INTRODUCTION TO BUSINESS CONCEPT DEVELOPMENT - Coggle Diagram
INTRODUCTION TO BUSINESS CONCEPT DEVELOPMENT
DEFINITION OF BUSINESS CONCEPT
A fundamental prerequisite for the existence of a company
Devising a marketing strategy.
Evaluating your results.
Performing customers research to target your ideal customers
Estimating the market potential for your product or service concept.
Creating a prototype for your product
Performing test marketing
Brainstorming to create a potential product or service concepts.
WHAT DOES BUSINESS CONCEPT DO?
Business concept serves as an overview to potential business partners or investor. Provide information whether or not continue with the proposed plan.
ROLE OF BUSINESS CONCEPT DEVELOPMENT
Oversees many of the planning and development process for business project.
Analyze costs and revenue and use this data to prepare financial reports.
Focus their efforts on researching customers markets.
Analyze product markets and streamline processes relate to product development
HUMAN RESOURCE MANAGER
Oversees large team within the human resources department, or in smaller organization, the maybe in charge of only a few staff members.
Oversees the entire marketing department
Lead a team of staff
Improve profitability and help the business grow.
IMPORTANCE OF BUSINESS CONCEPT
Decided whether to move forward with the project and build a business it is decided to move forward
Can outline the consumer problem they want to solve.
Follow a process of how will assess a business idea or concept
EXAMPLE OF BUSINESS CONCEPT (THE TACO BELL RESTAURANT)
PRODUCT TECHNICAL DESIGN
Team discovered a process to evenly distribution seasoning on the shells and contain cheese dust in the production process.
350-500 ideas end up in consumer test.
CONCEPT DEVELOPMENT AND TESTING
The team generated 80 iterations of the product before deciding on the final one.
8-10 products end up on the national menu
The development team reviews 4,500 new product ideas each year.