Assignment 1B: Concept Statement

Objectives

On successful completion of this assignment, students should be able to

• define strengths of the product/service,
• identify the target market and the customer needs and likelihood to use your proposed product/service,
• analyze the financial needs and issues related to the startup of the business and the potential financial performance, and
• analyze the overall potential of your product/service and its likelihood to succeed.

Brief Description

The purpose of this assignment is to prepare a Concept Statement identifying the features of your product/service, target market, benefits or value of your product/service, and who will make up your management team

Submission Instructions

Prepare a Concept Statement of no less than 500 words that address the following concepts:

1. Product or Service description that details the features of the product or service
2. Target Market description listing the consumers or businesses who are expected to buy the product or service
3. Identify the benefits or value of the products or service and how this will add value or solve a problem
4. Identify the management team you will assemble.

You will receive feedback from the instructor on your submission. In unit 6 you will be resubmitting this as a party of Part 1 of your project.