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Module 3 Topics

Module 3 Topics. Opportunity Recognition Competing in the Market. Module 3 Topics. Opportunities Evaluation Model Assessing the Competitive Advantage Getting Organized. Review. Opportunities.

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Module 3 Topics

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  1. Module 3Topics Opportunity RecognitionCompeting in the Market

  2. Module 3Topics Opportunities Evaluation Model Assessing the Competitive Advantage Getting Organized

  3. Review

  4. Opportunities Arise from special knowledge identified through a creative combination of resources to deliver value at a profit.

  5. Market Opportunity Potential to create something new that has market value Creates Significant Value Solves Significant Problem Has Potential to Earn Money Has Good Fit with Owners Is Good for Society

  6. Opportunity Recognition Opportunity recognition search for new business ideas basic aspect of entrepreneurship Entrepreneurial alertness see opportunities overlooked by others perspective on which ideas to pursue

  7. Opportunity Recognition Depends on Alertness Creativity Optimism Social Networks Prior Knowledge

  8. Opportunity Recognition Active Search Systematic Search Passive Search Aware of environment Discovery Surprise Creativity Action

  9. Opportunity Matrix SOLUTIONS Known Unknown P R Known O B L E M Unknown S

  10. Opportunity Analysis Entrepreneur Idea Opportunity Market Resources

  11. The Entrepreneur Interest Independent Passion Vision Tenacity Operate Under Ambiguity Skills Family Support

  12. Where New Business Ideas Come From Source of Ideas Unfilled Market Need Societal Trend

  13. Specific Sources of New Business Ideas Personal Experiences Job Experience Hobby/Interest Unfilled Market Niche Education Systematic Search Other geographic areas Trade shows Other

  14. Source of New Ideas in Business

  15. Resources Human Financial Location Suppliers Technology Intellectual Property Other

  16. Market Analysis Overall Market and Industry Local Market Competitive Advantage

  17. Market and Industry Information Economic Economic conditions Analysis Viable economy? Time to start a business? Return on Compensate for investment of Investment time and money Customer Number of customers Demand Money customers spend

  18. Local Market Identify Competitors Analyze Competitors Strengths and Weaknesses

  19. Competitor Analysis:Strengths and Weaknesses

  20. Competitive Advantage Keep Simple Compete on Price or Features

  21. Communicating with Customers Shotgun Newspaper Radio Television Targeted Newsletter Flyers Other Word of Mouth Community Involvement

  22. Why Ideas Survive How can we make our message last longer? What principles make ideas more memorable?

  23. Six Principles of Sticky Ideas Simple message Most important Limited information Surprise Element Break a pattern Don’t tell entire story Concrete Images Abstract - hard to remember Concrete - can be examined with senses (specific people doing specific things)

  24. Six Principles of Sticky Ideas Establish credibility Trustworthy Authorities Vivid details or statistics Tap into emotions Feelings inspire action If I look at the masses, I will never act. If I look at one, I will act. (Mother Teresa) Tell stories Good stories generate action

  25. Sticky Messages (US) Just Do It It’s the economy stupid Golden Arches Big Brown Nothing runs like a Deere

  26. Summary: What Sticks Principle Impact Simplicity Focus Unexpected Pay attention Concrete Remember Credible Believe Emotional Care Stories Act

  27. Organizational Forms Sole Proprietorship Partnership S-Corporation C-Corporation Limited Liability Company

  28. Assemble a Team

  29. Pricing Strategies Premium Pricing Unique product Substantial competitive advantage exists Penetration Pricing Price artificially low to gain market share Price increased once achieved Economy Pricing No frills low price Costs kept at a minimum Price Skimming High price because of competitive advantage Price later declines due to competition

  30. Pricing Strategies

  31. Discussion

  32. Assignment Explain proposed firm’s competitive advantage. Why customers will come to your business? How will you price your product and why? What promotional methods will you use and why? What organizational form is best?

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