Explain how the business differentiates its product or service from those competitors’ offerings
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This posting should be a minimum of one short paragraph and a maximum of two paragraphs. Word totals for this post should be in the 100–200-word range. Include a reference, link, or citation when appropriate. Think about a product or service you really love–something that you’ve recommended to your friends or family, or that you’d get excited talking about to a stranger at the bus stop. Maybe it’s LaCroix soft drinks, your most comfortable pair of shoes, the double-chocolate muffin at your favorite bakery, or the convenient rides you get through your Lyft app. Answer the following questions in your initial post. Identify the business’s main competitors. Explain how the business differentiates its product or service from those competitors’ offerings. Identify its competitive advantage. Do you think the advantage is sustainable? Why or why not? Conduct a customer analysis on the business’s product or service. Your analysis should include ALL of the following: Identify the target customer. Is this customer base growing or is it decreasing? What are the customer demographics (age, income, location, gender, politics, etc.)? What is the revenue of these customers? How much discretionary income do they have? Understand the specific customer needs. Why do they buy certain brands? How do make their purchasing decisions? Do they purchase in person or online? Show if and how the product or service you chose meets those needs. Evaluate the environment the business is operating in based on the four factors of change discussed in your text: stability, complexity, resource scarcity, and uncertainty. Based on your analysis of these factors, advise one or two areas where you believe the business should focus its strategy in the next two years.