The business should be based on starting a BARBERSHOP.
Referring to your small business venture, discuss the following:
1. Who (very specifically) is the target market for your product/service? Why?
2. What is the basis for your competitive advantage, given your assessment of the competitive forces from Week One? Refer to Porter's Cost leadership vs. Differentiation vs. Niche strategy model. Write a basic positioning statement for how you will be positioned (relative to competition) in your target market's minds.
3. Discuss product components that will reinforce this positioning (brand, quality, packaging, etc.)
4. Discuss price components that will reinforce this positioning (price level, payment terms, etc.) You will need to specify an exact price for your basic product/service. We will use this price point to help with financial analysis next week.
5. Discuss places of distribution components that will reinforce this positioning (intensive/selective/exclusive levels, physical store vs. online presence, etc.)
6. Discuss promotion components that will reinforce this positioning (advertising geared toward target market, publicity, etc.)