1. Lecture 6 Business Planning, Business Naming, and Products/Services
Dr. Hatem Elaydi
ECOM 5368 Engineering Management (Entrepreneurship & ework)
Islamic University of Gaza
Sep 17, 2016

2. Business planning Planning: laying out a future course of actions.
Planning involves predicting the future of the business venture up to the time of “opening doors” for business
Selecting the actual start date requires thorough planning.
Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

3. Steps to plan a course of action
Identify the problem
Collect and classify information
Distinguish different courses of action
Select a course of action
Evaluate the outcomes
Develop a planning schedule
Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

4. Developing a planning schedule
On daily basis, review and add all the tasks involved in bringing the business venture to an opening date of operation. List all these tasks in any order.
From the list of tasks, analyze the sequence for completing the tasks. (Place in logical order - prioritize)
Identify who will perform these tasks and When.
Develop the bar graph schedule sheet.
Record progress
Review and alter planned tasks
Develop a regular planning procedure
Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

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9. Name your Business
Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

10. Characteristics of a business name
Distinctive
Describe your business
Create a mental image
Easy to recognize
Different from competitors
Few words
Indicate marketing strategy
Reflect desired image
Names to avoid
Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

11. Procedures for selecting a business name
Library use of telephone directories from other areas
Review business cards developed
Business directories
Chamber of commerce membership lists
Trade journals
Newspapers from other areas
Internet
Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

12. Exercise Selection of a business name Name Selected Rationale
Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

13. Define your product or service

14. They go out to the market to buy mouthwash
A person does not go out to the market for Cetylpyridium chloride, domenophen bromide and S.D. Alcohol 38F in a base of water, glycerine, polysorbate 80, sodium saccharin, benzoic acid, flavor and F D & C blue dye number one.
They go out to the market to buy mouthwash
Picture of results: clean breath, clean taste, to be more attractive to people, to enhance their self-esteem.
Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

15. Elements of product worksheet
Claim: is a proposal that has yet to be proved in your customer’s mind. Create interest
Fact: is a feature of your product or service. (formula, price, guarantee)
Benefit: appeal to customer’s emotions. (all positive advantages)
Evidence: defeat disbelief in your product or service. (photographs, brochures, statistics, testimonials, demonstration, analogies, examples, facts and exhibits).
Action: “close the deal” by asking customers to actually purchase your product or service.
Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

16. Units of persuasion One claim Two facts One benefit
One form of evidence
One call for action
Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

17. Example
Claim: be one of the special people that have clean breath and clean taste in your mouth.
Facts: designed for people who want to be more attractive to others, designed for maintaining good oral health.
Benefit: to look more attractive to others.
Evidence: buy one bottle of mouthwash. Meet your fiends and family. Take a friend out for coffee. Notice how much more attractive you feel and notice how quickly people respond to you.
Action: buy one bottle of mouthwash at a special price. You ‘ll see the difference as soon as you start using it.
Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

18. Assignment
In 50 words or less, describe your product or service. Be detailed and through.
Develop a definition of your product or service by filling out two to three product definition worksheets. Do not worry about order or sequence; you are just going for volume at this point.
When you have completed this, go back and develop ten units of persuasion in order of the most important first.
In paragraph form, using the product definition worksheet as a guide, write a full and complete description of your product or service and include the description in your business plan workbook. Include as part of your description the following information:
Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

19. Product description
Include as part of your description the following information:
Evidence as described in the product definition worksheet
Any research and development that has been completed
Any elements of ownership like patents, trade secrets, etc.
Future development
Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

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