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Business Plan Preparation. Frank Moyes Leeds College of Business University of Colorado Boulder, Colorado. Tonight. Marketing Strategy Revenue Model Customer Surveys In the Fire – Industry Analysis & Model Company Hand-in 10 Call Reports Competitive matrix. Next Week.

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Business plan preparation l.jpg

Business Plan Preparation

Frank MoyesLeeds College of Business

University of ColoradoBoulder, Colorado

Marketing Strategy


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Tonight

Marketing Strategy

  • Marketing Strategy

  • Revenue Model

  • Customer Surveys

  • In the Fire – Industry Analysis & Model Company

  • Hand-in

    • 10 Call Reports

    • Competitive matrix


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Next Week

Marketing Strategy

  • Business Analysis Assignment

    • Present Mar 5

    • PowerPoint 10 minutes, 6-8 slides

  • Market Analysis

  • Industry Analysis

  • Product/Service Description

  • Profitability


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Business Analysis Assignment (cont)

Marketing Strategy

  • Hand-in 3 ring binder

    • Market Analysis - draft

    • Industry Analysis - draft

    • Product/Service Description - draft

    • Value Chain analysis

    • Competitive matrix

    • Financial COMP’s

    • Revenue Model

    • 20 interview Call Reports


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Business Plan Elements

Marketing Strategy

Executive Summary

Company Overview

Market & Industry Analysis

Product/Service Description

Marketing Plan

Operations Plan

Development Plan

Management

Competitive Advantage

Financial Plan

Funding


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Marketing Plan Objectives

Marketing Strategy

Build on Market & Industry Analysis

Define the strategies & key actions to exploit the opportunity


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Marketing Plan Outline

Marketing Strategy

Customer Research

Target Market Strategy

Channel Strategy

Positioning

Product/Service Strategy

Pricing Strategy

E-commerce

Communications Strategy

Sales Strategy

Revenue Model


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Customer Research

Marketing Strategy

  • Show your results

    • George’s Questionnaire - qualitative 20 people

    • Surveys – walk-up, mailed, email, on-line

  • Prove

    • You solve a problem

    • Features are wanted

    • Customer understands the benefits

    • Customer will pay your price

    • You know how customer decides

  • Don’t cook the books


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How Do Customers Make Decisions?

Marketing Strategy

  • Decision making process – where, when & how

  • Initiator, Influencer, Decider, Purchaser & User

  • Identify criteria used to make decisions

    • Criteria may be different than your features

  • Customers buy benefits


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Target Market Strategy

Marketing Strategy

  • Consumers vs. purchasers

  • Profile of the customers you will serve

    • Consumer: demographics, psychographics & values

    • Business: industry, size, location, purchase decision

  • How will you overcome brand loyalty? What will cause customers to switch?

  • Future markets


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Channel

Marketing Strategy

  • Describe and justify the distribution channels

  • Potential channels

    • Distributors, wholesalers, retailers

    • OEM’s & VAR’s

    • E-commerce

  • Describe how you will gain access to the channels

    • Identify specific companies

    • Decision making process

  • Delivery to your customers, e.g. UPS is not the channel


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Positioning

Marketing Strategy

  • Positioning is in the mind of the customer, relative to the competition

  • What must target customer believe about you

    • “perceptions, impressions and feelings”

  • How are you unique & different?

  • Other considerations

    • Name of your company

    • Company characteristics – essence of personality, tone & manner


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Attribute Map

Attribute 1

Competitor 3

You

Competitor 1

Competitor 2

Attribute 2

Marketing Strategy


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Hot Chocolate

Flavour

Brown Palace

HC

Ski Resort

cafe

Hershey

packets

Convenience

Marketing Strategy


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Hot Chocolate

“Coolness”

HC

Ski Resort

cafe

Hershey

packets

Price

Brown Palace

Marketing Strategy


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Product/Service Strategy

Marketing Strategy

  • Not the description

  • Product/service roll out

    • Initial product/services

    • Future product/services

  • Enhance the product/service with operations & service

  • Actions to sustain competitive advantage

    • New features & benefits

    • New technology

    • New process

  • What features & benefits are most persuasive to get the customer to act?


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Pricing Strategy

Marketing Strategy

Describe and justify your pricing strategy

Provide evidence that your target market will accept your price

Position your pricing relative to current and potential competition

Low price usually is NOT a good strategy!

Measure of management


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What Are the Pricing Methods?

Marketing Strategy

  • Value pricing - how much is customer willing to pay?

  • Commodity pricing

    • Set by the market

    • Supply and demand

    • Seasonality & perishability

  • Competition

  • Payback period – depends on impact on company profit

  • Rule of thumb – Keystone

  • Introductory low price to get customers to use

  • Cost plus – markup

  • Transaction fee

  • Razor & razor blade

  • A la carte


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Communications

Marketing Strategy

  • How you will communicate with current and potential customers?

    • Advertising – paid advertising newspapers, magazines, TV, internet

    • Public relations – articles in paper, journals, blogs, websites

    • Printed materials – flyers, brochures

    • Performances, concerts, exhibitions

    • Exhibitions

  • Why is this the most effective strategy?

  • Be imaginative! Be a guerilla!


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Guerilla Examples I

Mike Morris, Syracuse University

Marketing Strategy

  • New restaurant invites local hairdressers for free meal just after opening

  • Mattress retailer has sleep over advertising on the ceiling of a retail store

  • News is created so it will be covered in local newspaper

    • Computer store does computer training for underprivileged kids

    • Owner makes bold predictions, does something unusual

  • Articles are written by the entrepreneur for newspapers


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Reciprocal advertising: two businesses mention one another in their ads

Store offers discount card/coupon that appreciates in value each time it is used

Coupon that is worth something different each time it is used

Theatre places speakers outside front of facility with movies soundtracks playing; bakery purposely lets smells waft into customer passageway of mall

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More Guerilla Examples II

Mike Morris, Syracuse University

Marketing Strategy


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More Examples III

Mike Morris, Syracuse University

Marketing Strategy

  • Bowling alley charges based on number of bowling pins customer knocks down

  • Bicycle retailer puts promotional tags on bike racks around town

  • Day care center adds cameras and streaming videos so parents can see how children are treated

  • Flower shop with lack of visibility at their location decorates popular park and some small cafes in the area with creative and simple flower arrangements


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Sales Strategy

  • How will you get orders?

    • Personal selling

    • Online purchasing

    • TV infomercials

    • Direct mail

    • 800 telephone

  • Who will do the selling?

    • An internal sales force

    • Field sales force

    • Manufacturer's reps

    • Telephone solicitors

  • How will you recruit, train, and compensate our sales force?

  • How will you support the sales effort?  

    • Internal staff

    • Service operations

Marketing Strategy


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Revenue Model

Marketing Strategy


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Two Approaches

Marketing Strategy

Top down – market penetration & timing

Bottom up – pipeline, revenue by customer


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RevenueModel

Marketing Strategy


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RevenueModel

Marketing Strategy


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RevenueModel

Marketing Strategy


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RevenueModel

Marketing Strategy


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RevenueModel

Marketing Strategy


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RevenueModel

Marketing Strategy


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RevenueModel

Marketing Strategy


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RevenueModel

Marketing Strategy


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Revenue Model Variables

Marketing Strategy

  • Market potential - number of customers, transactions or units, purchases

    • Size & growth

  • Market share - penetration rate

  • Product/Services offered

    • Roll-out strategy

    • Range & mix

    • New Products/Services

    • Obsolescence

  • Frequency of purchase – per day/week/month

  • Capacity Utilization – per time period, event

  • Prices

    • Price per customer, transaction or unit

    • Average revenue per customer or transaction

  • Channel strategy - discount


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Revenue Model (Bottom-up)

  • Identify specific customers

    • Identify decision maker

  • Determine

    • Annual purchases today & future

    • Who purchase from & level of satisfaction

  • What do you need to do to get an order?

    • If you meet the criteria, how much business can you expect?

Marketing Strategy


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