Activity: Develop Business Concept
The key indicator of business success is how well your service and product offerings meet your customers' needs. When developing your business concept, it is important to articulate those offerings and the supporting strategies and tactics needed to realize your business vision.
More detail: Purpose - Frequency - Steps
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Purpose
To define the core components of the business and its strategy. This includes defining and refining the following:
- Business mission and objectives
- Target markets and audiences
- Unique value proposition and differentiating factors
- An outline of organization and operational support
- Revenue model
- Core go-to-market strategies (pricing, payment, customer support, etc.)
- Key implementation considerations
These decisions are captured in the Artifact: Business Concept.
Frequency
A single Business Concept drives the project. This activity is usually performed iteratively during the Inception phase to develop and then refine the components of the business plan. Some steps such as refining go-to-market strategies may continue during other phases.