Business Plan Part 1

As a group determine what your primary product is.  Will you market your product to the consumer or the customer?(see vocabulary sheet). 

For example, an adult who buys a box of cereal is most likely both the customer and consumer.  However, if the adult is a parent, that might not be true.

Read the Introduction through to the Seven Phases of Production Development.
http://www.udel.edu/alex/chapt11.html

Once you have determined your product;

i. Describe the product and/or service
□ Describe the product in detail, such as the color(s) size, etc.  Describe the type of service.

ii. Point out any unique features. 
□ Is the product or service new or improved?

iii. Explain why people will buy the product or service.               
□ What is the motivation that people will buy the product? 
For example, is the motivation based on personal gain, economy, health, comfort and convenience, safety and protection, affection and love, prestige and recognition, variety and recreation?

-Include this in your product section of your Venture Plan Binder