ENTREP 12: MIDTERMS

Business' Identity (Branding)

- Who are you? ​

- How do you want the world to see you?​

- How did the idea come about? (origin story)​

- What is your vision in relation to your product?​

- What is the product? What is its VALUE?

Business Concept/ Business Model

- Business scope​

- Business Model​

- Initial Product Sketch

Planning & Research

- Who is your market? What do your customers think, see, feel? (Market study)​

- How else can we make the product better? What business activities do we prioritize and how do we do them? Who should be involved? (Product Development. & 4Ms of Operations)​

- How do we make ourselves ready for start-up? (Budget & Projections)​

- What is the best version of our product like? (Prototyping)

Business Background

1a. a brief history of the product of how the idea came about​

1b. the people behind the concept​

1c. The scope of the business (Type of Venture, Ownership & Industry​

1d. Justify why this business is worth pursuing in the market

Business Scope

1. Venture

2. Size and Ownership

3. Industry

Venture

- Start-up

- Franchise

- Acquisition

Start-up

- A young company founded by one or more entrepreneurs

Franchise

- A joint venture between a franchisor and a franchisee

Acquisition

- When one company purchases most or all of another company's shares to gain control of that company

Size and Ownership

- Micro, Cottage, Small, Medium, Large Enterprises (Subject to size of capital, projected income and no. of employees)

- Single proprietorship, partnership, Corporation, Cooperative, Other types

Size

- Micro, Cottage, Small, Medium, Large Enterprises (Subject to size of capital, projected income and no. of employees

Ownership

Single proprietorship, partnership, Corporation, Cooperative, Other types

Industry

- A group of companies that are related based on their primary business activities, classifications are in the databases for registered business names

Vision

- A simple and crisp statement defining the long-term goal of the business

Mission

- A crisp and clear statement that expresses the sub-goal(s) of the company

- It describes how the enterprise's vision can be achieved.

- It can be presented as a single statement or multiple statements (3s) in an outline or paragraph.

Core Values

- These are the determining characteristics or attitudes that will enable an enterprise to execute its mission.

- A company would typically identify 3-5 driving values that are foundations of their vision and mission.

- Can be descriptive or an outline

Business Model

- It is a summary of a company's core strategies for profitably doing business.

- It is a snapshot of your to-do list of actions and items needed to get your business started.

- It gives an overview of how you plan to create value for you and your customer.

Osterwalder's Business Model Canvas

- Break down your ideas into 9 core blocks

Value Preposition / Business Synopsis

- What you should do

- Unique Selling Point (USP)

Key Activities

- What business activities are crucial to your operations and profitability?

Key Resources

- The internal assets needed to perform all the key activities (property, materials/ equipment, people)

Key Partners

- These are the external networks and partnerships needed by the business to operate

Cost Structure

- The explicit (monetary) and implicit (non-monetary) costs or losses in operating the business

Customer Segments

- Groups of prospective customers that share similar characteristics based on: Demographics, Behavioral/Psychographics, Geographics, Technographics

- How big is the target population?

- Your target foot traffic/ digital traffic on a daily/ monthly/ yearly basis?

Demographics

Customer Segments:

- Age, gender, income, job, role, etc. if applicable

Behavioral/Psychographics

Customer Segments:

- Values/ attitudes, preferences, habits, interests, biases/ opinions, purchase/ usage behavior, etc.

Geographics

Customer Segments:

- Where they live/ work; proximity to site

Technographics

Customer Segments:

- What platforms are they most present/ active, what platform can they be best reached

Customer Relationships

- What type of relationships do you wish to build with customers, and what effect/ reaction to you want them to have towards your brand?

Transactional

Customer Relationships:

- Focuses on the exchange of money and goods; trust, loyalty and retention are not a priority

Emotional

Customer Relationships:

- The brand taps into the customers feelings (nostalgia, hope, excitement, etc.) to build a connection/ attachment with them.

Community-based

Customer Relationships:

- Focus lies on engaging with customers create a positive and lasting impression at all stages of the customer relationship; prioritizes referrals & loyalty

Value-added

Customer Relationships:

- Focuses on creating brand loyalty and customer retention, trust, and credibility through rich personalization and customer experience (empowering the customer as co-creator)

Channels

- These the brand's customer "touch-points" and how they plan to interact with them. This includes, advertising, access/contact, purchasing and delivery experience, evaluation and feedbacking, post-purchase support/complaints management

Revenue Streams

- This specifies the monetary and non-monetary value that the brand is getting from its customers

Non-monetary value

Revenue Streams:

- Recommendations/ referrals; positive reviews on google, etc.

How customers pay and what they prefer to pay with

Revenue Streams:

- Cash payments, digital payments, etc

Other sources of revenue

Revenue Streams:

- Tips, commissions, etc.

Branding

- Is defined as the process of which a company or organization and its product or service becomes identical with a set of values and aspirations.

- It promotes visibility, value and emotional bond with customers.

Brand

- Is the sum of all perceptions and associations consumers have about and with the company

Brand Identity

- The company's visual expression of those perceptions

1. Business Name and Logo

2. Product Value Proposition (PVP)

3. Use of Color

4. Product Design

Basic Elements of Brand Identity

Business Name & Logo

- Word(s) and/or symbols that render a memorable and lasting image to the company's purpose, goals and advocacy

Product Value Proposition (PVP)

- A marketing statement that a company uses to summarize and tell consumer why they should buy AND prefer their product or use their service

- This can change should there be new priorities in terms of their industry direction, offers and product lines

Use of Color

- Is a crucial brand element that enables the expression of the brand's personality, while also establishing visual recognition and emotional connection with the target consumer.

Product Design

"It is a design process that blends user needs with business goals to help brands make consistently successful products."

Product Sketching

- Is one of the fundamental forms of this process

- Is the act of turning an idea into a graphical representation that captures what the product designers were thinking, allowing them to convey those thoughts to others

1. Functionality

2. Appearance

3. Quality delivered to customers

Elements of a Product Sketch

Functionality

Elements of a Product Sketch:

- How it should be used, ease of use, how it works

Appearance

Elements of a Product Sketch:

- Color, size, shape, other factors of visual appeal

Quality delivered to customers

Elements of a Product Sketch:

- Material(s), texture, flavor, lifespan, add-on perks/ supports, etc.; the USP

Floor Plans

- Are scale drawings that show the relationship between rooms, spaces and physical features viewed from above.

- They provide a way to visualize how people will move through the space.

- Floor plans makes it easier to check if the space is suitable for its intended purpose, work through any potential challenges and redesign before moving forward into more elaborate planning

Service Design

- Planning and organizing a business's resources (people, props, and processes) in order to (1) directly improve the employee's experience, and (2) indirectly, the customer's experience.

Service Blueprint

- It is a mapping diagram that visualizes the relationships between different service components — people, props (physical or digital evidence), and processes — showing how the brand interacts with its customers