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Innovation and Entrepreneurship Management

Autor:   •  October 17, 2017  •  Coursework  •  1,182 Words (5 Pages)  •  223 Views

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Innovation and Entrepreneurship Management

Project Beginning

By now your topic must be decided and even the surveys are in progress. You must start with your write-up.

Please answer the following questions, and bring it back to me by 2:45pm in my office.

  1. What is the nature of your new product or service? 
    Answer: My business, the adventure company for paragliding is a service, more of a market niche kind of service only for adventurers or those who are interested in this sort of activity. I will start off with relatively lower prices than the current prices in the market to attract customers and gradually make my prices higher

  1. How do you know there is a need for your new product or service? Answer: I believe that my service will be needed and will be sought after by those who look for that adrenaline rush and do not want to pay as much as they currently do. Also I know that my business will be attractive as I offer it by the beach and in the desert, which is different to what is currently available in the market in terms of paragliding/adventure companies.

  1. Who are your competitors? What makes your new product/service any different or more needed by customers? 
    Kindly go on google and find other people doing the same or similar business as that of yours. ( you have done a similar assignment before on this, you may use the same material and continue from there)
  • Who are your competitors? Skyhub and Mughamarat Adventure company
  • What products or services do they sell? They offer paragliding and paramotoring services and the equipment needed for the same kind of activities as well as the licenses/certificates for those who would like to be instructors in paragliding or paramotoring.
  • What is each competitor's market share? Skyhub has better market share than Mughamarat adventure because of its stronger advertising campaign.
  • What are their past strategies? Sky hub started off in airshows and had a good advertising campaign, Mughamarat adventures does not really have much information online (weakness)but it started off mainly in Dubai and then moved to the Sharjah desert.
  • What are their current strategies? Training extreme sports and Sky hub is the leading company in this field at the moment so they know who to target. As for Mughamarat Adventure company their marketing strategy is not as effective as they do not even have a website, they only have an Instagram page and are less popular.
  • What type of media is used to market their products or services? Social media such Instagram,snapchat and facebook as well as banners and brochures.
  • How many hours per week do they purchase to advertise through the media used in this market? I am sure they both have their marketing/advertising agencies hired.
  • What are each competitor's strengths and weaknesses? (minimum 2) Sky hub is known but not by everyone, you must really do your search to find them , in terms of location and business not many people know of them, this is both a strength and a weakness, same goes for Mughamarat adventures, I know of them because I am interested and am a certified paraglider however if you are not a fan of these activities, they serve as a niche, same goes that this is a strength and a weakness meaning you do not want to attract everyone to do this hobby. Also the weakness for both is in their prices; they are both relatively expensive, moreover this is not a sport/activity/hobby for everyone. Skyhub has a much better advertising campaign than Mughamarat adventures.
  • What potential threats do your competitors pose? The fact that they already exist before my company and have already established their businesses and their customer database may be a threat to me since they have already gone through it all and know what the market is like and have targeted the people interested in these hobbies/activities.
  • What potential opportunities do they make available for you? The fact that they both exist but do not offer the service that I want to at both the beach and the desert makes it an opportunity for me since they only offer it by the desert at the moment and also the fact that they both offer either one of the activities and not both paragliding and paramotoring at the same place gives me the extra confidence to go ahead with my business plan.

Position Analysis

What is it?

Framework/theory

Porter's Five Forces of Competitive Position Analysis were developed in 1979 by Michael E Porter of Harvard Business School as a simple framework for assessing and evaluating the competitive strength and position of a business organization.

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