Product/Service Development What is your Business? Product or Service? • Product: Develop a model/visual representation of your product – Ex) skateboard, backpack, piece of clothing • Service: Something you provide a customer that you cannot touch or feel but rather experience – Ex) a car wash or lawn mowing S.W.O.T • Determine your industry – Ex) the fast food industry • S.W.O.T: shows the internal and external aspects of your business. – Strength: Internal strengths within your company – Weaknesses: Internal weaknesses within your company – Opportunities: External Opportunities for your company – Threats: External threats for your company Competition • Identify Competitors • Show how your company will differentiate – Offering something to customers that other competitors don’t • Ex) product ideas: product features, high quality • Ex) Service ideas: great customer service, environmentally friendly Target Market • Who and Why – Who you are planning on selling your product or service to – Why you chose this demographic • Define by: – – – – Geographic area Personality traits Age Gender Vision and Mission Statements Vision and Mission Statements • Vision Statement: a declaration of your company’s goals for the mid-term and longterm future. This is what your company wants to be. • Mission Statement: identifies what your company does, who it does it for, how it plans to do it. This is the statement for the company’s reason for existing. Example of Vision Statement Amazon’s Vision Our vision is to be earth’s most customer centric company; to build a place where people can come to find and discover anything they might want to buy online. Example of Vision Statement Google’s Mission To organize the world’s information and make it universally accessible and useful. Good Luck!