Divides the market based on the situation that lead to product need, purchase, use

personalization, extension, community-building, collaboration

Consideration for value creation

this section refers to the contribution of business to the community, and how it alleviates the societal problems of the identified sector/s involved in the business plan.

Divides the market based on lifestyle and/or personally

Firms that though they reside in different industries, offer products and services that perform the same function

a bare-bones offering that has just enough features to allow useful feedback from early adopters.

Analysis of the customer environment uncovers unmet or underserved customer needs, as well as the market they occupy

refers to the identified community development plans for social impact

a set of value creating activities within a firm

team to collect customer feedback and to validate concepts and assumptions that underline the business idea.

a startup is temporary organization designed to search for a repeatable and scalable business model(under extreme uncertainty)

Firms offering products or services that are “ close substitute”

Divides the market into different geographical units

Divides the market based on blank or qualities sought from the product

to frame hypotheses.

Divides the market on the basis of company-specific variables

Rivals in the same industry

is a strategy used for fast and quantitative market testing of a product or product features.

the application of creative ideas, knowledge, or new technology, to a product/service, process, or business model that is accepted by markets and society.

to build minimum viable products to maximize learning.

4 Key Elements

Divides the market based on how customers actually buy and use the product

environment reveals the readiness of the particular technology, as well as any alternative technologies, on which the manager anticipates deploying the firm’s offering

Divides the market on the basis of blank variables

to test those hypotheses in from of customers.

improve functional operations

Firms that have the potential to provide products or services that are substitute

efficiency, accessibility, customer empowerment

Analysis of the company environment provides the current state of the company’s resources

Analysis of the competition environment reveal the structure of the industry and market, key competitors in the marketplace, and the firm’s relative advantage to each of the key players

improve industry specific business activities

Three (3) Components of Lean Startup

a set of value creating activities connecting a firm with other firms and customers