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Lecture 5

ADM 3313 Lecture Notes - Lecture 5: Business Model Canvas, Unique Selling Proposition, Target Market


Department
Administration
Course Code
ADM 3313
Professor
Stephen Daze
Lecture
5

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Lecture 5
Objective
!Learn why business planning is essential (to help “makers” in us all
make money!)
!Understand the “why” and “how” of business planning
!Learn of the resources required to complete a business plan
What is a Business Plan?
!Research report + Action plans + Financial data
Purpose of the Plan
!Objective report on the viability of your business idea
!A process to prove your good idea is a good business idea
!A living document that guides your business
o!Go back to the action plan on regular basis to update it
Why write one?
!Acts as a road map – full of action plans
!It becomes a selling tool
o!Investors
o!Clients
o!Government
o!Potential team members
o!Banks
o!Family members
o!Yourself (selling tool for yourself)
!It serves as a reality check
!Establishes likelihood & timing of profitability
!It’s an important starting point:
http://ecorner.stanford.edu/authorMaterialInfo.html?mid=2416
!http://kpcb.com/partner/randy-komisar
Getting Started
!Start researching now
!View samples (business plan samples)
!Plan the project
!Get help
Key Components (Logic and continuity)
!Marketing
o!Industry trends
o!Gap and Solution
o!Target market

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o!Competitive analysis
o!Promotional strategy
!Operations
o!Management team
o!Location/Distribution
o!Suppliers
o!Manufacturing plan
o!Operating requirements
o!Human resources
!Financial
o!Financial requirements
o!Balance sheet
o!Income statement
o!Cash flow
Marketing Section
!Describes:
o!The Opportunity
o!What you are selling
o!To whom
o!How
Start with a product or service idea
Then look into the target market
Competition??
Marketing Plan
!Need or the gap in the market place
!Is there a gap of what currently exists and what customers will be
willing to pay for.
Industry Trends
!Look at the past, present and future
!Consider both industry and economic trends
!Do primary and secondary research
!Look for pain in the market (= opportunity)
Trends (output)
!An addressable need or gap in the marketplace that your
product/service will fill
!If there is no addressable need or gap, then you need to start over
Your Solution
!Identify and define your product or service
!Describe how it fills the gap
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