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Mullins, John (2010), The New Business Road Test, 3rd

Edition, London: FT Prentice Hall, chapter 1


My opportunity: Why will or wont this work ?

7 domains of attractive opportunities


(must reading)

Mullins, John (2010), The New Business Road Test, 3rd


Edition, London: FT Prentice Hall, chapter 2
Will the fish bite?

4 crucial micro-level questions about


target markets
1- Is there a market segment where we might
enter the market in which we offer the customer
clear and compelling benefits ?
2-Are these benefits, in the customers minds,
different from and superior in some way to
whats currently offered by other solutions ?
3-How large is the segment, and how fast is it
growing ?
4- Is it likely that our entry into this segment will
provide us entry in other segments that we may
wish to target in the future ?

Case history 1- iModes


Their success show how important it is to have a
product offering clear and compelling benefits to
a carefully targeted market
What Japenese were
interested in

What iModes put in


place for them

Consumers interested in
the financial markets
and tjeir own personal
finances

Contents coming from


320 banks

Consumers interested in
comics

Contracted publishing
firm to provide weekly
comic strip

Dial-up telephone was


Use internet without
expensive
dialing the phone
Success came from the adjustment of their site to
Internet users

Case history 2- Light beer


How Miller identified a new
target market

How it appealed to this market


and results of its efforts

Realized that its customer


demographics were
changing

Advertising predominantly
on sports

Conducted consumer
research
Miller realized there was a
beer-drinking market
segment of young men who
were interested in a lowercalorie beer

Reached this testosteronefuelled group(real man) by


hiring ex-athletes on ads :
appeals to a mans kind of
man

The rising trend this last decade of frozen yoghurt is a similar


example, where customers dont want to give up on ice creams but
still are concerned by their health/shape

Case history 3- Nike

Bowerman believed distance runners could benefit from


shoes that provided greater cushioning, that gave better
lateral stability, more flexible and lighter than the shoes on
the market
Promoting at track meets -> Exposure on 1972 Olympic
marathon -> Brand created
One segment lead to another (Running ->Tennis ->
Basketball)

Case history 4OurBeginning.com

They thought they would gain 5 million cutomers(database)


if they spend an overall of $5 million to advertise on
Superbowl 2000 event, as 130 million people follow this
event.
Wrong assessment as : among 130 million, 45 million were
women, and if there are 8,3 weddings per 1000 adults that
would lead to a potential of 750,000 wedings in the works
among this audience. So far from the 5 million people of
potential customers they assessed.
Results: In February 510,730 unique visitors. In March
92,292 visitors.
The company spent $2800 to acquire a customer
or ten times what the customer spent.
-> Failure come from the lack of understanding of who
its target market.

What investors want to


know
The customer pan that you are offering to resolve
Who the target customer who has the pain is,
evidence that the target customer will buy whats to
be offered at a price that works for you (hard evidence
is what attracts money)
Types of evidence: Marketing research, actual sales,
customer commitment -> YOU WILL NEED THIS
EVIDENCE BEFORE WRITING YOUR BUSINESS PLAN
Is it a large and/or growing market ?
Industry competitively brutal ?
Are you and your team committed entrepreneurs ?
Cash slow (not profit)

3 ways to define market


segments

Mullins, John (2010), The New Business Road Test, 3rd


Edition, London: FT Prentice Hall, chapter 10
What to do before you write your business plan

Before the business Plan


1- Come up with an idea
2- Assess it and shape it using the 7
domains framework
3- Write a customer driven feasibilty
study, that lays out the conclusions
youve reached from your data and
analysis

Great opportunities where do they


come from ?
Created by macro-trends
-> Study todays trends systematically
Found by living and experiencing
customer problem
Created through scientific research
->Spotting how scientific research founding
might solve some customers problem
Proven elsewhere that you can pursue
where you hope to do business

Assessing and shaping the


idea
Look for secondary data, that someone has
already collected and reported
Assess for the macro-level domains
If it doesnt kill your idea, then collect primary
data that can answer remaining macro questions
and assess at the micro-level
An evidence-based sales forecast: of market
potential then how much you will sell

The customer-driven feasibility


study
Purpose: write what you have learned to
confront the clarity of the logic that underlines
the attractiveness of the opportunity assessed
Format: 1 page for each of the seven domains.
Executive summary up front summary and a
final summary and conclusion at the end
Begin in the lower left corner of 7 domains, then
proceeds clockwise
If feasibility study satisfy you, on the
opportunity meeting your mission and
aspiration -> Business plan

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