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Again, the Market Analysis work you did will come in very handy in helping you to price your product competitively while still turning a worthwhile profit.By now, you should have a solid understanding of what your expenses will be, so you know how much you need to make to break even.If you’re planning an online business, will you also have a brick and mortar store?
Talk about how you’ll portray the company and what kind of image you’ll present, especially how it will help connect you to your potential customers.
Include a picture of your logo and anything that might carry your image, such as vans, trucks, or uniforms.
If your business involves manufacturing or distribution of a product, discuss shipping and labeling requirements, and how you’ll meet them. Are you using distributors, and will you charge separately for shipping or build that into the product price?
How you decide to price your product or service is key to how much you’ll sell and how much profit you can make.
So, how are you going to reach your target audience and turn them into customers? How much business do you think you’ll get from each campaign?
Will you give coupons, discounts, or offer other incentives to get people to try you out?Marketing isn’t just about promising, it’s also following through and delivering what you said you would.You may find it helpful to outline exactly how a transaction with your business would take place.Some marketing experts think a fifth “P” should be added to the four we’ve already discussed: people.We touched on it under customer service, but a big part of marketing is the level of service you’re able to offer to your customers, and your people are the ones responsible for that.Also touch on return policies and customer service.You may not immediately think of these as “marketing” issues, but think back to the last time you had difficulty with a company and told five friends you’d never do business with them again, or you saw someone complain about a company on Facebook or Twitter.Show screenshots of your website, photos of your store, pictures of your packaging, and anything else that conveys your company’s brand.Once you’ve gotten the customers in the door (or online), you have to deliver on what you’ve sold them.Discuss how you’ve arrived at the prices you have, where they fit in with what the competition is doing, and what kind of volume you’ll need to do to be profitable. Some, such as social media or public relations can be handled in-house by a staff member (or outsourced for a fee).You can have the best idea in the world, but if no one knows about it, it won’t sell. And others can be quite variable in cost, such as printing brochures, flyers, catalogs, etc.