Upload a pdf or Word document with a brief description of yo

Upload a pdf or Word document with a brief description of your proposed idea following the five sections outlined below. Your submission can be a maximum of 5 pages, double-spaced, 11 point type Business Summary A concise description of the proposed \"business: and why it is unique/compelling. Target Market Who is your customer? What customer problem will you solve? How does your customer solve that problem today? What other solutions will compete for that customer? Market Opportunity A preliminary estimate of the size of the potential market (number of customers that can be reasonably addressed). Proposed Solution what is your product or service? How will it solve the problem? How will your solution create exceptional.aloe for the customer? Business Model How a will you generate revenues and profits?

Solution

The business is defined as An organization or economic system where goods and services are exchanged for one another or for money.

Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit.

According to Dicksee, \"Business refers to a form of activity conducted with an objective of earning profits for the benefit of those on whose behalf the activity is conducted.\"

Lewis Henry defines business as, \"Human activity directed towards producing or acquiring wealth through buying and selling of goods.\"

Thus, the term business means continuous production and distribution of goods and services with the aim of earning profits under uncertain market conditions.

Business is unique we can say by the features of that

Features of Business

Characteristics or features of business are discussed in following points :-

1. Exchange of goods and services

All business activities are directly or indirectly concerned with the exchange of goods or services for money or money\'s worth.

2. Deals in numerous transactions

In business, the exchange of goods and services is a regular feature. A businessman regularly deals in a number of transactions and not just one or two transactions.

3. Profit is the main Objective

The business is carried on with the intention of earning a profit. The profit is a reward for the services of a businessman.

4. Business skills for economic success

Anyone cannot run a business. To be a good businessman, one needs to have good business qualities and skills. A businessman needs experience and skill to run a business.

5. Risks and Uncertainties

Business is subject to risks and uncertainties. Some risks, such as risks of loss due to fire and theft can be insured. There are also uncertainties, such as loss due to change in demand or fall in price cannot be insured and must be borne by the businessman.

6. Buyer and Seller

Every business transaction has minimum two parties that is a buyer and a seller. Business is nothing but a contract or an agreement between buyer and seller.

7. Connected with production

Business activity may be connected with production of goods or services. In this case, it is called as industrial activity. The industry may be primary or secondary.

8. Marketing and Distribution of goods

Business activity may be concerned with marketing or distribution of goods in which case it is called as commercial activity.

9. Deals in goods and services

In business there has to be dealings in goods and service.

Goods may be divided into following two categories :-

10. To Satisfy human wants

The businessman also desires to satisfy human wants through conduct of business. By producing and supplying various commodities, businessmen try to promote consumer\'s satisfaction.

11. Social obligations

Modern business is service oriented. Modern businessmen are conscious of their social responsibility. Today\'s business is service-oriented rather than profit-oriented.

Target marketing :-

Target marketing is about attracting customers who will buy what you’re selling.

Of course, there’s more to it than that. After all, you’re not a magnet and this isn’t The Secret—in order to target market effectively, you’ll need to knowexactly who purchases your products and exactly how to to reach them. And acquiring that kind of knowledge requires some research and planning on your end.

How cus­tomers choose to reach out to your busi­ness is an impor­tant piece of data to note. The rea­son why they’re reach­ing out is even more impor­tant. If cus­tomers are con­tact­ing ser­vice and sup­port via tele­phone, email, social media, or web chat, it means they need assis­tance. Once a cus­tomer makes the decision—and effort—to con­sult a ser­vice or sup­port rep­re­sen­ta­tive, his or her expec­ta­tions for ser­vice alter. Prior to reach­ing out, it is likely that cus­tomers attempt to trou­bleshoot and research on their own unsuc­cess­fully. Now, not only do they want a solu­tion, but they also desire to be acknowl­edged, lis­tened to and under­stood, and treated with respect. How employ­ees respond to cus­tomers who are expe­ri­enc­ing dif­fi­cul­ties with prod­ucts or ser­vices, or who just have gen­eral ques­tions, will dif­fer­en­ti­ate your busi­ness from com­peti­tors, and be a key fac­tor in cus­tomer satisfaction

Cus­tomers Need To Be Acknowledged

Cus­tomers need to know that their requests or con­cerns are impor­tant, and will be taken care of. Employ­ees can quickly build rap­port, and acknowl­edge cus­tomer impor­tance, by open­ing the call with a friendly greet­ing and a cheer­ful tone of voice that expresses a will­ing­ness to serve.

Cus­tomers Need To Be Lis­tened To and Understood

Cus­tomers need to know that they have been heard and under­stood. How employ­ees demon­strate their under­stand­ing is essen­tial to pro­vid­ing great cus­tomer ser­vice. After cus­tomers describe their rea­son for call­ing, encour­age employ­ees to para­phrase what cus­tomers say, and use words that express empa­thy and a sin­cere desire to help.

Example:

Cus­tomer: I fol­lowed the instal­la­tion direc­tions, but I’m not get­ting the screen mes­sages that the man­ual says I should be getting.

Employee: You’re fol­low­ing the instal­la­tion direc­tions, but it’s not work­ing? OK, let’s walk through it together.

Cus­tomers Need To Be Treated With Respect

Each cus­tomer wants to be treated with respect, and regarded as a very impor­tant per­son – not as a prob­lem. How employ­ees phrase responses and their tone of voice can make or break a suc­cess­ful inter­ac­tion. Cus­tomers are gen­er­ally not as well-versed in prod­uct or ser­vice knowl­edge as employ­ees. Be sure employ­ees use the most sim­ple terms to describe prod­ucts or ser­vices, and repeat instruc­tions as many times as nec­es­sary to guar­an­tee cus­tomer satisfaction.

Suc­cess­fully sat­is­fy­ing these three human needs is a proven method to increas­ing cus­tomer sat­is­fac­tion and loyality

A market analysis studies the attractiveness and the dynamics of a special market within a special industry. It is part of the industry analysis and thus in turn of the global environmental analysis. Through all of these analyses the strengths, weaknesses, opportunities and threats (SWOT) of a company can be identified. Finally, with the help of a SWOT analysis, adequate business strategies of a company will be defined.^[1] The market analysis is also known as a documented investigation of a market that is used to inform a firm\'s planning activities, particularly around decisions of inventory, purchase, work force expansion/contraction, facility expansion, purchases of capital equipment, promotional activities, and many other aspects of a company

A market opportunity product or a service, based on either one technology or several, fulfills the need(s) of a (preferably increasing) market better than the competition and better than substitution-technologies within the given environmental frame (e.g. society, politics, legislation, etc.)

Revenue is the amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. It is the \"top line\" or \"gross income\" figure from which costs are subtracted to determine net income.

how to generate revenue and profit

1) Add Complementary Services to Existing Products
Adding complementary services or products may help you gain new clients, as well as maintain existing ones. For example, a lawn-mowing or landscaping company might add swimming pool maintenance for little additional cost. Neither service is technically complex or difficult to deliver, both require regular home visits, and each are a burden to the homeowner.

Similarly, a home repair company can easily serve the commercial market with the same crews and equipment used in its normal residential business. Contracts to provide future maintenance or extended warranties can be sold with almost all capital equipment. Review the products of your competitors for ideas. If someone, even a competitor, has an “extra” that appeals to customers, copy it.

2. Extend the Geographic Market Area
Many small businesses limit their marketing and sales efforts to the immediate area surrounding the central location of their business. A Dallas distributor of playground equipment discovered that none of his competitors marketed in several of the suburbs surrounding the city, probably because no distributor was located within those communities. The additional cost to cover the larger market was minimal and more than doubled potential sales. Don’t assume another market is being served without investigation

3.Enter Into Cooperative Sales Agreements

Contact companies that sell a complementary product or service with a request to sell your products also. For example, computer hardware companies often sell software, which facilitates the sale of their hardware. Furthermore, pet food distributors offer proprietary vitamins and pet furniture, and home remodeling businesses also sell landscaping.

Many companies actively seek complementary products as they add very little to marketing and sales expenses – it is just a matter of finding the right partner. Adding additional salespeople for no out-of-pocket cost is a sure sales booster

4. Raise or Lower Prices
The prices of products constantly change, so you should not be reluctant to adjust your prices to meet your objectives or the market situation. An immediate price increase will bring additional revenues and profits to the company if the price increase doesn’t negatively impact sales. A price reduction will stimulate more sales and take market share away from other suppliers. Knowing how your products compare with similar products from the buyers’ viewpoint, as well as the prices of competitive products, will allow you to best position your prices in the marketplace.

Changing prices may “shake things up,” so you should be particularly sensitive to the reaction of your customers and prospects as the new prices go into effect. If the reaction is not positive, you can make further adjustments, including a return to the old prices.

You may also consider regularly raising your prices. Consumers rarely react to slight price increases and often overlook them. While a small increase in price may not seem significant when compared to the full price, the impact of the increase on profits is magnified since the increase will flow directly to the bottom line.

5. Bundle Products
As a young man, I sold ladies’ shoes in an Austin shoe store. The shoes were intended for the mass market and priced to attract women who wanted a nice look without the cost of a designer label. The store also offered handbags and hats designed to complement each pair of shoes.

Store management frequently “bundled” the shoes, handbag, and hat together for a price that was 25% lower than if the products were purchased separately. The result: More than one-half of the shoe sales were bundled with a higher overall profit margin. If you sell products that naturally go together, or are used for the same task or at the same times, consider selling them as a package.

6. Add, Reduce, or Eliminate Shipping and Handling Charges
In lieu of raising the price of a product, consider adding a shipping and handling charge. The net effect on revenues is the same while avoiding buyer backlash to a price increase. If you currently charge for shipping and handling, consider reducing or eliminating the charge for a specific time frame in order to stimulate sales.

7. Offer Special Discounts
Discounts, properly marketed, create a special buying opportunity in consumers’ minds, often spurring them to take action. The discounts can be applied to limited products, such as a single manufacturer’s brand, a limited category like school supplies, or all products in a store-wide sale.

In fact, you can create a sale environment for almost any reason:

8. Offer a Rebate
A rebate is a deferred discount, issuing a percentage of the price in cash after the product is purchased. Popular with consumers, they are often associated with the sale of new cars. Rebates typically have redemption rates less than 50%, according to John Courville, professor of marketing at Harvard Business School. This means that the publicized discount can be effective in generating additional sales while the lower redemption rate reduces its cost.

On the negative side, failure to promptly redeem a rebate can cause bad customer relations. Because of growing complaints, some companies have discontinued rebate programs.

9. Participate in Coupon Programs
Distributed through newspapers and magazines, coupons have long been an effective way to publicize products and increase sales. The Internet introduced electronic coupons and reduced the cost of distrbution even further