Business Plan Assignment #3:
Business Description and Marketing Plan
Complete the following sections of the Business Plan Outline: I. Business Description ? Deliverable: 1 page, double-spaced, typed II. Marketing Plan ? Deliverable: 4-plus pages, double-spaced, typed Specific Items to Address within the Assignment: Target Market(s): Identify how your target market is defined: 1. What Demographics are you targeting? (age, income, etc.) 2. Are you targeting a specific geographic area only? 3. Are you targeting people who have psychographic/lifestyle things in common? What is your approach to your target market(s): 1. Concentration approach 2. Total Market Approach, or 3. Multi-segment Approach 4 P’s of Marketing Mix: Be sure you’re specifying your strategy in all 4 areas 1. Product: ? What is your product mix? ? Are your products/services convenience, shopping or specialty products? 2. Price: Where will you be in the market for price? ? Will you be using penetration pricing? ? Will you do significant discounting? ? Is your product a “prestige” pricing product or service?
3. Place (Distribution): ? Where do your products or supplies come from? (wholesalers, buy direct from manufacturer, etc.) ? How will you “deliver” your product to your customer? (sell at store only, deliver to customer at home, ship via UPS, etc.) 4. Promotion: How will you communicate with your target market? Specify what promotion tools you’ll use and why they are a good fit for your target market. a. Advertising: Where will you advertise? Be specific. For instance, if you say Newspapers – which newspapers? If radio, which station(s)? Why will you choose those specific places to advertise? b. Personal Selling: Are your products/services complex enough to require personal selling? Will you go out to call on potential customers, or will you just wait for them to enter the store? c. Publicity: What Publicity methods will you try to use? d. Sales Promotion: Are sales promotion tools appropriate for your business? Which promotional tools will you use?