The first question someone asked me, what does a business degree mean? What he was asking in other words was, what does it mean when someone has a degree/diploma in business, or what good is a person to a company if he possesses a business degree? I simply answered; He or she has been trained to create value or is a value creator. He or she finds ways to create value for the company.
Then the second question he asked was, if you had to give an SOP (Standard Operating Procedure) on how to analyze a situation for a company wanting to create a new product or service within a particular market, how would you create the steps. I would answer like this :
(1) Ask questions to understand the Current Situation
(2) Ask questions to understand the Objective
(3) Ask questions to find out the Industry
(4) Ask questions to find out the Competition
(5) Ask questions to find out the Company’s business Core competency (Business)
(6) What products generates revenue – Only product – revenue stream
(7) What is the Unique selling Proposition – how you differentiate yourselves?
(8) What are the Customer segments?
(9) Analyzing Cost structure. What are the fixed costs? What are the variable costs?
(10) What would you Price it?