Defining your business

  Create a new business that will rely on selling its products or services online. The business must be in a different industry than the one you used in the Porter Forces Assignment.airlines, streaming services, cars, luxury clothing etc. (You can not use airlines Because you used in Previous work！！！！！！）       Defining your business   Select the name of your company Choose one product or service you will sell within the industry (for example, if you select shoes, you can sell one model of shoe; if you define your industry as fashion, you can select a pair of pants) What is your target market? (To whom will you sell your products?) Use Porter’s Five Forces to evaluate the industry you are entering Is buyer power low or high? Is supplier power low or high? Which substitute products and services are perceived as threats? Can new entrants, like you, easily enter the market? What are the barriers to entry? What is the level of rivalry among existing competitors? What is your overall view of the industry? Use Porter to select the strategy you will use to enter the market. Justify why you are using the strategy you selected Choose two competitors so you can determine your price point Will you price your products lower or higher than the competition? Why? How are you differentiating yourself from those competitors? (Price, quality, fashion, service, etc.) Determine what is the cost per unit to make your products (just make it up by calculating a 40% margin based on your price point) You need to find seed money to start your project. Which platform will you use for funding? Why did you select it over the competition?