Fundamentals of Business – Class 3 Overview
Fundamentals of Business Class Three-Four Overview
Feasibility / Marketing Opportunity / Marketing Research
The key aspect to consider in Business Feasibility is, do you have a target market (s) for your product/service? Who are they and how many of them are there that will want your business will sell.
The key aspects of the Class Three / Four Feasibility Instruction are:
- What are you selling and how is it different from your competitors? Key aspect is sustainable differential advantage or unique value proposition.
- Who will you be selling to? Psychographics (the mind of the target group), demographics (the elements of the target group), geographics (where is the target group), and behaviour (what are they actually doing).
- How many people are in the target group? Are there enough for your business?
- With an understanding of your place in the market, will the product/service make enough money?
Every document or plan or information source you read will boil down to the factors listed above. Make sure you keep this in mind (see the forest for the trees).
Feasibility Planning
The Actual Assignment – Due End of Week 4:
Your Target Market
Chapter In the Book:
Chapter 2 : Feasibility
Chapter In The Book – New Venture Creation (for your reference only) :
The Opportunity – New Venture Creation
Sustainable Differential Advantage / Unique Value Proposition / Competitive Advantage
Key Question: What is unique about your product versus the competition?
You want your product or service to ideally be something that the consumer wants that is currently not being provided by anyone else. If it is being provided by a competitor, you have to have some type of advantage.
Who Is Your Customer?
How do you identify your customers?
Who is your customer? What is this group of customers? Where are they? What do they think like? What do they do? What are their characteristics?
Use this information to picture an “ideal” customer for your product/service. Someone you would speak to in your marketing. Also, this profile will be used to try to quantify your potential customer audience.
How large is your target market (target audience)?
How large is your target market / audience ?
H0w large is the potential market for your product or service? Then how many do you think you can effectively market to or want to market to? And then you select the first group of customers you are going to market to. As mentioned, always go for the best first.
Census Data By FSA (first three digits of the post code)
Census 2010 Data For Canada. It is a very large file, do not use your phone and you will want to be on WiFi.
Written by eosfirst
Garrett Hall is an online marketing & development expert with eosFirst AuroraCon. eosFirst is a website design, online development, online marketing and information technology consultancy.