Key features and benefits • How customers will use it • In a table, summarise key strengths and weaknesses of the chosen business. • How your idea accounts for main strengths and weaknesses (e.g. does it build on strengths or minimise weaknesses
– Explain the venture idea describing its key features and benefits. Briefly explain how customers will use it. In a table, summarise key strengths and weaknesses or the chosen business. Explain how your idea accounts for main strengths and weaknesses (e.g. does it build on strengths or minimise weaknesses?).
– Provide background information on your industry sector and the market segments within it by addressing sections below
. 2.1 Macro environment trends (approx. 250 words)
– Identify one key macro market trend that is favourable to the venture and one that threatens its success. Explain why this is the case by focusing on potential impacts of supply of your product/service or demand for your product/service.
2.2 Competitor analysis (approx. 250 words)
– Identify two direct competitors and compare with your organization on a set of three most important success factors. Success factors will depend on the business you chose.
3.1 Customers and value proposition (approx. 400 words)
Describe customers, value proposition – focus on problems you solve and gains you create for customers
– describe your customers (consider demographic, psychographic and behavioural factors) and the value proposition for your product/service. In describing value proposition, focus on problems you solve and gains you create for your customers. Articulate what is unique about the value you create for customers, and highlight to what extent this provides differential advantage over competitors (think of section 2.2. competitor analysis). The more points of difference and the stronger and more sustainable these differences, the better.
3.2 Marketing mix (approx. 500 words)
– provide details about how you propose to deliver sales (or make people use your service). Contents of the section will depend on your proposal but should contain at least one of the following aspects of the marketing mix
. Ø Price – identify price of the product/service and other relevant elements of price (e.g. promotions, discounts). In case of services which customer does not pay for directly (e.g. mobile application) explain how revenue will be captured (e.g. higher room prices, subscription).
Ø Communications – explain how you propose to move people from awareness to purchase/use (Consider AIDA model).
Ø Distribution – in case your product service has distribution implications, describe any changes to how the product/service will be made available (e.g. new opening times, expansion to mobile food provision).
Key operational activities of the venture and resources needed
Simplified profit and loss statement in appendices
– provide a summary of financial projects for the first year or your product or service. Include a simplified profit and loss statement in appendices.
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