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Transcript of Test 3
Independence www.productcenter.msu.edu Riding the Right Product 15 min. Welcome and Overview
15 min. Entrepreneurship
15 min. Market Drivers
15 min. Break
30 min. Product Development
30 min. Planning and Resources Program Entrepreneurship -
Finding the Next Great Idea Entrepreneurship -
Finding the Next Great Idea Few things worth doing are easy www.productcenter.msu.edu Few Things Worth Doing Are Easy www.productcenter.msu.edu See economic opportunity in ideas Entrepreneurs Thinking Reasoning Acting Opportunity Obsessed Size up Build Seize Spark create See (cc) image by nuonsolarteam on Flickr Inve
tory alents contacts xperience physical assets financial What drives your ECONOMIC ENGINE? What you can DO BETTER THAN ANYONE ELSE? What you are deeply
PASSIONATE ABOUT? The Hedgehog Concept Odds of success are against you
There are few really innovative ideas
You can’t do it alone
Get ready to roll up your sleeves
Stay focused and keep learning
Plan, evaluate, analyze often Due Diligence Some truths about starting a biz Market Drivers;
Finding Customers www.productcenter.msu.edu
Begin with a specific market.
Then go about creating products Marketing; Getting Started www.productcenter.msu.edu Start with a product, then look for customers to buy it.
Very risky and expensive. Fill an existing need or want. Consumers purchase products or services for one of these reasons:
To satisfy basic needs
To solve problems
To make themselves feel good Consumer Wants and Needs www.productcenter.msu.edu Example:
My target customer is a middle-aged woman in her 30s or 40s who is married, with children, is physically fit and cares about the environment, living within 60 mi. of my business Finding Your Target Market www.productcenter.msu.edu MSU is an affirmative-action, equal-opportunity employer. Michigan State University Extension programs and materials are open to all without regard to race, color, national origin, gender, gender identity, religion, age, height, weight, disability, political beliefs, sexual orientation, marital status, family status or veteran status. Tastes Good Nutritious, Safe & Cheap Variety Convenience Healthiness Green Hierarchy of consumer wants, David Hughes: Imperial College, London =Value
When customer perceives that a product offers many benefits in relationship to the price, or the price is seen as low, it has high value. It sells. Customer Value Relationship
Demographics Key buying trends No harm from pathogens
Non-GMO, organic, traceability
No contribution to chronic disease
Low carb, no trans fatty acids, low fat
“foods minus” category 47,000 new prod.
Promote or improve health
Anti-oxidants, omega 3 fatty acids
“foods plus” category 42,000 new prod Wellness; Nutrition www.productcenter.msu.edu Beneficial impact on environment
Ethanol, bio-diesel, bio-mass fuels
Plants generate oxygen
Psychological well being
Gardening, slow foods,
“Pure” soaps, organic clothing Wellness; Fiber, Fuel, Well-Being www.productcenter.msu.edu Makes life easier
for busy consumers
Saves time in shopping
Easier to acquire
Packaged for single users Convenience Low price for basic
Commodity, as seen
by customer, for
particular buying need
“Everyday low pricing”, box stores
Important driver to all income groups
Value providers control cost, compete aggressively for narrow margins, efficiency Value Decreasing affluence
Aging population Demographics Mintel, Global New Products
New food product introductions
Industry trends for dairy, fruits, vegetables, ornamentals, beef, field crops, specialty crops Michigan State University Product Center - Food, Ag, Bio
Market Data Does the product go with or against the big consumer trends?
What specific groups of people would see the value in your product? Why?
For what benefits? The Consumer Test The Consumer Test www.productcenter.msu.edu What other products would they be giving up to buy yours? Is the trade off worthwhile to them?
For each group of people, conduct some interviews. Listen. Modify your concept.
What’s the competition for your product?
Do you have a competitive advantage? Finding Your Niche What are you ready to do next? Next Steps Your product, services mix For a specific market
Product benefits and Price
Tout Competitive advantages in Promotional plan
Team Develop Your Concept Professional advisers
Investors Build Your Team Study the competition
Build a network of contacts
Talk to potential customers
Meet advisors Hit the Road Develop a filing system
Build a database of resources
Set up office
Take notes Get Organized.
Use Technology. The innovative idea may not be your own – what’s important is the ability to see its Market potential
Keep an inventory of ideas
Waiting for the right market opportunity
Innovate or stagnate Summary Driven by customer needs
Create products/services selling for premium prices, leading to high profit margins
Eventually become “commodities” if copied – you must continually innovate to grow Remember -Innovative Ideas Unsatisfied customers
Imagination and Vision
Problem-solving Look for Innovation Through Have more value!
Sell at higher prices, higher margins
Create branding opportunities Differentiated Products/Services A focused and targetable
Not being served by mainstream business
Not owned by one vendor already Niche Markets Meets your objectives
Utilizes your assets and talents
Drives you – the passion is there
Sells differentiated product
Utilizes niche market
And makes you a profit! A Great Business Idea: Examining your own skills
Adding value to an existing product
Inventing a new product or service
Riding a current event, news, trend
Finding a new market Business Ideas Come From Talk to others. What’s the reaction?
Find the target market !!
What need is the idea meeting?
How can you make money?
Does it match your skills, experience?
Where are qualified staff/partners?
Does it meet your objectives? Test Your Idea -Summary