Describe what a concept statement is, and what it should include
What will be an ideal response?
A concept statement is a preliminary description of a business. It should include:
• A description of the product or service being offered.
• The intended target market.
• The benefits of the product or service.
• A description of how the product will be positioned relative to similar ones in the market.
• A description of how the product or service will be sold and distributed.
The concept statement is administered as part of product/market feasibility analysis and should be used to get initial feedback and input regarding a business idea.
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