This document provides guidance on conducting a competitive analysis for a new business venture. It discusses researching the industry to understand costs, demand, and how value is created. Competitors should be analyzed as both potential suppliers and how customers will view alternative options. Primary data collection through focus groups and perceptual mapping can provide insight into how customers compare competing products along key dimensions. This allows identifying gaps in the market that a new venture could fill through a defendable core benefit proposition. The document advises developing a focus group script, competitor list, perceptual map, and value map to incorporate these findings into a refined benefit proposition for the business plan.