Question

9. Define what an "elevator pitch" and describe its key elements. 10. List and briefly describe five overal business strategies for achieving a profitable business.

Answer 1

9. Elevator pitch is a short description or a short statement that explains about an idea, company or about a product in such a way that the listener understands it in a short period of time. OR It is a statement which elevates or highlights key features of a concept and gives an idea to listener about the concept.

The key elements of elevator pitch : a. Highlight the problem that your product solves main objective is to bring awareness about the problem which may arise if in case your product is not used, because to make your product viable your product needs to be specialist in solving some problem. Otherwise, your product can't sustain in the market for a longer period of time. b. Describe your solution. After you describe the problem, you need to define the solution for that. How your product is going to deal with it and how the solution is generated needs to be described. You should describe this in few words and using few bullet points. c. Identify your customers. Once you define the problem, you should also know the customers who faces the defined problem. While identifing the customers you will try to cover maximum memebers but you need to analyze various factors like competition, customer taste and preferences, seasons and many more. This helps to identify the possible customers in the market, instead of covering unwanted members in the market. d. Highlight your unique features. Ensure that you are creating a unique product /solution which the other competitors in the market do not have.This helps to create monopoly in the market. e. Describe how you are going to work. Another main point is that, you need to tell the listeners how you are going to achieve your targets,i.e.who is there in your team, what are your plannings, what procedures you follow and within what time you complete etc.