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Competitive Analysis for Mobile App Project Worksheet

Peter Sigurdson

Last edited 458 days ago by Peter Sigurdson

Resources:

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Mobile App Business Plan Checklist.docx Shared with Dropbox www.dropbox.com⁠

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What you are going to deliver for this Work Accountability:

The URL to your Latex Document:

Which will contain the URL to your TRELLO Board

Work steps:

Let’s setup your TRELLO BOARD.

Now setup your Latex Document

References:

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AI Entrepeurship coda.io⁠

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Student Lab Activity Worksheet: Competitive Analysis for Mobile App Project

Remember to include the contents of this Competitive Analysis Worksheet into your LATEX Project Presentation Document and discuss this in your Presentation Video.

Course: MAD-5274 Mobile Development and Design Capstone Project (ii)

Introduction

In this lab activity, you will perform a competitive analysis for your proposed mobile application. This analysis will help you understand the market landscape and identify opportunities for your app to stand out from the competition. By understanding the strengths and weaknesses of your competitors, you can make informed decisions about your app's features, design, and marketing strategy.

Research tools:

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Perplexity.ai⁠

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ChatGTP

You.com

Objectives

Upon completion of this lab activity, you will be able to:

Identify your app's primary competitors.

Analyze their strengths and weaknesses.

Determine market opportunities for your app.

Incorporate findings into your app development strategy.

Instructions

Identify Competitors: Research the app market to find apps that are similar to your proposed mobile application. List at least three primary competitors.

Competitor 1:

Competitor 2:

Competitor 3:

Evaluate Competitors' Features: For each competitor, identify the key features they offer. Compare these features to your proposed app's features. Are there any unique features your app will offer that the competitors do not?

Competitor 1 Features:

Competitor 2 Features:

Competitor 3 Features:

Unique Features of Your App:

Analyze Competitors' Strengths and Weaknesses: Identify the strengths and weaknesses of each competitor. Consider factors such as user experience, design, functionality, customer reviews, and overall ratings.

Competitor 1 Strengths:

Competitor 1 Weaknesses:

Competitor 2 Strengths:

Competitor 2 Weaknesses:

Competitor 3 Strengths:

Competitor 3 Weaknesses:

Determine Market Opportunities: Based on your analysis, identify opportunities for your app to differentiate itself from the competition. Consider areas where your app can improve upon existing solutions or introduce new features.

Market Opportunity 1:

Market Opportunity 2:

Market Opportunity 3:

Incorporate Findings into Development Strategy: Reflect on your competitive analysis findings and determine how they will impact your app development strategy.

Consider how you can leverage your app's unique features, capitalize on market opportunities, and address any potential weaknesses: these questions might feedback into Product Description and UVP

Development Strategy Adjustments:

Conclusion

Performing a competitive analysis is a critical step in the mobile app development process.

It will give you some ideas on whether your App Concept is of interest to the MarketPlace.

By understanding your competitors and identifying market opportunities, you can make informed decisions about your app's features, design, and marketing strategy. Use your findings to refine your app development plan and ensure your app stands out in the competitive mobile app market.

Remember to include the contents of this Competitive Analysis Worksheet into your LATEX Project Presentation Document and discuss this in your Presentation Video.

Table 1

Table 1

Key Considerations

Description

Target Market

Clearly define the target market segment(s) for the app. Provide demographic, psychographic, and behavioral details of the ideal users. Explain how the app addresses their needs and why they would choose it over competitors.

Unique Selling Proposition (USP)

Highlight the unique features and benefits of the app that differentiate it from existing competitors in the market. Explain how the app provides a superior solution to users' technology learning needs.

Competitive Analysis

Conduct a thorough analysis of the competitive landscape. Identify direct and indirect competitors in the online technology education space. Evaluate their strengths, weaknesses, market share, pricing, and marketing strategies. Showcase how your app stands out and positions itself favorably against the competition.

Marketing Objectives

Clearly outline specific and measurable marketing objectives that align with the overall business goals. Examples could include increasing app downloads, user engagement, course completion rates, or revenue targets.

Marketing Strategies

Present a comprehensive overview of the marketing strategies to reach and engage the target market. This can include digital marketing tactics (such as social media advertising, content marketing, email campaigns), partnerships with educational institutions, influencer collaborations, or offline marketing initiatives.

Pricing Strategy

Explain the pricing model for the app's courses or subscription plans. Justify the chosen pricing strategy based on market research, competitor analysis, and the perceived value provided to users.

Distribution Channels

Describe the channels through which the app will be distributed and made available to users. This may include app stores, online platforms, educational marketplaces, or partnerships with relevant industry players.

Marketing Budget

Present a detailed marketing budget, allocating resources to different marketing activities. Show a clear breakdown of costs, such as advertising, content creation, SEO, and marketing team expenses.

Key Performance Indicators (KPIs)

Define the KPIs that will be used to measure the success of the marketing efforts. These may include metrics like app downloads, user engagement, course completion rates, customer acquisition costs (CAC), customer lifetime value (CLV), or return on investment (ROI).

Timeline

Provide a timeline outlining the key marketing milestones and activities. This will help investors understand the planned marketing initiatives and the expected timing of results.

Risk Assessment

Identify potential risks and challenges that may impact the marketing plan's execution and outcomes. Outline contingency plans to mitigate these risks and demonstrate preparedness to adapt the marketing strategy if necessary.

Return on Investment (ROI)

Provide a projected ROI analysis, demonstrating the expected financial returns and profitability resulting from the marketing activities. This will help investors assess the potential financial viability and growth prospects of the app.

There are no rows in this table

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These considerations will provide a solid foundation for your marketing plan and showcase the potential of your app to investors.

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