Business Proposal for The Color Orange:- An art gallery displaying the amazing creations of Indigenous Cultures

2.0 Market Research (35 Marks)

In this section you take a closer look at how your industry works, who are the competitors and who are your best customers. This is a very important section of the business plan, it should prove the feasibility of the business idea.

Industry Profile and Outlook (5 Marks)

What business are you in? How does the industry work? Who are your key competitors? How is the industry evolving? What are the predictions for the future? How does this affect your business?

Initial Target Area (3 Marks)

What is the specific market you will serve initially? For example, if you are opening a store, your immediate market is likely within a certain kilometer radius from the location because customers are only willing to travel a certain distance. What is the geographic scope? (Print out a copy of Google Maps and draw out your specific target area and pinpoint your physical location and that of your top 3 direct competitor's) What is your rationale for selecting this particular market?

Market Potential and Market Share (10 Marks)

What is the market potential for this market? What is your estimated market share for Year 1? (Need to show all calculations and Assumptions)

Keys to Success (2 Marks)

What elements are necessary for you to achieve your mission? Take a look at the successful companies in your industry and analyze their effective marketing and operations practices. Why have they been successful? Are there critical operational issues you need to address?

SWOT Analysis (8 Marks)

The SWOT analysis forces you to evaluate your competition so that you have a better understanding of where you should position your offerings.

Strengths: What strengths does this company have from a customer's point of view?

Weaknesses: What weaknesses do you observe? Avoid subjective statements such as "they don't care about their customers". Be specific i.e. "customer wait time exceeds15 minutes".

Opportunities: What gaps can you identify in the offerings of the competition? For example, if your competitor doesn't offer same day service, you might consider offering same day service. In the example below, Zebra Tutoring identified a gap: making learning exciting for students, by exploring the competition.

Threats: What might the competition do to make it difficult for your business? What might happen in the industry (i.e. new legislation etc.)?

*Please assemble your SWOT analysis in this chart form, including both your own business and (3) competitors.

Competitor	Strengths	Weaknesses	Opportunities	Threats
Your Company	-Good reputation -Well established - Online presence	- $145 diagnostic test required - $390 for 8 sessions	- No fee diagnostics	- May decide waive diagnostic fee -Offer online tutoring
Top Tutoring	-Familiar with local community	-Will need to rent space	-Make learning exciting for students	-High schools may begin to offer in-school tutoring