Specify and list products and services to match business ideas

1. Specify and list products and services to match business ideas

2. Specify and list products and services to match business ideas Before determining if a product would be successful it is important to assess the following: • Organisational capability • Business Strategy • Product/Service Feature

3. Specify and list products and services to match business ideas • Organisational Capabilities should be considered including: • Potential resources of the business • Ethics of the business • Culture of the business • Current image • Situational factors • Technology capacity

4. Specify and list products and services to match business ideas Second aspect to consider is product/service feature: • Potential product/ service known as a SKU- Stock Keeping unit • Can be new product/service or variant on existing product • Do you have an optimal product mix?- refer to workbook for possible questions to ask- 4 dimensions • Brand correctness

5. Specify and list products and services to match business ideas Business Strategy: Does the product map back to the owners initial plans and help achieve the business goal?

6. Identifying and research potential customer information for business ideas • To fully understand their potential customers, an owner should obtain as much information about their characteristics as possible. • This information can be characterised as: • Identifying information • Non-identifying information

7. Identifying and research potential customer information for business ideas • Can be obtained from: • Market surveys or questionnaires • Telephone books • Third parties (purchase)- remember privacy act • Social networking Can you think of others? • Identifying information: • Allows owner to identify customer • Examples: • Names and addresses • Contact details • Ages • Occupations • Income/occupation • Likes and dislikes

8. Identifying and research potential customer information for business ideas • Non-identifying information: • Researching information which will allow the owner to use market segmentation • Market segmentation means to classify potential customers with similar likes and needs into a group • First step is to analyse business idea and think which segment of the market would be a potential customer

9. Identifying and research potential customer information for business ideas

10. Identifying and research potential customer information for business ideas • Geographic Segmentation: • Categorised according to where customers live • Where can we get the information from: • Census data, ABS. Local councils

11. Identifying and research potential customer information for business ideas • Demographic Segmentation: • Refers to the personal characteristics of the population. E.g- Age, income, gender, race, profession, education ect • Where we can get the Information from: ABS, Local councils, Community groups, Trade unions

12. Identifying and research potential customer information for business ideas • Beliefs and Values • The beliefs and values of a customer can be relevant to what and when they purchase • Think: Religion, Culture, Values • Where can we get the information from: Election results, trade Unions, speaking to Church groups, commerce groups

13. Identifying and research potential customer information for business ideas • Psychographic Segmentation: • Grouped according to traits, interests, attitudes or lifestyles • Where can we get the information from: Surveys, questionnaires

14. Identifying and research potential customer information for business ideas • Stages of Life Segmentation: • Grouped according to stage of life people are in. • Think: Baby boomers, empty nesters, preteens • Where can we get this Information from: ABS, census data

15. Identifying and research potential customer information for business ideas • Lifestyle Segmentation: • Grouped according to their lifestyles • Think: hobbies, interests, vacations, entertainment, recreations • Where can we get this information from: Sporting clubs, travel shows, Hobby shops,