Industry trends
- This section should describe what is occurring in the marketplace
that is affecting the future of your industry and your business. Include
facts and data available to support your opinions. Questions to answer:
- What are the current
and future trends of the industry your business is in?
- How do the products
or services fit the current and future trends?
- How do you intend
to keep up with future trends?
Target market - Describe
characteristics, purchasing habits, needs, wants and trends of your
potential customers. Questions to answer:
- What are the characteristics
of your customers?
- What are the needs
and wants of your customers?
- Where did you get
this information about your customers?
The competition -
Analyze the direct and indirect competition in terms
of location, market, business history and service or product line.
Explain how you will compete. Questions to answer:
- Who is the competition?
- Where is the competition
located?
- How strong is the
competition? Are some stronger then others?
- How long has the competition
been in business?
- What is the reputation
of the competition?
- How are your products
or services unique and different from the competition?
- How will you compete
effectively with the competition?
Distribution - Explain
the manner in which products and service will be made available
to the customer. Questions to answer:
- How will you make
your products or services available to the customer for sale?
- How will you deliver
your products or services to the customer?
Pricing
- The price of your product should be acceptable to the
customer and provide profit to the business. Pricing is the result
of market research. Explain how you arrived at your pricing structure.
Questions to answer:
- How will your products
or services be priced?
- Is the price of your
products or services high, average or low in comparison to the
competition?
- Why did you decide
on the prices?
Packaging
- Decisions about packaging should be based on your marketing
research. Product design, distribution system and costs all affect
packaging. Questions to answer:
- How will your products
or services be packaged?
- Why did you choose
the packaging you did?
Marketing tools
- The methods and tools that you use to attract the attention
of potential customers will have direct impact on your marketing
success. Creativity and customer knowledge are important to determining
marketing tools. Questions to answer:
- What methods will
you use to reach your potential customers? Direct mail, direct
sales, advertising, trade shows, telemarketing?
- What tools will you
use to communicate with your potential customers? Samples, brochures,
billboards, display booths?
Customer service strategies
- The greatest marketing strategy in a competitive marketplace
is responsiveness to customers. Questions to answer:
- How will you measure
customer satisfaction?
- How will you handle
customer complaints?
