Situational Analysis
Title: Situational Analysis
Assignment Instructions: Continue working on the same business idea you established in Week 1. Be sure to apply instructor feedback, as appropriate, to your assessment this week.
Write a 525- to 700-word situational analysis in which you:
Determine whether the industry is growing or declining and identify the forces that are influencing the growth or decline in the industry to help determine the viability of your business idea and industry trends.
Assess the distribution channels in the industry for the business (e.g., retail, wholesale, internet, catalog, resellers, agents).
Analyze the customers for your business idea, including the customer demographics, their needs and preferences, and buyer behavior.
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 competitor’s 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. Consider the market size estimate you completed in Week 1 as part of your determination. Explain your reasoning.
Support your analysis with at least 2 resources appropriate to your industry or market.
Format your citations and references according to APA guidelines.
Paper Format: APA
Answer preview to Situational Analysis
APA
600 WORDS
