Define the Business Mission - explanation of a mission is provided in your textbook. You may also
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- Define the Business Mission - explanation of a mission is provided in your textbook. You may also want to google different businesses mission statements. Make sure that you address the questions - What type of business are we?
- Goals and objectives - make sure they are measurable and specific
- Product/Service Description - The product description should be brief - only one to two sentences. You will provide more depth about the actual features later in the plan.
- Situational Analysis -
- First, complete an environmental scan by looking at factors like economy, technology, demographics, political/legal, cultural, competitors. Don't talk about your product just the industry in which you will complete
- Complete a SWOT analysis of your product/company. Make sure you provide good detail/depth to your analysis
- Segmentation - The bases for segmentation is listed on page 172 exhibit 9.2 of your textbook. This is a great place to identify some good choices for segmentation as well as the chapter material. You should plan to select at least 2 different categories.
- Target Market - Use the segmentation bases to help you identify your target market.
- Positioning Strategy - What positioning method (value) that your product will offer in the market place.
- Product/service Characteristics & Features - Include the product classification (type of product), individual product decisions including product attributes, branding, packaging, labeling and support services.
- Pricing - Company objectives and pricing strategy, costs, and pricing strategies
- Place - Distribution plan for your product and what retailers will carry the product
- Promotion - Develop the IMC plan for your product include information on your advertising, sales promotion, personal selling, public relations, etc.(Make sure your promotional plan ties back to your target market)
- Action Plan - completed action plan - submitted in table format
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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