Business Finance Homework Help

4. Marketing Plan

a. Market Research- Why? (1 Mark)

b. Market Research- How? Primary or Secondary Data? (1 Mark)

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. (3 Marks)

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 or your ideal customer: How many of them are there? It’s important here to be specific.

• Demographics

• Customer relationships: How do customers want to interact with the business?

Competition

• What products and companies will compete with you?

• How will your products or services compare with the competition? Identify the organization’s competitors and their strategies, along with ways to counter competition and gain market share.

• How is your target market solving their problem today? Are there alternatives or substitutes in the market?

• Investors will want to know what advantages you have over the competition and how you plan on differentiating yourself.

Strategy

• Outline a marketing Strategy.

Promotion

• How will you promote your Product?

• What will be your promotional budget?

Distribution Channels

•How do you sell your products or services?

•What are the costs associated with distribution?