| 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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