Assignment task:
Come up with your own business idea and describe to me how you will market it by answering the 14 questions on the Marketing Outline included below. You can go ahead and read the marketing section of both example business plans that have been included in this packet as a reference if you choose to do so. Use the marketing outline and business plan examples as your guide. Make sure you are thorough, and please elaborate on your points. Let me know if you have any further questions. Once done you can submit your plan as a word document or a text entry. Good luck.
Marketing Plan Outline:
1. Business Name-What is your business name?
2. Mission Statement-Why are you in business?
3. Vision Statement-What does the future of your business look like?
4. Target Market (Ideal Customer)-Who are your customers? Who do you want to target? What are their demographics and psycho-graphics (psychology of the customer)?
5. Industry Analysis-What are the trends in your industry? Is it growing or declining?
6. Competitive Analysis-Who are your competitors? What are their strengths and weaknesses?
7. SWOT Analysis-What strengths, weaknesses, opportunities, and threats pertain to your business?
8. Product/Service Description-Describe your product and service. How will you differentiate and position yourself in the marketplace? What is your unique selling proposition (USP)?
9. Pricing Strategy-How much will your product or service cost to the customer? What is your pricing strategy?
10, Place (location/Distribution)-Where will you sell your products and how will you deliver them?
11. Promotional Strategies-How will you promote your product or service (magazines, online, direct mail, word-of-mouth, networking, and etc.)?
12. Philanthropic Strategies-How will you show your community that you are giving back?
13. 1 Year Marketing Goals/Strategies/Tactics-What are your marketing goals for your first year in business?
14. Budget -What is the estimated budget that you need to implement your marketing plan for your first year? How much money will your marketing cost you?