the problem opportunity part 1 start with the problem that yo

The problem/ opportunity (part 1) Start with the problem that you are currently solving, meaning, describe the situation,what is happening in the market/ how your idea came to life, why this idea, what opportunity do you see in the market (Innovation is something new connect to a problem you are currently solving linked to a business commercial product or service). – The strategy (part 2 ) describe your product or service. Use the marketing mix (4ps) to create a strategy for Product, Price, Promotion and Place. Explain all the Ps in detail- like whats your strategy E.g (product features, warranty, label, package, after sales service), Price (penetration-skimming or any adjustment strategies), Promotion (promotional budget examples of promotion and types of promotion used social media, billboards, tv, magazines, ads etc., place distribution channels that you will use, online, resellers, you own shop, logistics). Competitive advantage (what do you have or provide different than your competitors) Small analysis of the main competitors in the market you are entering. – Reasoning why you think this idea might be profitable (part 3) Size of the market, define segmentation variables used to divide the market, targets, demand for your product and service. Present revenues streams (how are you going to make money) Present facts that state the above (secondary or primary analysis conducted). – Evaluate your own idea (part 4) Part of being a manager is trying to convince seniors of the solutions you are presenting. (you need facts). REFLECT ABOUT YOUR OWN product/ service, criticize, evaluate and provide rationale for the following questions: IS YOUR IDEA AND BUSINESS PLAN REASONABLE AND POSSIBLE TO BE ACHIEVED? WHY? CREATE YOUR CONCLUSION AND RECCOMENDATIONS.

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