Business Plan is written document describing the nature of the business, the sales and marketing

strategy, and the financial background, and containing a projected profit and loss statement

Business concept is an idea for a business that includes basic information such as the service or product,
the target demographic, and a unique selling proposition that gives a company an advantage over
competitors. A business concept may involve a new product or simply a novel approach to marketing or
delivering an existing product. Once a concept is developed, it is incorporated into a business plan. To
bring about the business concept, the entrepreneur should be able to recognize an opportunity in terms
of product or services.

Product Opportunity exist when there is a gap between what is currently on the market and the
possibility for new or significantly improved products that result to emerging trends.

To deliver products that solve your target customers’ problems, you must first identify market problems.
These problems may be stated directly as customer needs or implied indirectly.

Stated needs are explicit statements from your market that declare, “I want a product to do X.” While
stated needs are important, they are not as powerful as silent needs, which are problems with as yet
undefined solutions. Your market consists of:

Existing customers: People who have already purchased your product; Prospects: People who have not
yet purchased your product but are considering it and, Target market users: People in your target market
who are not currently looking for a solution

INSPIRATION - space in the design thinking process identifies the problem or

opportunity that motivates the search for solutions
IMPLEMENTATION - space in the design thinking process leads the project stage into
people’s lives
OVERPRODUCTION - The market price of tomatoes decreases due to overproduction of
the farmers and consumers in their community only uses tomatoes for food
consumption.

MARKET RESEARCH - strategy is necessary before launching your product on the market
and making a better business decision
CULTURAL - component considers the tradition and practices of the target group

MARKET SIZE - refers to the group of people who are likely to buy your product or
services
predict pitfalls and reduce risk - the ultimate purpose of market research
To determine the size of the market is to understand who your ideal customer is.
Culture of an area makes a differentiation of the market need.
An entrepreneur should also investigate the personal lives of the customers like
marital status, their career, etc…
The market is the judge of your business idea.
Retention of customers for repeat business should be taken into consideration for
business idea.
Product test is the best strategy to learn what you don’t know about your market and
buyer.