Marketing Business Plan - Assignment

Assignment Task

Part One: Introduction

A: Executive Summary:

Create a one-page summary of your plan. While this appears first it is done last. This is an essential part of your plan and should include details about marketing, finance, and operations. In reality, this may be the only section a potential investor will read and as such, it needs to attract attention, be compelling, and encourage the reader to read more.

B: Business Philosophy / Mission Statement:

Outline the philosophy of your business and its mission. Understand the difference between visions and mission, goals and strategies, etc., and ensure you present them enough so the reader can identify them.

C: Product/Service Description:

Describe the products and/or services you will be providing. Outline the customer benefits and why your chosen product/services will be successful. You must also include retail prices in this section and estimate how many units you will sell for each product every month. One year's duration will be sufficient for this assignment.

D: Self Analysis:

Explain why you are a good candidate for starting up your business. Some ideas to ponder are your: reliability, creativity, teamwork skills, education, list of special talents such as computer skills, job experiences, etc. Do not just list your attributes. Explain then them and provide some evidence.

Part Two: Marketing Research

E: Conduct Secondary Research in the following areas:

1) Geographic Data: Population description that tells how many people live in a certain area.

2) Demographic Data: Statistics such as age, gender, income, marital status, and family size. You will want to include the data that will directly impact your business, not just generic city or national data. Explain why this data is important to your business concept.

F: Primary Research:

Explain what methods of primary marketing research you will be relying on such as surveys, focus groups, or both. Include a working copy of your draft marketing research survey/focus group etc. questions.

G: Competition:

As a new business owner, you must analyze your competition. You need to identify and discuss 

1. Direct Competitors: Businesses selling similar products and services.
2. Indirect Competitors: Businesses selling different products while fighting for a customer’s disposable income.
3. State why/how you will do a better job than your competitors.

H: Market Segment Analysis – Target Customer:

Using the secondary data collected previously, helps the reader understand exactly who your target customer is and why this customer would want to purchase your product/service.

I: Analysis of Potential Location:

Include the following information in narrative form. (Do not write these questions). You can add more.

1) The location of the business (this may be a town or small city or a neighborhood/area of a larger city).

2) Will you rent or buy the property? Identify the cost.

3) Are you in a mall, free-standing building, home garage, etc.?

4) What will your hours of operation be?

5) What do the parking facilities for staff and customers look like?

6) What access to mass transit do staff and customers have?

7) Is the area safe?

8) Will you be near one or more complementary businesses?

9) provide a map showing the location of your business.

Part 3: Organisation and Personnel Plan

J: Ownership Choices:

What type of ownership (Sole proprietorship, partnership, corporation, etc.) have you selected? Why have you selected this option and not another?

K: Personnel Needs:

State who will do what and who will report to whom. Explain (briefly) their roles. Create a simple organizational chart that will show working relationships.

L: Hiring Strategy:

How will you recruit staff members? What salary and conditions do you need to provide to attract qualified staff?

Part 4: Marketing Plan

M: Proposed Product or Service and Distribution Plan:

1. Describe your business and your products in detail. This is more than just a list of what your business is going to provide as shown in Section C. Especially if you intend to use your business plan to get funding or find partners, your products and services section needs to showcase the quality, value, and benefits your business offers.
2. Distribution Plan: How will you get your product into your customer’s hands? Will you make and sell your products on-site (direct distribution) or will you include other intermediaries such as manufacturers or producers (indirect distribution).

N: Proposed Pricing Policy:

Describe your pricing policy. Include the following in narrative form:

1) What is your pricing objective and strategy? Does the objective align with your

2) Proposed markup to cover costs?

3) Relationship to competitors: below, above, the same. Why?

4) Will you do any introductory discounting to attract customers? Why?

5) Are you going to drive profits through volume or are you going for a prestige appeal? business objective? Why?

O: Proposed Promotional Plan:

1) Personal promotion:

Who will be doing the personal selling? What will be involved in this?

2) Non-personal promotion:

Overall advertising strategy and short-term promotional events to create enthusiasm. What will be utilized to do this? This section needs to be more than a list or use an encompassing term like “Social Media”. Detail which media is to be used and how it is to be used and the better answers will also detail when it is to be used. Pricing is not needed in this section even though in a ‘real’ business plan it should be. A realistic understanding of costs will be looked at (and again in the Income Statement).

P: Place:

1. Describe your location in detail: What will it look like? How will it work to serve your customers?
2. Think about including pictures and diagrams. Look carefully at the hint sheet ‘Business Plan Assignment - Store Design and Layout. Additional Information # 3’, provided in the Announcement section.

Part 5: Financial Plan

Q: Income Statement:

Produce an income statement based on the projected sales volumes and margins you have identified in earlier sections. This should include 1. Gross Revenue less returns/refunds 2. Cost of goods sold 3. Operating expenses (such as rent/mortgage, utilities, taxes, insurance, salaries, advertising & promotion). Please do your research and be realistic with the various costs and the revenue. I am most interested in your understanding of what goes into a P and L and how you present it, but will be looking for connections back to your earlier information on products, sales, prices, wages, and costs (e.g. promotional), etc.

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