File Name: company and marketing strategy chapter 2 .zip
We previously discussed marketing as a set of activities that anyone can do. Marketing is also a functional area in companies, just like operations and accounting are.
A business plan is a document that communicates the nature, scope and potential of your business idea to prospective investors, employees, business partners and mentors. It is also a valuable tool to help you clarify your own ideas and turn them into a realistic actionable plan.
What is it for? The executive summary is a concise synopsis of your business plan. In just a few paragraphs, it provides readers with the essence of your plan and should create a positive impression that you have an attractive, viable and realistic business idea. The Summary allows investors to quickly read something first, to determine if they are interested in the plan as a whole.
Although this is the first part of the plan, only write it once you have completed the other sections. A Company Description is a more detailed summary of your plan. If the Executive Summary is a tight 60 second speech, the Company Description is a further elaboration on your product or service.
It describes what separates you from your competition, how you will market and sell it, and ultimately be profitable. Remember though this is still an overview. In the coming sections you will have the opportunity to get into the detail of each business area. It presents your plan in a structured way that demonstrates you have considered all aspects of turning an idea into a viable business.
It takes just 6 days to start a business in the US, compared to a whopping 38 days in China. Product or service description What is it for? This section of your Business Plan describes the product or service you plan to market:.
This section also provides a brief description of costs for developing and delivering the product. These costs serve as the basis for a profitable pricing strategy. A competitive analysis describes the structure of the market and the key players you are up against. It identifies the strengths and weaknesses of competitors, compared with your offering. The analysis provides a basis for positioning and promoting your product or service so it can overcome competitive barriers. It may also highlight niche opportunities competitors cannot match.
What do I mean by this? If you can do that -think backwards- then you have the secret to success. Marketing and sales plan What is it for?
Provided by DepositPhotos. Providing a profile of your management team demonstrates you have people in place with the skills and experience to run an efficient, successful operation. In the early stages of the business, you may work with associates or contractors, rather than full-time employees. Describing the whole team shows you can cover all important aspects of the business. The financial projections aim to give investors confidence in the viability of the business in the short, medium and long term.
It sets out realistic assumptions about the costs of starting and running a small business. By forecasting revenues and corresponding costs, the projections will indicate the profits available to the business and the potential return to investors.
Profit and loss statement. Your prospective investors require a clear understanding of what you are offering to them in exchange for their investment. That is, they need to understand how many shares they will receive per dollar and what percentage of the company that represents.
Keep me logged in. Chapter 2: Writing a Business Plan Many of us struggle to write but we suggest that you make your best effort to sit down and describe your ideas in your own words. No one is scoring or even watching you — at least not yet.
Sit at your computer and start. Let it out. Then allow it to sit for a day or two before coming back to it and refining your work. After doing this a few times you will be amazed at how quickly your ideas will become more concrete by participating in this process. Read through Chapter Two and understand the steps needed to create your business plan.
You can always hire someone to help you write but this is the best and most affordable way to start. After you have read this Chapter you can begin by creating an Outline consisting of notes or a list of bullets on each of the following sections. What is a business plan? Reduce your plan to writing.
The moment you complete this, you will have definitely given concrete form to the intangible desire. Napoleon Hill, American speaker and motivational writer.
Summarize each section of your plan in a few sentences. Highlight the benefits of the product, the strength of your management team and your financial projections.
Briefly describe your product or service and the key benefits it offers to your customers. Briefly describe your competitive edge and how you will market and sell your product. Highlight the strength of your management team. Did you know? Source: Get Busy Media. Features of the product Benefits and value to the customer Why it will be a success. List your main competitors and describe their relative position and share in the marketplace.
Also briefly describe less direct competition. Describes how you will deliver your product and communicate with the marketplace to achieve your revenue targets Provides a profile of your buyer Explains your communication strategy for raising awareness and interest in the market Describes your sales model, such as direct or indirect, offline or online, etc.
Create a demographic profile of your consumers or decision-makers you are targeting Communicate how you will deliver the product: direct to customers or indirectly through wholesalers or retailers Explain how you will use various online and offline marketing programs to drive prospects to your business Describe the sales strategy you will use to turn prospects into customers.
List the key people working in your business Describe their experience and key skills with brief biographies Describe the organizational structure to show responsibilities and reporting relationships Include a brief plan for future recruitment in line with the development of the business.
Create a spreadsheet that sets out costs and revenue by month or quarter for 3 to 5 years. Download our financial projections template in our free members area. List your working assumptions and indicate why they are realistic. Show gross margins and provide an investor summary to indicate the return on investment and proposed distribution of funds. This may include selling the business years down the road, going public or simply returning a share of profits and how you plan to do that.
Gather the raw data and information you need to complete the sections above. Use the bizHUMM Business Plan Template which provides a standard structure with prompts to indicate the information you need to include in each section. You can download our business plan template in our free members area. If you are not confident about writing the document, you may consider hiring a professional business plan writer and provide the information needed to complete the plan.
Chapter 3. Chapter 1 Do your research Read More. Chapter 5 Financial Projections Read More. Chapter 7 Legal structures Read More. Chapter 8 Fundraising for business Read More. Chapter 9 Accounting systems Read More. Chapter 10 Business insurance Read More. Chapter 11 Setting up your office Read More. Chapter 12 How to make a website Read More. Chapter 14 How to do sales Read More. Chapter 15 Business cloud services Read More. I forgot my password. Login to Save Don't have an account?
Marketing strategy is a long-term, forward-looking approach and an overall game plan of any organization or any business with the fundamental goal of achieving a sustainable competitive advantage by understanding the needs and wants of customers. Scholars like Philip Kotler continue to debate the precise meaning of marketing strategy. Consequently, the literature offers many different definitions. On close examination, however, these definitions appear to centre around the notion that strategy refers to a broad statement of what is to be achieved. Strategic planning involves an analysis of the company's strategic initial situation prior to the formulation, evaluation and selection of market-oriented competitive position that contributes to the company's goals and marketing objectives. Strategic marketing, as a distinct field of study emerged in the s and 80s, and built on strategic management that preceded it.
Designing the Business Portfolio C. Marketing Strategy and the Marketing Mix E. Managing the Marketing Effort. Setting Company Objectives and Goals. The broad mission leads to a hierarchy of objectives, including business and marketing objective. Marketing strategies developed to support marketing objective. Designing the Business Portfolio The Business Portfolio is the collection of businesses and products that make up the company.
2. Marketing Strategy. Learning Objectives. After reading this chapter, you should be CHAPTER 2 Marketing Strategy. Personnel. Plan. Corporation. Corporate Mission Aging (March 21, ) (rnasystemsbiology.orgpdf).
Embed Size px x x x x In this chapter, we dig deeper into steps two and three of the marketing process—designing customer-driven marketing strategies and constructing marketing programs. Next, we discuss how marketers partner closely with others inside and outside the firm to serve customers. We then examine marketing strategy and planning—how marketers choose target markets, position their market offerings, develop a marketing mix, and manage their marketing programs.
The Internet technology is creating a dual trading arena where traditional market actors have changing roles and new actors are emerging. To cope with this increased market complexity, a distinction is made between a cultural and an instrumental definition of the Market Orientation MO concept. The MO, as an instrumental fonction can be defined as a set of capabilities, activities and behaviors needed to implement a strong MO. A distinction is made between two types of capabilities in the instrumental fonction: the strategic marketing and the operational marketing capabilities. The objective of this section is to propose a revised and updated definition of the marketing concept that we shall call the extended market orientation concept, called for short, the EMO concept.
Part 2 Chapter 2 Developing an innovation strategy.
Chapter 2: Company and •Objective 1: Explain company-wide strategic planning and its four steps. •Objective 2: Discuss how to design business portfolios.Reply
Chapter 2 Company and Marketing Strategy: Partnering to Build Customer Relationships 1) Which of the following involves adapting a firm to take advantage of.Reply
Designing the Business Portfolio. • Planning Marketing: Partnering to Build Customer. Relationships. • Marketing Strategy and the Marketing Mix. • Managing the.Reply
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Companywide Strategic Planning: Defining. Marketing's Role. • Designing the Business Portfolio. • Planning Marketing: Partnering to Build.Reply