Starting a Business 3: Customers and Competitors
Find out how understanding and targeting your market can help your business stand out from the crowd.
About the course
To run a successful business you need to understand who your customers are and more importantly, how you are going to reach them. Whether you have an idea for a future venture or you already have a side-line business whilst studying, this course will help you to recognise and understand your target market. It will give you the time to plan and help you to start documenting your thoughts in a structured business plan while allowing you to share your ideas with others.
This course is the third in a series of six about ‘starting a business’.
- Define a market: identifying customers and competitors
- The theory of understanding markets: the differences between a market and an industry
- Analyse a market: the market size and its potential
- How to determine a business’ target market
- Competitor analysis
- How to target specific customers
- The business plan: customers and competitors
Duration: 2 weeks | Weekly study: 2 hours
By the end of the course, you'll be able to.
- Assess the importance of understanding customers and competitors when starting a business.
- Discuss the difference between a market and an industry to help define the market and the product or service to offer to that market.
- Evaluate the entrepreneur’s business challenge: Which markets should Ashleigh target for her product?
- Explore the market for a business plan.
- Discuss the size, scale and characteristics of your market.
- Summarise your key competitors or those of another business by performing a competitor analysis.
Course developed by
As one of the UK’s largest research-based universities, the University of Leeds is a member of the prestigious Russell Group and a centre of excellence for teaching.