Assignment:
Create a product (either a good or service) that is not currently in the market and bring it to market.
- describe and discuss your product
- why and how are you going to bring your product to market
1. Required items to include:
A. demand for product what and how to measure target market
- your customer demographics
- based upon the tastes and preferences of your customer demographic - are you filling a gap or challenging an existing product? in what ways?
- normal or inferior product - response to micro, macro conditions
- global and/or domestic target market, why?
- current available substitute?
- establish how you know they are substitute
- any complements to your product?
- what is their market impact on your product?
- expectations of future demand changes - global market changing? domestic macro conditions (jobs)? market environment (more or less competitive, why?)
B. supply of your product - all stages
- financing - traditional, crowd financing? why?
- describe possible terms of funding?
- government protection - apply for patents, copyrights, licenses?
- production - what resources will you need? (labor, physical capital, natural resources)
- where will you source each? (supply chain)
- transportation - mode? why choice?
- distribution - channels, new or existing? describe why?
- testing - quality control, government regulation - compliance costs, specific to small businesses and your product, health regulations, agencies?
- marketing - how, where, importance
- taxes - what taxes will your business be subject to?
C. market environment
- ease of entry? barriers? mote?
- competitive strategies?
- potential competitors possible responses to your entry?
must be 1000 words or less in total