Marketing Focus
Product or Service
·
Identify your product or service by what it is, who will
buy it, how much they will pay for it and how much it will cost for you to
produce it, why a consumer demand exists for your product, and where your
product sits in comparison to similar products/services now available.
·
Describe the marketplace rationale for the differences
between your product and a competitors. Look at quality, price, new
ideas/approaches, and how your product appeals to a specific customer base -
both existing customers and new customers you hope to attract to the market.
·
Be specific about how your product/service improves upon
those already existing, your use of quality control, post purchase evaluation
(and how you will obtain feedback) and the scope of service you will provide:
responsibilities, liabilities and expectations.
Location
·
Identify the location of your business, why it is located
there (strategic, competitive, economic objectives), your expected methods of distribution,
and timing objectives.
·
Different products have different shelf lives and your
estimation of how long your product will remain on the shelf is an important
one.
Promotion
·
Describe the type of promotional methods you will use to
spread the word about your product. Identify techniques such as word of mouth,
radio and newspaper ads.
·
For radio, focus on a stations music format and its
relationship to your products image, broadcast area, cultural focus, age focus,
etc.
·
For newspapers and other print mediums, consider the level
at which you wish to advertise (local, regional, provincial, federal,
cross-national, etc.), in what mediums (trade magazines, professional,
recreational, cultural, hobby, special interest, etc.), how often, and the timing
of such advertisements (seasonal, special issues, etc.).
·
List accessible tradeshows that offer your business and
opportunity to display banners and promotional literature.
·
Explain your use of expensive mediums such as television
and billboards. Both are highly expensive, while computer based "bulletin
boards" and the Internet can provide a global audience.
·
Promotion through associations and government support
programs offer an opportunity for success stories to advertise.
·
In store promotions, sidewalk sales, plant tours, free
samples, openhouses, "point of sale" displays, acknowledgment in
government programs, agendas, brochures and calendars are other avenues for
promotion. Also, gimmicks like draws for free product samples and service visits
also provide you with a mailing list for future considerations.
·
Alliance campaigns between yourself and associated
businesses (retailers, suppliers, etc.) provide you and some complementary
businesses the chance to improve your market image and potential sales.
Price
·
The prices of your products or services should reflect your
overall company strategy. Pricing should be competitive as well as a reflection
of the quality, costs and profit margin.
·
List the quality features of your product or service, as
well as the associated cost component for each item or level of service.
·
List strategies you plan to use, such as providing a
discount on some items you sell in order to increase the sales in other areas.
Financial
Information
·
Show the predicted level of sales you expect to realize
with and without the strategies you have outlined in the marketing plan. Show
the natural level of sales as described in your business plan, and then show
the expected increase in sales as they relate to specific marketing techniques
you will use.
·
Show the market share you will hope to attain, based on
"high", "medium", and "low" estimates for the
success of your marketing strategy.
·
Forecast the "break even point" for each of the
following 5 years, in the number of sales in dollars. This will demonstrate
your need to realize a certain amount of sales in order to cover your expected
costs for each of the next 5 years.
·
Outline the areas of weakness in the financing of your
business; the deficiencies that may be found in areas such as "operating
capital", outstanding loans, and insufficient credit.
·
Provide appropriate suggestions for reducing the effect
that these deficiencies will have on the successful operation of your business.
No comments:
Post a Comment