Complete the following business plan aspects required to help you prepare for your final Business Plan Project due at the end of the term. Be sure to save a copy of your responses to all BizBuilder Plan Activities each week, so you can easily access them when you are ready to compile your final project. Please note the BizBuilder Plan Activities are to be used as a research tool. The following parts are a continuation from previous weekly activities and should be incorporated into the appropriate sections of the final Business Plan.
Marketing Strategy
Explain how your marketing plan targets your market segment (geographic, demographics, psychographics, behavior). Be specific.
Explain what percentage of the market you need to capture for your business to be profitable.
Using the format described in Chapter 4 of your text, write a positioning statement for your organization.
How will you grow the business (self-generated, franchising, acquisition)?
Products/Services
Describe in detail what products/services you intend to market.
What materials will you use to make it, and where will you supply these materials?
Describe the features and benefits of the product/services your business will sell.
Explain how these will meet a specific consumer need. (What pain do they remove or improvement do they provide?) Describe the features/benefits that you will focus on in your marketing.
What copyrights, trademarks, patents, or other IP do you need/expect to own?
Describe your pricing structure and strategy (value, prestige, cost-plus, penetration, skimming, meet-or-beat, follow the leader, variable, personalized, or price lining.) What gross margins do you hope to generate?
What, if any, will be your discount structure?
On what terms, if any, will your company extend credit to customers?
Sample Solution