Homework: Entrepreneurship and Innovation
You will expand on your business plan by preparing a competitive analysis, differentiation strategy, and risk assessment for this venture. The use of a SWOT analysis should be included to identify the strengths, weaknesses, opportunities, and threats relating to your business model, your primary competition, and the industry you plan to enter. From this data you will identify your strategic position statement that identifies your competitive advantages and value proposition for your target audience. Next, you will share your marketing strategy and tactics that you will incorporate to create awareness of your new company's offerings, and identify your key marketing message and messaging distribution strategy for reaching your target audience. Finally, you will identify at least three types of risks that your business faces and describe your plan to mitigate this risk.
Write a four to six page paper in which you:
I. Prepare a competitive analysis, differentiation strategy, and risk assessment for this venture.
II. Create a SWOT analysis that identifies the strengths, weaknesses, opportunities, and threats relating to your business model, your primary competition, and the industry you plan to enter.
III. Based on your findings for questions I and II, identify your strategic position statement that describes your competitive advantages and the value proposition your offerings will create for your target audience. Include an example of your marketing message and strategy for distributing your marketing content.
IV. Describe at least three types of risks that your business could possibly face and describe your plan to mitigate this risk.
Format your homework according to the following formatting requirements:
o The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
o The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
o Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.