I created a company analysis based on important key characteristics that college students and tutors will be looking for, before joining the company or working through the company app. I used three primary competitors and two second competitors in order to have different points of direction and know if my business is still of relevance in the market.
I did some research online for the characteristics for each competitor and the company that almost matched with mine is Wyzant and tutors.com. The one significant factor I think that really stood out was price and price is a huge factor.Tutor.com makes students pay over $60 per hour for Private tutoring sessions, which is really expensive especially if students are the ones paying for out of their pocket, they have other important bills to worry about too. My company will be willing to give these students the same quality of tutoring they get from these other expensive competitors with their own choice of payment, meaning there isn’t a fixed price of payment on the website. Tutors and students will come to an arrangement of how they each know what to pay or the price the students are willing to give before they start the session. One of our weaknesses will be competing with Wyzant, Wyzant is already a developed tutor, although they have no upfront payments or subscriptions that are known to be taking 25% off tutors pay which will make the tutors increase their price for each of their sessions. This competitive analysis has helped learn more about this type of business, it has helped me analyses my business further and ways I could build it to stand out. I believe my company still has a chance here and I want to see how it goes.
Love this diagram!