complete the table based on the following information

Competitive Analysis Worksheet

For each factor listed in the first column, assess whether you think it's a strength or a weakness (S or W) for your business and for your competitors. Then rank how important each factor is to your target customer on a scale of 1 to 5 (1 = very important; 5 = not very important). Use this information to explain your competitive advantages and disadvantages.

(Parclick (https://parclick.com/) and Bahrain airport (Bahrain International Airport Parking: Start Here to Save (parkingaccess.com))

Out2Spot

1. An overview of your businessidea (one or two sentences).

Out2spot offers customers a simple method to book a parking spot online

COMPANY VISION

Our vision is to be the leading provider of parking solutions in the region and to impact the evolution of parking services by delivering exceptional value and opportunity to our partners, investors, and customers.

COMPANY MISSION

Our mission is to give drivers a seamless, efficient, and environmentally responsible parking experience, while also contributing to the development of smart cities and minimizing the environmental effect of urban mobility and enhancing the livability of urban areas by providing clean and secure parking facilities that prioritize convenience, dependability, and courtesy.

1. A description of your product and/or service. What problems are you solving for your target customers?

(Our service would help to eliminate the time-consuming process of trying to find a car parking near desired places such as schools, universities, hospitals, malls, restaurants, and more in any timing, through our website that contain a simple UI/UX page for areas of interest where customers can choose where they

wish to be at. These areas will be filtered for different settings and occasions such as the airport, hotels, hospitals, schools, private universities, malls, nearby restaurants, and many more.)

1. Your goals for the business. Where do you expect the business to be in one year, three years, five years?

(We aim to:

- Have at least 50 Instagram followers in the first month of operation.

-Obtain a revenue of 200Bd per month within 3 months of operation.

-make a mobile application for the booking system by December.

-Get at least 10 shareholders who are interested in our business within the end of January 2024.

-Increase the monthly revenue for the business by 10% by the end of 12 months.

-Expand the business by having parking lots with 30 venues at different areas in Bahrain within 5 years.

1. Your proposed target markets. Who are your ideal customers? (

Out2Spot target market would include:

Bahrain citizen and visitors of both genders within the range of 18-60 years old that own vehicles, mainly cars that are Tech-savvy professionals

1. Your competition and what differentiates your business. Who are you up against, and what unique selling proposition will help you succeed?

Our business is going to be the first to ever exist in the Kingdom of Bahrain and the GCC and that our unique selling proposition Therefore, it will be accessible and available to everyone in Bahrain when our product is finally finished. Our future shareholders will gain early access to our website to book parking spots for different venues that is now be available on our website.)

Oure competitors internationally would be About the company

Parclick is the main point of reference for online parking reservations in Europe. Besides guaranteeing your space, they do so at an unbeatable price, with discounts of up to 70% of the official price.

In the beginning Parclick was an MBA project, but in 2011, what once started as an almost fictitious idea evolved into a real company. Since then they have adjusted their business model to offer their clients the best products. Not only do they give their customers access to great discounts on car parks, but they also help car parks yield the maximum profits of their infrastructure without any risks.

Your management team and their prior experience. What do they bring to the table that will give your business a competitive edge?

(Amin Ahmed - CEO + Hummin resources

As the CEO and part of the Product Development Department, Amin is very ambitious and visionary. He has the ability to communicate effectively with all levels of his fellow employers.

Jana Emad- CFO + operation

As the CFO and part of the Human Resources Department, Jana has excellent organizational skills and is great in mathematics, which is important. She accurately pays attention to details, hence also has effective communication. She is very creative and innovative and has great project management skills.

Reem Sami- Marketing + Product Development

As part of the Marketing and Product Development Department, Reem has great creativity, and she can be innovative. She can conduct proper research. She thinks analytically and she has great communication skills. She also has great project management skills.

Mariam Yusuf- Sales + Product Development

As part of the Sales and Product Development Department, Mariam is efficient in doing her work. She is creative and innovative. She knows how to come up with a sales strategy and has good project management skills.

Maram Tayseer- Sales + Product Development

Maram is also a part of the Sales and Product Development Department. Maram works quickly and effectively. She is creative and innovative. She is adept at developing sales strategies and has strong project management abilities.

1. Financial outlook for the business. If you're using the business plan for financing purposes, explain exactly how much money you want, how you will use it, and how that will make your business more profitable.

The forecasted costs will be

The cost of renting 50 parking spots will be 24000Bd per year , the website incurs monthly expenses of 500per year, yearly expenses of 500bd for maintenance, purchased of 2 machines (Came Barrier G4000) for 914bd at the start of operations. Other operational costs 8000Bd per year. That's will be a total of 33,914 Bd

For the revenue Out2Spot charges based on spot location and the duration, providing 50 parking spots charged per hour, Spot location 1bd for premium parking which is front raw, 0.700bd gold parking which is in the model, and 0.100bd standard parking. For premium it charges 1bd for reserving a spot for an hour, 2bd for 2hours, 3bd for3hours, 4bd for 4hours, 5bd for 5hours and 6bd for 6hours. people usually spent approximately between 4 to 6 hours in the mall at the weekend and 3 to 4 hours during the week. The revenue forecasted to be 340Bd per day which is 124,100 so business will break-even from the 1^st year )

FACTOR	Out2Spot	Bahrain Airport	Parclick	Importance to Customer
Products
Price
Quality
Selection
Service
Reliability
Stability
Expertise
Company Reputation
Location
Appearance
Sales Method
Credit Policies
Advertising
Image