Homework: Entrepreneurship and Small Business
Learning Outcome:
o Utilize strong analytical skills and tools to formulate an effective Bootstrap Marketing Plan on which a small business can build a competitive edge in the market place.
o Deliver and communicate marketing massages in coherent and professional manner.
Task: Start-up Business Plan
Imagine you started a new business as an entrepreneur in Saudi Arabia.
Think and share information on the following items:
• Marketing Plan
o Market Research- Why?
o Market Research- How? Primary or Secondary Data?
o In your marketing plan, be as specific as possible; give statistics, numbers, and sources. The marketing plan will be the basis, later on, of the all-important sales projection.
• Product
o Describe the most important features. What is special about it?
o Describe the benefits. That is, what will the product do for the customer?
• Customer
o Identify your targeted customers or your ideal customer: How many of them are there? It's important here to be specific.
o Demographics
o Customer relationships: How do customers want to interact with the business?
• Competition
o What products and companies will compete with you?
o How will your products or services compare with the competition? Identify the organization's competitors and their strategies, along with ways to counter competition and gain market share.
o How is your target market solving their problem today? Are there alternatives or substitutes in the market?
o Investors will want to know what advantages you have over the competition and how you plan on differentiating yourself.
• Strategy
o Outline a marketing Strategy.
• Promotion
o How will you promote your Product?
o What will be your promotional budget?
• Distribution Channels
o How do you sell your products or services?
o What are the costs associated with distribution?
Format your homework according to the give formatting requirements:
• The answer must be using Times New Roman font (size 12), double spaced, typed, with one-inch margins on all sides.
• The response also includes a cover page containing the student's name, the title of the homework, the course title, and the date. The cover page is not included in the required page length.
• Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.