In which section of a business plan would you analyze current competitors?

The correct answer is Market Analysis because this section is specifically designed to provide insights into the competitive landscape of a business. In Market Analysis, a thorough examination of the current competitors is essential for understanding market dynamics. This involves identifying who the competitors are, analyzing their strengths and weaknesses, and evaluating market share, pricing strategies, and customer loyalty.

By thoroughly analyzing competitors, the business can define its unique selling proposition (USP) and strategize on how to position itself in the market. This information is critical for crafting marketing strategies and anticipating potential challenges that may arise due to competitive actions.

In contrast, the other sections serve different purposes: the Marketing Plan focuses on how the business intends to promote and sell its products or services, the Description of Business provides an overview of the company, including its mission, vision, and operational structure, while Costings and Finance deals with the financial aspects and budgeting of the business. Therefore, while all sections contribute to the overall business plan, it is the Market Analysis that specifically targets competitor evaluation.