Select a business idea (product or service) you would like to pursue. If you are currently working or own a small business or offer an independent service you can use it. Big companies are NOT acceptable (Starbucks, Nike, TESLA, Dunkin’ Donuts, Chick-fil-A, etc).
Please select a real, attainable, and doable idea. Don’t bring examples about crazy over the top products or services like creating a flying car to compete with TESLA or opening a tourist complex in Mars.
Answer the following.
1. What is your business idea? What good or service are you offering? To what industry it belongs to?
2. What needs and wants does your product satisfy?
3. Who is your competition?
4. What is your business Mission statement?
5. What is your good or service competitive advantage?
6. Who is your target market? Present a detailed target market profile based on Demographic, Geographic Psychographic Segmentation and Behavioral segmentation. Please elaborate and be specific.
7. How does the current Marketing Environment influences your business based on Demographic, Economic, Natural, Technological, Political and Cultural forces? (You need to individually address each force: Demographic, Economic, Natural, Technological, Political and Cultural forces.
8. Porter’s 5 Forces
· How many competitors do you have?
· Who are they? Are they established brands, or small businesses?
· How does the quality of their products and services compare to yours?
Bargaining power of suppliers
· How many potential suppliers do you use?
· How many suppliers are available for your key products?
· How unique is the product or service that they provide?
· How expensive would it be to switch from one supplier to another?
Bargaining power of customers
· How many buyers are there, and how big are their orders?
· How much would it cost them to switch from your products and services to those of a rival?
· Are your buyers strong enough to dictate terms to you?
Threat of new entrants
· How easy is it to get a foothold in your industry or market?
· How much would it cost?
· How quickly could a new competitor be up and running?
Threat of substitute products or services
· What threats does my industry face in terms of advancement?
· Are my customers inclined to change?
· How much would it cost them to switch?
-9. Present a SWOT analysis (Strength, Weakness, Opportunities and Threads)