V. Competitive Analysis
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Direct & Indirect Competitors
The following companies are located within a 10-mile radius of [Company Name], thus providing either direct or indirect competition for customers:
Established in 2019, Hemp House has quickly become a popular location for CBD and hemp in [insert location here]. They offer a variety of products to downtown customers, including vape pens, edibles, oils, and more.
While we expect Hemp House to continue to thrive, its location is inconvenient to much of the city. To visit the shop, most customers must drive downtown and pay for parking. [Company Name]’s location will be far more convenient for customers who live on the outer edges and suburbs of [insert location here].
CBD Snacks Inc.
CBD Snacks opened in 2021 as the city’s center for all edibles. Whether it be chocolates, gummies, brownies, or anything else, CBD Snacks has you covered.
While they are popular for their edibles, CBD Snacks does not offer any other hemp or CBD products. That means that although CBD Snacks will continue to thrive, [Company Name] will remain competitive by offering capsules, topicals, and oils as well.
Lilac City Healing
Lilac City Healing has been the go-to location for all forms of natural healing and wellness products. Primarily selling teas, herbs, essential oils, and similar products, the shop recently started selling CBD oils as well. Though these oils are not a major offering, they have been increasingly popular with their consumers.
While Lilac City Healing will continue to thrive, they do not specialize in CBD products, so these do not make a significant portion of its profit. Furthermore, we will have more specialized knowledge of CBD products that customers will value.
[Company Name] enjoys several advantages over its competitors. These advantages include the following:
- Location: [Company Name] will set up shop in a high-traffic area that is easily accessible by many residents of [insert location here].
- Variety of products: While other stores may have specialties, [Company Name] will be home to a wide variety of CBD and hemp products to cater to residents’ needs.
- Moderate Pricing: CBD and hemp products can be quite pricey, and soaring demand only makes this worse. [Company Name] will remain competitive by selling our products for more moderate prices and offering coupons and deals to returning customers.
- Management: Our management team has years of experience in the CBD business that will help our business market its products effectively and operate efficiently.