You will develop the Product/Service and Competitive Advantage sections of your new business concept (product or service) in this first phase.
In addition, you will create the Cover Page (depending on the format selected) and a reference page in Word to include at least one (1) resource to support your work. You will build on the reference page as you add resources
A. Identify the four components of the marketing mix and their application to target market segments.
B. Discuss pricing strategies for different competitive situations and identify pricing tactics.
C. Identify a potential career path in business and the skills and competencies needed to succeed.
The following activities are to encourage you to begin thinking about prospective business opportunities and how you would approach setting yourself apart from the competition.
1- To point you in the right direction for a prospective business concept, please review the list of Sample Business Types to consider. ( I will send the business types in a file)
2- Refer to Business Concept Project Assignment Details for overall project details. ( I will send it to you in a file)
3- Complete the Product/Service section of the submission 1/2 page paper,
What is the product/service?
What are its attributes and advantages?
What is innovative about the product or service and how does it differ from the competition?
What is the “secret sauce” or what are the intellectual protections, if any, behind the product or service?
4- Who are the competitors? Identify by company name. Research competitors and complete the Competitive Advantage section of the submission — 1-page paper,
What are their strengths/weaknesses?
What competitive advantage does this business have?
5- Use the present tense. Yes: ABC Lawn Care Company is a seasonal business. No: ABC Lawn Company will be open seasonally.
6- Write from the third-person point of view. Yes: ABC Lawn Care Company is a seasonal business. No: We are a seasonal business.
7- Create all citations in APA Style
8- Prepare a reference page on Word, identifying at least one source used to support your analysis, irrespective of the format you choose.