When completing a Business Model Canvas, it is helpful to guide the discussion through the use of questions. When it comes to looking at industry forces that will affect your business model, the following set of questions should help you in thinking more critically about your business model. These questions are broken into three categories: competitors, new entrants, and substitute products and services.
- Who are your key competitors?
- Who are the dominant players?
- What are their competitive advantages?
- What customer segments are they focused on?
- What are their cost structures?
- Can they exert influence on your margins?
- Are your competitors expanding or fading?
- Are value chain companies expanding into your space?
- How are they different?
- What barriers do they need to overcome?
- Do they have a different value proposition?
Substitute Products and Services:
- Which products/services could replace yours?
- How much do they cost compared to yours?
- How easy/hard is it for customers to switch to substitutes?
What industry trends affect your business model?
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