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This episode has been about analysing the existing market, seeing what my competitors are up to, potential new markets to enter, keeping an eye on market shares, making sure I have enough credit limit to expand and lastly creating a game plan. In this episode, there was no gameplay just analysis and strategic thinking.
Lessons when creating a game plan
1. Analyze competitors
See what can be done for your own market. Even if you are dominating the market, you can still fight back to dominate it further.
2. Analyze your options
With the existing options, what can you do? With what’s available out there, what can you do? You need to decide if you will use the existing raw materials you have to create more products and if that route is worth it. Otherwise, you need to analyze the market for different products and see what is the best product to get into. Chances are there are markets that are open and you can easily get into them as they don’t have enough players.
3. Analyze the best route forward to producing your product
Now that you know what you want to do, how are you going to do it? What products will you produce and what will you buy from the market. What’s the quality available? Do you have enough credit limit to expand? What is worth more, invest massive or start slowly and begin to use existing resources then slowly expand to create your own products.
Bonus
Don’t be shy to buy tech and even compete in two different markets at once. Where there is scarcity, you shine!
What do you think? Leave a comment below!
Also See: Real Estate Mogul Scenario
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