Section 1: Marketing Plan and Sales Strategy
In MS Word, write the 35 page marketing plan and sales strategy section of your business plan, in which you:
- Revise the companys target market based on the feedback received in the Week 3 discussion thread.
- Be sure to include demographic, geographic, lifestyle, psychographic, purchasing patterns, and buying sensitivities in the target market description.
- Assess your chosen companys market competition.
- Use the factors listed in the graphic in your textbook labeled Assess the Competition (page 125), to assess the companys market competition.
- When assessing the competition, specify the exact company and particular product or service you are competing against. For example, Coca Cola offers a portfolio of products, such as water, fruit juice, and cola. Are you competing against Coca Colas fruit juice product? Or its cola product?
- Be sure to detail your plan to differentiate yourself from the competition.
- Use the factors listed in the graphic in your textbook labeled Assess the Competition (page 125), to assess the companys market competition.
- Outline the company’s value proposition and create a marketing slogan/tagline for the product.
- The value proposition tells your customers why they want to do business with you.
- You need to know what message you want to convey in your marketing slogan before selecting the marketing vehicles in the next step.
- Specify the marketing vehicles you will use to build your chosen companys brand and justify the key reasons they will be effective.
- Marketing vehicles are ways to promote your product. Examples include social media, sponsored events, trade shows, and sampling. You will use a combination of these tactics.
- Planning to use online marketing tactics? Consult the Online Marketing Tactics worksheet on page 177 of your textbook to guide your response
