Explain your target market based on the four variables

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Reference no: EM133575292

Assignment: Creativity & Design in Business

Length: 1,000 to 1,500 words.

Learning outcomes:

I. Explain the importance of creativity in business.
II. Evaluate their own and team's level of creativity and specific strategies that promote creativity.
III. Recognize the differences between a classic management mindset and a design thinking mindset.
IV. Apply design thinking process and tools in project settings.
V. Develop design thinking projects.

Task: Develop a pitch of your business idea to investors,

Subject of the Task: Development of a successful business pitch to investors following the design thinking process and methods.

Contextual Information: You have identified an undeserved need and validated your startup idea. Now it's time to talk about your business - to potential clients, prospective customers, and future investors. Yet, how do you effectively communicate the promise of your idea and its possible impact on the market? Pitching a business idea is one of the most nerve-wracking parts of any entrepreneur's journey. It's what stands in the way between your vision and the financing needed to turn that vision into reality.

Task Description: Students will develop a business pitch to investors. Students will apply the knowledge gained throughout the course about the design thinking process (empathize, define, ideate, prototype, and test) into the pitching of their business idea. Students will portray their business ideas' value to prospective clients and investors as efficiently as possible. Students can choose a company that already exists or setup a new company, and develop a business pitch, including the following information.

I. Introduction: Introduce the company (mission, vision, values).

II. Problem definition: What problem/s your company will solve.

III. Target market/s: Explain your target market/s based on the four variables (demographic, geographic, psychographic, and behavioral traits)

IV. Solution: Explain the solution to the problem.

V. How you're different / business model: Describe the company's business plan (a company's plan for making a profit).

VI. Competition: Describe your main competitor/s) based on different elements such as product, service, price, customer reviews, social media presence, etc. (analyze one or two competitors).

VII. Competitive advantage: Explain the competitive advantage and the factors or attributes that will allow your business to differentiate from the competition.

VIII. Customer journey map: Develop a visual depiction of the stage's customers go through when interacting with your product or service (by hand, canvas, power point, word, etc).

IX. Create and Test Prototype: Create your product or service prototype and explain the different phases in which you will test it (from MVP to the final product)

X. Call to action: Explain your desired outcome.

Reference no: EM133575292

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