will help you understand the viability and potential trends for the new business you are creating.

Describe the external factors that may shape the growth and nature of this industry during the next $5$ years $($e$.$g$.,$ social trends, economic forces, technology, competition, government regulations$).$

Assess potential channels for product distribution in this industry $($e$.$g$.,$ retail, wholesale, internet, catalog, resellers, agents$).$

Analyze the critical factors for success in this industry.

Analyze $2$ of your major competitors in this industry. Consider in your evaluation where the companies are located, how many years they have been in business, and their strengths and weaknesses. Address the competitors online presence, such as whether they have a website and how they use social media.

Determine, based on your evaluation, how viable this business opportunity is and the risks your company might face in the industry. Explain your reasoning.