Instructions
Marketing and Sales Plan
This assignment was updated on April 14, 2022 to improve the the instructions and outcomes.
After successfully completing this assignment, you will have developed the following aspects of your business plan:
- Who your target customers are and what key traits they possess.
- Where your market is located geographically. How many potential customers are in that geographic market? What portion of the available market do you plan to attract?
- How you will reach your target customers and market – Promotional Plans.
- Your business’s SWOT Analysis. What the key advantages/concerns are for your business.
- What, in detail, are a few of your business’s key “flagship” products/services. How they are priced?
- What their competitive advantages are over the competition’s products/services?
Target Market
- Who are your customers?
- Describe the basic demographics, i.e. age, gender, socio-economic level, lifestyles, etc.
- Identify what type of people will want your product, (i.e. wealthy, middle-aged men who like the outdoors and live in the state of Oregon.)
- Include a minimum of 4 of the following demographic characteristics: Age range(s); Gender(s) – can be both depending on product/service; Income level(s); Lifestyle(s); Education level(s); Interests; Geographic location
- Be sure to be detailed – do not just state, “all people who like to drive cars” or “everyone in Denver” or “all people between the ages of 6 and 90”. Statements like these tell the reader you have not researched your industry/customers and have a delusion of grandeur that your product/service will be loved by everyone.
- Cite the sources of information.
Target Market Location
- Where your market is located geographically? Provide an address or similar.
- How many potential customers are in that geographic market?
- What portion of the available market you plan to attract?
- Cite your sources.
Promotional Plans
- Identify which tactics to attract new customers to your business.
- Be specific: “Westword” instead of “magazines”
- Promotional areas to consider may include:
- Blimps, Banners, and/or Billboards; Blogs, Podcasts, etc.
- Catalogs; Classified Ads; Contests; Coupons
- Direct Mail; Door Hangers; Email Marketing; Event Marketing
- Flyers; Gift Certificates, Groupons, etc.
- Networking; Newsletters; Newspaper/Magazine/Journal ads
- Online Marketing; Postcards; Press Releases/PR; Radio Ads/TV Ads/Infomercials
- Telemarketing; Trade Shows; Word of Mouth/Viral Marketing; Yellow Pages; other…….
Flagship” Products
Identify two or more products which differentiate your business from the competition.
Product/Service #1 Name:
- Product/Service description/features:
- Product/Service benefits:
- Product/Service price:
- Product/Service expected purchase frequency/quantity:
- Product/Service strengths:
- Product/Service weaknesses:
SWOT Analysis
- What are your business’s Strengths, Weaknesses, Opportunities, and Threats?
- Identify at least 4 for each category.
Strengths
- Strength #1
- Strength #2
- Strength #3
- Strength #4
Weaknesses
- List at least 4 Weaknesses
Opportunities
- List at least 4 Weaknesses
Threats
- List at least 4 Threats
Note: Common mistakes to avoid when writing the Marketing plan:
- Deciding that there is no competition – there is ALWAYS competition! Real or potential
- Under or overestimating the strength of competition
- Failure to develop a strategy for counteracting competition
- Unrealistic market-share projections (believing that a new venture can capture even 20 percent of the market)
- Pricing not in line with market realities
- Addressing the market universally / not segmenting the market into various components and developing profiles of each / defining the market too broadly
- Selecting the largest target market instead of the easiest to penetrate quickly