Lesson 2:Definition, Purpose, and Market Need Identification Flashcards
written description of the business that you will establish in the future.
Business plan
can be written before or during the first few years of the enterprise.
Business Plan
This is to guide the entrepreneur on which strategies would be most beneficial for the enterprise to take.
Business Plan
is the blueprint of your proposed business.
Business plan
Why prepare a business plan?
5 reason
To test the feasibility of your business idea
To give your new business the best chance of success
To secure funding
To make business planning more effective
To attract investors
Composing a business plan is tedious, however it’s basic if you want to have an effective business that will endure the startup stage.
True
Three Factors of a Good Business Plan
It’s realistic
It’s specific
It’s followed through
A realistic business plan accounts for the feasibility of implementation. If the business plan is not practical or too good to be true, then, no operational method can be devised to achieve the strategy.
True
is the method of determining what a client needs from a product.
Identifying customer needs
Customer needs are non-technical, and they reflect the customers’ perception of the merchandise, not the particular style or specifications, though oftentimes they’re closely connected.
True
Identifying Customer Needs
4 steps
Gather raw data
Interpreting data
Organizing the data
Reflect the process
It’s all too easy to collect data about everything you can, but it’s important to only collect the data that you actually need.
Consider these 3 questions:
What information do you actually need?
What information is available?
What information will be useful?
True
When collecting data what 3 questions need to consider
Consider these 3 questions:
What information do you actually need?
What information is available?
What information will be useful?
When collecting data what 3 questions need to consider
Consider these 3 questions:
What information do you actually need?
What information is available?
What information will be useful?
In the _____, ______ developed a categorization system known as the ______ that arranged needs. The essence of the technique are the qualities that product features will have.
1980s
Professor Noriaki Kano
KANO TECHNIQUE
that arranged needs.
The essence of the technique are the qualities that product features will have.
Kano technique
KANO Technique 5 Qualities
Attractive Quality
One-Dimensional Quality
Must-Be Quality
Indifferent Quality
Reverse Quality
When the product qualities are met, they provide satisfaction, however, once they aren’t met, they do not cause discontentment.
For instance, a backpack features a separate compartment for a laptop computer, while other backpacks don’t. It is nice to have that feature, but its absence does not lead to discontentment on the product.
Attractive Quality
When the qualities are met, they supply satisfaction, and when they aren’t met, they produce discontentment.
For instance, once the shoulder straps on a backpack are cushioned, they provide comfort, however, once not cushioned, they are painful.
One-Dimensional Quality
These product qualities are assumed to be met, and they cause discontentment when they aren’t met.
For instance, backpacks are expected to be able to hold books.
Must - Be Quality
These qualities are neither sensible not dangerous, and they don’t increase nor decrease customer satisfaction once met or not met.
For instance, backpacks have a lock to secure the bag. With or without it, it will not affect the satisfaction of the customer.
Indifferent Quality
These qualities cause either satisfaction or discontentment once met. However, it’s customer dependent.
For instance, backpacks with plenty od compartments and pouches. Some customers like the wealth of storage choices these spaces offer, and different customers actively dislike how excessive or unmanageable those same areas are.
Reverse Quality
