PITCH
This is the core belief or purpose of your business idea—your cause, your reason for doing what you do.
Answer: Why
It is the amount of money a customer must pay to obtain a product or service.
Answer: Price
A good or service a firm offers to its target market.
Product
A structured technique used to generate a large number of ideas in a group setting, encouraging open and judgment-free discussion.
Answer: Brainstorming
A long-term plan of action designed to achieve a particular goal or set of goals for a nursing innovation or healthcare business.
Answer: Business Strategy
This part of the Golden Circle explains the specific actions taken to realize your ‘Why’ and make your solution possible.
Answer: How
This pricing strategy sets a low initial price to quickly attract customers and gain market share, often used for healthcare products or services.
Answer: Penetration Pricing
It is the amount of money consumers pay to buy a product.
Price
The ability to generate new and original ideas that can be turned into valuable solutions in nursing practice.
Answer: Creativity
This strategy focuses on offering unique services or products in the nursing field that stand out from competitors.
Answer: Differentiation Strategy
A short and persuasive speech that explains your nursing business idea or innovation clearly and quickly, usually within 30 to 60 seconds.
Answer: Elevator Pitch
A pricing strategy based on the perceived value of a product or service by the customer, rather than on the actual cost.
Answer: Value-Based Pricing
Making people aware of a product or service in hopes of persuading them to buy it
Advertising
The process of turning creative ideas into products, services, or processes that improve patient care or nursing outcomes.
Answer: Innovation
A business strategy where a nursing entrepreneur aims to provide services at a lower cost than competitors.
Answer: Cost Leadership Strategy
The model developed by Simon Sinek that encourages innovators to communicate starting from purpose to method, then offering.
Answer: Golden Circle Framework
A strategy where prices are set high initially and lowered over time, often used for new, innovative health technologies or products.
Answer: Price Skimming
Efforts to establish and maintain a company’s image with the public
Public Relations
The stage in the innovation process where an idea is tested, validated, and refined before full implementation.
Answer: Prototype or Pilot Testing (Accept either)
This type of analysis is used to assess internal strengths and weaknesses, as well as external opportunities and threats in a business environment.
Answer: SWOT Analysis
The key element of an elevator pitch that explains the unique benefit your product or service provides to solve a health-related problem.
Answer: Value Proposition
It involves determining prices by adding a markup percentage to the total cost of production.
Answer: Cost-Plus Pricing
Activities the firm takes to communicate the merits of its product
Promotion
A type of innovation that involves improving existing products, services, or processes in nursing.
Answer: Incremental Innovation
A measurable outcome or result that a healthcare business aims to achieve within a specific timeframe.
Answer: Business Goal