Clearly define and describe the industry or industries in which the new venture will operate.
What is the size of the industry? You should be able to quantify the size of the market either by the number of businesses operating in the industry or the financial or dollar value of the industry to the economy for example, annual revenue generated by businesses in the industry.
What lifecycle stage is it at? (emerging, growth, shake out, mature or declining) and what is the expected outlook for the industry?
Describe the forces that are impacting the industry using:
Porter’s 5 Forces
Write about the factors that apply to your industry sector. If a factor doesn’t apply, note that it doesn’t apply.
Note: Every new venture will be different so some of the items below may not be relevant to your concept. This is a guideline. If you have any questions re: how it applies to your venture, ask your instructor.
Market Description & Analysis
Clearly define the market of consumers for your product/service-demographics and psychographics.
What is the size of the market? (either number of customer or value ($s) of the customer segment).
Describe the forces or trends that are impacting the market:
e.g. overall buying habits, fads, industry trends, other industries (music, fashion, technology, etc.), retail distributors, social media, advertising, etc.
Competitive Description & Analysis
Start by identifying and listing your main competitors. Include direct and indirect competitors as well as potential substitutes.
Conduct a SWOT analysis on your new venture. Use a four-quadrant diagram to show analysis.
Identify the criteria that consumers use when making a purchase decision in your category. Make a list of these evaluation criteria. Select a minimum of 6 criteria to create 3 perceptual maps.
Create a simple, blank perceptual maps using the evaluation criteria determined above as the axes. Create as many blank maps as you can using all of the criteria.
Add a summary explains why and how your business will compete against established businesses.
This section is in two parts.
Part one is the completion of the Zoom Tools. Part two is a draft of conversation points you’d use to conduct an Empathy Interview with customers. Note. It is not necessary for you to complete the interview with customers, just to plan the conversation points you’d use to have the conversation.
Part One: Zoom Tools
Include the three pages of the Zoom Tool worksheets (PDF / MS WORD) as appendices to this report. One report will focus on the customer traits or persona (Customer Zoom Tool), another report will focus on the customer pain points that are being solved (Problem Zoom Tool), and the final report will identify the minimal viable product or service (MVP) (Solution Zoom Tool).
Part one: Ideal Customer/Customer Zoom Tool(200 words max.)
Based upon your Customer Zoom Tool, describe your ideal customer or, in other words, your customer persona.(200 words max.)
Part one: Customer Problems/Problem Zoom Tool(200 words max.)
Based upon your Problem Zoom Tool, what are your customers’ three primary problems that your business solution is solving?
Rank these problems as low, medium and high.
Part one: Minimal Viable Product or Service (MVP)/Solution Zoom Tool
(200 words max.)
Based upon your Solution Zoom Tool what is your minimal viable product or service? (200 words max.)
Part one: Unique Value Proposition (200 words max.)
Based on your zoom tools, what do you believe is your unique value proposition for customers? Part five: Channels (200 words max.)
Based on your zoom tools, what channel(s) will you use to provide your products or services to customers?
Based on the Empathy Fieldguide (pages #8-15), list the potential questions you’d ask covering the three main objectives of an empathy interview; specifically, building rapport, understand the customer and digging for stories or emotions.
As covered in the Fieldguide, your questions to be open-ended and neutrally-stated. Think of your questions not just as topics to cover, but as ways to get people to share.
I. Build rapport: