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Briefly explain the five industry categories

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Market research and strategy

  1. Briefly explain the five 'megatrends' described in the lecture.
  2. For two of your business ideas identify at least one megatrend that will assist your enterprise.
  3. Explain the difference between strategies of low-cost leadership and differentiation, providing an example of each. For two of your business ideas determine which of these categories they fall into.
  4. Briefly explain the five industry categories.
  5. For two of your business ideas determine which of the the five industry categories the idea relates to and the strategy you will adopt in response.
  6. For these two ideas, define your target market by geography, demographics, season and purchasing patters. For each idea state the customer need (including higher-order needs) and why customers will buy from you.
  7. For each idea identify one low-cost way to test your market assumptions.
  8. According to Baron et al. (2016) what is the relationship between goal difficulty and business performance? How is this related to willpower? What implications does this have for how you should set goals in your business plans?

Reference no: EM133064718

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