In order to get into the market, it is of core significance to first conceptualize the business idea. Conceptualization – as our experts suggest – is the foundational stage of business development because it helps in preparing a blueprint of the abstract understanding in an entrepreneur’s mind. Converting an abstract idea into a plausible and coherent concept has guided us through the foundations of setting up and developing the business in a refined manner. The key features of this phase include
- Detailed description of the business vision
- Contemplating long-term business strategy and business model
- Initial plan of products/services to be offered
- Coherently organizing a unique selling proposition
- Preliminary estimations of initial costs, capital requirements, profits and revenues
- Chalking out a workable operational plan
- Thorough review of customer profile and competitor landscape
Key risks and mitigation plans
An exhaustive and refined conceptualization of a business idea leads to the second stage, which is its development and delivery. Development, according to our experts, is about practically executing and realizing the idea for which a blueprint has been chalked out. Our experts vigilantly navigate the idea through this phase because of the evident challenges that come up here, such as
- Rejection of the product/service by potential customers
- Uncertain circumstances in the external environment
- Abrupt technological development
- Unexpected sales turnover
- Misjudged competitor landscape
In order to cope with these uncertainties, entrepreneurs need to keep their blueprints at hand and always be prepared to plan mandatory mitigations. Our experts ensure that the development phase is given more attention and time than any other phase so that the growth of a business is not hampered.
Once the venture/product has entered the market, two challenges immediately emerge
- Fighting the rivals who offer the same/similar products
- Gaining a foothold in the market if a radically innovative product is offered
What’s common in both these challenges is the need to vigorously and zealously market the idea being launched. Concepts 123 is known for planning and executing marketing winning ideas of promotion that are exactly aligned with the digital demands of this era. Our experts are firmly of the view that after the conceptualization, development and delivery of a business idea, marketing and promotion become inevitable. The assessment of customer profile in the conceptualization phase leads us to develop a well-suited marketing campaign that promises to reach the right customer at the right time in the right manner.
