How will you position your product/service in a way so that buyers SEE you in the information search?

Words: 856
Pages: 4
Subject: Uncategorized

Business Plan-
Phase 5 Marketing Management
Market Analysis. Describe the current state of the market. What are the strengths and weaknesses right now? 2 paragraphs.

Market Segmentation and Target Market Selection. What are the different segments in the market? Are you going to focus on any particular segments. (Please know what a segment is, do some research, or watch for instructional videos).
Clearly lay out the segments you are going to focus on. Within each segment, set a target market. You must have at least 2 segments and one clearly defined target market. Research to make sure you understand what these are. Each segment should get a paragraph description. Segment #1 18-22 yr old Males.
Buyer Behavior How do your customers generally move through the Consumer Behavior Decision Process? The following link can be cut and paste into your browser to understand more about this:
https://directiveconsulting.com/blog/5-stages-of-the-consumer-decision-making-process-and-how-its-different/
In this section of the plan, walk the reader through each stage. How does the buyer problem know they have da r need? What is the problem or need?
How does your future buyer search for information on this subject? How will you position your product/service in a way so that buyers SEE you in the information search?
How does your buyer tend to evaluate alternatives? For example, in the resort business, a buyer might have three or four resorts they are deciding by. What are they typically evaluating when they search? How can your business be among the top three as they are evaluated?
Finally, buyers will purchase your product. Why do they choose YOU (revisit your core distinctives and your mission statement). HOW do they complete the transaction logistically? How can you make the buying process enjoyable and effective?
After purchase, buyers will think about their purchase. How can you make sure they are satisfied after the sale? What process will you use to ensure they had a good experience? How will you resolve problems after the sale?
Each of these items will need one paragraph to discuss and overview.

Phase 5 Competitor Analysis
The best way to understand competition is using Porters 5 Forces. Watch a video (2min) on Porters 5 forces. And provide an overview of each of the 5 competitive forces mentioned in the video below.

https://hbr.org/video/3590615226001/the-explainer-porters-five-forces
5So you will discuss Substitutes with a 1 paragraph (or couple sentence) overview, and so on. When it comes to Industry Rivals, be thorough and List all of your main competitors (up to but no more than 4) , and describe their strengths and weaknesses. For example, using the Resort business:
**Begin Example**
Substitutes. One major substitute for regular yearly week long vacation stays is something our resort business called The Big Splashy Vacation. At times, families will desire to use their vacation days outside of their annual resort vacation. They may want to instead visit The Grand Canyon or Hawaii or Sturgis Motorcycle Rally. Desiring something different, they would technically lose their rights to come back subsequent years (for us to hold that cabin and that week). To counter this, we will continue to offer the best service at our resort, but also we will be willing to hold their cabin, allowing them to have their Big Splashy Vacation without penalty, as long as it is not routine.
**End Example**
In the above example, you can see that the Porters Force is described briefly, and then mitigation is offered. Mitigation is a word that means, How will you fix this or address this situation to your benefit?

Phase 6 Finances and RISK

Revenue Drivers and Profit
What are your main sources of profit? How will you plan to maximize focus on your main sources of profit?

What important considerations are there for driving revenue in your main product line?
Fixed and Variable Costs
Create a spreadsheet that lists your anticipated fixed and variable costs. Forecast the first years sales.

So you will list your various revenue streams, and your various expense items.
StartUp Costs
What are the start up costs associated with this endeavor? What sources of funding must be used in order to start the business? (think self, family/friends, investors/bank)
Challenges and Risks
Identify some potential challenges with the business. Use your previously completed PESTEL analysis and discuss the external forces that place your business at risk.

Phase 7 – Management
Management Team (Including a Skills Profile)
Describe how your interests and organizational focus areas converge for success within this business model. In other words, how does your personality fit the profile of a business owner or entrepreneur? Maybe it doesnt! And here is a spot to discuss why you are not well suited for business ownership, but more for supporting an organization. We need both!

Let Us write for you! We offer custom paper writing services Order Now.

REVIEWS


Criminology Order #: 564575

“ This is exactly what I needed . Thank you so much.”

Joanna David.


Communications and Media Order #: 564566
"Great job, completed quicker than expected. Thank you very much!"

Peggy Smith.

Art Order #: 563708
Thanks a million to the great team.

Harrison James.


"Very efficient definitely recommend this site for help getting your assignments to help"

Hannah Seven