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ENTR8000 Innovation and entrepreneurship

Question

Answered

Develop a 2-3 line description that paints an accurate and compelling picture of your new venture concept. It should include: problem, solution, target market, revenue model and unique value proposition.

Innovation Analysis

Explain all of the innovation factors you are applying in the new venture. These factors can be wide ranging. The factors may apply to the concept or idea itself and or any other aspect of the business such as marketing, operations, the product or service, finances and others.


MARKETING STRATEGY
Include:
oDefine your Target Audience
oUse a narrative style
oDescribe your Product or Service
oInclude an image of the physical product/prototype or basic UI design, whichever is relevant for your venture. (if you have one or use google image searches or unsplash.com for similar images)
oIf you have more than one product or a product line, describe that here.
oPricing
oWhat pricing strategy will you use?
oPromotion
oOutline your strategy here
oDistribution
oIndicate where your product will be available.

Market Analysis

You have learned so much about your venture over duration of the course.

The market analysis is the main part of your report. It is divided into two sections. The first section focuses market analysis related to:

oIndustry Description & Analysis
oMarket Description & Analysis
oCompetitive Description & Analysis

The second section focusses on the zoom tools. Specifically, the customer, problem and solution zoom tools.

The requirements for each of the sections as explained below.

Industry Description & Analysis

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
PESTEL Analysis

Write about the factors that apply to your industry sector. If a factor doesn’t apply, note that it doesn’t apply.

ENTR8000 Innovation and entrepreneurship

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