Use catchy phrases to arouse the interest of your readers, listeners or viewers. Make sure the advertisements you create are consistent with the image you are trying to project. Remember the more care and attention you devote to your marketing program, the more successful your business will. Business Plan Outline Guide - the management Plan Managing a business, requires more than just the desire to be your own boss. It demands dedication, persistence, the ability to make decisions and the ability to manage both employees and finances. Your management plan, along with your marketing and financial management plans, sets the foundation for and facilitates the success of your business. Like plants and equipment, people are resources - they are the most valuable asset a business has.
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It may be a good idea to get a feel for the pricing strategy your competitors are using. That way you can determine if your prices are in line western with competitors in your market area and if they are in line with industry averages. Some of the pricing strategies you may use, depending on the type of business, are: retail cost and pricing competitive position pricing below competition pricing above competition price lining multiple pricing service costs and pricing (for service businesses only) service components material costs labor costs. It is a good policy to keep abreast of the changes in the marketplace uglies because these changes can affect your competitiveness and profit margins. Advertising and Public Relations How you advertise and promote your business may make or break your business. Having a good product or service and not advertising and promoting it is like not having a business at all. Many business owners operate under the mistaken concept that the business will promote itself, and channel money that should be used for advertising and promotions to other areas of the business. Advertising and promotions, however, are the life line of a business and should be treated as such. Devise a plan that uses advertising and networking as a means to promote your business. Develop short, descriptive copy (text material) that clearly identifies your goods or services, its location and price.
How does their roles product or service differ from yours? Start a file on each of your competitors. Keep manila envelopes of their advertising and promotional materials and their pricing strategy techniques. Review these files periodically, determining when and how often they advertise, sponsor promotions and offer sales. Study the copy used in the advertising and promotional materials, and their sales strategy. For example, is their copy short? Or how much do they reduce prices for sales? Using this technique can help you to understand your competitors better and how they operate their businesses. Pricing and Sales your pricing strategy is another marketing technique you can use to improve your overall competitiveness.
Nations compete for the consumer in the global marketplace as do individual business owners. Advances in technology can send the profit margins of a successful business into a tailspin causing them to plummet overnight or within a few hours. When considering these and other essay factors, we can conclude that business is a highly competitive, volatile arena. Because of this volatility and competitiveness, it is important to know your competitors. Questions like these can help you: Who are your five nearest direct competitors? Who are your indirect competitors? How are their businesses: steady? What have you learned from their operations? What are their strengths and weaknesses?
Has your franchisor segmented your markets? Are your markets large enough to expand, depending on franchisor restrictions? How will you attract, hold, increase your market share? Will the franchisor provide assistance in this area? Based on the franchisor's strategy, how will you promote your sales? What pricing strategy, if any, has the franchisor devised? Competition is a way of life. We compete for jobs, promotions, scholarships to institutes of higher learning, in sports - and in almost every aspect of your lives.
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By identifying these factors, you can develop a marketing writing strategy that will allow you to arouse and fulfill their needs. Identify your customers by their age, sex, income/educational level and residence. At first, target only those customers who are more likely to purchase your product or service. As your customer base expands, you may need to consider modifying the marketing plan to include other customers. Develop a marketing plan by answering these questions.
Potential franchise owners will have to use the marketing strategy the franchisor has developed; however, it should be included in your business plan and contain answers to the questions outlined below. Who are your customers? Define your target market(s). Are your markets growing? Is your franchise market share growing?
Consider these questions when addressing this section of your business plan: What are your location needs? What kind of space will you need? Why is the area desirable? Is it easily accessible? Is public transportation available? Is street lighting adequate?
Are market shifts or demographic shifts occurring? It may be a good idea to make a checklist of questions you identify when developing your business plan. Categorize your questions and, as you answer each question, remove it from your list. The marketing Plan, marketing plays a vital role in successful business ventures. How well you market your business, along with a few other considerations, will ultimately determine your degree of success or failure. The key element of a successful marketing plan is to know your customers - their likes, dislikes, expectations.
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And, it certainly is a good strategy for beating the paper competition or retaining your competitiveness. Describe: What you are selling. How your product or service will benefit the customer. Which products/services (in your case the franchise) are in demand; if there will be a steady flow of cash. What is different about the product or service your franchise is offering. The location, the location of your business can play a decisive role in its success or failure. Your location should be built around your customers, it should be accessible and it should provide a sense of security.
It includes the name, address and telephone number of the business and the names of all principals. In the description of your business, describe the unique aspects and how or why they will appeal to consumers. Emphasize any special features that you does feel will appeal to customers and explain how and why these features are appealing. The description of your business should clearly identify goals and objectives and it should clarify why you are, or why you want to be, in business. Product/Service, try to describe the benefits of your goods and services from your customers' perspective. Successful business owners know or at least have an idea of what their customers want or expect from them. This type of anticipation can be helpful in building customer satisfaction and loyalty.
opportunities? When your business will be open (days, hours). What you have learned about your kind of business or franchise from outside sources (trade suppliers, bankers, other franchise owners, franchisor, publications). A cover sheet goes before the description.
And, one that many new and potential small business online owners should ask, but oftentimes don't ask. The body of the business plan can be divided into four distinct sections: 1) the description of the business, 2) the marketing plan, 3) the financial management plan and 4) the management plan. Addenda to the business plan should include the executive summary, supporting documents and financial projections. Description of the business, in this section, provide a detailed description of your business. An excellent question to ask yourself is: "What business am i in?" In answering this question include your products, market and services as well as a thorough description of what makes your business unique. Remember, however, that as you develop your business plan, you may have to modify or revise your initial questions. The business description section is divided into three primary sections. Section 1 actually describes your business, section 2 the product or service you will be offering and Section 3 the location of your business, and why this location is desirable. When describing your business, generally you should explain: Legalities - business form: proprietorship, partnership, corporation, franchise.
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To write a business plan, start with an executive summary that lays out your grand vision for your business. Follow that with a section that describes what products and services your company proposal will offer. Then, write a marketing section where you detail how you're going to inform people about your business. You'll also want to include a section on your business model and how it will operate. Finally, conclude your business plan by letting investors know what you need from them. Did this summary help you? Supporting Documents, what goes in a business plan? This is an excellent question to ask.