Monday, 9 January 2017

Key Points for an AMAZING Business Plan (Part 2)

By: Poonam Menghrajani

Your business plan conveys your message to the world. It depicts what you want to do and who you want to be. It gives a thorough description on how you will you achieve your dreams. Make sure that your business plan is the perfect fit between you and your investor.
For the Second Part, key points under the Marketing Section will be examined which is a major component of the Business Plan. By delving into the world of marketing, we will ensure that your Business Plan will materialize and you will have a profitable business!

6.       Marketing Plan
-         Products and Services
o   You need to give a description of the products and services you are offering. A product is basically the item or a service offered for sale. It can be in a virtual, cyber or physical form. Each product is sold at a particular price depending on the cost of making and marketing strategy.
-         Pricing
o   You have to discuss the reason on why you are setting the price of a particular product or service as such.  The price that you charge is dependent on the industry, quality and target market. You need to deliberate on the fact that how the pricing relates or affects competition. Also, the pricing that is set for the product or service should depict its rank, whether it is premium, mid-range or a low-cost one. You can base your pricing on a specific business model which showcases your branding.
-         Promotional Tactics
o   This segment includes tactics that you will employ to promote your business. In order to do that, you need to develop marketing and promotional strategies which may include advertising, direct marketing, training programs, trade shows, online pay per click ads, press releases, website and other platforms. You need to discuss the budget according to the current financial situation and allocate funding accordingly for the materialization of the promotional scheme.
-         Distribution Techniques
o   Your distribution section outlines the supply chains or modes in which your customers can reach you, buy products from you or avail your services. This part includes the company’s objectives on the process of making the products and services available to the retailers, intermediaries and consumers. The distribution structure that you will create in the plan will cover your location, target market, storage of goods and logistics. 

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