Presentation on theme: "INSTRUCTIONS Use this template as your guide for submitting your idea and use the attached template to make your presentation and submit it to i3.jamaicabusinesslab.com."— Presentation transcript:
INSTRUCTIONS Use this template as your guide for submitting your idea and use the attached template to make your presentation and submit it to i3.jamaicabusinesslab.com
BASIC INFORMATION:INSTRUCTIONS Use this slide to formally introduce your school, team members and your category of choice.
SCHOOL NAME TEAM MEMBERS CATEGORY BASIC INFORMATION
NAMING YOUR PRODUCT/SERVICE: INSTRUCTIONS Naming your product or service is very important so think of a name that describes what the product does and also creates a lasting impression in the mind of anyone who hears it. e.g. The Collapsi-Heel- The name adequately describes what the product does and at the same time creates a fresh, funky name that people can identify with. You will notice that by shortening Collapsible into Collapsi and combining it with Heels we have created a catchy funky new word.
NAMING YOUR PRODUCT/ SERVICE: EXAMPLE The Collapsi-Heel: Convenience with a Click
PRODUCT NAME TAGLINE NAME PRODUCT NAME AND TAGLINE
ABSTRACT: INSTRUCTIONS WRITE A DESCRIPTION OF YOUR PRODUCT THAT MUST ANSWER THE FOLLOWING QUESTIONS: 1)What is its primary function and what need or problem does it solve? 2)How is it innovative? 3)How is it different from other existing product? ( if any ) 4)What are the key features? 5)How will it change the life of its users
What is its primary function and what need or problem does it solve? How is it innovative? How is it different from other existing product? What are the key features/How does it work? How will it change the life of its users? It solves the problem of women having to carry more than one pair of shoes to avoid discomfort. It is innovative in that it allows the user to have two different functions in one product. Women being able to switch to flat shoes to walk up stairs and then back to high-heels to be fashionable The Collapsi- Heel is completely different from existing products as there is no other shoe that provides such convenience with such ease. The key features are the converter switch which allows the transformation to take place with the simple flick of a switch. The Collapsi- Heel will finally allow women to have comfortable footwear in a any situation ABSTRACT: EXAMPLE
What is its primary function and what need or problem does it solve? How is it innovative? How is it different from other existing product? What are the key features/How does it work? How will it change the life of its users? ABSTRACT
ABSTRACT: EXAMPLE The Collapsi-Heel is a ladies shoe that can transform from a high-heeled dress shoe into a more comfortable flat shoe. It solves the problem of women having to carry more than one pair of shoes to face different situations. It can be the fashionable high heeled shoe at the start of the party and then transforms into a comfortable option when its time to hit the dance floor. At the end of a day full of meetings, the professional woman can flick the switch and have a comfy flat shoe to walk home in. No woman will ever have to worry about carrying two pairs of shoes anymore as the Collapsi-Heel is the perfect solution!
OPPORTUNITY An opportunity is a consumer need or want that can be potentially met by a new business ( NFTE Entrepreneurship 11 th Edition) Not every idea is an opportunity. Here are 5 categories that will help you to recognize an opportunity. – Problems; A problem that needs to be solved by a service or product – Changes; A change in trends, laws, customs, etc…; produces a new need/want – New Discoveries; Creation of a totally new product or service – Existing Products or Services; Means that improve existing products/services – Unique Knowledge; One-of-a-kind experiences or uncommon knowledge
OPPORTUNITY: EXAMPLE Sources of Opportunities ProblemsChangesNew Discoveries Improving existing Products and services Unique Knowledge Discomfort of high-heeled shoes in certain situations Idea: Collapsible High heeled shoes Modern day families having less time to make breakfast Idea: Instant porridge Not having enough outlets to charge appliances Idea: Charging mat (just lay devices on the mat and they charge) People simply pressing the snooze button on alarm clocks and going back to sleep Idea: Clocky- the runaway alarm clock Students at your school complaining about a lack of space for books Idea: Lockers that rotate so there are more compartments
OPPORTUNITY ProblemsChangesNew Discoveries Improving existing Products and services Unique Knowledge Use the table below to categorize your idea and explain the opportunity.
TARGET MARKET: INSTRUCTIONS Target market: Your target market is the group of consumers to whom your marketing efforts are directed. These are the set of people who you think will be the most likely to use your product or service
TARGET MARKET Women between the ages of 15-55 Professional women Young women who party TARGET MARKET: EXAMPLE
CUSTOMER PROFILE: INSTRUCTIONS Once you have a great product/service it is now important to identify who your customer will be. Location – Where are your customers? Population – This is an estimate of how many people make up your customer base. Personality – What is the general personality of you customer? Income- What is the average income of your customer ?
CUSTOMER PROFILE: EXAMPLE LOCATIONPOPULATIONPERSONALITYINCOME Even though we are appealing to Jamaican women, Collapsi-Heel solves a problem that is found across the world. Using the internet we will be able to market to the women of the world According to STATIN, there are over 300,000 employed women who fall within our desired age range Collapsi-Heel will appeal to the woman who wants to be fashionable but also wants to be practical at the same time Collapsi-Heel with appeal to the women with some amount of disposable income but are also looking for a bargain
VALUE: INSTRUCTIONS Value: These are the features of a product/service that attract a consumer to start and continue to use it. Competition: Two businesses operating in the same market, selling similar products.
What value will the product or service add to the life of the consumer? Is there competition? If yes, what makes your product unique The Collapsi-Heel adds great value to the consumer in the form of the convenience and comfort that a two-in-one shoe provide There are no direct competitors but there are brands that produce disposable shoes geared towards providing convenience. Our product however removes the need for two pairs of shoes and it is this convenience that is our competitive advantage. VALUE: EXAMPLE
What value will the product or service add to the life of the consumer? Is there competition? If yes, what makes your product unique VALUE
SKETCHES: INSTRUCTIONS Make a sketch of the product or a diagram to show how the service works.
Feel free to add any additional information that you feel will better explain your idea, how it works etc. ADDITIONAL NOTES
TO SUBMIT YOUR IDEA, ATTACH THIS SUBMISSION TEMPLATE IN YOUR EMAIL AND SEND TO firstname.lastname@example.org@jamaicabusinesslab.com IF YOU NEED ANY FURTHER INFORMATION OR HAVE ANY QUESTIONS, CALL US AT 908-4080 OR 458-8532 YOURE DONE!!!