BUS 238 Lecture Notes - Lecture 5: Software Engineer, Disposable And Discretionary Income, Niche Market

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Week 8 Bus 238 Lecture 5
June 27 Due, 3 pages similar to assignment 1
Initial problem analysis (root cause, secondary research)
Target market (who is the user, interviews/observations, empathy maps and profile…
how do they experience this problem in their lives?)
Opportunity you see (based on the above where will you focus?)
July 20th Community Feedback Team Booth on Concept
Creative and engaging booth displaying idea
90 seconds pitch on problem, solution, and business model
All groups receive mark of either 65 (needs improvement) 75 (satisfactory), or 85
(excellent) based on quality of presentation and feedback from external judges
August 5th Final Submission , Bring it all together:
Students need a pro-active system that can automatically remind them about important events
or activities on their schedule to reduce stress and require less active organizing on their behalf.
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Week 6 June 15th Lecture
Different people like different things? So what does that mean for an innovator? You
must be able to find a niche market.
Want to look for who has the problem and the problems they want to solve , and
figure out who are the consumers / customers
Market Identification
A market is a collective description for the group of people that may buy your product
oShare similar needs
What needs does your innovation (specifically) meet and who (specifically) needs it?
Who really cares about your solution?
Note: You may have multiple markets
Note 2: careful about being a product looking for a market
Be married to the problem and not the solution
Why Segment
To satisfy one customer well
Serving lots of markets is expensive and resource intensive
Small markets can be dominated more easily
Market Segment
Subsets of consumers who have common needs and priorities, who you can target ina s
similar way
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