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Sections in a Business Venture Plan. Executive summary Market analysis Resource analysis Operating strategy Financial strategy. Section 1: Executive Summary. One or two page summary of the most important points in your plan

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sections in a business venture plan
Sections in a Business Venture Plan
  • Executive summary
  • Market analysis
  • Resource analysis
  • Operating strategy
  • Financial strategy
section 1 executive summary
Section 1: Executive Summary
  • One or two page summary of the most important points in your plan
  • Intended to introduce the venture and to capture the attention of the reader
  • Your chance to make a first impression!
  • Opens with mission statement and then a description of the business
executive summary cont d
Executive Summary cont’d…
  • it appears at the beginning of the plan but cannot be written until all other sections are complete
section 2 market analysis
Section 2: Market Analysis
  • Will your product satisfy the needs of the market?
  • Needs assessment/market analysis can help you identify potential customers, analyze your competition, set prices, and plan ways to advertise your venture
register the business name
Register the Business Name
  • Make sure that no one else is already using the same name for a similar business
    • Only you can use it for legal/advertising purposes
  • Determine what kind of ownership you will adopt for your company
knowing your market
Knowing Your Market
  • WHO will be buying your products or services?
knowing your product or service
Knowing your Product or Service
  • Know it inside out!
  • Why is your product or service better than what the competition offers?
  • How easy is it for me to get the product or service? Exactly how much will it cost?
  • How does your company handle problems with the product or service?
knowing your customers
Knowing Your Customers
  • Who are my customers and how do they fit into various demographic categories?
  • How did they find out about my business?
  • Where else have they purchased, or could they purchase products/services like mine?
forms of marketing research
Forms of Marketing Research
  • Surveys/questionnaires
    • Questions to ask
  • Observation:
    • sit and watch
  • Experimentation/product sampling
    • Try it out with a small group and see how it works
marketing research
Marketing Research
  • Provides data about customers, products, services, prices, advertising, and consumer behaviour
  • Project future sales
  • Tell entrepreneurs what products or services are in demand, what the main features or characteristics should be, and how the product or service should differ from the competition’s
  • Help entrepreneurs refine and adapt their products or services to appeal to more customers
primary research
Primary Research
  • Interviewing people directly
  • Surveys, interviews, questionnaires
secondary research
Secondary Research
  • Uses data that has already been collected by someone else.
  • Books, articles, web sites, etc.
primary research1
Primary Research
  • Your questions need to
    • Motivate people to respond
    • Be easy to understand but not so simple that the questions lose their significance
    • Be brief enough to hold the attention of the respondent
    • Provide complete & accurate data
    • Give enough room to record answers
    • Be objective
designing a questionnaire for primary research
Designing a Questionnaire for Primary Research
  • Statement of Purpose
    • Explain why you are doing the research and establish a positive relationship with the respondent
  • Questions
    • Get the perception of the customer on ideas such as price, quality, availability, etc.
    • Usually answers are given for them to choose from, but a few can be open-ended to get more information from them
slide15

Demographic Information

    • Demographics – M/F, age, income, job, education level, etc.
  • Thank You
let s review
Let’s Review
  • Explain the difference between primary and secondary research. Give an example of each.
the marketing mix
The Marketing Mix
  • Every marketing plan needs a target market and a good mixture of marketing elements.
  • The right combination of these elements helps differentiate your idea from the competition!
the 4 ps of marketing
The 4 Ps of Marketing
  • Product
  • Place
  • Price
  • Promotion
product or service
Product (or service)
  • Is the product/service something customers will want to buy?
  • Will it be of benefit to them?
  • Will it meet their needs?
place
Place
  • How will the product get to the customer?
  • What channels of distribution are needed?
  • When should the product be in stock or ready?
  • Where will the product be made available?
price
Price
  • How much are customers willing and able to pay?
  • What is the best price to charge to earn a maximum profit?
promotion
Promotion
  • How will customers be made aware that the product or service is available?
  • Which of the following promotional activities will be best for this venture: advertising, personal selling, publicity, sales promotion, or e-marketing?
confirming your target market
Confirming your Target Market
  • WHO will be the best people to sell to?
  • Target market: those individuals or organizations that are likely to want to use what you can provide
market segmentation
Market Segmentation
  • The group of people who share common characteristics that your market is targeted toward
  • Canada:
    • Different jobs, different access to internet, different lifestyles, needs, wants, behaviours
    • Range in age, income,culture (beliefs, understandings, morals, values, customs, habits)
slide26

People may be grouped in a segment because they:

    • Belong to the same culture
    • Have similar tastes and preferences
    • Share the same values or goals
    • Have the same socioeconomic background
    • Respect their group’s norms or rules of conduct
think about for segmentation
Think about for segmentation:
  • Demographics:
    • Sex, age, marital status, family size, family life cycle stage (single, married, divorced, no kids yet, kids, etc.)
slide28

Socioeconomic:

    • People of similar occupation, education, income, social class, or culture
slide29

Geographic:

    • People who live in regions of the country that could be defined by a specific climate, or by provincial/regional boundaries
slide30

Psychographic

    • Lifestyles or personality attributes
  • Behaviour patterns:
    • where/how often, when they shop, as well as media habits
slide31

Consumption patterns

    • People who can be identified by their knowledge about, and loyalty to, particular products or brands
what about
What about…..
  • People who share the same birthday?
  • People with the same name?
  • People going to university right now?
  • People who are single parents and work full-time?
where in the product life cycle is yours
Where in the product life cycle is yours?
  • Introduction
  • Growth
  • Maturity
  • decline
price how much profit do you want to make
PRICE - how much profit do you want to make?

Total profit = total revenue – total cost

Total revenue=price of each unit x qty sold

price1
PRICE
  • Sometimes selling a large quantity will be more profitable, but not always
  • The best price to charge is the one that allows you to earn the maximum profit, not sell the most
  • Knowing what the customer is willing and able to pay is ESSENTIAL in determining the price
price things to consider
Price – Things to Consider
  • What does the customer perceive the value of the good or service to be?
  • Are there any similar products on the market?
  • What price is the competition asking?
with a small group
With a small group:
  • Choose 2 products and 1 service. Determine what might happen if you use penetration pricing for these.
promotion1
Promotion
  • Brings the attention of the target market
    • Market research helps determine the best method to use
  • Methods include:
    • Advertising, personal selling, publicity, sales promotion
a dvertising
Advertising
  • Message paid for by the venture and directed toward the target market
  • Purpose: to move customers through the AIDA formula
slide43
AIDA
  • Attention
  • Interest
  • Desire
  • Action
different forms of media
Different forms of media:
  • Newspapers, magazines, radio, TV, internet, direct mail, signs in/on transit vehicles, directories, outdoor billboards, text messages, digital messages, video games, apps and more!
how to choose
How to choose?
  • The audience you want to reach
  • The number of people who will see the ad
  • The area to be covered
  • The budget
  • The suitability of the medium to the product or service and to the target market
personal selling
Personal Selling
  • Having salespeople show the features of a product or service to meet the customer’s needs
publicity
Publicity
  • Unpaid message delivered by the media to the target market when the media decide that a product is newsworthy
sales promotion
Sales Promotion
  • Any activity undertaken to increase sales and support advertising
    • Coupons, giveaways, rebates, sweepstakes, coordinating with charities, bundled sales
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