Business Finance Homework Help
MGT 402 Saudi Electronic University Entrepreneurship and Small Business Discussion
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?
