Business Advice
Business Idea 101.
Business idea structure, plan, and approach.
Business ideas are the basis of any successful enterprise, and they must be clear, concise, and powerful to attract, convince, and motivate people with different interests.
A business idea for a kindergarten located within universities and colleges, featuring a real-time child monitoring application for parents and others to monitor and watch their kids using Android and Apple (IOS) smartphones, will be presented and applied through a structured plan and approach.
This Business idea has two main aspects: social and technological.
- On the social side, it would help working mothers and others manage their time more effectively to achieve and continue their educational goals.
- On the technological side, it would use a smartphone app, allowing parents and others to monitor their children from a close distance.
The business idea is both simple and innovative. It addresses a real need in the market, and it has the potential for success.
Structure Plan, and Approach
Any business idea requires an effective structure plan and approach to apply practically. This structure plan assesses the potential success of the business idea in practice. This structure consists of four steps and business models:
Step one:
A) Competition Chain Model
The competition chain model is a business marketing framework to analyze the competitive environment of a particular industry. It consists of four stages:
1. Attraction: Where potential customers are introduced to the business idea.
2. Commitment: When potential customers become committed to the business idea and purchase the product or service.
3. Launch: When and where the business launches a product or service and makes it available to customers.
4. Sustain: Where the business idea is attracting and retaining customers.
Applying the business idea to the competitive chain framework:
- Attraction: The business idea will attract working mothers and others because it allows them to pursue their educational goals while having their children close and monitored.
- Commitment: The business idea will generate commitment from working mothers and others because it would save them time and effort.
- Launch: Universities and colleges, where potential customers and others will attend their education.
- Sustain: By charging parents and others a monthly fee for the kindergarten childcare and child monitoring app services.
The business idea has a potential success factor at each stage of the competition chain model to ensure the viability of the business idea.
Step two:
B) Strategy Using the Market Research Process
Market research is a systematic approach that collects and analyzes market data, assesses the market potential for a new business idea, identifies target customers, and develops marketing strategies.
A brief overview of the market research process and applying it in practice:
1. Define the problem or opportunity: In this case, the problem is working mothers and others who want to continue their education. Those customers often have difficulty finding affordable and convenient childcare that has the feature of an app monitor.
2. Collect data: Through primary research ( e.g., surveys, interviews, focus groups ) and secondary research ( e.g., industry reports, government data, etc ).
3. Analyze the data: Once collected, analyze to identify trends and patterns through statistical or qualitative analysis.
4. Develop recommendations: The final step is developing recommendations based on the market research findings to inform business decisions, such as product or service development, pricing, and marketing strategies.
Step three:
C) Marketing Mix: Business Concept and strategy
The marketing mix is an effective marketing strategy consisting of four key marketing channels called the 4Ps, abbreviations for product, price, place, and promotion, to penetrate and interact with the market for customer engagement and awareness.
Applying the Marketing Mix:
- The product is a kindergarten service with a child monitoring app feature.
- The price has to be competitive with other kindergartens in the area outside of the business idea locations.
- The place would be inside universities and college campuses.
- The promotion would focus on reaching out to working mothers and others to inform them about the new kindergarten service, such as university and college news websites and social media.
Step four:
D) Information Pyramid
The information pyramid is a framework to evaluate the success of a business idea. It consists of four levels:
1. The sales level: Measures the total revenue generated by the business.
2. The profitability level: Measures the profit generated by the business.
3. The market share level: Measures the percentage of the market that the business controls.
4. The customer satisfaction level: Measures how happy customers are with the business.
Applying The Information Pyramid:
The kindergarten at universities and colleges business idea has the potential for success at each level of the information pyramid:
. The business could generate significant sales by charging parents and others a monthly fee for the kindergarten service and the app monitor.
. The business could be very profitable because the fixed costs would be low, such as rent, salaries, app purchase expenses, etc.
. The percentage level of market share can be high because of the location of the business idea inside universities and colleges and the high demand for childcare services among working mothers and others who want to continue their education.
. Customers should be satisfied with the business because it will provide added value to working mothers and others, such as saving time and effort.
Having their kids close by and monitoring them is the ultimate and priceless peace of mind that any parents can have.
Don’t you agree?!
Summary
Business ideas must be clear, concise, and powerful to attract, convince, and motivate people with different interests. Success doesn’t just depend on a groundbreaking idea. It demands a structured plan and comprehensive approach to examining the internal and external factors in practice in a practical manner.
Note: This structure plan and approach can be used for any business idea.
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