Discovery session: Number one
Market research using the “User Model”
Hello everyone, just a quick recap from my last post.
If you’ve already forgotten my name is Indie and for around a year I will be sharing my journey towards achieving a master’s degree in International Business Management with Entrepreneurship. I’ll be focusing on one of my yearlong classes named Design a Business. So far it’s an amazing class because we actually get to design a business.
In small groups we aim to complete the tasks below to help in the successful creation of a company.
1, Think of product (No food, too many rules)
2, Market research (Finding out what the public want or maybe what they need)
3, Make mistakes (Before you can be successful you must first make mistakes)
4, Start again- Start steps and two again (Second time lucky)
5, Product prototype (creation)
6, Product testing (Also research!! opinions and thoughts of the general public)
7, Product prototype creation 2 (Taking what the public said and making adjustments and suitable changes)
8, Branding (Creating an image for the product. Logos, colors, product name and such things as text font all matter)
9, Marketing (Making the product known)
10, Sales (Placing the product on the market)
11, Reflection (What went well and what could be better)
Below is a breakdown of the sections above. I decided to ask myself more questions in order to answer the key questions.A good buisness plan is well thoughtout and organised and interesting.
Business idea question list
- The Idea:
- What is the business idea?
- Who is our target audience? (Who will benefit the most from this venture)?
- What are the potential problems and how can they be resolved?
- What are our goals
- How will the prototype be developed
- Market research:
- What is the industry like
- Who are our competitors (international and UK)
- what tactics do our competitors use to help in there success
- Is there another product like this in the market?
- Is there an open opportunity in the market right now for our product?
- What does the general public think of this idea?
- Marketing and Branding:
- How will we create a brand and what will it be.
- Are we focusing on any current issues within society today (Helping to fight weight loss, depression, military etc .. etc .. etc)
- Other than Facebook, word of mouth, twitter, flyers and posters, how can we market for the future?
- Product purchase/ product design:
- Where will the supplies for the product come from? (Samples of what we are offering)
- How will your product or service meet customers needs?
- How and where will the product be sold
- How will we measure our progress?
- Finance (predictions):
- What is our starting capital?
- Where will we get the funds?
- What will the money be used for (break down; Web design, domain purchase, product…Etc.etc etc.)?
- What is our one year predicted sales (cash flow)
- Financial forecast (What could our profit be in 5 years) (loss and profit)
- How can we secure funds (shares, partnership and sponsorships
- Future Ventures:
- How will the company grow in the future? (include finance, marketing and branding)
- How will the new generation change the dynamics of the company
- In what ways can we adapt to the change of time (stay current?)
“Opportunists seek for a chance.
Entrepreneurs make new chances.”
Toba Beta, My Ancestor Was an Ancient Astronaut