ENTREP - WEEK 4-6

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It is the reason for setting up a firm. It drives everything about the company, from what products and services are offered to how these products are marketed.

• This idea doesn 't need to be unique, but it must have the potential to capture part of its target market.

BUSINESS IDEA

What is the equation in generating business ideas?

ENTREPRENEUR + GOOD IDEA = BUSINESS POTENTIAL

(METHODS IN GENERATING BUSINESS IDEAS)

It has become one of the most popular ways to gather market research data as they provide qualitative information from well defined target audiences

FOCUS GROUP DISCUSSION

(METHODS IN GENERATING BUSINESS IDEAS)

• Used to discover more about consumer habits and product usage and can be used to find out more about consumer attitude toward product and service..

• They can reveal how different products and services are used by consumers.

FOCUS GROUP DISCUSSION

(METHODS IN GENERATING BUSINESS IDEAS)

It is a method for generating ideas to solve a design problem. It usually involves a group, under the direction of a facilitator.

• Its strength lies in the potential participants drawing in associations between their ideas in a freethinking environment, thereby broadening the solution space.

BRAIN STORMING

(METHODS IN GENERATING BUSINESS IDEAS)

• A method for obtaining new ideas and solutions by focusing on problems.

• This analysis uses individuals in a manner that is analogous to focus groups to generate new product areas.

PROBLEM INVENTORY ANALYSIS

(METHODS IN GENERATING BUSINESS IDEAS)

It is the most common method of identifying the new business ideas and can be used to describe a person or group of people behavior by probing.

Ex: What do people buy? What do people want and cannot buy When people buy? Why do they buy? What could be alternative?

OBSERVATION

(METHODS IN GENERATING BUSINESS IDEAS)

To identify __________ can generate new business idea for the entrepreneur. If it is picked in the early stage of emergence, it can be huge revenue generating business

• There is no point in creating of product or service unless someone wants to buy it

EMERGING TRENDS

(METHODS IN GENERATING BUSINESS IDEAS)

It is the process by which a company works to obtain new knowledge that it might use to create new technology, products, services, or systems that it will either use or sell.

Goal: To add to the company’s bottom line.

• Aimed to invent new product and hence new business ideas utilizing knowledge acquired during study or work experience

RESEARCH AND DEVELOPMENT

It is a method to market your product or service in a way that is different than other competitor’s marketing strategies.

UNIQUE SELLING PROPOSITIONS

Refers to being clearly set apart from your competition, positioning you the more logical choice.

UNIQUE

Refers to persuading another to exchange money for a product or service.

SELLING

Refers to a proposal or offer suggested for acceptance of something

PROPOSITION

(STEPS IN MAKING YOUR UNIQUE SELLING PROPOSITIONS)

• Who is he or she? What does s/he do and need? • What problems does s/he need to solve? • What improvements does s/he look for? • What does s/he value?

STEP 1 Know your customer

(STEPS IN MAKING YOUR UNIQUE SELLING PROPOSITIONS)

• How does the product, service or idea solve the problem or offer improvement? • What value and hard results does it offer the customer?

STEP 2 Know your product, service or idea.

(STEPS IN MAKING YOUR UNIQUE SELLING PROPOSITIONS)

• How does your product or idea create more value than competing ones?

STEP 3 Know your Competitors

(STEPS IN MAKING YOUR UNIQUE SELLING PROPOSITIONS)

• "Why should I buy this specific product or idea?"

STEP 4 the customer- oriented proposition

(STEPS IN MAKING YOUR UNIQUE SELLING PROPOSITIONS)

• Turn around your customers ' answer ' from step 4 into a value proposition statement

STEP 5 Put it all together

The purpose of a USP is to ________ a product or service from its competitors and convince potential customers to choose it over other options.

Differentiate

Refers to individual/s or business that purchases another company ' s goods or services. They are important because they drive revenues. Without them, businesses can neither survive nor thrive.

CUSTOMERS

(CATEGORY OF CUSTOMERS)

These are individuals or businesses integrated into business operations, often existing as employees or other functional groups within the company.

INTERNAL CUSTOMERS

(CATEGORY OF CUSTOMERS)

These are dissociated from business operations and are often the parties interested in purchasing the final goods and services produced by a company.

EXTERNAL COSTUMERS

These are individuals or businesses that consume or use goods and services.

CONSUMERS

They are the economy's purchasers who buy goods and services. They can exist as consumers or simply as customers.

CUSTOMERS

(TYPES OF CUSTOMERS)

It is an entity (a person, business, or other organization) that has not previously purchased one’s goods or services, but has now made a purchase of those goods or services

NEW

(TYPES OF CUSTOMERS)

They do not have a specific shopping list in mind and purchase products spontaneously.

IMPULSE

(TYPES OF CUSTOMERS)

They make unreasonable requests and demand to speak to a supervisor, all with asprinkle of shouting and profanity laced in.

ANGRY

(TYPES OF CUSTOMERS)

A type of customer that most of the time take advices/ recommendations before purchasing the products/service.

INSISTENT

(TYPES OF CUSTOMERS)

It describes an ongoing emotional relationship between you and your customer, manifesting itself by how willing a customer is to engage with and repeatedly purchase from you versus your competitors.

LOYAL

It refers to the specifications or features of a product or service that are deemed necessary by customers. These requirements motivate customers to buy a product or service.

CUSTOMER REQUIREMENTS

What are the key steps for conducting Customer Requirement Analysis?

1. CONDUCT SURVEY

2. ANALYZE REASONS

3. SEEK FEEDBACK