Market Validation. 10% of the expected cost of developing the product. Two day triage of your idea to determine if more time and effort is required.

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Market Validation. 10% of the expected cost of developing the product. Two day triage of your idea to determine if more time and effort is required."

Transcription

1 Market Validation 1. Definition Market Validation is a process applied to the unstructured, serendipitous task of doing a complete evaluation of the market for a product before the product is built. Rob Adams, If You Build It Will They Come? 2. Time and Cost Time: Cost: 60 days 10% of the expected cost of developing the product 3. Philosophy Fail fast by testing whether your proposed product/service will work in the market before you build/create it. 4. The Process The World in Three Stages A. Ready Two day triage of your idea to determine if more time and effort is required. B. Aim This 60 day process uses primary research to develop a product with unique, differentiating features that will compel customers to purchase. C. Fire There is no time limit associated with this stage but it needs to be accomplished as soon as possible to take advantage of the identified opportunity. It is dependent on management s ability to take the market data collected and turn it into product features that allow the product/service to be quickly shipped. 1 P a g e

2 5. Stage 1 - Ready (2 Days) This stage involves extensive use of secondary research about the market from standard industry publications and analyst reports from the major brokerage houses and major players in the overall market. This research can also involve industry specific reports prepared by third party consulting firms that are available for sale. Primary research using a convenience sample of identified potential customers can also be used especially if the underlying concept is based on the work experience of the lead entrepreneur. The purpose of this stage is to quickly identify if there is sufficient cause in terms the available opportunity to undertake an in-depth analysis under Stage 2 Aim. A. Topics to Cover a. Domain Knowledge b. Market size and growth rate c. Lifecycles and trends d. Competitive analysis e. External data sources B. Domain Knowledge a. Describe how you developed the basic function of your proposed product or service b. Discuss if the proposed product or service is based on your work/job experience or c. Discuss if the proposed product or service is based on your experience as a consumer d. Demonstrate that you understand what it takes to make money in your proposed sector in terms of target market size, sales volume and margins keeping in mind that: i. Consumer goods are expensive to market and have tight margins ii. Medical and IT, high gross margins do not necessarily lead to success iii. Large markets do not always lend themselves to large sales C. Market Size and Growth Rate a. What is the size of the overall market in both dollar and number of customers? b. What are the sub-markets? How did you determine these sub-markets? c. What are the sizes of these sub-markets in dollar terms and number of customers? d. What is the growth rate of the overall market? Each of the identified sub-markets? e. Which sub-market are you attempting to reach? Why did you select this market? f. What is the growth rate of the overall market? g. Is your sub-market growing above, at or below the overall market? h. Is this growth rate expected to increase, hold steady or decrease over the next five years? How did you establish this fact? 2 P a g e

3 D. Lifecycles and Trends a. What is the lifecycle of the proposed market in years? b. At what stage is the market currently at Innovator, Early Adopter, Late Adopter, etc? c. What are the key external trends impacting your market? i. Population ii. Expanding and contracting industry sectors iii. Technology adoption iv. Competition d. What is the primary business model used by the industry? How was this model identified? i. Consumer ii. Manufacturing iii. Life Sciences iv. Technology v. Services E. Competitive Analysis a. According to potential customers, who are the competitors? b. According to potential customers, why are these competitors successful? c. According to the competitors customers, what do they do best? Where do they need to improve? d. According to potential customers, what are other potential substitutes for your product/service? e. From a potential customer s perspective, what are the economics involved in using the proposed product? This should consider the payback period involved and the total cost of ownership that includes any modifications to the facility or operations the customer will have to make. Typically customers expect a payback period of 12 months or less and don t like having to make changes to their physical plant or operations. f. Provide an indication of how much effort is involved in getting the customer to part with their money, i.e. beating the do nothing competitor. One way to accomplish this is to reference the last time the industry adopted a new innovation and the issues and time involved in introducing this innovation. F. External Sources of Data a. Do any analysts from the major brokerage houses cover the market? b. If yes, who are they? What firms do they work for? c. According to these analysts, what is the estimated size of the market in terms of dollars and customers? d. What are the major trends these analysts have identified in your proposed market? How do these compare with the trends you ve identified? 3 P a g e

4 e. If not, why not? Is the market not mature enough to warrant an analyst? Not large enough? Is there any indication an analyst will eventually be warranted? When? f. Are there other sources of data that can be drawn upon to provide credibility for your market? g. How does one go about obtaining a copy of the reports produced by the analysts and other sources? 6. Stage 2 Aim (60 days) Now that a market has been identified and that it has an unmet need or needs, the next task is to develop a product/service that provides a sufficient value proposition for potential customers to consider your product/service. This stage begins with a primary research study involving potential customers. These potential customers will become the basis of the beta group used in Stage 3 Fire to refine your product/service and your set of launch customers. Once the data is collected it needs to be analyzed by a market research professional and turned into actionable information management can use to design the product/service as well as the accompanying launch program. As few start-ups possess the necessary skills to perform this analysis on their own, an outside firm will need to be hired. This requires the firm knowing how to select and work with a market research firm to develop the methodology, questions and data analysis. The final step in this stage is using the information produced to develop a strategy to get the market ready for the product/service. A. Topics to Cover a. Primary market research b. Selecting who to interview c. Conducting the interviews, interpreting the data and analysis of results d. Use of outside firms e. Preparing the market for your product B. Primary Market Research a. Description of the type of data to be collected. At this stage, you are looking to collect data on the following: i. Market segments in your overall market and their relative sizes in terms of number of customers ii. Addressable market, i.e. the market you can reach given the resources available to you at the current time iii. An estimate of how much each customer intends to spend in the coming year on products/services like yours iv. An identification of light, medium and heavy users in the addressable segment 4 P a g e

5 v. An identification of the shortcomings members of the addressable market see in the current product/service offerings vi. A rating of these shortcomings in terms of importance to the potential customers vii. An identification of the purchase decision process involved viii. Identification of the number of potential customers looking to make a change within the next year b. A discussion of the types surveys that will be used to conduct this research i. Qualitative Executive interviews or focus groups. These are usually done with a select group of potential customers to ensure the ideas and assumptions being used by the new venture and the same as those held by the potential customer base. At this stage, open ended questions are used to elicit the broadest response and these are summarized into similar topics. ii. Quantitative This type of research involves formal questionnaires, conducted in-person or electronically, being used. The questions are typically based on the information gathered during the qualitative phase and are closed-ended to aid in the data analysis. c. Types of questions i. Open ended These questions are designed to obtain the broadest opinions from the interviewee. This type of question is typically used during the qualitative stage to provide the guidelines for the closed ended questions discussed in the next section. An example of this type of question is: Based on your experience, what products are available to solve XXXX problem? The benefit of initially using such questions is they allow the potential customer to identify the characteristics and set the boundaries. The downside of such questions is the responses are difficult to analyze as the sample size gets larger. ii. Closed ended These questions give the user a set number of options from which to choose. These responses to these questions are easier to analyze as the data falls into clearly defined buckets but if the incorrect question is asked the responses will not provide useful information. An example of such a question is Based on your experience, which of the following products can be used to solve problem XXXX? Product A Product B Product C Product D Other (List) None 5 P a g e

6 d. Developing an interview methodology i. Initial Interviews These are usually done with market or opinion leaders to get a broad sense of the problems, their severity, options under consideration and an assessment of the competition. These interviews will form the basis of the questions. A small sample size of potential customers should also be tested with the completed questionnaire to test the effectiveness of the questions. ii. Mid-stage interviews - These are conducted with enough potential customers to develop a reasonably sized data set to perform the necessary data analysis on market size and customer segmentation. These interviews can also be used to refine the questionnaire. iii. Late stage interviews These are conducted with the final group of potential customers required to complete the data analysis. e. Selecting interview subjects The goal should be to complete a minimum of 35 but preferably 100 interviews with potential customers. When completing this process, it s important to think of it in the same terms as obtaining a sale, i.e. a funnel approach. At the top of the funnel is the total number of potential customers or target market. Lists of members from this group can be obtained by purchasing data bases from associated trade or industry groups. This group should be identified by the secondary research previously conducted and verified by the executive interviews. The second group is the interested market identified as those willing to take part in the survey. Based on this group the original list will be further reduced to those that express an interest in the opportunity identified by the management team and expressed in the survey. Further reducing the number of participants is the number seeking a solution to this problem. The number is further reduced by measuring those willing to pay for a solution and what conditions need to be in place to get them to purchase. f. Interviewing, Interpreting and Analyzing Results Unless experienced in the research process, this is best done by an outside contractor like a market research house or consulting group. When selecting the right option it s important to locate a partner with experience conducting similar studies, experience with your industry and access to the necessary resources. In addition to the experience provided by the outside party, you are also using them to provide a level of objectivity to the evaluation as they do not have a personal connection with the project. The analysis of the results will yield two key pieces of information: the minimum features sought in the first edition of your product or service and which group to target as your launch customers. 6 P a g e

7 g. Preparing the Market A major part of this stage is getting the market ready for the venture s product. The process used is similar to the sales process and involves moving down the funnel beginning with an identification of the target market and proceeding on to locate suspected members of this group willing to purchase and the identification of the prospects most likely to act and finally developing a list of companies to close on. h. Customer Use and Success Stories When possible, the report should include case studies of successful customers and references from beta customers. Such backup material adds tremendous credibility to the document. i. Press and Industry Analysis Provide any press articles or coverage received from analysts regarding the venture to show the industry, particularly prospective customers, understand the proposed product/service. Such coverage also documents that others understand the procedures used for evaluating the market. 7. Stage 3 Fire (No set time limits) A. Quick Release The cornerstone of this stage is the identification of tightly targeted, narrow markets and a product/service with a minimum feature set based on the research conducted in Stage 2. The company must have the resources to reach these markets and have a developed marketing plan to capture customers. The first customers captured under this strategy are the ones with the greatest unmet problem and are willing to accept a basic product that addresses this problem. The venture must also include plans to make fast product iterations based on feedback received from the launch customers. This requires the development and implementation of a feedback system. B. Written Specifications This stage of the market validation will contain the written product/service specifications to make it easier for suppliers and customers to understand what problems the product/service addresses and the component parts involved. In addition, written schedules will be provided detailing such areas as the marketing plan, procurement schedule and the venture s proposed sales cycle. This section will also include a 7 P a g e

8 description of the feedback system to be used to ensure customer feedback reaches the development team on a timely basis. By adding this process, the venture is able to kill features early in the development process before large amounts of time and capital are committed. C. Design Partner Programs This is a subset of the target market selected to provide the venture with information on the product/service s usage and design. Typically, this group is selected from those customers expressing the greatest need to address the identified problem. This group can also serve as the venture s early sales pipeline and provide the case studies previously identified. D. Advisory Board Programs The purpose of this group is also to provide information on the usage and support system required by the venture. This group however contains industry experts, representatives from all parts of the buying process (user, influencer, buyer, budget owner, etc.) so the venture has a more in-depth look at the process. Members of this group can also provide the case studies cited earlier as well as form the basis of the initial sales pipeline. E. Launch A sample budget must be developed for the initial year of operations. Based on the information collected during the previous two steps, this budget shows the key development, marketing, sales and feedback expenditures for the first year of operations. For businesses at this stage of development, the budget is the most crucial tool for measuring the success of the strategy and estimating the financial cost of missed milestones. Based on best practices of successful start-ups and existing companies, the budget for the first year s sales and marketing must equal for development. 8. For More Information Please contact: Robert Warren Director of Capital Markets Manitoba Jobs and the Economy Phone: (204) P a g e

New Venture Creation Turning Ideas into Revenue

New Venture Creation Turning Ideas into Revenue New Venture Creation Turning Ideas into Revenue Workshop with Dr Rob Adams SODA Inc, Hamilton, 8 July 2013 Rob Adams Slide 1 Dr Rob Adams Director of Texas Venture Labs, Lecturer, IC2 Fellow at The University

More information

WHY WRITE A BUSINESS PLAN?

WHY WRITE A BUSINESS PLAN? KANSAS SMALL BUSINESS DEVELOPMENT CENTER PITTSBURG STATE UNIVERSITY PITTSBURG, KS 66762 PHONE: 620 235 4920; FAX: 620 235 4919 e mail: ksbdc@pittstate.edu WHY WRITE A BUSINESS PLAN? A business plan is

More information

Guide to Market Research and Analysis

Guide to Market Research and Analysis The Orangeville & Area Small Business Enterprise Centre (SBEC) 87 Broadway, Orangeville ON L9W 1K1 519-941-0440 Ext. 2286 or 2291 sbec@orangeville.ca www.orangevillebusiness.ca Supported by its Partners:

More information

Business Planning Guide

Business Planning Guide Business Planning Guide Robert Hill, California State University, Fresno with editing by Elizabeth J. Gatewood, Wake Forest University Contents Introduction 3 Business Plan Outline 4 Executive Summary

More information

Outline of a comprehensive Business Plan

Outline of a comprehensive Business Plan DePaul University From the SelectedWorks of Dr. Harold Welsch 2011 Outline of a comprehensive Business Plan DePaul University, DePaul University Available at: http://works.bepress.com/drharoldwelsch/31/

More information

BUSINESS PLAN QUESTIONNAIRE

BUSINESS PLAN QUESTIONNAIRE BUSINESS PLAN QUESTIONNAIRE Company Name: Business Owner Name(s): Address: Phone: E-mail: Fax: Web Site: Who is the primary audience for your business plan? Lenders Investors Internal Use MISSION/VISION/OBJECTIVES

More information

Marketing Strategy for Start-Up Businesses or New Product Launch

Marketing Strategy for Start-Up Businesses or New Product Launch Every business owner should develop a written guideline that sets forth the business's marketing strategy. This document is used to judge the appropriateness of each action that the business takes. If

More information

24 Fundamental Practices for Highly Effective Product Management/Product Marketing Teams

24 Fundamental Practices for Highly Effective Product Management/Product Marketing Teams 24 Fundamental Practices for Highly Effective Product Management/Product Marketing Teams A Highly Effective Product Management/Product Marketing Team is a key contributor to the success of any company.

More information

Converting Technology to Wealth Workshop. Module 1: Commercialization. Day 2 Market Research

Converting Technology to Wealth Workshop. Module 1: Commercialization. Day 2 Market Research Converting Technology to Wealth Workshop Module 1: Commercialization Day 2 Market Research 1 Review Technology Summary Sheets Present and Comment Delivered to the Malaysian Technology Development Corporation

More information

BUSINESS PLAN OUTLINE

BUSINESS PLAN OUTLINE I - BUISNESS PLAN OUTLINE INTRODUCTION TO THE BUSINESS PLAN & CONCEPT Before starting a new business or expanding an existing business, you should develop a Business Plan. The Business Plan will serve

More information

ESSENTIALS OF ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT Chapter 4: Conducting a Feasibility Analysis and Designing a Business Model

ESSENTIALS OF ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT Chapter 4: Conducting a Feasibility Analysis and Designing a Business Model Copyright 2016 Pearson Education, Inc. Copyright 2016 Pearson Education Inc 1 4-1 Section 2: The Entrepreneurial Journey Begins 4 Conducting a Feasibility Analysis and Designing a Business Model Copyright

More information

New York StartUP! 2013 Business Plan Competition Company Profile

New York StartUP! 2013 Business Plan Competition Company Profile New York StartUP! 2013 Business Plan Competition Company Profile Company Name: Year Founded: Contact Name: Address: City State Zip: Target Market: Customer Problem: Email: p: f: URL: Industry: # Employees:

More information

How to Write a Marketing Plan: Identifying Your Market

How to Write a Marketing Plan: Identifying Your Market How to Write a Marketing Plan: Identifying Your Market (Part 1 of 5) Any good marketing student will tell you that marketing consists of the four functions used to create a sale: The right product to the

More information

Lindner College of Business MS Marketing Capstone Project - Prospectus and Application-

Lindner College of Business MS Marketing Capstone Project - Prospectus and Application- Lindner College of Business MS Marketing Capstone Project - Prospectus and Application- During January April 2015, 30 graduate students pursuing a Masters in Science (MS) degree in Marketing will engage

More information

MARKETING Market research market strategy target market market mix Market Research

MARKETING Market research market strategy target market market mix Market Research MARKETING Marketing is the management process for identifying and anticipating customer requirements profitably. All company policies and activities should be directed toward satisfying customer needs.

More information

A primer in Entrepreneurship. Chapter 3: Feasibility Analysis

A primer in Entrepreneurship. Chapter 3: Feasibility Analysis Chapter 3 Feasibilty Analysis Prof. Dr. Institute for Strategy and Business Economics Chapter 3: Feasibility Analysis Table of Contents A. What is feasibility analysis? C. Industry/Market Feasibility D.

More information

SUPPLEMENTARY GREEN BOOK GUIDANCE

SUPPLEMENTARY GREEN BOOK GUIDANCE SUPPLEMENTARY GREEN BOOK GUIDANCE ADJUSTING FOR TAXATION IN PFI vs PSC COMPARISONS 1 INTRODUCTION 1.1 This guidance looks at the differential tax receipts that arise from the use of the Private Finance

More information

Bottom-up sales forecasting for Pre-revenue Start-ups

Bottom-up sales forecasting for Pre-revenue Start-ups Sales & Revenue Forecasting Series Bottom-up sales forecasting for Pre-revenue Start-ups MaRS Discovery District, May 2011 See Terms and Conditions MaRS 2 Introduction What to expect This workbook guide

More information

Validating the Market For Your New Venture

Validating the Market For Your New Venture Validating the Market For Your New Venture A Canadian Innovation Centre How-To Guide 1 What is Market Research? Process of gathering, recording and analyzing data about customers, competitors and market

More information

How To Prepare A Business Plan

How To Prepare A Business Plan How To Prepare A Business Plan A Step By Step Guide North Central Development P.O. Box 1208 Thompson, Manitoba R8N 1P1 Phone: 204 677 1490 Toll Free: 1 888 847 7878 Fax: 204 778 5672 E mail: ncd@northcentraldevelopment.ca

More information

Chapter 9 E-Commerce: Digital Markets, Digital Goods

Chapter 9 E-Commerce: Digital Markets, Digital Goods 1 Chapter 9 E-Commerce: Digital Markets, Digital Goods LEARNING TRACK #: 2: BUILD BUSINESS PLAN There are lots of different ways to lay out a business plan. The sample

More information

How To Prepare A Business Plan That Gets Results

How To Prepare A Business Plan That Gets Results Contact Information: www.nebs.ca 1 800 461 7572 WHITE PAPER How To Prepare A Business Plan That Gets Results Writing A Good Business Plan Could Make Or Break Your Business Success A Good Business Plan

More information

Community Futures Management Consultant in a Box

Community Futures Management Consultant in a Box Community Futures Management Consultant in a Box Strategic Business Planning Purpose of this Document The purpose of this document is to provide you with the process that a management consultant would

More information

Marketing & Market Research A Crucial Part of Product Development

Marketing & Market Research A Crucial Part of Product Development Marketing & Market Research A Crucial Part of Product Development Who is this guy? https://youtu.be/dhcomowrmna Questions Who are Oculus rift s customers? Is Oculus trying to make the best virtual reality

More information

Touch Points Touch Points Step 1 Spend Areas Step 2 Creating and Developing a Sourcing Team Executive Sponsorship

Touch Points Touch Points Step 1 Spend Areas Step 2 Creating and Developing a Sourcing Team Executive Sponsorship Strategic Sourcing: A Step-By-Step Practical Model Robert J. Engel, Vice President-Project Services The Procurement Centre 713-623-0111 Ext. 224; bengel@tpc-usa.com 89 th Annual International Supply Management

More information

Developing Business Plans and Funding Proposals

Developing Business Plans and Funding Proposals The best source of information and training on Aboriginal finance and management The Aboriginal Finance and Management Capacity Development Series Developing Business Plans and Funding Proposals A Practical

More information

Guidelines Business Plan

Guidelines Business Plan Guidelines Business Plan and Innovation CTI Jurors evaluate business plans and provide feedback entrepreneurs in 9 areas and VCs in 4 areas Objectives Elements of evaluation Relevant for ranking 1 Jurors

More information

WHITE PAPER. The Most Important Thing You Don t Know About Market Due Diligence

WHITE PAPER. The Most Important Thing You Don t Know About Market Due Diligence WHITE PAPER The Most Important Thing You Don t Know About Market Due Diligence Jon Klein Topline Strategies Cris Miller Semaphore Semaphore, 254 Pleasant Street, Methuen, MA 01844 www.sema4usa.com cmiller@sema4usa.com

More information

How to Write an Effective Business Plan

How to Write an Effective Business Plan How to Write an Effective Business Plan A good business plan is an invaluable tool for any business owner, whether you are just starting your new enterprise, expanding or changing strategic direction.

More information

Global Headquarters: 5 Speen Street Framingham, MA 01701 USA P.508.872.8200 F.508.935.4015 www.idc.com

Global Headquarters: 5 Speen Street Framingham, MA 01701 USA P.508.872.8200 F.508.935.4015 www.idc.com Global Headquarters: 5 Speen Street Framingham, MA 01701 USA P.508.872.8200 F.508.935.4015 www.idc.com WHITE PAPER Total Cost of Ownership for Point-of-Sale and PC Cash Drawer Solutions: A Comparative

More information

Global Startup Program

Global Startup Program Global Startup Program Terms of Reference NATIONAL CALL 2014 May 2014 2014 IC 2 Institute Proprietary Chapter I - Objective and scope ARTICLE 1 - OBJECTIVE 1. The purpose of the Global Startup Program

More information

BUSINESS NAME. Applicant Name. You ve had the idea, that s the first step. But starting a good business will take persistence, enthusiasm and a lot of

BUSINESS NAME. Applicant Name. You ve had the idea, that s the first step. But starting a good business will take persistence, enthusiasm and a lot of BUSINESS NAME Applicant Name You ve had the idea, that s the first step. But starting a good business will take persistence, enthusiasm and a lot of hard work. A clear business plan is essential for all

More information

PLANNING FOR SUCCESS P a g e 0

PLANNING FOR SUCCESS P a g e 0 PLANNING FOR SUCCESS P a g e 0 PLANNING FOR SUCCESS P a g e 1 Planning for Success: Your Guide to Preparing a Business and Marketing Plan This guide is designed to help you put together a comprehensive,

More information

BUSINESS PLAN TEMPLATE MANUFACTURING

BUSINESS PLAN TEMPLATE MANUFACTURING BUSINESS PLAN TEMPLATE MANUFACTURING COVER SHEET (This highlights how you can be contacted. numbers and email addresses listed are operational.) Ensure that telephone 1. Identify the Business 2. Identify

More information

GSBI Social Enterprise Stage Assessment Tool

GSBI Social Enterprise Stage Assessment Tool GSBI Social Enterprise Stage Assessment Tool PRE-RELEASE DRAFT FOR PARTNER FEEDBACK Rev.: August 29, 2014-1 - About this Document This document is a pre-release version of a tool that the Global Social

More information

Project Management Topics

Project Management Topics S E C T I O N II T W O Project Management Topics SECTION II: PROJECT MANAGEMENT TOPICS TABLE OF CONTENTS Introduction 3 1. PROJECT TRIAGE 5 1.1 Gather the Data 7 1.2 Review and Analyze the Data 10 1.3

More information

APPENDIX Business Description Current Position of Company Financing Request

APPENDIX Business Description Current Position of Company Financing Request APPENDIX SAMPLE BUSINESS PLAN Introduction Business Description A brief description of your business; product type, industry and target market and competitive position as compared to your rivals Current

More information

GENERAL GUIDELINES FOR DEVELOPING A BUSINESS PLAN

GENERAL GUIDELINES FOR DEVELOPING A BUSINESS PLAN GENERAL GUIDELINES FOR DEVELOPING A BUSINESS PLAN August 2012 Table of contents Introduction... 3 1. Executive Summary... 3 2. Business Summary... 3 2.1 Company Summary... 3 2.2 Management Summary... 3

More information

Market Research Guide

Market Research Guide Market Research Guide MARKET RESEARCH GUIDE Prepared by: Thunder Bay Community Economic Development Commission (CEDC) Thunder Bay & District Entrepreneur Centre P.O. Box 800, Suite 201, 34 Cumberland St.

More information

Business Plan Outline

Business Plan Outline Professor Myles Bassell Brooklyn College City University of New York Small Business Management and Minority Entrepreneurship Business Plan Outline Sections A to K WRITING THE BUSINESS PLAN The business

More information

Get Better Business Results

Get Better Business Results Get Better Business Results From the Four Stages of Your Customer Lifecycle Stage 1 Acquisition A white paper from Identify Unique Needs and Opportunities at Each Lifecycle Stage It s a given that having

More information

Breakeven Analysis. Breakeven for Services.

Breakeven Analysis. Breakeven for Services. Dollars and Sense Introduction Your dream is to operate a profitable business and make a good living. Before you open, however, you want some indication that your business will be profitable, if not immediately

More information

Preparing A Business Plan. Presented By: Raed Daoudi

Preparing A Business Plan. Presented By: Raed Daoudi Preparing A Business Plan Presented By: Raed Daoudi The Business Plan Whether it s a start-up company, an expansion of an existing firm, a spin-off from a parent corporation, or even a project within a

More information

Business Plan for Small Business Content

Business Plan for Small Business Content Business Plan for Small Business Content Objectives of the module... 2 Definition... 2 Business Plan Outline... 2 Business related issues... 2 Description of Business... 3 Product/Service... 3 Marketing

More information

When you complete the course, you will have the option of receiving a course completion confirmation from the SBA.

When you complete the course, you will have the option of receiving a course completion confirmation from the SBA. Market Research 1.1 Introduction The SBA Learning Center presents: Market Research. Produced by the SBA s Office of Entrepreneurship Education, this self-paced course provides an introduction to market

More information

Marketing Research for Entrepreneurs and Small

Marketing Research for Entrepreneurs and Small MT 9013 Human Resource Development Marketing Research for Entrepreneurs and Small Business Managers by David J. Snepenger, Montana State University College of Business In a previous MontGuide, "Basics

More information

Market Analysis Guide

Market Analysis Guide Market Analysis Guide Toll Free: 1.800.713.3558 Page 1 www.awebusiness.com Table of Contents Demonstration of Your Knowledge of the Industry...3 General Approaches to Market Research...4 Types of Market

More information

Business Plan Template

Business Plan Template Staunton Creative Community Fund 10 Byers Street, Staunton, VA 24401 540-213-0333 www.stauntonfund.com courtney@stauntonfund.com Business Plan Template So you have an amazing, innovative idea for a new

More information

Training Objectives and Course Modules

Training Objectives and Course Modules 1. MARKET DEVELOPMENT Penetrating new markets allows your producers to generate business growth and a more sustainable business practice. In this series of workshops, participants will learn how to successfully

More information

What makes a good business Plan?

What makes a good business Plan? What makes a good business Plan? A further seminar in 'A Practical Guide to Business Start-Up' series By Dr. Olga Kozlova What? A business plan is a written document that describes a business, its objectives,

More information

FEASIBILITY CHECKLIST

FEASIBILITY CHECKLIST APPENDIX A FEASIBILITY CHECKLIST Perhaps the most crucial problem you will face after expressing an interest in starting a new business or capitalizing on an apparent opportunity in your existing business

More information

Existing Analytical Market Assessment Tools - Definitions

Existing Analytical Market Assessment Tools - Definitions Existing Analytical Market Assessment Tools - Definitions November, 2003 This list of market assessment tools was prepared by Development Alternatives Inc. (DAI) as an internal working document to support

More information

3 Keys to Preparing for CRM Success: Avoid the Pitfalls and Follow Best Practices

3 Keys to Preparing for CRM Success: Avoid the Pitfalls and Follow Best Practices CRM Expert Advisor White Paper 3 Keys to Preparing for CRM Success: Avoid the Pitfalls and Follow Best Practices Ten years ago, when CRM was nascent in the market, companies believed the technology alone

More information

Market Segmentation, Targeting, and Positioning. Leonard Walletzký

Market Segmentation, Targeting, and Positioning. Leonard Walletzký Market Segmentation, Targeting, and Positioning Leonard Walletzký 5C STP Marketing Mix Marketing framework Customer Company Context Collaborators Competitors Segmentation Targeting Positioning 4P 7P 4C

More information

What is Market Research? Why Conduct Market Research?

What is Market Research? Why Conduct Market Research? What is Market Research? Successful businesses have extensive knowledge of their customers and their competitors. Market research is the process of gathering information which will make you more aware

More information

Growing Forward 2 In Newfoundland and Labrador

Growing Forward 2 In Newfoundland and Labrador Growing Forward 2 In Newfoundland and Labrador Business Plan Minimum Requirements Version1.0 Growing Forward 2 in Newfoundland and Labrador - 1 - Business Plan Minimum Requirements Minimum Requirements

More information

Business Plan Template

Business Plan Template Business Plan Template 1. Executive Summary... 3 1.1. Description of Business... 3 1.2. Finance Required... 3 1.3. Financial Projections... 3 1.4. Business Differentiators... 3 1.5. Business Credibility...

More information

How to Write a Business Plan

How to Write a Business Plan How to Write a Business Plan Small Business Development Center (SBDC) A well-written comprehensive business plan forms the basis for the success of any business venture. The business plan is a written

More information

Writing a business plan

Writing a business plan Writing a business plan Many potential start-up businesses are daunted by the prospect of writing a business plan. But it is not a difficult process - and a good business plan focuses the mind as well

More information

Gap analysis: an assessment of service users needs in a given field of service compared with services currently available.

Gap analysis: an assessment of service users needs in a given field of service compared with services currently available. NONPROFIT BUSINESS PLANNING PROJECT Available tools and approaches for planning One of the main purposes of the Nonprofit Business Planning Project is to contextualize current ways of thinking about planning.

More information

1 Commercialization Support for Business Program Guidelines. Introduction. Eligibility

1 Commercialization Support for Business Program Guidelines. Introduction. Eligibility Introduction This document is to assist you in completing the application form under the Commercialization Support for Business Program (CSB). This is a general guide and the information is being updated

More information

Cloud Productivity Is Key to Success: A Survey of Young Businesses

Cloud Productivity Is Key to Success: A Survey of Young Businesses Cloud Productivity Is Key to Success: A Survey of Young Businesses Cloud Productivity Is Key to Success: A Survey of Young Businesses Executive Summary In every market in every region, launching and building

More information

ERP SYSTEM SELECTION SUPPORT

ERP SYSTEM SELECTION SUPPORT Helping you make the best investment ERP SYSTEM SELECTION SUPPORT BDC Consulting is ISO 9001: 2008 certified > Unbiased expert advice > Proven system selection methodology > Powerful selection tools Follow

More information

Own or lease: are you making the right choice for your truck fleet?

Own or lease: are you making the right choice for your truck fleet? Article Own or lease: are you making the right choice for your truck fleet? 40 Volume 5 Issue 1 Do you know if leasing versus owning your fleet of trucks is the right choice? Many fleet owners may answer

More information

Guide to a winning business plan

Guide to a winning business plan Guide to a winning business plan Guide to a winning business plan How to use the guide: The following fields are mandatory to use and are evaluated by the judges when you submit an entry in Venture Cup

More information

POSTGRADUATE DIPLOMA IN BUSINESS STUDIES OBM 599: COMPREHENSIVE BUSINESS PLAN

POSTGRADUATE DIPLOMA IN BUSINESS STUDIES OBM 599: COMPREHENSIVE BUSINESS PLAN THE OPEN UNIVERSITY OF TANZANIA FACULTY OF BUSINESS MANAGEMENT POSTGRADUATE DIPLOMA IN BUSINESS STUDIES OBM 599: COMPREHENSIVE BUSINESS PLAN COURSE OUTLINE Overview In most cases, a business plan is created

More information

IT Sales Lead Generation

IT Sales Lead Generation Technology Sales Leads. IT Sales Lead Generation Understanding the Complex Sales Needs of the IT Industry White Paper Author: Mark Cradock Technology Sales Leads mcradock@tsleads.com June 2008 IT Sales

More information

BUSINESS CONSULTING SERVICES Comprehensive practice management solutions for independent investment advisors

BUSINESS CONSULTING SERVICES Comprehensive practice management solutions for independent investment advisors BUSINESS CONSULTING SERVICES Comprehensive practice management solutions for independent investment advisors Insights, tools and resources to help you Accelerate Your Growth, Scale Your Business and Elevate

More information

Procurement guidance Prequalifying suppliers

Procurement guidance Prequalifying suppliers Procurement guidance Prequalifying suppliers Procurement guidance: Prequalifying suppliers Page 2 of 21 Table of contents Table of contents... 2 Purpose of this Guide... 4 Who should read this Guide?...

More information

ELEVATOR PITCH... 2 3 MINUTE PITCH... 4 INVESTOR PRESENTATION OVERVIEW... 5 10 MINUTE PITCH... 7 20 MINUTE PITCH... 8 ADDITIONAL RESOURCES...

ELEVATOR PITCH... 2 3 MINUTE PITCH... 4 INVESTOR PRESENTATION OVERVIEW... 5 10 MINUTE PITCH... 7 20 MINUTE PITCH... 8 ADDITIONAL RESOURCES... Pitching Resources ELEVATOR PITCH... 2 3 MINUTE PITCH... 4 INVESTOR PRESENTATION OVERVIEW... 5 10 MINUTE PITCH... 7 20 MINUTE PITCH... 8 ADDITIONAL RESOURCES... 9-1 - Elevator Pitch An "Elevator Pitch"

More information

Supplier Registration System

Supplier Registration System Supplier Registration System www.sse.com/potentialsuppliers A guide for Suppliers www.sse.com/potentialsuppliers 03 ONE WAY OF WORKING We are keen to introduce one way of working in procurement, making

More information

Getting 'Gartnered': How Vendors Can Work With Gartner

Getting 'Gartnered': How Vendors Can Work With Gartner Getting 'Gartnered': How Vendors Can Work With Gartner Gareth Herschel and Matthew Goldman Notes accompany this presentation. Please select Notes Page view. These materials can be reproduced only with

More information

White Paper: ROI for Technical Documentation Outsourcing

White Paper: ROI for Technical Documentation Outsourcing Abstract Outsourcing business services is a regular process in the present global high-tech world. This business has grown to encompass knowledge processes along with the business processes in the recent

More information

Business Plan Outline

Business Plan Outline Business Plan Outline www./business-plan/ Why do I need a business plan? The business plan is a key component for a successful business. A plan is vital because it: Provides an organized system for researching

More information

VI Simposio Internacional sobre Energía y Foro de Innovación y Emprendimiento. Por: Bartolomé Gamundi Cestero

VI Simposio Internacional sobre Energía y Foro de Innovación y Emprendimiento. Por: Bartolomé Gamundi Cestero VI Simposio Internacional sobre Energía y Foro de Innovación y Emprendimiento Por: Bartolomé Gamundi Cestero El empresarismo es convertir ideas en oportunidades Bartolomé Gamundi Cestero EL PROCESO DEL

More information

THE PROJECT MANAGEMENT KNOWLEDGE AREAS

THE PROJECT MANAGEMENT KNOWLEDGE AREAS THE PROJECT MANAGEMENT KNOWLEDGE AREAS 4. Project Integration Management 5. Project Scope Management 6. Project Time Management 7. Project Cost Management 8. Project Quality Management 9. Project Human

More information

Understanding the Proof of Business Concept

Understanding the Proof of Business Concept Understanding the Proof of Business Concept Prepared By Alan Thompson Murdoch Business School 1 August 2003 Contents 1.0 FEASIBILITY STUDIES VERSUS BUSINESS PLANS...1 1.1 Feasibility Studies... 1 1.2 Business

More information

Direct Marketing of Insurance. Integration of Marketing, Pricing and Underwriting

Direct Marketing of Insurance. Integration of Marketing, Pricing and Underwriting Direct Marketing of Insurance Integration of Marketing, Pricing and Underwriting As insurers move to direct distribution and database marketing, new approaches to the business, integrating the marketing,

More information

Business to Business Marketing MKTG 333: TERM PROJECT TERM PROJECT: DEVELOPING A DIRECT MAIL CAMPAIGN

Business to Business Marketing MKTG 333: TERM PROJECT TERM PROJECT: DEVELOPING A DIRECT MAIL CAMPAIGN Business to Business Marketing MKTG 333: TERM PROJECT TERM PROJECT: DEVELOPING A DIRECT MAIL CAMPAIGN The objective of this assignment is to develop a direct mail campaign for a Northern-VA business that

More information

7 Steps to Business Success

7 Steps to Business Success B U S I N E S S S E R V I C E S D E P A R T M E N T HELPING You Succeed In Your Business 7 Steps to Business Success This guide provides seven ( 7 ) steps to help you assess whether your business will

More information

Georgia Department of Education

Georgia Department of Education Marketing Career Cluster Marketing and Entrepreneurship Course Number 08.44100 Course Description: Marketing and Entrepreneurship is the second course in the Marketing and Management Career Pathway. Marketing

More information

What is a business plan?

What is a business plan? What is a business plan? A business plan is the presentation of an idea for a new business. When a person (or group) is planning to open a business, there is a great deal of research that must be done

More information

Self-Assessment A Product Audit Are You Happy with Your Product Results

Self-Assessment A Product Audit Are You Happy with Your Product Results Self-Assessment A Product Audit Are You Happy with Your Product Results When was the last time you really assessed your products and your organization s ability to create and deliver them to the marketplace?

More information

Eurostat's 2010 Survey Questionnaire on Access to Finance

Eurostat's 2010 Survey Questionnaire on Access to Finance From: Entrepreneurship at a Glance 2012 Access the complete publication at: http://dx.doi.org/10.1787/entrepreneur_aag-2012-en Eurostat's 2010 Survey Questionnaire on Access to Finance Please cite this

More information

UX Research and Market Research

UX Research and Market Research UX Research and Market Research A Conversation with Apala Lahiri Chavan Chief Oracle and Innovator Human Factors International The most important thing for user experience professionals to know is when

More information

Sales Forecast. From Misery to Mastery: How to Build a Better Sales Forecast Tim Stahley. Executive Summary

Sales Forecast. From Misery to Mastery: How to Build a Better Sales Forecast Tim Stahley. Executive Summary From Misery to Mastery: How to Build a Better Sales Forecast Tim Stahley Sales Forecast Executive Summary Effective sales forecasting is critical to the success of any company, yet many organizations continue

More information

Starting your Business Guide

Starting your Business Guide Starting your Business Guide Small Business Resources The material in this document is intended to provide only general information to Canadian Western Bank s clients and the public, and not for the purposes

More information

Business Plan Template

Business Plan Template Business Plan Template Why have a Business Plan? The real value of your business plan is to empower you in a systematic way to comprehend the dynamics of your business. It enables you to review your business

More information

GLOBAL STARTUP PROGRAM

GLOBAL STARTUP PROGRAM GLOBAL STARTUP PROGRAM Terms of Reference NATIONAL CALL 2015-2016 May 2015 Powered by Supported by 2015 IC 2 Institute Proprietary 2015 IC 2 Institute Proprietary 1 Chapter I - Objective and scope ARTICLE

More information

A Guide to Hiring a SEO Service Provider

A Guide to Hiring a SEO Service Provider A Guide to Hiring a SEO Service Provider 7 things you need to know and understand before hiring The key differences between good and bad SEO service providers 12 questions that you must ask (and have answered)

More information

MARKETING RESEARCH AND MARKET INTELLIGENCE (MRM711S) FEEDBACK TUTORIAL LETTER SEMESTER `1 OF 2016. Dear Student

MARKETING RESEARCH AND MARKET INTELLIGENCE (MRM711S) FEEDBACK TUTORIAL LETTER SEMESTER `1 OF 2016. Dear Student MARKETING RESEARCH AND MARKET INTELLIGENCE (MRM711S) FEEDBACK TUTORIAL LETTER SEMESTER `1 OF 2016 Dear Student Assignment 1 has been marked and this serves as feedback on the assignment. I have included

More information

BUSINESS PLAN ART ONLINE GALLERY JOOYEON KIM

BUSINESS PLAN ART ONLINE GALLERY JOOYEON KIM BUSINESS PLAN ART ONLINE GALLERY JK JOOYEON KIM Business Information Business Plan: art online gallery OWNER: Jooyeon Kim Business Name: JeiKei Address: Halandri City: Athens Zip code:15231 Telephone:201234567

More information

A primer in Entrepreneurship

A primer in Entrepreneurship Prof. Dr. Institute for Strategy and Business Economics Spring semester2008 Chapter 5: Industry and Competitor Analysis Table of Contents I. Industry Analysis II. IV. The Importance of Industry Versus

More information

The most suitable system methodology for the proposed system is drawn out.

The most suitable system methodology for the proposed system is drawn out. 3.0 Methodology 3.1 Introduction In this chapter, five software development life cycle models are compared and discussed briefly. The most suitable system methodology for the proposed system is drawn out.

More information

Integrated Direct Marketing Services

Integrated Direct Marketing Services Integrated Direct Marketing Services 5 BASIC COMPONENTS OF A LEAD MANAGEMENT PROCESS: Tips & Techniques for Better Return on Your Marketing and Sales Activities Jana L. Hyde Marketing Director 0104500-003R01

More information

WHY WRITE A BUSINESS PLAN?

WHY WRITE A BUSINESS PLAN? WHY WRITE A BUSINESS PLAN? A business plan describes the business: how it operates, how it is managed, how it interacts in the marketplace, how it functions financially and what its strengths and weaknesses

More information

Cost Reduction and Cost Containment Initiatives: Not an All or Nothing Value Proposition By Gary Friedman, President, Cost Containment Specialists

Cost Reduction and Cost Containment Initiatives: Not an All or Nothing Value Proposition By Gary Friedman, President, Cost Containment Specialists 1 Cost Reduction and Cost Containment Initiatives: Not an All or Nothing Value Proposition By Gary Friedman, President, Cost Containment Specialists Troubling economic times require attention to the basics:

More information

What is a Business Plan?

What is a Business Plan? Social Entrepreneurship Venture Day Manila 2014 Co-organized by Peace and Equity Foundation Ateneo de Manila University - John Gokongwei School of Management IE Business School BUSINESS PLAN GUIDELINES

More information