Reference no: EM132921631

Could you please make Social Impact Business Plan?

Product Information question includes:

1. What Are You Going to Do?

What is the product that you're going to sell that is better than anything available in the market today? Or better yet, have you found a product idea that no one has thought of selling?

2. Is It Practical?

Will your idea fly? Is there really a need? You should spend time thinking about your idea critically. Imagine doing this as a real organization/business and you will aim to make a real, substantial positive impact.

3. Is It Viable?

Will your organization survive tough times financially? Are you prepared to sell your story and be creative in securing funding? Can you stand out in the crowd? Imagine being on the TV Show, Shark Tank. Will they invest in your idea? This is an important aspect of your business plan idea; ensuring you can secure enough funding to sustain your work.

The content includes about:

1. Describe your product.

a. What will you offer customers that they don't have today or how will it be different than other products?

b. Share details about your product (i.e. we will operate a restaurant in the University District that only sells farm-to-table meals. Our menu will include...We will partner with the following organic farmers/farms in the 40 mile radius of our store.

c. Include as many details about your product as you can imagine. Points will be given for the level of details showcased. For example if you will only be open select hours to keep costs low so you can pass savings to customers, describe that further.

d. Will your business be an online business, physical location or both? Please explain

2. Describe your target customer.

a. Who is your business primarily catering to? (i.e. be more specific than university students-talk about the students further, maybe students who seek healthy meal options, or potentially students with dietary needs like Type 1 diabetes, etc.)

b. Why did you pick this target customer?

c. Based on your research how many customers that fit your target customer profile live or shop within the area you're targeting? Keep in mind if you're going to be an online business, it should still be targeted in the beginning (i.e. we will sell widgets to working moms in Washington, Oregon and California. This will help you define a starting point for marketing efforts).

3. How will you reach your target customers? Even though you will answer this more specifically in Homework 3, you should have a high-level understanding of your target customers and how you will be able to reach them about your business.

a. What are the shopping habits of your target customer?

b. What marketing channels do these customers use most (are they avid Facebook users, Instagram, etc.)

c. What will be the best way you can share about your product with your customer?

4. How many other companies offer similar products?

a. Describe a minimum of 3 competitors (name and their product description)

b. What is your strategy to compete against your toughest competitors?

c. How will you be able to stand out and differentiate your product for your customers (so that they pick you over any other brand)?