MKT2414_Lecture 8_pdf.pdf - MKT2414 | MARKETING VENTURE CHALLENGE LECTURE 8 IDEA READ-OUT LECTURER GAP KIM | [email protected] 1 O B S E R VAT I O N S

MKT2414_Lecture 8_pdf.pdf - MKT2414 | MARKETING VENTURE...

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1 M K T 2 4 1 4 | M A R K E T I N G V E N T U R E C H A L L E N G E LECTURER: GAP KIM | [email protected] L E C T U R E 8 : I D E A R E A D - O U T
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2 O B S E R VAT I O N S market sizing needs to have both market opportunity, and the area you will play (e.g. if you are opening a restaurant, you can't claim that the market opportunity is $1 trillion because that's consumer spend on restaurants) problem you're trying to solve should be concise; fit behind the back of a business card focus on target segment (usually narrow) to bring focus to your value creation and bring out competitive advantage think scale vs. linear growth (especially for existing businesses); for example, if you have a successful restaurant, and your strategy is to open a new restaurant, that's a great way to "expand," but not scale - think McDonald's technology is great, but unproven "new" tech should not be the center of your business (e.g. augmented reality)
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3 G R E AT I D E A S ! R E A L LY G O O D J O B !
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