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
required items to include:
– 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?)
– 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?
– market environment
+ ease of entry? barriers? mote?
+ competitive strategies?
+ potential competitors possible responses to your entry?
– must be 1000 words or less in total