HOW TO DEVELOP A BUSINESS CONCEPT IN YOUR BUSINESS NICHE

Sometime last year a friend came with an idea on a particular kind of trade he wants to start up. An idea he has tried for some years now and it didn’t get to work for him. I told him about developing a business concept, we spent time working on his business together and today am glad my friend has a thriving business in his location, this is simply on the strength of a business concept.

 

Today i want to show you this secret, called a business concept and how to develop it to pay you.

What is a concept?

A concept is a general idea, especially an abstract one. For the proposed business venture to succeed in the chosen market niche there is a need to test the business concept to see if it will be able to cope with the demands of the business environment, and continue to remain reliable despite the continuous flux taking place.

Enveloped in the business concepts are assumptions about the market, technology and its dynamics, mission of the new business venture, and the core competence needed to accomplish the goal of the business firm.

After a few new business opportunities have successfully been evaluated in the idea stage, it should be further developed and refined through interaction with the targeted consumers.

In the concept development stage,

The refined idea is tested to determine if it will be acceptable to the anticipated consumers. Initial reactions to the concept can be obtained from potential consumers or members of the distribution channel when appropriate.

One method of measuring consumer’s acceptance is the conversational interview in which selected respondents are exposed to statements that reflect the physical characteristics and attributes of the product or service idea.

Favorable as well as unfavorable product or servicefeatures can easily be discovered by analyzing consumers’ responses, with the favorable features then incorporated into the new product of the selected business. Of importance in the concept compares well with that of competing firms in terms of quality, reliability and validity.

For the business concept to be successful, the assumptions about the environment, mission and core competence of the new business must fit reality. The assumption in all three areas must fit on another, and be known by all members of the new business concern. This is basic in establishing what is intended to avoid slightly or completing altering the framework of the concept.

Finally on the process, the business concept must be tested constantly. This is because it is based on things that are in constant flux (Society, markets, consumers and technology).

A business concept must therein inside have a pivotal value it is offering, this is because the pursuit of many are branded in the concept of return in a business idea. It has consumed so many that they don’t take time to develop a business concept model that cans good returns in the market place.

Because of this products or services are delimited are of little value in dispensing. I t is therefore appropriate to take time to develop models that will add value to the market place.

In conclusion a business concept must be dynamic in all its ramifications. Dynamic such that all factors analyzed above must be contained in the framework. This is has a simple approach to what is obtained in the approach used. Businesses thrive absolutely well when a business concept is duly followed through process in all its concerns.

Do you intend starting up a business that will thrive beyond time, duly consider strongly a business concept or an idea that is strongly built with the details above. It would be good starting out on a well structure, It will stay away options of fading out so easily. Most business start out well and phases out in the course of time maybe because of the environmental factors amongst others. This is a good beginning for your business.

Let me get your feedback on the comment session. For further details contact us @ Admin.

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