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CHAPTER 3: BUSINESS CONCEPT DEVELOPMENT PROCESS - Coggle Diagram
CHAPTER 3: BUSINESS CONCEPT DEVELOPMENT PROCESS
DEFINITION
The detail version of idea, explained keeping in mind consumers needs
BUSINESS CONCEPT AND DEVELOPMENT PROCESS
BRAINSTORMING
A group creativity technique used to find a solution to a specific problem.
8 Rules
Encourage weird and wacky ideas
Aim for quantity
Build on others ideas
Refrain from judgment/critism
Begin with a target problem/brief
Stay visual
Set a time limit
Allow one conversation at a time
CUSTOMER RESEARCH
Investigate what is trending in your industry
surveys
The process of discovering who your ideal customer is, what their problems are, and how they will pay for your solution.
CREATING PROTOTYPE
DEVELOP A VIRTUAL PROTOTYPE
CREATE AN INITIAL HANDMADE PROTOTYPE
CREATE A CONCEPT SKETCH
USE THE INITIAL PROTOTYPE TO IDENTIFY AND CORRECT ISSUES IN YOUR DESIGN
IDENTIFY BASIC REQUIREMENT
FINALIZE YOUR DESIGN TO CREATE A FINAL PROTOTYPE
DEVISING A MARKETING STRATEGY
FURTHER DEFINE YOUR OBJECTIVE
OUTLINE TECHNIQUE
KNOW YOUR PRODUCT AND RESOURCES
SET A BUDGET
KNOW YOUR CUSTOMERS
CREATE A MARKETING PLAN
DO YOUR MARKETING ANALYSIS
START WITH A GOAL
ANALYZE PERFORMANCE
ESTIMATING THE MARKET POTENTIAL
PROFITABILITY
COMPETITION
MARKET GROWTH RATE
PRODUCT AND CONSUMER TYPE
MARKET SIZE
EVALUATING THE RESULTS
BENEFIT OF EVALUATING ACTIVITIES
identifies what work was actually done
Can help highlight suitability or clarify of goals
Can identify difficulities
Can assist progress towards the achievement or organizational goals
It can leads to ways to improve and develop work
Identifies our priorities
Give a voice to all stakeholders in our work
THE FOUR STEP OF EVALUATION
MONITORING
EVALUATING
PLANNING
MAKING IMPROVEMENT
An assessment or judgement made by comparing what actually happened with what intended
PERFORMING TEST MARKETING
The final step before commercialization, to test all variabilities in the product marketing plan including elements of the product
Number of test cities
Duration of testing
Sample size ditermination
Selection of test market cities