Reference no: EM13829274

Almost 80% of small businesses fail. Poor management skills is one reason, the other is that the business does not provide value to its shareholders. In other words the business does not provide the customer a reason why they must come to the business rather than going to competition. It does not solve a problem that customers are facing. For example, if you decided to open a restaurant, why would people come to your restaurant rather than a thousand other excellent restaurants already existing in the city?

This assignment requires each student to come up with an idea of a new product or service business that he/she would like to develop and work on during this semester.

Please indicate in this assignment, problems faced by customers or suppliers in the industry that you are focusing on and how your business can help solve this problem - in a way that is not happening today.

The assignment should be about a page long; 1.5 spaced in MS-Word; font size 10-12 points. The assignment will have 3 sections with the following section headings

• Description of the product/service (i.e. what are the features of the product/service)

• Main Benefits to customers (i.e. the problem that the product/service is solving)

• Product/service differentiation: (i.e. how the product or service is different from competition).