Business Planning $-$ BU$3153$ Section $310$

Chapter Case Study #$1-$ The Idea and the Target Consumer $-$

Outline your business idea using the below tips. $(10$ marks$)$

Keep it short. The ideal business explanation should be short and succinct, no more than a few sentences.

Identify the problem you are trying to solve. In one sentence, explain the problem your potential

customers are experiencing.

Explain your solution in simple terms. In one sentence, explain how your business will solve the problem

you have just outlined.

Explain what your solution means to potential customers. In one sentence, what is the outcome or end

result of your product or service offering? Does it save time, offer better quality, or make their life easier?

Detail how your business concept and strategy will achieve a competitive advantage or

how your business will excel in relation to competitors. $(10$ marks$)$

A competitive advantage can be why a customer will want to do business with you and$/$or

provide you with an advantage that competitors cannot easily duplicate. Some examples

of competitive advantages may include:

uniqueness of product or service features

quality of product or service offerings

location or distribution channels

speed of service or accessibility

reduced production or overhead costs

customer service experience

specialization

Describe who your key consumer target is by using the below to describe who your

product or service will be for. $(10$ marks$)$