Week 4: Business plan development- part 2 Flashcards
Conduct surveys or interviews with potential customers to gather their opinions and insights. Ask about their
pain points, challenges, and frustrations in the relevant area
CUSTOMER SURVEY AND FEEDBACK
Study your competitors to identify gaps in their offerings. Are there areas where they are falling short in meeting customer needs? This can help you find opportunities for improvement or
differentiation.
COMPETITOR ANALYSIS
to understand market trends,
customer behavior, and emerging opportunities. Look for underserved or
growing segments
Market Research
Listen to
discussions, questions, and complaints to
identify common issues and needs.
ONLINE COMMUNITIES AND
FORUMS
Pay attention to both positive and negative
feedback to identify areas where
improvements can be made.
CUSTOMER REVIEWS AND
TESTIMONIALS
Observe how potential customers go
about their daily lives and interact with
existing products or services. This can
reveal unmet needs that they might not
explicitly express.
OBSERVATION AND
ETHNOGRAPHIC RESEARCH
_______ and test it with a
select group of users. Their feedback can
help you refine your offering to better
meet their need
PROTOTYPE OR MVP TESTING
Attend industry-specific events to network and gain insights into current trends, challenges, and opportunities. Engage in conversations with industry
experts and peers
INDUSTRY CONFERENCES AND
TRADE SHOWS
Organize brainstorming sessions or
workshops with your team or potential
customers to collectively identify
challenges and potential solutions.
PROBLEM – SOLVING WORKSHOPS
Seek advice from industry experts,
mentors, or advisors who have deep
knowledge of the market. They may
provide valuable insights and guidance
COLLABORATION WITH EXPERTS
Analyze available data, such as
market reports, sales data, and customer
demographics, to identify patterns and
trends that may indicate unmet needs
Data analysis
New technologies often create
opportunities to address previously unmet
needs
. EMERGING TECHNOLOGIES
Monitor the external business
environment, including economic, social,
and political factors, for changes that
might create new needs or problems to
solve.
ENVIRONMENTAL SCANNING
If you have a personal interest or
expertise in a specific area, it may give
you unique insights into unmet needs or
problems that others have overlooked
LEVERAGE YOUR PASSION AND
EXPERTISE
Review customer complaints, support
requests, and inquiries to identify
recurring issues or challenges customers
are facing
CUSTOMER COMPLAINTS AND
SUPPORT REQUESTS
Gather a diverse team or group of
individuals with varied perspectives and
brainstorm potential product or service
ideas that address the identified market
problems or needs. Encourage creativity
and open-mindedness during this phase
Brainstorm Ideas
validate and refine your ideas. Analyze
industry reports, competitor offerings,
customer feedback, and trends to identify
gaps and opportunities.
MARKET RESEARCH
Seek input from potential customers
through surveys, interviews, focus
groups, or prototype testing to confirm
that your ideas align with their needs
and preferences.
COSTUMER VALIDATION
Evaluate the market size, growth
potential, and competitive landscape for
each idea. Determine whether the
market is large enough to support your
solution
MARKET
ATTRACTIVENESS
Analyze how each idea differentiates
itself from existing solutions and the
competition. Consider intellectual
property, unique features, or strategic
partnerships that can provide a
competitive edge.
COMPETITIVE
ADVANTAGE
Identify potential risks and
challenges associated with each idea and
develop strategies to mitigate them.
Consider regulatory, market, and
execution.
RISK ASSESMENT
Define a clear and sustainable
______________l for each selected idea.
Determine how you will create, deliver,
and capture value in the market
BUSINESS MODEL
This allows you to test
the concept with a smaller investment
and gather real- world feedback.
MINIMUM VIABLE PRODUCT (MVP)
Launch the MVP and gather
feedback from early adopters and
customers. Continuously refine and
improve the offering based on user input
and data analysis
ITERATIVE TESTING
Develop a go-to-market strategy that
outlines how you will reach and acquire
customers. Consider distribution
channels, marketing tactics, and pricing
strategies.
MARKET ENTRY STRATEGY
Allocate the necessary
resources, including funding,
talent, and technology, to scale
and grow the solution effectively
RESOURCE ALLOCATION
Identify a need for better access to
healthcare information. Develop a mobile
app that provides personalized health tips,
tracks fitness goals, and connects users
with healthcare providers for
telemedicine consultations
. MOBILE HEALTH APP
Recognize a market need for
sustainable and chemical-free cleaning
options. Launch a cleaning service that
uses eco-friendly products and practices,
targeting environmentally-conscious
consumers
EC0-FRIENDLY CLEANING
SERVICE
Notice a growing demand for remote
education solutions. Create an online
learning platform that offers a wide range
of courses, interactive content, and
personalized learning path
ONLINE LEARNING PLATFORM
Identify a need for convenient, locallysourced meal delivery. Start a food
delivery service that partners with local
restaurants and farms to provide fresh,
locally- produced meals to customers.
LOCAL FOOD DELIVERY
SERVICE
See a market gap in affordable, userfriendly home security systems. Develop a
smart home security system with easy
installation, mobile app control, and
customizable features
SMART HOME SECURITY
SYSTEM
