Part 1: Pick a market focus that you believe will be successful over the next 5 to 10 years. 2 or 3 paragraphs that tell me why you believe this market will win.
Part 2: What type of product offering would you use in your market space? Hard product or service? In 2 or 3 paragraphs. Describe your product and the benefits it provides. Is your product/service something a customer really needs and will pay to have.? Does it reduce some “pain” in a customer’s life?
Part 3: Differentiator – Why will customers buy your product instead of a competitor’s product that is already on the market? You need a differentiator. Something that sets you head-and-shoulders above and apart from your competition. Warren Buffett saw that in Coca Cola with the world wide distribution system Coke had in place—-nobody could beat them on that front. Finding a “strong” differentiator is not easy—-a strong differentiator is one that cannot be easily duplicated by the competition. Submit 2 or 3 paragraphs on how you might differentiate your product from the “herd”
Part 4:Promotion/Marketing – how will you introduce your product to the customer base? Check the competition, what have they done in the past and what are they doing now? What mistakes have they made? Which of their marketing programs are or are not paying off? Analyze them. Start your marketing and promotion programs locally – learn from your mistakes. Look for constant feedback from customers. Review each promotional program for effectiveness and return vs. cost. 2 or 3 paragraphs on how you would approach your customer base with a mix of promotion/marketing programs.
Part 5: Distribution – how does the product/service get from being manufactured/created to ending up in the customer’s hand? What are the processes? You may have more than one. Customers usually want products to be easy to buy – easy to acquire/receive – and easy to return (if necessary) – submit 2 or 3 paragraphs on what your distribution system would look like.
Part 6: it is now time to compile all the previous assignments into one cohesive document. The objective is to turn the document into an argument for potential investors to become stakeholders in your ideas. Your challenge is to make people see the simple yet persuasive opportunity you put in front of them.