4. Marketing Plan (300 – 500 words)

a. Market Research- Why?

b. Market Research- How? Primary or Secondary Data?

c. 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.

Facts about your industry

• What is the total size of your market?

• Current demand in target market.

• Trends in target market—growth trends, trends in consumer preferences, and trends in product development.

• Growth potential and opportunity for a business of your size.

• What barriers to entry do you face in entering this market with your new company?

• How will you overcome the barriers?

• How could the change in technology, change in government regulations, change in the economy, change in your industry, affect your organization.

Product

• Describe the most important features. What is special about it?

• Describe the benefits. That is, what will the product do for the customer?

Customer

• Identify your targeted customers, their demographics

Competition

• What products and companies will compete with you?

• How will your products or services compare with the competition?

              Strategy

              • Outline a marketing Strategy.

Promotion

• How will you promote your Product?

• What will be your promotional budget?

Method of setting prices

•Compare your prices with those of the competitors. Are they higher, lower, the same? Why?

•How important is price as a competitive factor?

• Do your intended customers really make their purchase decisions mostly on price?

• What will be your customer service and credit policies?

Distribution Channels

How do you sell your products or services?

Legal Environment

 • Licensing and bonding requirements

• Health, workplace, or environmental regulations

• Special regulations covering your industry or profession

• Insurance coverage

• Trademarks, copyrights, or patents (pending, existing, or purchased

Personnel

•Number of employees

• Type of labor (skilled, unskilled, and professional)

• Where and how will you find the right employees?

• Quality of existing staff

• Pay structure

• Training methods and requirements

• Who does which tasks?

• For certain functions, will you use contract workers in addition to employees?

Inventory

• What kind of inventory will you keep: raw materials, supplies, finished goods?

• Average value in stock (i.e., what is your inventory investment)?

• Rate of turnover and how this compares to the industry averages?

• Seasonal buildups?

• Lead‐time for ordering?

Suppliers:

Identify key suppliers.

• Credit and delivery policies

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