Business Concept Questionnaire


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Business Concept Questionnaire

  2. 2. Business Concept Questionnaire High-Tech Business Area Question Your Answer Purpose Describe the purpose of your The purpose of our business is to provide reliable business. and cheaper mobile products and accessories to our customers. Motivation Why do you want to start this Our country is a developing day by day in business? communication field so due to this the uses of mobile and its accessories are increasing. Core What do you and your company Our company excels at providing the latest Competencies excels at? mobiles, cheaper than other and most reliable. In what areas do you aspire to be “best in the world”? We are the best in quality and guarantee of our products Target Customer Describe your ideal customer. Our ideal customer ranges from 18 to 40 years. (For consumer markets, Our products are purchased by all the young and describe the demographic of business personals. the type of person to whom In our counter the usage of mobile phone is very you’ll sell. For business high so we have targeted to sell our mobiles markets, describe the ideal size phones and accessories on whole sale at company, and titles of the market & with out whole sale in for ordinary people who will buy and use customers. Inshallah young and old people your product.) will use our products for their use. Customer Setting your solution aside for a Our customers have the biggest problems of Problem/Pain moment, describe the biggest reliability of mobile phones and they are challenges, problems or pains searching for long battery life mobiles and your ideal customer has. also want the mobile sets with WiFi and FM radio. How do these challenges or problems relate to your We have solved there problems by providing offering? them mobile phones with long battery life we are providing mobiles sets which are built with WiFI facility & FM radio also. For example NOKIA N95 has both the facilities. Describe Your What is your product or Our products are mobiles phones and their Offering service? accessories. How, specifically, does it We have solved our customer’s problems by address the customer’s providing them cheaper mobile phones, and problem or challenge? now, they do not need to import latest mobile phones. Market Trends What new and expected In market the trends are the usage of searching developments are occurring in of new mobile with latest facility so we are the this market that may represent first that will provide mobile phones equipped with © 2004-2008 Tennant Consulting, -2- 6/17/2010
  3. 3. Business Concept Questionnaire High-Tech Business disruptive changes, or new technologies so we offering new mobile opportunities for new players products and cheaper mobiles phones. So like your company? opportunity for our new brands will be high. Although we are importing our brands but still new models of phones will be available to our customers. What benefits do Describe the outcomes your Our customer will now archive new services for you provide? customer achieves by using example our new brands have the facilities your product/service. of WiFi internet and FM radio also Example: “By using the iPod, And some of our brands have mobile TV also and our customer will feel the joy of has up to 8 GB internal memory having 1,000 songs in his or her Now they do not need to buy digital camera pocket and listening to them because they can record their precious wherever they are.” moment up to 10 hours with high mega pixels. What is your What value someone expect to Our customer can trust on us because we have value receive from doing business imported new verities of mobiles phones for proposition? with you? them to use instead of that if they want to buy these products they will spend more to import Describe a specific customer latest mobiles for there self. situation. What incremental value – benefits less costs -- We have also large verity of mobile phones of should they expect from china which are have the best sound and working with you instead of music qualities and lower price than other others? (For business markets, brands which are available in market. financial quantification is the These brands have up to 6 months warranty and norm. For consumer products, have dual sim facility and also have FM the value customers receive radio and external memory of up to 2 GB. may be financial or non- financial. Non-financial value And the price of these ranges form 4 to 5 examples include increased thousands rupees. security, health, status, a renewed spirit, etc.) Example: Financial: iPod owners will save money by being able to buy single songs instead of entire CDs with only one or two good songs on them. The savings from 15-20 CDs effectively pays for the iPod. Emotional: they will feel “cool” by being like the people in our inspirational ads, and have more fun by hearing their favorite music more often.” Fit within supply Do you offer a “whole product” Yes we provide the whole product solution our chain solution to fully address a customers seeks mobile phones with latest customer pain, or a portion of technology so we have all the models and the solution the customer sets and we have the accessories which the © 2004-2008 Tennant Consulting, -3- 6/17/2010
  4. 4. Business Concept Questionnaire High-Tech Business seeks? customers are seeking. Where do you fit with parts or We have a solution for our customers solution components that the Most of the wealthy people wants good quality, customer may need? And latest models so we will provide them NOKIA Example: There are two major sets which have latest models and parts to our digital music technology and we also have the accessories system: The iPod device, and which helps our customers to repair their the iTunes music store. We will mobile phones in the future. partner with the major music labels to provide content that And the spare parts of NOKIA sets are very can be readily downloaded, at cheap. $.99/song. Competitive How are your ideal customers Most of customers are addressing the problem of Position addressing their pain or high prices mobile phone and low reliability of challenges today? mobile phones and high weight of sets. Who else does your target Our targeted customers can solve their problem customer seek out or pay to because now mostly they are seeking good solve this problem? quality and reliable sets so they have to pay up to 10-15 thousands. What market share do your competitors have? What Our competitors has large share in market we will strategy will you use to use the strategy of marketing plans and best compete if they are larger and promotion of our product and to develop lower better funded? prices in market which will win good will. What will be your sustainable Our advantage will be that we will seek lower competitive advantage? profit then them so as a result our customers will increases rapidly. Example: “Our primary competition comes from We will introduce new verity of china mobile existing MP3 players like phones which have the lowest prices , Creative and Diamond Rio, and And we will have 6 months warranty. potentially any new initiative from major record labels. Yahoo Music and Napster are other distribution systems.” Competitive Why should someone do Some one will do business with me because I will Differentiation business with you instead of convince him about the development of IT their next best alternative and communication and will understand him (including “doing nothing”? about this business scope and profits. Are there any benefits that you Yes I alone can provide them benefits because alone can provide? I will take the warranty as a result of that if an Example: “Only iPod combines error occurred in the mobile equipment so Apple design and usability with I will repair or change it with a new ser as per the iPod music store, providing company rules. a complete, legal digital music solution. Intellectual Are you using technology, Yes we are the authorized dealers of NOKIA and Property Strategy processes or methods that can other China verities mobile phones. be protected with patents, © 2004-2008 Tennant Consulting, -4- 6/17/2010
  5. 5. Business Concept Questionnaire High-Tech Business licenses, trade secrets, trademarks or copyrights? Yes trade mark is provided to us by the NOKIA Do you own the technology? We have the certificate of that, “We will use a proprietary file We will use compress rates for our customers . format with better compression rates.” Markets Who will you sell to: What We will sell our products to nation wide small market segments will you phones mobile shops. consider? Do you know which We will pursue them by quality and low price. ones you will pursue? We have targeted up to 10000 customers To what degree can you describe the target market We have spent 15 million and the growth will be segments in terms of # of 20% per annum. customers, dollars spent, and spending growth rates? We will reach there by promotion of our product in How will you reach the these cities and by efficient marketing. customers in those markets? What do you expect the Different for different type of mobile sets . average cost of sales to be to sell your product? Customers Who are your beta or existing Yes I have some existing customers I have no list customers today – do you have but at least thousand. a customer list? Are any of Yes some of my customers are ready to talk with them references, willing to talk my investors by showing there satisfaction to to prospective customers or my investors. investors? Yes he has received the full value of proposition Have any of these existing of the solution that I have proposed customers have received the full value proposition of the We have provided them basic reliable and have solution you propose to create/ all the latest technologies. develop? Management Who are the members of your Our team has 5 members ,Imran, Sadiq ,murad Team team today? and Ayaz ali ,Attaullah…. What are the key skills this type Key skills are managing, financing, and of business must have? Relate marketing. Imran have management skills the experiences of your existing Sadiq have financing skills and Ayaz ali and team to the needed skills for Murad both have marketing skills. this business? Among your team, who has Among our team Imran is experience with solving experience with solving this the customer problems. customer problem before? Who has experience selling Ayaz ali has selling has experience in competitive offerings to this competitive offering to the market. market? How many prospective We have up to 2 thousand collective personals customers are in your and business networks with whom we have management team’s collective © 2004-2008 Tennant Consulting, -5- 6/17/2010
  6. 6. Business Concept Questionnaire High-Tech Business personal and business networks – people that you Have positive relation and Attaullah is our have positive relationships with collective personal. today? What team members do you believe you need? We need all of 5 member to work with principles. Accomplish- What are your team’s We have made accomplishment in a shot period ments accomplishments to date? of 6 months by making up to 4000 customers. What are your major, next near- term planned achievements/ Our major, next near term planned achievement goals? are to increase our customers now we have only 4000. To increase our supply. If you’re looking for outside investors, are there milestones No we are not looking for outside investors , you plan to complete before Our milestone is to reach to 10000 customers. seeking investors? Salaries What do you expect to pay for We all were committed not to get first 3 months salaries and yourself during the pay after that we have paid 20 thousands per “start-up” time period? months. Are you prepared to operate for Yes I have already described that. 2-3 years without a salary? Have you considered creative Yes we all have saving accounts in Meezan ways to reduce your need for a bank, salary? (e.g., savings, learn on someone else’s dime, This helps us during the period without the Salary consulting projects, move into a for the first three months. relative’s home, do during evenings/weekends while working another job?). Your salary will probably be one of the greatest expenses of your business; a penny saved We are looking for investor in our country is an investment raised. It is To Whom we will give commission in our profits . also more of the value of the business you can keep for yourself. Expenses What are your major out-of- The expenses are about 10000 per months . pocket expense items (e.g., rent, phones, computers, equipment, website, legal expenses?) How much do you estimate For three years it will be approximately 360000 rs these will be for years 1-3? For now, don’t belabor this – just list the items off the top of your head, for a “back of the envelope” number. © 2004-2008 Tennant Consulting, -6- 6/17/2010
  7. 7. Business Concept Questionnaire High-Tech Business Sales and Gross What are your planned revenue 100000 per month Profits goals for the next three years? Have to double the number of our customers in How many customers per year the next 3 years. will that require? 3100 customer per year it will require. What would be the average The total value of transaction value will be contract or transaction value? 216000/Annum Investment and If you need outside investment, If I need outside investments I will need 12 million Investor Liquidity how much outside investment do you think you need? What else do you want from prospective investors? What’s We will provide our investor return 31% on every the strategy for providing the 6th month. return to the investor? That’s it! How did it go? Quite nice I think , the questions were very interesting and practical. Describe any insights that resulted from this exercise: It gives me the main idea s how to start a business on a large scale. What are the necessary steps before starting a new business? What problems I can face before starting a new business. What type of skill I will need before starting a new business The whole procedure for establishing a new business. How much capital is required before establishing a new business? Etc Describe any specific actions you plan to take based on the results of this exercise: In future after completing my MBA it will be easier for me to start this business And I will apply all these steps in my future and will keep it in mind before establishing a new business. © 2004-2008 Tennant Consulting, -7- 6/17/2010