Competitor Analysis and Market Entry Strategy proposal for Bloxxgame, a potential startup for teaching blockchain
Bloxxgame, a potential technology startup, has undergone five improvement iterations, which helped shape its product, blockchain simulation game, and potential business model. However, it was missing an outlook into the market environment to continue its venture development journey.
Sasa Trajkova, 2022
Bachelor Thesis, Institut für Wirtschaftsinformatik, FHNW
Betreuende Dozierende: Bettina Schneider
Keywords: Competitor analysis, Market entry strategy, Startup, Bloxxgame
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When presented with an opportunity to undergo a business venture, it is imperative to approach a market entry with a strategic outlook. However, strategy can be difficult, as it requires effort and time, which can be a scarce resource for startups. Finding Bloxxgame’s competitive position by conducting a competitor analysis and determining the strategic way to enter the market was found to be the next step that could propel Bloxxgame towards becoming a successful business venture.
The objectives of this study were achieved by following a three phase procedure. In the first phase, Bloxxgame’s state-of-the-art was established by reviewing its existing work, a crucial step that informed the later stages of the research. In the second phase, existing methods of competitor analysis and market entry strategy development were reviewed from academic and practitioner literature. Finally, methods that were found to best fit Bloxxgame’s business context were selected and applied to assess Bloxxgame’s competitive landscape and propose a market entry strategy.
Bloxxgame’s competitive landscape was found to consist of sixteen competitors. Out of
the sixteen identified, it was found that Bloxxgame has one direct, six indirect, and eight potential competitors. Information about market, target group, product, price,
promotion and place was collected for Bloxxgame’s most relevant competitors. Using
this information, a holistic comparison was conducted which provided insight into what
differentiates Bloxxgame from the competition and what can be improved to increase
Bloxxgame’s competitiveness in the market.
Finally, following a framework for startup strategy development, four distinct market
entry strategies were analyzed by identifying which strategic options they would yield
for Bloxxgame. The author proposed that the architectural market entry
strategy is best fitting and augmented their position. Further, for Bloxxgame to successfully adopt the
proposed strategy, its business model must be amended. The author further
demonstrates what changes would be introduced by utilizing the proposed market entry strategy.
This work supports the founding team to gain clarity and confidence in their strategic
decisions and venture development journey.
Studiengang: Business Information Technology (Bachelor)
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