Be sure to include:. The Financials Section contains some good examples for you to follow. Also refer to your sample marketing plan at the end of Chapter 2. Your email address will not be published. E-mail: support eduessaylab. Business Finance 1. Be sure to include: Product Benefits Target markets Customer needs Value proposition Sales projections When you project to break-even Your keys to success 2. What are your projections for the growth of this market? In a similar fashion, define the geographic target area you are choosing. What are the behavior factors that will influence your decision-making? Define the values and lifestyles psychographics of your target market. What needs do they have? Include both customer needs and the customer value assessment. Remember: Trends are long term; fads are short term. What are the growth trends? What is the evidence? What research are you using to determine market growth? How will you address the market if it is growing, static, or diminishing? Why will customers prefer your product? How will you compete with your competition and win? How will your new product fit in with existing products? Is there a good fit between them? How will you lessen the impact of your SWOT weaknesses and threats? Where is your product in the product life cycle and why? Refer to your Kotler text for a definition of a product life cycle 3. What are your fundamental goals? Fundamental goals are those that you would like to achieve with your new product, either as an individual product or as part of the overall company mission. These are directional goals that provide the overall strategic direction for management planning. State the value proposition. Market share: what is your growth objective by quarter? Market penetration: how do you plan to gain a share in this market? Awareness: how do you plan to gain awareness for your product? Customer acquisition: how do you plan to grow your customer base? Identify a specific, measurable market share and size. Remember that your objectives need to be quantifiable. In other words, objectives need to have a base point, end point, and time frame so you can research to see if you have reached your benchmarks or if your plan needs adjustment. What are the market niches you hope to capture? Include the rationale behind why these are the optimal target marketing segments. Be specific. Describe how you are different from your key competition.
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