Product or Service
Identify your product or service
by what it is, who will buy it, how much they will pay for it and how much it
will cost for you to produce it, why a consumer demand exists for your product,
and where your product sits in comparison to similar products/services now
available.
·
Describe the marketplace
rationale for the differences between your product and a competitors. Look at
quality, price, new ideas/approaches, and how your product appeals to a
specific customer base - both existing customers and new customers you hope to
attract to the market.
·
Be specific about how your
product/service improves upon those already existing, your use of quality
control, post purchase evaluation (and how you will obtain feedback) and the
scope of service you will provide: responsibilities, liabilities and expectations.
Location
·
Identify the location of your
business, why it is located there (strategic, competitive, economic
objectives), your expected methods of distribution, and timing objectives.
·
Different products have different
shelf lives and your estimation of how long your product will remain on the
shelf is an important one.
Promotion
·
Describe the type of promotional
methods you will use to spread the word about your product. Identify techniques
such as word of mouth, radio and newspaper ads.
·
For radio, focus on a stations
music format and its relationship to your products image, broadcast area,
cultural focus, age focus, etc.
·
For newspapers and other print
mediums, consider the level at which you wish to advertise (local, regional,
provincial, federal, cross-national, etc.), in what mediums (trade magazines,
professional, recreational, cultural, hobby, special interest, etc.), how
often, and the timing of such advertisements (seasonal, special issues, etc.).
·
List accessible tradeshows that
offer your business and opportunity to display banners and promotional
literature.
·
Explain your use of expensive
mediums such as television and billboards. Both are highly expensive, while
computer based "bulletin boards" and the Internet can provide a
global audience.
·
Promotion through associations
and government support programs offer an opportunity for success stories to
advertise.
·
In store promotions, sidewalk
sales, plant tours, free samples, openhouses, "point of sale"
displays, acknowledgment in government programs, agendas, brochures and
calendars are other avenues for promotion. Also, gimmicks like draws for free
product samples and service visits also provide you with a mailing list for
future considerations.
·
Alliance campaigns between
yourself and associated businesses (retailers, suppliers, etc.) provide you and
some complementary businesses the chance to improve your market image and
potential sales.
Price
·
The prices of your products or
services should reflect your overall company strategy. Pricing should be
competitive as well as a reflection of the quality, costs and profit margin.
·
List the quality features of your
product or service, as well as the associated cost component for each item or
level of service.
·
List strategies you plan to use,
such as providing a discount on some items you sell in order to increase the
sales in other areas.
