In your industry analysis
In your industry analysis, you provided general information about the temperature of your industry environment. The marketing phase of the project requires you to give a more detailed description of your competitors and any challenges their position in the market may present. For more information on the Marketing section, please see Writing a Business Plan in Course Materials. This section of your project should include:
Include a detailed analysis of your target market, including:
- Describe your selected target market.
- Why the individual variables are important for your business? (why the age you selected is important, why the income level you selected is important, etc.)
Describe at least 3 companies you see as your main competitors and your plans to respond to their market presence.
- Briefly describe why you feel they are a competitor.
- Describe 3 perceived strengths of each competitor and why you feel they are strengths.
- Describe 3 perceived weaknesses of each competitor and why you feel that they are weaknesses.
- Explain how your company intends to take advantage of their weaknesses.
- Explain how your company plans to combat their strengths.
Product or Service
- Describe at least 3 features of your product.
- Explain how each feature will benefit your customers.
- For example: one feature of our college is that there are small classrooms. The benefit of small classroom sizes is that there is more focus on the individual student and students are able to collaborate amongst each other. Smaller classrooms have proven to be more beneficial academically than larger classrooms.
- What makes your product special?
- How will you differentiate your product to make sure that it succeeds?
- Which pricing strategy did you choose?
- Hint: Since your business is new, so is the product. Therefore, you probably want to choose between price skimming and penetration pricing.
- Why did you select this particular pricing strategy and what is your goal with this strategy?
- What will your product or service be priced at?
Sales and Promotion
- Describe your chosen distribution channel
- Why did you choose this particular distribution channel?
- How will you advertise to your target market?
- Why have you chosen these forms of advertisement?
- How does these channels best reach your target market?
Use clear, concise, complete sentences, transitions between paragraphs, standard spelling, grammar, and punctuation as expected in a professional business plan.
Submit your completed assignment to the drop box below. Please check the Course Calendar for specific due dates.
Save your assignment as a Microsoft Word document. (Mac users, please remember to append the “.docx” extension to the filename.) The name of the file should be your first initial and last name, followed by an underscore and the name of the assignment, and an underscore and the date. An example is shown below: