Promote and distribute your product or service

Assignment Help Business Management

Reference no: EM133503469

Question :

Starting a new business is an exciting endeavour that requires careful planning and strategic thinking. As future business leaders, it is essential for MBA students to gain a comprehensive understanding of the challenges and opportunities involved in launching a small business and in this course, you have gained valuable insights into the key aspects of a small business. In this assignment, you will reflect on a treatment plan that you have prepared with your teammates for a small business and create a list of Dos and Don''ts to guide you in your entrepreneurial journey. Include sufficient details about each Do and Don''t and review the enclosed rubrics prior to submitting your work.

Part 1: Describe your product or service idea
To start your business you need to have a clear understanding of what you will be offering. Thinking about the product or service that you are going to offer, provide a detailed description of your product or service. This description should cover various aspects of your offering, including its features, benefits, target market, and competitive advantage. It should demonstrate your understanding of the product/service and its potential in the market. Consider the following components when describing your product or service:

1- Product/Service Overview: Clearly explain the nature of your product or service. What is it, and what purpose does it serve? Provide a brief history or background, if applicable, to give context to your offering. Identify the unique features or attributes that set your product or service apart from competitors. Highlight the benefits customers can expect from choosing your offering over alternatives in the market. Include a picture of your product or service if you can.

2- Target Market: Define the specific target market or customer segment that your product or service aims to serve. Describe the characteristics, needs, and preferences of your target audience.

3- Pricing and Revenue Model: Describe your pricing strategy and revenue model for the product or service. Explain how you have determined the price point and how it aligns with market expectations and customer value.

4- Marketing and Sales Strategy: Outline your marketing and sales approach to promote and distribute your product or service. Describe the channels you will use to reach your target market and the tactics you will employ to generate sales.

5- Future Growth Opportunities: Discuss potential avenues for future growth and expansion of your product or service. Consider opportunities for diversification, partnerships, or market expansion. Ensure that your description is comprehensive, well-structured, and supported by relevant research and analysis. Use clear and concise language to convey your ideas effectively. Remember, this section is crucial in demonstrating your understanding of the product or service and its potential in the market. Use this opportunity to showcase your knowledge and provide a compelling case for the viability and value of your offering.

Part 2: Dos and Don''ts for Launching Your Business

Create a comprehensive list of Dos and Don''ts for the time that you want to start your own business and for aspiring entrepreneurs based on your reflection and knowledge gained throughout your BUSI 660 course. Consider the following aspects:
1- Business Planning
2- Financial Management
3- Operations and Logistics
4- Marketing and Branding
5- Team Building and Leadership

Reference no: EM133503469

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