My Business Concept

My Business Concept

Introduction

Any strategic goal should be started by developing a new sub-category or category so that the destructive or difficult competition of brand preference could no longer be the standard, as the quotation of Henry David Thoreau also evidences this by the quotation “The question is not what you look at, but what you see”. A business concept is more worthy and productive if it is unique and differentiated from other existing businesses in the industry. In addition to it, the business concept should definitely comprise of useful strategies that could support that business concept in unsound circumstances and market conditions.

In this paper, there will be a business concept that will be made by using a diagram from the “Brand Relevance” by David Aaker, as in that diagram there are various business perspectives that would necessarily be applying to the chosen business idea.

Discussion

There are numerous methods or approaches that have been proven helpful in order to generate new concepts of business. Each different approach shows different aspects on the marketplace along with its dynamics and hence offers a momentum as well as enabler for bringing creativeness in the business idea. Most of the business organizations which are well-competent in processes are well-efficient at the approaches summarized in the Figure below:

Figure - Finding New Concepts (Aaker, n.d.)

The first part of this grouping of methods looks to potential customers or customers for insights, whereas, other approaches look to competitors, market trends, technology, role models, and existing competencies and assets.

Customers-articulated unmet needs are observable to customers, who are able to articulate often if they get an opportunity of that. The hoax is to acquire the information that could help the business in getting customers by knowing their unmet needs. One positive approach is to talk to customers in ...