Unit 2: Concept Development

Introduction

Whether you are launching a new business or a new product, or exploring an idea to implement within your business, this module will help to develop the concept further.

This module will assist you in exploring your business ideas and developing a focus for your new venture. Once you have identified business opportunities and examined the viability of your concept, you will develop a business profile and a plan of action for launching your business venture.

As an entrepreneur, you believe there are many potential customers out there. But how can you find out which ones need your help, and how can you get your product or service to your prospective customers?

This module will show you how to identify more clearly just who your customers really are, and how much need they have for your product or service. It will also help you develop a strategy to market your product or service to your customers.

What You Will Learn

This module is divided into the following sections:

Section One: Business Concept

Section Two: Marketing

Section Three: Understanding Your Market

Section Four: Market Research

Section Five: Business Profile

Learning Outcomes

After reviewing this module, you should be able to:

  1. Accurately and concisely state your business idea.
  2. Identify opportunities which will contribute to the success of your business.
  3. Identify resources available for launching your new business venture.
  4. Prepare a business profile.
  5. Complete a plan of action for launching your business venture.
  6. Relate the importance of marketing to your business success.
  7. Describe your customer.
  8. Describe your product or service.
  9. Describe the marketing tools you will use to promote your product or service.
  10. Describe the methods of distribution you will use to get your product or service to your market.
  11. Describe your customer profile by market segment.
  12. Describe the current status and trends occurring in any related industries.
  13. Describe direct and indirect competitors.
  14. Increase awareness of legislation which will affect how you operate your business.
  15. Complete a market research of your product or service which includes market objectives, product and service description, pricing strategy, distribution strategy, and a description of any value added service you will offer your customers.
  16. Develop a business profile of your new venture.
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