Create a pitch for funding. In this pitch, you will have to convince senior management to greenlight the new product or service. Aspects of the pitch that must be addressed:
Value proposition: Describe the companys current value proposition in the market.
Describe the selected companys main product or service.
Discuss the companys overall strategic plan.
Competitive advantage: Describe the competitive advantage the company will gain by funding the project.
Describe how you discovered an opportunity to do something better than your competitors.
Determine how the new product or service shifts the value proposition of the company.
Risks and opportunities: Establish the risks and growth opportunities of the company.
Determine if the new product or service could disrupt the current industry.
Identify the risks associated with the development of this new product or service.
Growth opportunities: Describe the areas of potential growth for the company.
Identify the growth opportunities within the company.
Explain how the competitive advantage allows for growth.
Distinguish as a new product or innovation: Distinguish the new product/service as an innovation or improvement on an existing product/service.
Determine if the product or service fits within the capabilities of the company.
Note: a companys SWOT analysis or 10-K is an indicator of whether the new product or service could be feasible.
Explain how the new product or service adds to the portfolio of the company.
Target segment: Describe the targeted segment.
Identify the target customer.
Explain your blue ocean strategy.
Note: The new market is identified here.
Speculate sales: Speculate on the projected sales.
Justify your product or service by the numbers; discuss your projected revenue gain.
Note: it MUST have an ROI that justifies the project for investors and/or senior management.
Explain the risks associated with projected sales.
Speculate profitability: Speculate on the profitability of your proposed product or service.
Determine if the project is profitable.
Note: In this pitch for funding, senior management has to know that the project, based on market research, is speculated to be profitable. Use the companys current income statement to project how the companys profitability will be affected. Look to other companies in the marketplace with products or services similar to the one you are proposing as a basis for your projections. Note: these numbers are purely speculative.
Determine the impact on the functional areas of the business (accounting, marketing, sales, and so on).
CSR plan: Outline the plan to service the community or customers that purchase the product or service.
Discuss how the idea demonstrates corporate social responsibility (CSR).
Identify what the company has invested in as it relates to the communities they serve.
Discuss how a good CSR plan helps the company gain competitive advantage.
DEI plan: Summarize how the project will include a variety of perspectives to get a better unique value proposition.
Determine if the company has a corporate culture built on DEI.
Discuss how the projects DEI plan fits into the companys overall strategic plan.