Order Description
please read the file that I download it carefully, because it is a repeat assingment
o As part of an entrepreneurial team you have been tasked with finding and understanding problems that businesses and consumers face. You know that when consumers and businesses face problems, that they are willing to pay for innovative solutions even if they are not perfect. Your challenge is to find an innovative solution to a real world consumer or business problem.
But there’s a lot more to a potential future business than a good idea. You need to think things through to maximise your chances of success. What do potential customers really want? Are they price sensitive? What is the competition like? Will customers like your product? How to price? Etc…..
Some parts of this assessment will be easier to complete than others. It may be that you experience unexpected challenges – that is just the nature of the process. Stick at it because it’s not the final document that’s important, it’s the process.
Instructions:
To use the template, delete the text in italics, which are simply a guide to assist you with the assessment. You may modify it in any way you see fit. We suggest answering the questions posed.
Min. 1500 words
The limit in each case is exclusive of appendices & the template provided on Moodle
The template was provided in your class in February. This assignment is worth 100% of your repeat assignment.
Table of Contents (students to update as required)
Page
1) Executive Summary 4
2) Step 1: Identify a Consumer or Business Problem 5
3) Step 2: Better Understand the Problem & the Customer 7
4) Step 3: Potential Solutions & Recommendation 7
5) Step 4: Feasibility Analysis
8
6) Step 5: In Conclusion 10
7) Appendices 11
As part of an entrepreneurial team you have been tasked with finding and understanding problems that businesses and consumers face. You know that when consumers and businesses face problems, that they are willing to pay for innovative solutions even if they are not perfect. Your challenge is to find an innovative solution to a real world consumer or business problem.
But there’s a lot more to a potential future business than a good idea. You need to think things through to maximise your chances of success. What do potential customers really want? Are they price sensitive? What is the competition like? Will customers like your product? How to price? Etc…..
Some parts of this assessment will be easier to complete than others. It may be that you experience unexpected challenges – that is just the nature of the process. Stick at it because it’s not the final document that’s important, it’s the process.
Tis an ill wind that blows nobody any good
Executive Summary
Only complete this section after you have completed all other sections. Explain the problem you have identified and the attitude of potential customers to this problem and your proposed solution. Summarise if you believe this is feasible business proposition. ( Less than 100 words)
Step 1 Identify a Consumer or Business Problem
In this section describe the consumer or business problem you have identified. Be as clear as you can in explaining the problem you have identified. People & businesses will pay to have problems solved! We are looking for ideas that solve customer problems.
• Products are objects, for example, clothes, jewelry, books, etc.
• Services involve selling time to do something for a customer, for example, a plumber, car mechanic, etc.
• Technology such as Apps can be both a service (think Hailo & Gmail) or a product, such as Angry Birds or even both, think Netflix.
Describe the problem the customer faces. What brought this problem to you attention?
What is the nature of the problem and how did it come to your attention?
How large a problem is it?
Describe the scale of the problem? Is it an annoyance or a major challenge?
Who is serving this customer need at present?
Find out information about companies who are currently meeting this customer need at present, even if it is imperfect. It’s best to focus on those companies whose customers are most likely to buy from today. Try to do this for at least five potential competitors. It may be that this need is not currently being met. However, remember it is hard to serve a market or problem that does not exist.
You need to work out:
• who they are
• where they are
• how much it costs
• how big the company is
• what their main strengths and weaknesses are
• are they good at what they do?
Name, location
and business size
Product/service
Price
Strengths
Weaknesses
Step 2: Better Understand the Problem & The Customer
A major part of this project is to understand the customer mindset. This is a really important section & should not be skimmed over. The aim is to research & better understand the problem you have identified and the mindset of your potential customers i.e. potential purchasers. We are looking for ideas which solve customer problems.
There is no right amount of research. It is better to research your local market than it is to research the entire global market. The right amount of research will tell you what your market looks like, how it behaves and what customers expect.
There are two types of market research: desk & field research. Write up your findings including the most important information only. You will need to interview at least 10 potential customers with the problem you have identified.
Key findings from field research – customer questionnaires:
Field research involves asking potential customers their opinion of the problem you have identified. It is the best way of working out if it will be successful. You should ask potential customers to complete questionnaires.
When designing questionnaires:
• keep it short – one page with about 10-15 questions
• ask questions answered “yes/no” or with options, such as “very happy, happy, unhappy, very unhappy”
• ask specific questions
o How price sensitive are they?
o Which is more important speed or price or quality? Or other factor?
o What influences their purchasing decisions?
o Is this is a real problem or a nice to have?
o Who do they currently buy from, if at all?
o What do they think of their current supplier?
o If appropriate, what would it take to get them to change?
• Include a copy of the questionnaire & results in the appendices
• Complete at least 10 questionnaires; a medium such as survey monkey is recommended
Clearly document the findings from your field research in this section.
Key findings from desk research:
Desk research uses information from the internet and books.
It involves learning what other people say about your market and finding out basic facts. When writing a description of your market, you should explain:
• How big the market is (for example, how many sales take place in a year?)
• Trends in your market (for example, are sales going up or down? Are people changing how they buy the product/service?)
• any important facts, statistics or events
• whether the market is seasonal or dependent on other external factors
• (for example, the weather)
Good places to find information are:
• general area statistics & agencies / your own knowledge from previous jobs or experience working in the field
Clearly document the findings from your desk research in this section.
Step 3: Potential Solutions & Recommendation
Based on your primary and secondary research in Step 2 you will now have a clear understanding of the customer needs. This section is to describe the top 5 most innovative solutions to this pressing consumer or business problem.
Potential Solutions
Potential Solution For / Pros Against / Cons
Your Recommendation
Select one single solution (be that a product / service / technology…), which you believe is most aligned with customer, needs (i.e. best product / market fit) and explain why. How big is the potential market?
Unique Selling Point (USP) for Your Solution:
Your USP is the thing that makes your solution different from competitors if there are any. It might be specific to your product/service or it might relate to the way you might deliver the product or service. Be specific and avoid clichés, such as, better quality products, better customer service or cheaper products. Consider how you will show your customers that you are the best solution to their problem.
Unique Selling Point (USP)
Step 4: Feasibility Analysis
Now that you have come up with a solution that potential customers are going to love & be willing to pay for, it’s now time to better understand some of the challenges.
How will you market your solution?
Marketing describes any activity that attempts to make contact with potential customers. Good marketing materials – in whatever form – will grab a customer’s attention, capture their interest, illicit their desire for your product/service and direct them to take action and find out more.
If your marketing is successful, your potential customers will learn what your solution does and where to find you. Popular marketing methods include TV ads / sponsorship / social media / Google ad words / word of mouth, etc.….
What are you going to do? Why have you chosen this marketing method? Indicatively, how much will it cost? [€]
Complete the following sections on the next page as appropriate ; delete those that you believe are not appropriate to your chosen solution.
Payment & Distribution
How will the product or service be distributed to customers? Perhaps it may be over the web or via local resellers such as Spar shops. When will you get paid and how – for example, with credit cards, cheques or cash? Will your customers pay you upfront or pay a deposit and the rest when you finish?
Operations, Premises & Equipment
What equipment or premises do you need – for example, a computer, a mobile phone, and a sewing machine? What will you use each item for, how much will it cost and where will you buy it from or do you own it already?
Legal
Are there any particular legal restrictions or government licensing required?
Pricing: How do you stack up against the competition?
How do you think the product should be priced compared to your potential competitors? Hopefully your solution is so innovative that there are no competitors and you can charge a premium!
Money & Funding Requirements
State here the total amount of money needed to deliver your solution, and how these funds should be raised. Will this be attractive to a bank to invest or perhaps angel investors?
IP, Patents, Copyrights, Brands, Design Rights
Indicate any protection available for your product or service: whether the technology can be or has been patented, whether you can avail of copyright or trademark registration, and the brand image you intend to build up as a protection against competition.
Legal Structure
Describe what type of legal entity you would envisage forming for this venture. Perhaps this solution is best delivered as part of a much bigger existing company with a foothold in the market (more resources) or a startup business (more agile).
Step 5 In Conclusion
Well, you have been through a detailed assessment of your solution to this consumer or business problem. You are likely to have encountered an issue that you had not expected, that’s just how it is sometimes. Based on what you have developed, give an assessment of how feasible the opportunity is and an honest assessment if you, or indeed others, should invest their time, energy & money in it. Perhaps your idea fits better within an existing organisation. If so make a suggestion on who this is.
If there is some magic dust e.g. money, time, infinite resources, free marketing, crazy technology that could make this idea into a viable business opportunity then what would that be?
This is the question you need to answer: ‘Is this problem a real business opportunity?’
Business opportunity = business idea + customers?
Appendices (not included in word count)
This section is used to provide the detailed data on which the main text of the assessment is based, and to provide extra information of interest to the readers of the business opportunity assessment. Items for inclusion in appendices vary from opportunity to opportunity, but normally include some of the following:
• Interesting background information or articles
• Detailed market research findings
• Promotional literature
• Product or service information
• Details of company or competitors website
• Market research material & detailed results
