Business target market program Planning: Exploring and Selecting a Business Idea
Question
Task: What are the essential steps in exploring and selecting a business target market program for developing a comprehensive business plan?
Answer
Introduction
This paper examines the main procedures and ideas to keep in mind while preparing to write a business plan. This semester our project focuses on finding possible business concepts and selecting the most appropriate to perform further research. The plan will keep in mind aspects such as the target market programs and the advantages of goods or services. This step creates a foundation needed to create a successful business plan while designing a new firm project (Mansoori & Lackeus, 2020).
Defining the Business Plan:
This makes having a business plan outlining goals, tactics, and organisational structure for the new firm a necessity. It is important to take into account certain factors to develop the business strategy effectively.
The plan's overall tone is established by the corporate purpose. It captures the fundamental concept behind the venture. We are currently investigating a number of company concepts, each with a different goal. These goals may include meeting a particular market demand or taking advantage of new trends.
Identifying the Potential Target market program:
Any company idea's ability to succeed greatly depends on its ability to comprehend the target market program. Identification of the prospective market for each of our company concepts is crucial during the exploratory phase. In order to do this, market research, demographic and psychographic analysis, and customer behaviour knowledge are required.
Benefits of the Product/Service:
Knowing the advantages of the product or service is essential since it serves as the foundation for luring potential clients. This entails comprehending how the good or service meets a need, addresses a problem, or improves the standard of living for the intended market. For the advantages to pique customer attention, they must be convincing and obvious (Szpilko et al., 2021).
Creating a Concept Statement:
The company idea is succinctly summed up in a concept statement. It encompasses the target market program, the unique selling offer, and the advantages of the good or service. To properly convey the core of the company idea, a strong concept statement is crucial.
We performed an environmental trend scan exercise as part of this project to assess the viability of our company concepts. Analysing existing trends, industry reports, and possible development prospects were part of this endeavour. For information, we consulted databases and websites like https://www.ibisworld.com/canada/list-of-industries/.
Our top three company ideas have been ranked in accordance with their connection with market need, environmental trends, and growth potential based on our research. I carefully considered my options before deciding on one business venture to work on this semester.
Conclusion
This assignment serves as the foundation for the creation of our detailed business strategy. It enabled us to investigate, assess, and choose a company concept with potential. As we proceed, we'll concentrate on developing our company idea, doing extensive market research, and setting up a thorough business strategy. We have a strong platform to start our business adventure thanks to this assignment, and we are looking forward to the chances and difficulties that lie ahead.
Bibliography
Mansoori, Y. & Lackeus, M., 2020. Comparing effectuation to discovery-driven planning, prescriptive entrepreneurship, business planning, lean startup, and design thinking. Small Business Economics, 54, pp.791-818 retrieved from https://link.springer.com/article/10.1007/s11187-019-00153-w.
Szpilko, D. et al., 2021. Theoretical and practical aspects of business activity. Business planing, pp.1-135 retrieved from https://depot.ceon.pl/bitstream/handle/123456789/20907/Theoretical-and-practical-aspects-of-business-activity_31.12.2021.pdf?sequence=1. target market program
