23 Jun DESCRIBE HOW YOUR PRODUCT OR SERVICE WILL BE POSITIONED IN
DESCRIBE HOW YOUR PRODUCT OR SERVICE WILL BE POSITIONED IN THE MARKET RELATIVE TO YOUR COMPETITION.
February 5, 2019Posted by: kajo No Comments
Dear Respected Students,
Just to clarify the optional task: As mentioned before, you should select a business idea and conduct a feasibility analysis for it. We are taking it step by step; so later on for the business plan assessment, you will continue with the same business idea and you develop a formal written business plan (in which the feasibility analysis will be part of it).
Now for the optional task, all I want you to do is:
1. Identify a business idea
2. Once identified, write about its mission, vision, and objectives (Financial and non-financial)
3. Conduct the feasibility analysis to ensure that the business is viable (worth pursuing): attempt to cover the four components using the first screen template and utilising the available resources (already uploaded in Blackbord under Supporting Materials Folder).
You should cover the following in your feasibility analysis:
– Description of the Product or Service – Provide details of the features. (The concept statement). Desirability and Demand for the product.
– Benefits of the Product or Service – Describe how your product or service adds value and/or solves a problem.
– Industry attractivness – number of competitors, Stage of industry life cycle, is the market saturated?, importance of products or services to customers.
– Target Market – List the consumers or businesses expected to buy the product or service. If you are proposing a Social Enterprise identify the funding source as well as the population served.
– Competitive Position – Describe how your product or service will be positioned in the market relative to your competition. What makes your idea better?
– Management Team – Briefly describe the founder/cofounders and their qualifications or
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