Market opportunity
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Market Opportunity. Module 3 Business Plan Course Ryan Murray MBA, CBA. 3 Keys to Success . Management Team Do I have the right people in place doing the right things Market Opportunity Is there a demand for my Product/Service in my market area Marketing Strategy

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Market opportunity

Market Opportunity

Module 3

Business Plan Course

Ryan Murray MBA, CBA


3 keys to success

3 Keys to Success

  • Management Team

    • Do I have the right people in place doing the right things

  • Market Opportunity

    • Is there a demand for my Product/Service in my market area

  • Marketing Strategy

    • Is my business positioned to seize the market opportunity

      • (do a have a legitimate competitive advantage and is the market aware of it)


5 points to market

5 Points to Market

  • Product/Service

  • Relative Price Point

  • Target Market

  • Market Mediums

  • Marketing Strategy

These Become Your Market Opportunity

Your Marketing Strategy is unique to your business, but the Market Opportunity is the same for everyone


5 points to market1

5 Points to Market

  • Product/Service

  • Relative Price Point

  • Target Market

  • Market Mediums

  • Marketing Strategy


Relative price point

Relative Price Point

$

$$

Relative in terms of your competition


Target market

Target Market

  • Geographical Area

    • Let’s me know how many people

  • Best Customer Theory

    • (Chet Holmes, Ultimate Sales Machine)

  • Price is a key factor

  • (Why medium income?)

  • Don’t think Government


Market mediums

Market Mediums

  • Internet

    • Google Ad Words

    • Facebook

    • Youtube

  • Newspaper

  • Yellow Pages

  • Word of Mouth

  • Billboards

  • Direct Mail

  • Etc, etc


Let s practice bad example vs good example

Let’s Practice Bad Example vs. Good Example

  • Product/Service

  • Relative Price Point

  • Target Market

  • Market Mediums

  • Marketing Strategy


Homework

Homework

  • Identify where you are priced, and what market that puts you in (list the competition based on that specific price point)

  • Identify your target market and their preferred market mediums

  • Provide at least 3 supporting documents to justify your product, price point, and target market


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