Please follow the link and read the canvas project. Based on the reading, please answer the following

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Question:

Please follow the link and read the canvas project. Based on the reading, please answer the following questions.

Link for the Startup Analysis Canvas Project: https://drive.google.com/file/d/1UIN82H-UfUPS5px-8tKrQ5MrlYgajCgm/view?usp=sharing

In this phase, you will craft the Market Strategy for your new startup company.

1. Product

The Lean Product Process is an iterative, easy-to-follow process based on the Product-Market Fit Pyramid. This process guides you sequentially through each layer of the pyramid from the bottom to the top. The process helps you articulate, test, and revise your key hypotheses so you can improve your product-market t. Be sure to integrate your team's prior work on this topic from earlier submissions.

Step 1: Determine Your Target Customer - It all begins with targeting customers who will ultimately decide how well your product meets their needs. You should use market segmentation to focus on your target customer.
Step 2: Identify Underserved Customer Needs - Identify the specic needs that correspond to a good market opportunity. When you develop a new product or improve an existing product, focus on addressing customer needs that aren't adequately met by existing competitors. These are their "underserved" needs. Customers are going to evaluate your product in relation to the alternatives. The relative degree to which your product meets their needs depends on the competitive landscape.
Step 3: Dene Your Value Proposition - Your value proposition is your plan for how your product will meet customer needs better than the alternatives. Of all the potential customer needs your product could address, which ones will you focus on with your product? You need to gure out how your product will be dierentiated from competitive products. How will your product outperform the others? What unique features of your product will delight customers? This is the essence of product strategy.
Step 4: Specify Your MVP Feature Set - Once you are clear on your value proposition, you need to specify what functionality your minimum viable product will include. You don't want to spend time and eort toiling away only to nd out later that customers don't desire the product you've built. The MVP approach is aimed at building only what is needed to create enough value in the eyes of your target customer to validate that you are heading in the right direction. Customers may end up telling you that your MVP lacks an important piece of functionality. Or they may tell you that they wouldn't use a particular feature that you decided to include in your MVP. The goal is to iterate until you have an MVP that customers agree is viable, and that aligns with a pricing strategy that makes sense for you.
Step 5: Make Your MVP Prototype - In order to test your MVP hypotheses with customers, you need to show them a version of your product so they can give you feedback on it. You will need to apply user experience (UX) design to bring your feature set to life for your customers. While you could build a live, working version of your MVP, it's usually faster and more prudent to make an MVP prototype. A prototype is a representation of your product that you create without having to build your actual product.

With the above guidelines, consider these five questions:

Who is your target customer?
What are the underserved needs of this target customer?
What is your value proposition?
What is your MVP feature set?
What is your prototype?
- If your idea is an app or website, include a wireframe generated from: https://balsamiq.com/wireframes/
- or a comparable tool. See examples: https://www.justinmind.com/wireframe/inspiring-web-and-mobile-wireframe-and-prototype-examples
- If your idea is a product, include a sketch, diagram, or rendering of the product.
- If your idea is a service, include a flowchart of how the service works.

2. Price

To develop the pricing strategy for your product or service, follow these guidelines:

Step 1:Develop the Marketing Strategy - A detailed market analysis acts as a logical starting point for pricing decisions. A business follows up a market analysis with a division and definition of the market into segments each with its distinct requirements and needs. After this, a decision needs to be made regarding the desired segments to be targeted. The product and brand positioning is then based on these identified segments.
Step 2:Make Marketing Mix Decisions on 3Ps - Once the segments and positioning is somewhat in place, the marketing mix planning comes into effect. Here the product, distribution, and promotional elements are decisions to focus upon and to finalize.
Step 3:Estimate the Demand Curve - Another market analysis needs to be conducted at this point. In this one, there needs to be specific information gathered about how the price affects the quantity of the product demanded.
Step 4:Calculate Costs - A company can now get an accurate assessment of the total fixed and variable costs associated with the product. These are a necessary inputs for pricing decisions as the final price needs to at least cover these costs.
Step 5:Assess the Environment - Another vital element that feeds into pricing is the environment. This means an understanding of the competitor's strategies, their product and its value as well as an understanding of any industry or legal constraints.
Step 6:Set Pricing Objectives - There are several objectives that a company can have from its pricing strategy. This is the point in the process that those objectives need to be discussed and agreed upon.
7:Determine Price - Using all the information collected and analyzed till this point, a company is now in a good position to set the best price for its products. A pricing method and structure can be formulated along with any possible sales promotions or discounts.

With the above guidelines, consider these questions:

What is the market size of the target market that you've selected? Be sure to quantify this in terms of users and their annual spending on the product or service that you will provide. Include at least 3 references to support your market size assessment.
What are your costs to create, develop, and deliver the product or service?
What are pricing strategies of your direct and indirect competitors?
What is your pricing strategy for your product or service?

3. Placement

What types of Distribution Channels will you use?Please discuss which of the below four channels you will use and why in approximately two hundred words.

Direct: In this channel, the manufacturer directly provides the product to the consumer. In this instance, the business may own all elements of its distribution channel or sell through a specific retail location. Internet sales and one on one meetings are also ways to sell directly to the consumer. One benefit of this method is that the company has complete control over the product, its image at all stages and the user experience.
Indirect: In this channel, a company will use an intermediary to sell a product to the consumer. The company may sell to a wholesaler who further distributes to retail outlets. This may raise product costs since each intermediary will get their percentage of the profits. This channel may become necessary for large producers who sell through hundreds of small retailers.
Dual Distribution: In this type of channel, a company may use a combination of direct and indirect selling. The product may be sold directly to a consumer, while in other cases it may be sold through intermediaries. This type of channel may help reach more consumers but there may be the danger of channel conflict. The user experience may vary and an inconsistent image for the product and a related service may begin to take hold.
Reverse Channels: The last, most non tradition channel allows for the consumer to send a product to the producer. This reverse flow is what distinguishes this method from the others. An example of this is when a consumer recycles and makes money from this activity.

What types of Intermediaries will you use?Consider which of the below four intermediaries you will use and why.

Distribution channel intermediaries are middlemen who play a crucial role in the distribution process. These middlemen facilitate the distribution process through their experience and expertise. There are four main types of intermediaries:

Agents: The agent is an independent entity who acts as an extension of the producer by representing them to the user. An agent never actually gains ownership of the product and usually make money from commissions and fees paid for their services.
Wholesalers: Wholesalers are also independent entities. But they actually purchase goods from a producer in bulk and store them in warehouses. These goods are then resold in smaller amounts at a profit. Wholesalers seldom sell directly to an end user. Their customers are usually another intermediary such as a retailer.
Distributors: Similar to wholesalers, distributors differ in one regard. A wholesaler may carry a variety of competition brands and product types. A distributor however, will only carry products from a single brand or company. A distributor may have a close relationship with the producer.
Retailers: Wholesalers and distributors will sell the products that they have acquired to the retailer at a profit. Retailers will then stock the goods and sell them to the ultimate end user at a profit.

4. Promotion

There are five methods that make up a promotional mix. A company may choose to use one or more of these in harmony to ensure a clear, effective and direct message reaches the customer. The selection of the portfolio of activities may depend on the company's marketing and sales strategies and budget allocations. These five methods are:

Advertising: This mode of promotion is usually paid, with little or no personal message. Mass media such as television, radio or newspapers and magazines is most often the carrier of these messages. Apart from these, billboards, posters, web pages, brochures and direct mail also fall in the same category. While this method has traditionally been one sided, advertisement over new media such as the internet may allow for quick feedback.
Public Relations & Sponsorship: PR or publicity tries to increase positive mention of the product or brand in influential media outlets. These could include newspapers, magazines, talk shows and new media such as social networks and blogs. This could also mean allowing super users, or influencers to test the product and speak positively about it to their peers. This type of advertisement may or may not be paid. For example, sponsoring a major event and increasing brand visibility is a paid action. Sending free samples to a blogger then depends on their discretion and opinion and is not usually swayed by payment.
Personal Selling: Opposite of the one directional promotional methods, direct selling connects company representatives with the consumer. These interactions can be in person, over the phone and over email or chat. This personal contact aims to make a personal relationship between the client and the brand or product.
Direct Marketing: This channel targets specific influential potential users through telemarketing, customized letters, emails and text messages.
Sales Promotions: These are usually short term strategic activities which aim to encourage a surge in sales. These could be 'buy one get one free' options, seasonal discounts, contests, samples or even special coupons with expiration dates.

With the above guidelines, please respond to thesequestions:

What types of advertising will you do for your product or service in year one? What is the cost of doing these? Be sure to include a specific dollar value.
What types of public relations and sponsorshipswill you do for your product or service in year one? What is the cost of doing these.Be sure to include a specific dollar value.
Will you use personal selling as part of your promotional strategy? Why or why not?
Will you use direct marketing as part of your promotional strategy? Why or why not?
Will you use sales promotionsas part of your promotional strategy? Why or why not?