For this assignment you will become the CEO of a new company. You will begin by describing this new company. You will use this company in future assignments. Write up a SHORT presentation or summary of one page or less answering the questions.
For your new company, you will need a description of the product or service.
Identify the market by answering the following questions:
- Who could be your potential customers for this product or service?
- Who could be your potential competitors for this product or service?
- What information would you seek about potential customers and competitors—list questions you would want answered.
- How will you find out this information—what kind of market research would you do?
- What do you think are the growth possibilities for this company?
Here is a list of some example companies. You are not limited to these examples. These are only examples to help you develop your new company idea.
- Growing retailer of non-perishable consumer products (electronics and books)
- Small but flourishing local business with one or two locations (florist and pizza restaurant)
- Medium-sized manufacturer struggling in a challenging market (automotive and electronics)
- Medium-sized service organization with several locations (law firm and accounting firm)