Business Finance Homework Help

This week’s assignment requires you to conduct some market research, and identify the customers/market segments and relevant statistics that identify the need for the product or service you’ve chosen.

You must complete Part One, Part 2 and Part Three.

Part One

1. Answer each of the five questions as it pertains to the product or service that you’ve chosen.

• Who is your ideal customer? These are typically demographic market research questions such as gender, education level, income level, or location.
• What do they struggle with? Another root set of data that market researchers are searching for within their ideal customer is “what they struggle with.”
• What does your ideal customer really WANT? No matter how you phrase the market research questions all we really want to know is what our customer will actually purchase as a solution.
• What sets you apart from the other guy? Competitive analysis or benchmarking is critical if you want to increase the profitability of your product and build your brand.
• What benefits do your customers perceive? Because we all choose and purchase based on emotion, it’s import to understand specifically, what emotional benefits our customers receive from our products and services.

Part Two:

Find research statistics that show there is a need for your product. (At least 3 statistics and 3 potential market segments).

Product/Service Example

• New Bakery Business

Statistic Example:

• Research how many American Dollars are spent on baked goods every year.

Market Segment Examples:

• Soccer Moms

Part three: Assess the feasibility of your business:

Before implementing an idea, you should test for its feasibility.

Feasibility studies include the extent to which an idea is viable, realistic and the extent to which you are aware of internal and external forces that could affect your business. There are two models: the business model canvas and the classic feasibility study.

Business models are ways to identify and organize information on organizations and how they achieve their goals.

Business model canvas explores the most important factors in developing a startup.

Consider and answer each question below.

• Problem – also known as pain. What are you trying to fix? Can also consider gain.
• What will fulfill a customer’s dreams?
• Solution
• Value proposition: Why is your solution best?
• Channels: how will you get your solution to the customer?
• Customer relationships: How will you treat and take care of your customers?
• Revenues: How do you make money?
  • Freemium – Give you something and buy add-ons
  • Subscription – ongoing revenue
  • Financing and other considerations.
• Key Resources: What do you have that no one else has?
• Key activities: What are the most important to your business success?
• Key partners: Few businesses can do-it-themselves. Who can you call on for help?