Instructions:
Objectives:
- Create an idea of the group’s choice that is innovative, and develop a venture plan that could bring it to market
- Demonstrate the use of various creative tools to establish the market validity of the group’s chosen innovation
- Identify the client value proposition and the need in the market for the chosen product
- Establish market segmentation, and channel strategy and marketing approach,to deliver the product/solution to the chosen market
- Develop a financial model for a viable venture
IDEA: THE IDEA IS A GYM EQUIPMENT HIRING AT PUBLIC PARKS IN BRISBANE CITY.GYM EQUIPMENTS WILL BE LOCKED IN LOCKERS AND PEOPLE WILL BE ABLE TO HIRE THROUGH AN APP.
- c) Executive summary (will complete at the end)
d) Analysis on possible market gap/opportunity
Background to industry
What problem does it solve?
Is there a market need?
Target customer
Customer segments?
- e) Develop value proposition of the innovative product or service
What is unique about it?
Why would somebody buy it ?
Why are we different?
Direct Competitor? If none how would be beat a potential one
Who is ideal customer and the demographics surrounding them
- f) Marketing and channel strategy approach
Key partners
Key Activities
Key resources
Marketing
Channels- Direct Indirect Online Physical Location
4ps for product 7 ps for service
- g) Competitive strategy and positioning
- Competitors
- Market Share
- Your position
- Porters 5 forces
- SWOT
- PESTLE
- h) Financial viability of the venture using break-even, cash flow, and investment needs (this section is worth 15% )
How will you fund your idea?
How much money do you need?
What is your cost structure?
What are revenue streams?
When will you break even or make a profit?
Must be over a 3 year period!
Appendix
References
Belyh, A. (2015). Revenue Streams in Business Model Canvas. Retrieved from https://www.cleverism.com/revenue-streams-in-business-model-canvas/