Describe a niche of potential buyers of product-service

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Reference no: EM133233421

Assignment:

This is an individual assignment in which you present your very own idea for a product or service business. You will describe a niche of potential buyers of your product or service (i.e. "Customer Segments"), and a clearly articulated problem, that is an unmet or underserved niche, and how you will fill it with your business solution (i.e. "Value Proposition").

There are three major questions to ask:

1. Is the idea new?

Doo a Google search.
If it exists, then it's NOT new as the problem has been solved
Or, if something similar exists, could it be that you are approaching the problem in a much better way?

2. Is the idea viable?

a. Remember the three circles:

Is there a market need - what pain are you solving or benefit are you creating?
Is this something for which people are willing to pay?
Are you able to make a profit?

3. Is this a big idea?

Are you solving a meaningful problem?

Is it new to the world? Is the eventual market huge? Or is it new to a suitably sized market where you can be "the only game in town'?

Customer Segments: Be focused on the niche of customers you are targeting

Value Proposition: Describe the problem the customers segment are experiencing, and then describe how you solve the problem.

Reference no: EM133233421

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