How will you monetize or generate revenue with this idea?

Published by Jeannie R. Ferrell

Dec 8, 2022

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Course Assignment #3 – Business Concept Statement
In this assignment, you will describe a new concept for a business idea. This assignment gives you a chance to brainstorm a creative business idea, study a particular industry, and through that understand how an entrepreneur might start a new firm or start a new line of business for an existing company. (May be done individually or in groups of 2-4 students.)
For this final project, you will research a business concept using the internet and resources in a library, write a paper and do a presentation. Your final paper and final presentation will have these parts:
Business Concept Statement Outline
1. Part 1. The Opportunity
What is the opportunity in the market? Is there a trend in society or in this industry that your product or service will seek to capitalize on?
2. Part 2. Product/Service Concept
Define the new product or service you are proposing bringing to market by describing its features and benefits. In what way is this business idea a good match for your passions and experience?
3. Part 3. Target Customer and the Market
What is the size and growth of the market for your product or service? Use demographic and psychographic variables to describe your target customer. Will you initially sell online, in person or both?
4. Part 4. Revenue Model
How will you monetize or generate revenue with this idea? Will you sell it or rent it? Will you sell services related to a product or service? Will you sell subscriptions or memberships? Will you hold inventory or not?
5. Part 5. Competition, Positioning and Differentiation
In this section describe how you will position your product or service relative to competitors. Include research on (1) one other firm that is competing in your industry and how they position their products to compete; (2) describe how you will position yourself relative to competitors.
Part 6. Sustainability
In what way will this business be designed so that it behaves in a sustainable manner, taking care of profits, people and the planet? Think creatively and don’t worry about how practical your plans are.
6. Part 7. Conclusions
Include a paragraph that summarizes your conclusions.
Presentation: At the end of this course, each individual or group will hand in a written copy of their business concept statement and make a 9–13 minute presentation of their Business Concept with slides.

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