Throughout the day Saturday you may wear many hats. There are a lot of questions to answer and problems to solve. I covered the first three business facets in this post. The final four business facets are interesting and vital to your business’ success. They are:
- Product/Service Design
- Product/Service Development
- Business Model
What is Product/Service Design?
A simple way of looking at product and service design is understanding and applying user experience. Eric Eriksson at Instagram wrote a great article that explains the what, who and why of product design. I’ve also included an article about digital product design by Andrew Aquino, a product designer at Facebook.
What is Product/Service Development?
Product/service development takes the design concepts and creates the product or service. Development is the implementation of design. While there can be some overlap between design and development, they are fundamentally different. Also, the product or service can be physical or digital. This means you could have a factory producing vacuums or a digital team creating games.The following articles will help you better understand product/service development.
- Product Development by Entrepreneur Magazine
- Product Development Strategy from the Houston Chronicle
- Innovation for Everyone: Everything you Need to Know About New Product Development
Marketing is often confused with advertising and sales. Head over and read What is Marketing? A Beginner’s Guide to Marketing and end your confusion. The answers are clear and it covers the four P’s: Product, Price, Promotion, and Place.
I have used MarketingTeacher.com to learn about marketing strategy and consumer behavior.
What is a Business Model?
Investopedia.com defines a business model as “the company’s plan for how it will generate revenues and make a profit. It explains what products or services the business plans to manufacture and market, and how it plans to do so, including what expenses it will incur.”
Whew! Luckily we have great resources to rely on when creating our business models. I’ve included “What is a Business Model?” from the Harvard Business Review. The quality of HBR articles are worth the effort of creating a free account. You will have access to three articles. Choose wisely, you will not be disappointed.
One item I wish to include is the Business Model Canvas. I have worked with this in an online course and I know it will be helpful to you. The Business Model Canvas can be found here. Be sure to watch the 2 minute video that shows its power.
We’ve covered many topics today. You will have all weekend to work on your startup project. I hope the links I’ve included help you and your team create a viable business. Watch this space for an article on creating your presentations.