BM301 Task 2 Instructions (due 7/11/2019)

Business Details

1. Vision statement explains the desired future position of the company in terms of what you hope to achieve or to become in the future.

a) What is unique about doing business with you?

b) What problem are you wishing to solve?

c) What is your aim for the future?

Examples: Disney: To make people happy.

IKEA: To create a better everyday life for the many people.

2. Mission statement: This captures the main idea of your business, usually written in few words, maximum one sentence.

a) Why should your business idea exist?

b) What’s its purpose? Reason for being?

Examples: Facebook: “To give people the power to share and make the world more open and connected.”

Twitter: “To give everyone the power to create and share ideas and information instantly, without barriers.”

ASOS: “To become the number 1 fashion destination for 20-somethings globally.”

Paypal: “To build the Web’s most convenient, secure, cost-effective payment solution.”

3. Values Statement: What values will shape your idea

a) What does your business believes in?

b) What is the emotional connecting points between your business and its stakeholders (not just customers)

c) Why should anyone engage with your business and keep coming back?

Examples of values:

· Reliability

· Loyalty

· Commitment

· Open-mindedness

· Consistency

· Honesty

· Efficiency

· Innovation

· Creativity

· Motivation

· Compassion

· Spirit of adventure

4. Value proposition: the reason why customers buy from you.

a) What values are you willing to offer your customers?

b) Which customers’ needs are you willing to satisfy?

Example: Newness: offering something that’s new that no one is offering.

High performance: by improving the product or service

Customization: developing product that satisfy each individual customer need

Price: you could offer value by lowering prices to satisfy those who are price sensitive.

5. SWOT Analysis (Strength, Weakness, Opportunity and Threats)- write three points for each.

Strengths:

· What are your assets?

· Which one of those assets is the strongest?

· What makes you better than your competitors?

· Do you have a strong customer base?

· What is the unique thing about your company?

· How skilled are your labors?

· What are the things that other people say you do well?

· Do you have experience in this task (mission) before?

· What are the advantages you have over your rivals?

Weakness:

· What areas do you need improvement on?

· What are the things you need to avoid?

· What areas do your competitors have an advantage on?

· Are you lacking in knowledge?

· Are your employees not skilled enough?

· Do you have enough investment to start such a project?

· Is your customer base too low?

· Are you making enough profit?

· Is your competitor running miles ahead of you?

Opportunity:

· What external changes will bring your opportunities?

· Can you take advantage of the local market?

· What is the market missing? Can you provide that missing link for the consumers?

· Is your rival company failing to satisfy their customer base? If so, can you steal their customers?

· Will natural causes like weather and climatic changes give you the competitive edge?

· Is your brand name helping you to get finance easier?

Threats:

· What are the negative aspects in the current market?

· Are there potential competitors who can give you a competition in the future?

· Are your key staff members satisfied with their wages and other benefits? Do you see them being stolen by your rivals?

· Do you see a change in consumer taste?

· Are the government regulations going to affect you?

· Will political instability hurt you?

Example of a SWOT analysis can be found in the last Slide of Chapter 7