BSM Week 4
58 flashcards
- Description
- Feasibility study structure 1 - principle concept and why it's unique
- Market
- Assessment of __ desirability - feasibility study structure 2 - customer profile, competition, sales, market share, trends
- Technical
- Assessment of __ feasibility - feasibility study structure 3 - innovation, evaluation, access to materials
- Financial
- assessment of __ viability - feasibility study structure 4 - funds, cash flow, pro forma profit and loss statements, break even analysis
- Evaluation
- Feasibility study structure 5
- Value proposition Statment
- Customer, problems, solution, value
- Business model canvas
- BMC
- BMC
- core overview of business before business plan
- Lean canvas
- 9 elements for startup plan
- Customer segments
- target audience (lean canvas)
- Problems
- customer problems and current solutions (lean canvas)
- Solution
- 3 features of your solution (lean canvas)
- Unique Value Proposition
- how your features benefit customers (lean canvas)
- Channels
- how customers will learn about and purchase produce (lean canvas)
- Revenue Streams
- how you will charge customers (lean canvas)
- Key metrics
- indicators of success (Lean canvas)
- Unfair advantage
- advantages your company has (lean canvas)
- Deciding needed info
- step 1 of conducting market research
- Secondary data
- step 2 of conducting market research
- deal killer risk
- can end business if wrong
- path dependent risks
- can casue you to waste time and money
- high ROI risks
- small and easy to validate, high return
- primary data
- step 3 of conducting market research
- interpreting info
- step 4 of conducting market research
- producers
- business that transform what they buy into other products and services (b2b)
- resellers
- business that resell with no change or addition ex. retailers. b2b
- government b2b
- massive consumer of products
- instituitions
- ___ b2b for hospitals, schools, etc.
- market segmentation
- breaking large groups or markets into smaller group, can be based on demographic, geography, lifestyle, etc.
- customer persona
- fictional generalized representation of typical customer
- lifetime value
- price of product x units bought over time, per customer
- top down
- ___ approach for estimating market size - using published data
- bottom up
- __ approach for estimating market size - aggregating info
- PESTEL
- Tool to explore trends in business environment
- Political
- P in PESTEL
- Economic
- EC in PESTEL
- Social
- S in PESTEL
- Environmental
- EN In PESTEL
- Legal
- L in PESTEL
- Channel
- How customer will hear of and purchase
- awareness
- customer realizes problems, going to search for solutions - step 1 on customer buying jouney
- interest
- customer learns more about the product or business, step 2 on customer buying journey
- Consideration
- customer compares product to alternatives, step 3 on customers buying journey
- decision
- customer picks which product is best choice, step 4 on customer buying journey
- direct sales channel
- process of selling products or services directly to customers, online, door to door, multi level
- Distribution channel
- Intermediaries between provider and customer
- value-added resellers
- resells products with bundle or service
- direct competitors
- offer services similar or same as yours
- indirect competitors
- offers substitute for your service or combines it with something else
- Strengths
- S in SWOT
- Weaknesses
- W in SWOT
- Opportunity
- O in SWOT
- Threats
- T in SWOT
- New invention
- highest degre of innovation
- highly innovative
- somewhat new, not yet widely adopted information - degrees in innovation
- Moderately innovative
- significant modification on existing product in service - degrees in innovation
- slightly innovative
- small modification to establish products and service - degrees in innovation
- copycat
- lowest degree of innovation, imitation of existing business idea