Part I: Develop and Explain Your New Business Concept…
1. Provide a general description of your company. What will you do? Where will you be located, and why? Will you have one ‘unit’ or multiple locations? Is yours a product- or service-based company, or both? If you are product-based, what will you sell? If you are service-based, what service(s) will you provide? Do you consider your idea to be a ‘social entrepreneurial venture?’ If so, why and how? How do you meet the ‘double/triple bottom line’ as described in class?
2. Assess your idea according to the Five Anchors. Answer each of the mfive questions posed so as to provide an assessment of the viability of your concept.
3. What can and will you do from a ‘sustainability’ standpoint to further your chances of success? In this context, ‘sustainability’ refers to ‘greening’ your company so as to have a more favorable impact – on the environment, your community and society as a whole. How will ‘going green’ provide you a competitive advantage?
4. Print and to the best of your ability, fill out the Quick Screen analysis tool (Note – you will need to submit the completed assessment with your final paper). Based upon the information you provided, what does your analysis tell you about the viability of your proposed venture? Which elements of your concept help strengthen the viability
of your business the most? Why? Which ones illustrate existing or potential weaknesses in your plan? What can you do to eliminate, alter or remedy these weaknesses so as to strengthen your overall concept?
Part II: Analyze Your Target Market and Consumer Segments, and Explain How You Plan to Market to Potential Customers…
5. Identify and provide a basic analysis of your target market and prospective consumer segments. In what industry will you operate? To what respective consumer segments – the unique groupings of customers that will use your product or service – will you direct your efforts? Provide some basic demographic, psychographic and behavioral characteristics of your customers as presented in class. For example, what is their make-up on the basis of age, race, religion, education level, socio-economic standing, political orientation, values, lifestyle traits, and familiarity/affinity towards your product/service?
6. How will you differentiate yourself from existing competitors, so as to make your company unique? What will you do that will make customers want to choose you over other companies who do the same thing? What internal strengths does your firm possess and what external opportunities exist for a company like yours? Also, are there
any tangible or intangible resources, or core competencies you can leverage to be more unique and competitive?
7. Who are your competitors? That is, who can now, or eventually, draw market share and sales away from your business? How will they be a threat, and what can you do to reduce the risk they pose? Be sure to identify both primary and secondary competitors as well as any specific risks they pose.
8. How do you plan to market to your respective customers and promote your product? What vehicles (viral marketing – aka ‘word of mouth,’ media – billboard, Internet, TV and/or radio advertising) will you use to draw in new and returning business, and why? How will you price your product, and how does this compare to the price of your competitors? Also, how will you deliver (aka ‘distribute’) your product or service to the customer?
9. Lastly, provide a well thought out and thorough positioning statement for your product/service. Use the template discussed in class, which is provided here as well:
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