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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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