Growthink Explains Why Showing Competitors is Good In Developing Your Business Plan

A Billy Apple canvas, a stunning six metre ‘Spiral Island’ light from David Trubridge and an illuminating bar designed by Simon James are just three of the items from the Bombay Sapphire Botanical Bar to be auctioned at the Simon Fisher Gallery on the 29th August 2008. The auction wraps up the Bombay Sapphire Botanical Bar project, a collaboration between some of New Zealand’s leading artists, designers and stylists. Proceeds from the auction will go to the Dowse Art Museum in Lower Hutt which is widely recognized for its extensive collection of contemporary New Zealand craft, art and furniture.

Bombay Sapphire

Building on the success of its 2006 and 2007 Blue Room exhibitions, Bombay Sapphire commissioned a number of New Zealand artists and designers to create a series of one-off, design pieces, furniture and artwork for the ‘pop up’ Bombay Sapphire Botanical Bar. The project was curated by internationally renowned interior designer and stylist, Katie Lockhart.
According to Growthink, when developing the competition section of your business plan, companies must define competition correctly, select the appropriate competitors to analyze, and explain its competitive advantages.

To start, companies must align their definition of competition with investors. Investors define competition as any service or product that a customer can use to fulfill the same need(s) as the company fulfills. This includes firms that offer similar products, substitute products and other customer options (such as performing the service or building the product themselves). Under this broad definition, any business plan that claims there are no competitors greatly undermines the credibility of the management team.

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