Stages and Steps of a Business Concept Evaluation

Stage 1:  Identify a Market Opportunity with Sales Potential 
   Step 1:  Analyze the industry
   Step 2:  Choose a target market and target customer
   Step 3:  Analyze the competition
   Step 4:  Develop an in depth understanding of your target customer
   Step 5:  Design an offering customers will buy
   Step 6:  Test the offering 

Stage 2:  Develop a Business Strategy to Pursue that Opportunity 
   Step 7:  Summarize your business concept and key stakeholder relationships.
   Step 8:  Determine how you will promote the offering
   Step 9:  Determine how you will create the offering
   Step 10: Determine how you will establish and manage your business
   Step 11: Identify required activities and resources
Stage 3:  Evaluate the Profit Potential of that Strategy 
   Step 12: Estimate sales that will be generated from promotions
   Step 13: Estimate expenses that are incurred to carry out your strategy
   Step 14: Calculate and analyze profits

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Content on this page is provided by Small Business Development Center.

Central Arizona College - District Office 8470 N. Overfield Road, Coolidge, AZ 85128 Phone: 800-237-9814