Business

Make up a company like Tesco?

• Indépendant brans
• Farmers a helping hand in selling their product
• Research Trends
• Relate to problem that needs solving or existing need in the market
• Come up with a commercial solution
• Explore viability, turn into plan
• Pitch business

Initial research

• Trends and figures - back up ideas
• Segmentation - Post code, income, age, gender, demographics (married etc), Education
• Define your customer
• Lifestyle
• Culture
• Influence
• Early adopter?
• Usage/ Behaviour factors: heavy/light usage, frequency, quality, price sensitivity, willingness to spend
• Trade offs? - what price are you willing to pay? the quality of it?
• Your competition - Direct vd indirect competition, levels of saturation in the market
• Market segment: common needs, tailored producer
• Your customer - what he/she is interested in (age etc)
• USP - what problems are you in?

Market strategy

Decision making unit: user vs decider, buyer

Sales channels

Promotion channels: how do customers perceive themselves

HUNCH

Good guesses

EXPLORE ----------------------Trends : surveys, internet

What opportunities

DEFINE ------------------------ Focus groups, interviews, prototype

What will you offer?

PROVE ----------------------- Budget Plan

Is it viable?

Research - Abel and cole (food)