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II. PRODUCT OR SERVICE ANALYSIS A. Description 1. Describe here what the product/service is and what it does: ________________________________________________ ________________________________________________ ________________________________________________ B. Comparison 1. What advantages does our product/service have over those of the competition (consider such things as unique features, patents, expertise, special training, etc.)? __________________________________________________ __________________________________________________ __________________________________________________ 2. What disadvantages does it have? __________________________________________________ __________________________________________________ __________________________________________________ C. Some considerations 1. Where will you get your materials and supplies? __________________________________________________ 2. List other considerations: __________________________________________________ __________________________________________________ |
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III. MARKETING STRATEGIES - MARKET MIX A. Image
1. First, what kind of image do we want to have (such as cheap but good, or exclusiveness, or customer-oriented or highest quality, or convenience, or speed, or ...)? __________________________________________________ B. Features 1. List the features we will emphasize:
C. Pricing
D. Customer Services 1. List the customer services we provide: 2. These are our sales/credit terms:
E. Advertising/Promotion 1. These are the things we wish to say about the business:____________________________________________________ ____________________________________________________ ____________________________________________________ 2. We will use the following advertising/promotion sources: 1. Television ________ 2. Radio ________ 3. Direct mail ________ 4. Personal contacts ________ 5. Trade associations ________ 6. Newspaper ________ 7. Magazines ________ 8. Yellow Pages ________ 9. Billboard ________ 10. Other__________________ __________________________________________________ __________________________________________________ __________________________________________________ _________________________________________________________________ MARKETING TIPS, TRICKS & TRAPS 1. Marketing Steps
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NOTES AND STRATEGIES FOR YOUR BUSINESS _________________________________________________________________ MARKETING TIPS, TRICKS & TRAPS 2. Marketing Positioning
_________________________________________________________________ NOTES AND STRATEGIES FOR YOUR BUSINESS MARKETING TIPS, TRICKS & TRAPS 3. Sales Strategy
Must be Important to the Customer: When the perception of competitive advantage varies between supplier and customer, the customer wins. Must be Specific: When a competitive advantage lacks specificity, it translates into mere puffery and is ignored. Must be Promotable: When a competitive advantage is proven, it is essential that your customer know it, lest it not exist at all. ________________________________________________________________ NOTES AND STRATEGIES FOR YOUR BUSINESS _________________________________________________________________ MARKETING TIPS, TRICKS & TRAPS 4. Benefits vs. Features
ORIGINS of purchase: Who buys it? OBJECTIVES of purchase: What do they need/buy? OCCASIONS of purchase: When do they buy it? OUTLETS of purchase: Where do they buy it? OBJECTIVES of purchase: Why do they buy it? OPERATIONS of purchase: How do they buy it?
Level of need Ability to pay Authority to pay Accessibility Sympathetic attitude Business history One-source buyer Reputation (price or quality buyer)
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_________________________________________________________________ NOTES AND STRATEGIES FOR YOUR BUSINESS _________________________________________________________________ CONVERT FEATURES INTO BENEFITS-THE "...WHICH MEANS..." TRANSITION FEATURES "WHICH MEANS" BENEFITS Performance Time Saved Reputation Reduced Cost Components Prestige Colors Bigger Savings Sizes Greater Profits Exclusive Greater Convenience Uses Uniform Production Applications Uniform Accuracy Ruggedness Continuous Output Delivery Leadership Service Increased Sales Price Economy of Use Design Ease of Use Availability Reduced Inventory Installation Low Operating Cost Promotion Simplicity Lab Tests Reduced Upkeep Terms Reduced Waste Workmanship Long Life BUYING MOTIVES RATIONAL EMOTIONAL Economy of Purchase Pride of Appearance Economy of Use Pride of Ownership Efficient Profits Desire of Prestige Increased Profits Desire for Recognition Durability Desire to Imitate Accurate Performance Desire for Variety Labor-Saving Safety Time-Saving Fear Simple Construction Desire to Create Simple Operation Desire for Security Ease of Repair Convenience Ease of Installation Desire to Be Unique _________________________________________________________________ PRICE / QUALITY MATRIX SALES APPEALS PRICE/QUALITY HIGH MEDIUM LOW HIGH "Rolls Royce" "We Try Harder" "Best Buy" Strategy Strategy Strategy MEDIUM "Out Performs" "Piece of the Rock" "Smart Shopper" Strategy Strategy Strategy LOW "Feature Packed" "Keeps on Ticking" "Bargain Strategy Strategy Hunter" Strategy THE BUSINESS PLAN - APPENDIX 2 FINANCIAL MANAGEMENT 1. Income Projection Statement
2. Balance Sheet
3. Monthly Cash Flow Projection
4. Information Resources _________________________________________________________________
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