Reference no: EM131713320
The business is about house hold furniture
Introduction
The Introduction should cover the following areas briefly but informatively:
- the business name
- nature of business
- description of the product and/or service
- the business location
- the business owners
- Initial Capital
- Source of capital
- Reasons why this business will be successful
THE MARKETING PLAN
1 Environmental analysis
- A discussion about the industry you are entering, in an historical and a geographical sense.
- A look at changes, advancements and trends over the last 10 - 15 years, and the current situation at an international, national, state and local level.
- Identify where your particular business fits into the industry and why there is an opportunity for your business.
2 Product(s)/service(s)
- A full description of the range of products sold and/or services offered, emphasising differences, improvements, innovations etc. compared to other products/service on the market.
3 Customer demographics
- Indicate who your customers will be in each segment, their age, sex, lifestyle, interests, and geographic location.
- How many are there in the areas you are going to service?
4 Competition and competitive advantage
- List three of your major competitors.
- Make a realistic assessment of their strengths and weaknesses.
- How will you address their strengths and capitalise on their weaknesses?
- What is Your COMpetitive advantage?
what position do they have in the market? (E.g. quality, price service).
5 Price strategy
- What pricing technique will you use? Explain why.
- What are your prices? Include a list of prices.
6 Advertising and promotional strategy
- List the methods you will use and the cost of bringing your product/service to
the attention of prospective customers, e.g. in which publication will you advertise.
- VVill you use direct marketing campaigns, if appropriate.
- What promotional literature will you be developing, i.e. flyers, etc.
- What other promotional tools will you use?
7 S.W.OT. analysis
- A grid identifying your Strengths, Weaknesses, Opportunities and Threats.
- Include a discussion of how you will take advantage of the strengths and opportunities and what action you will take to counter the weaknesses and threats.
8 Market research
- Details of the results of your market research produced from primary and secondary resources.
- Include details of any surveys/questionnaires used.
- Include tables and charts as appropriate.
9 Market targets
- How many products (or hours of service) are you going to sell. The targets need to be realistic, achievable and sufficient to make a profit.
- Present them in a table showing your targets for the first 12 months of operation.
- Make allowance for seasonal factors and the time required to go from a new business to full operation.