Let's Get Down to Business...

Final Details and Finishing Touches

As you round the final turn and head for the finish line, here are a few items to check off your list.

Form and Structure: They're not the same thing

In order to better understand how organizations work (and to make them work more efficiently), it's important to know the difference between an Organization’s Form and its Structure.

The terms “Form” and “Structure” describe completely opposite aspects of a businesses’ organization. They're not interchangeable and are as different as night and day.

Product/Process ID: How to Know You've Got it Right

The first part of the Market Feasibility/Viability sections asks for a description of your product or service.  In other words, paint a "word-picture" of what your product looks like or how your service works.

Helpful Hint:  Most of what you'll say will describe your product's attributes/unique features/differentiating characteristics (those terms all mean about the same thing).  In other words, what is it that makes your product or service be something that your customers won't want to live without!

Focus on what it does and how it does it.  Over-simplified, your task is to fill in the blanks: 

"Our product looks like _________ (characteristics that matter the most to customers: form, style, quality, performance, durability or reliability, etc.).   

"It does this _________  (what does it do?) by doing this ___________ (how does it do it?)." 

Don't get overly technical and overload your readers with engineering data or other information they don't need to know. 

When you're done, how will you know if you got it right?  Here's an easy "test" to try.

Scoring for Team-based Work

Points earned for the various team assignments are awarded to each team member.  If, for example, a team earns 48 out of 50 possible points for its Strategic Concept submission, then each member of that team is awarded 48 points.

This assumes, however, that every member of that team contributed in some substantial way to the assignment or submission.  If someone didn't, there's a "Free Rider" problem.

To avoid any team member getting more points than they deserve (getting a ride for free), the "Team Contribution" scoring category is used to make any necessary adjustments.

If during the term and based on the Team Member Evaluations, it's found that any team member has not contributed to their team's work, that member's "Team Contribution" score will be adjusted accordingly.  It's possible that this adjustment will cause a student's Team Contribution score to be negative. 

Who's my Customer? Market Segmentation isn't a Medical Procedure

The Second Requirement (Market Identification and Segmentation Analysis) of the Market Feasibility/Viability section is clearer if it's put in the context of the marketing process:

First Step:  Identify, profile and select distinct groups of customers.

Second Step:  Communicate your product's key attributes to your target market.

Your "Strategic Concept Submission" focuses on the First Step (what you're going to do) while the "Final Plan" adds the Second Step's tactical actions (how you're going to do it). 

The First Step is referred to as "Market Segmentation" and "Targeting" with the "distinct groups" of customers being your "Segments" or "Targets."  The Second Step is referred to as "Positioning."

Keep reading to learn more about why this is done and how to do it...

Dealing with the Issues of Organizational Issues

The Organizational Issues requirement has three pieces:

1. What's your organization's "form" and why is the form you've selected the "best fit" for your organization?
2. What's your organization's "purpose?"  What is its reason for "being?"  Answering those questions will produce your Mission Statement.
3. Your organization's "functions" will need to be managed.  What are the duties of managing those functions?  What kind of managers will the organization need?  What will they have (get) to do?

  There's more to come.  Keep reading.

Product Differentiation: It has to make a Difference

The Market Feasibility/Viability's section's third requirement asks you to describe the meaningful differences your customers will want in your product or service. 

How will your buyers distinguish your product or service from your competitors' products or services?  What will they look for and expect to find?

Attack this requirement from two angles.  One will be descriptive and catalog the meaningful differences that set your product or service apart from the competition.

The other will be the "So what" question:  While your product or service may be "different," is it different in ways that customers find important? You don't want your customers saying, "No doubt it's different, but I still don't want to buy it."  Isn't your goal is to have your customers say instead, "Now there's a difference that makes a difference."  How will you do that?

Overall Strategic Concept: Will anyone want to keep reading?

The most important part of your plan will be its "Overall Strategic Concept." 

That's because it will be the first thing that's read.  If it doesn't capture your reader's interest, the rest of your plan may not get the serious attention it deserves.

First impressions count in business plans just like most everything else. 

What's our Distribution/Promotion Strategy?

The fourth part of the Market Feasibility and Viability Section asks about distribution channels and buying patterns and methods.  The questions are short, but answering them can be a little tricky.

The requirement might be restated as, "What do you need to know in order to design your Distribution Channel(s)?"  At this stage, you're concerned only with figuring out what needs to be in your distribution channel.  Later in your Final Plan, you'll describe the methods that your distribution channel will use.

A Picture is Worth a Thousand Words: The Critical Events Graphic

Don't over-complicate the "Critical Events Graphic" requirement.

Essentially, it's a time-line that shows (1) what's got to happen, (2) the order in which things must happen, (3) how long it will take for each task to happen and (4) when each task begins and ends. 

When you're done, you'll have a great "picture" of the sequence and timing of the events essential to starting your business from the moment the idea is born to grand-opening.