Mapping the Landscape The aim of this exercise is to envision a small business venture that will be the focus for your character(s) (See - Small Business Character Sheet). The result is to create a Small Business Description that will serve as a reference/guide to other activities in the course. Be sure to pick something that interest you (and is of relevance). Consider any factors that your group deems relevant. Your group must select/develop small business (not a large business). You should engage in discussion to determine mutual interests or business goals, generate ideas, identify an opportunity, and create a 'high level' plan for a business venture. Once you have agreed on an idea, you will develop the following: 1. Describe the venture, including why it is a good small business opportunity. Describe the product/service, including core and actual product(s). If it is a unique idea, be sure it is something that is within your group's reasonable capabilities (In other words, don't tell me you're going to install fusion powered garage heaters unless you know you can actually invent such a thing). 2. Identify the target market(s) and provide some rationale as to how the product serves the chosen market. Does it solve problems? Provide value? Why will people buy it? 3. Identify and describe your business model - be sure to explain your inputs, work processes, how you produce value, how you engage customers, and the major components of the value chain (distribution, etc.) (You may refer to the Business Model Convas) 4. Determine how the product/service will be distributed (place). What channels will you use? Consider all the different ways that you might want to sell your product/service. 5. Develop a pricing structure. What are your influences (Cost, Competition, Rarity, Benefits/Value)? 6. Provide a brief plan as to how you will promote the product/service. Think about your value proposition; how will you communicate this value to prospective or existing customers? What message will you use? How will you build your brand? Basically, if you (or your group) decides to describe a new Personalized Pet Services company located near Whyte Avenue, serving University students and local residents, you will be a) going into some level of detail about the business, and b) using the same business as a reference in developing your Character Sheet. Your Business Description should demonstrate a high level of professionalism and academic integrity. Assume that you are actually planning this business, and that your reader is a serious investor or a potential customer. Your completed Business Description should be uploaded to the Moodle drop box