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PV name - < … >

Assignment Instructions Team name - < … >


Competition Analysis Team members - < … >

Please note the following:

 Regroup in your practice venture teams of 2 to 5.


 It will take you approximately 3 hours to complete this assignment.
 It will be wise to divide your time as:
o 30 minutes to work on interviewing each of the 4 customers, that is, a total of 2 hours.
o 30 minutes to research online on your competitors.
o 30 minutes to discuss with your teammates and finalize on the competitors, product
benefits, and what customers perceive about those benefits.

Learning Objectives:
Objectives of this assignment are to:

 Understand who your competitors are.


 Identify product benefits that are most important to the customers.
 Understand how customers perceive the benefits of what your competitors are offering so that
you can further refine your value proposition.
Foundational Course in Entrepreneurship
What do you need to do?

 Identify your competition and important product benefits.


 Conduct at least 4 customer interviews to validate important product benefits and capture how
competition is doing against those benefits.

How will you go about this assignment?


A. Follow the instructions below to fill in this section.

You have identified your Unique Value Proposition in the previous lesson. Now, you will identify and
analyze your competitors. By doing so, you will understand if your value proposition is sufficiently
different from what your competitors are offering. This will help you to further refine your Unique Value
Proposition and make sure your products and services are different from theirs.

Step 1: Identify 3 to 6 existing players who are likely to be your main competition. Be careful to correctly
identify those competitors who will be fighting for the same niche. In case you are able to identify many
more competitors, go for the ones who sell more in your niche.

Step 2: Identify important product benefits (pain relievers or gain creators). Shortlist 4 to 10 that are
most important to customers. To do this, simply merge the lists of gain creators and pain relievers you
had worked on and prioritize the joint list. List them below:

Product Benefits:
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PV name - < … >
Assignment Instructions Team name - < … >
Competition Analysis Team members - < … >

Foundational Course in Entrepreneurship

B. Customer Interviews

It is recommended you interview at least 4 customers. Every team member must get an opportunity to
be a part of the interview process. You need to interview customers to:

1. Validate the product benefits.


2. Capture how the competitors fare against those product benefits i.e. the perceived performance
of the competitors for each of the benefits.

To do this, show them your list of product benefits and add or remove them based on what the
customers say. Ask them how the competitors fare against those product benefits. Based on what the
customers say as well as your research, you need to tabulate your findings.

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PV name - < … >
Assignment Instructions Team name - < … >
Competition Analysis Team members - < … >

For example, if you want to look at the energy drinks market, this is how the table will look. Let the
product benefits column headings and the competitors as row labels.

Competitors Product Benefits


Price Taste Stimulants Branding Packaging
(INR)
Energy Drink 1 80 Metallic Caffeine Taurine Sports 330 ml can
Carbonated
Energy Drink 2 80 Metallic Caffeine Taurine Sports 240 ml
Carbonated Party
Energy Drink 3 75 Metallic Caffeine Taurine Party 300 ml can
Carbonated Guarana
Energy Drink 4 85 Apple Taurine Natural 250 ml can
40 Carbonated Guarana 180 ml can
Energy Drink 5 20 Fruity Guarana Green 200 ml
Natural pouch

Use the tables below to capture your customer responses on the validation of your product benefits as
Foundational Course in as
well Entrepreneurship
how they think competition is doing against those benefits.

Customer 1:

Benefit 1 Benefit 2 Benefit 3 Benefit 4 Benefit 5


Competitor 1
Competitor 2
Competitor 3
Competitor 4
Competitor 5

Customer 2:

Benefit 1 Benefit 2 Benefit 3 Benefit 4 Benefit 5


Competitor 1
Competitor 2
Competitor 3
Competitor 4
Competitor 5

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PV name - < … >
Assignment Instructions Team name - < … >
Competition Analysis Team members - < … >

Customer 3:

Benefit 1 Benefit 2 Benefit 3 Benefit 4 Benefit 5


Competitor 1
Competitor 2
Competitor 3
Competitor 4
Competitor 5

Customer 4:

Benefit 1 Benefit 2 Benefit 3 Benefit 4 Benefit 5


Competitor 1
Competitor 2
Competitor 3
Competitor 4
Competitor 5

Foundational Course in Entrepreneurship


C. Report
Write your observations under the following headings: 
 Competitors identified
 Product benefits identified and validated by customers
 Customer perception of these benefits offered by competitors

Make a table similar to the one on energy drinks to summarize your findings.

D. Submission
 You should fill it up and submit it along with your report.
 To submit your assignment report, upload it to LearnWise.

How will you be evaluated?


You will receive a score out of 50 in this assignment. Please contact your facilitator for any further
questions. 

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