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The Industry

The Industry. Name and describe the market or industry that you will work within—in other words, the chosen “sandbox” where you will play.

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The Industry

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  1. The Industry • Name and describe the market or industry that you will work within—in other words, the chosen “sandbox” where you will play. • For market or industry descriptions see the North American Industry Classification System (NAICS) at www.census.gov/naics or industries at a glance at http://www.bls.gov/bls/industry.htm • Talk about any trends and changes in the industry. • Talk about whether the industry isgrowing and, if so, by how much.

  2. The Product • Talk about the product or service that you will sell. • Talk about what sets the product or service apart from what is currently being sold to customers. • Talk about any ways you can protect the product or service from being easily copied by the competition. • Present any product pictures, drawings, or renderings you might have (on additional slides if necessary).

  3. The Market • The idea for a market study is to tell the “story of the market” in numbers starting with the big picture and then narrowing down the data to a more detailed view. Use as many slides as you need and don’t clutter the information. • Talk specifically about where your customers are located. Are they within a city, county, state, region, nation, or international place? Maps are good to use here if it makes sense. • Talk about the numbers of customers in the market and possibly even what they spend on your kind of products and services. • Present any community profiles for these places. The Census Bureau is a great place to find such information at www.census.gov • If you are targeting business customers look at the Economic Census at http://www.census.gov/econ/census02/ for help.

  4. The Targeted Customers • Talk about your targeted customers. Remember, you can segment customers by type, buying behavior, location, and so on. • Describe who they are by discussing some of the following things: (use multiple slides if needed) • Demographics (characteristics they share in common) • Buying Behavior (how and why they buy the product) • Size (numbers of them / dollars they spend) • Projected Sales • Trends (growth / opportunities)

  5. Target Market Strategy • For your targeted customers, talk about how you will customize your marketing efforts to fit their needs. • Remember, if this group of customers is really unique then something about your strategy must be different. • Talk about… • The Message: What slogan or positioning statement will you use for this target market? • The Pricing: Will the pricing have to be different for this type of customer? If so, what price will you charge? • Product Customization: Will the product or service have to be customized for this customer? • Distribution: Will the product get to this customer?

  6. Target Market Sales Approach • Talk about your specific sales and promotional ideas for this target market which might include: • Contact Sphere: What other businesses or professions might naturally refer this group of customers to your business? • Advertising: What specific types of media will you use and at what cost? • Public Relations: What kinds of media relations, press releases, and events might you use to reach this group of customers? • Personal Selling: Do you require a sales force to reach this group of customers? If so, how many and at what cost? • Sales Promotions: What kinds of sales tools might you use? Discounts, coupons, loyalty programs?

  7. Target Market Descriptions

  8. Target Market Strategies

  9. HIGHLEVEL LOWLEVEL

  10. Competitive Analysis

  11. The Marketing Schedule

  12. The Location • Talk about where you will be located. If you are a retailer or a service business where access and visibility is important to the customer, talk about your proposed location. Provide the address and talk about the accessibility, the visibility, and the costs. • Talk about the numbers and types of customers that are located near your location. These numbers are called “ring studies” because they detail the number of customers in 1,3 and 5 mile rings from your location. See www.easidemographics.com for free ring reports of your location. • Talk about any commuting and traffic patterns around the location. Check with your state’s department of transportation for these statistics.

  13. Legal Structure Comparison DELETE THIS SLIDE

  14. The Legal Structure • Talk about the legal structure you have chosen for the business. See the preceding chart for help. • Talk about why the structure was chosen—in other words, what advantages does the structure provide? • A sample chart like the one below might be helpful to show the ownership structure of the business: Owner Shares Percent OwnedJack Smith 1,000 50%Loretta Johnson 500 25%Equity Investors 500 25%

  15. Risk Management • Talk about the different kinds of insurance you will need and what the cost of such coverage will be. • In general there are three basic categories of insurance: • Property: covers building and content losses • Liability: gives you legal protection • People: provides health, worker’s comp, and lost income protection

  16. The Core Scores • Talk about what things you need to measure to be successful. • These measures might be leading indicators of such things as customers, growth, innovation, internal operations, or financial performance. • Example: “The Chamber of Commerce will measure five metrics in determining our success: annual member engagement, member retention, net member growth, market penetration, and employee engagement. • Example: “For our restaurant to be successful, we must closely measure four activities: reservations and table turns, food costs, staff turn-over rates, and total staffing costs.”

  17. Required Start-Up Funds

  18. Capital Strategy

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