Table of Contents
Introduction .. 3
Chapter 1 — Getting Started 4
Overview … 4
Set Goals … 5
Know Your Product ….. 5
Chapter 2 — Review the Business …. 6
Getting the Product to Market ….. 7
Know Your Competition & Your Consumer …. 7
Chapter 3 — Do Comparative Studies …. 8
Look at more than One Year .. 8
Chapter 4 — Research Methods 9
Primary Research 10
Secondary Research . 11
Chapter 5 — Writing the Business Review . 11
What is Good? What is Bad? 12
Is Your Company Working Together? ….. 12
How Will Your Company Market? …. 12
Where is Your Business Going? .. 13
Chapter 6 — Check Your Product and the Market . 13
Identify Company Goals . 13
Your Company …. 14
Company Organization … 14
Sales Data and Trends …. 15
Chapter 7 — Consumer Trends 16
Consumer Activity …. 16
Population Factors …. 17
Regional Factors . 17
Technological Factors ….. 18
Media Factors ….. 18
Chapter 8 — Distribution … 19
Retail Trends . 19
Distribution and Geography . 19
Chapter 9 — Marketing and Pricing ….. 20
Pricing the Product … 21
Is Your Product Elastic? .. 21
Chapter 10 — Know Your Competition 21
Key Information .. 22
Marketing Analysis … 22
Chapter 11 — Moving Forward 23
Sales Objectives .. 23
Influences on Sales Objectives … 25
Chapter 12 — Defining Your Market …. 27
Identify Your Target Demographic … 27
Separate Your Target Markets … 27
Main Target Market.. 28
Secondary Markets … 28
Further Segmentation …. 28
Know the Demand …. 29
Chapter 13 — Positioning Your Product….. 30
What Positioning Means 30
Is Positioning Important? ….. 30
Chapter 14 — Marketing Strategy . 31
Naming Strategy . 32
Competition Strategy ….. 32
Product Strategy . 33
Packaging Strategy … 33
Pricing Strategy … 34
Advertising Strategy . 34
Chapter 15 — The Importance of Naming and Packaging . 34
Naming … 35
Chapter 16 — Putting the Plan into Action 36
Making the Implementation of Your Plan a Success 37
Stay on Top of the Plan .. 37
Chapter 17 — Evaluation …. 38
General Evaluation … 38
Comparing Sales . 39
More Research … 39
Follow the Plan … 40
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Chapter 2 — Review the Business
To make things easier when you start to review your business make your self an outline that includes all the areas that you want to study. By making an outline you will be able to make sure that your business review will remain focused on topics that you feel are important to the success of you company. Topics that you should include in the outline are a summery of what your company excels at and what it needs to improve on.
You should then follow with a complete look at what your company stands for, its goals and objectives. This section will also include topics such as the items that are similar to your product that are targeted to the same demographic that you are looking to market to. Make sure that you include a review of sales trends in different areas across the country. Are the sales seasonal? Are there different areas of the country where you product will be more in demand? How does your product stack up against your competitor’s product?
Getting the Product to Market
Your outline must include a comprehensive study of how to get your product to consumers. Take a good look at different types of distribution methods, what it will take to get your product to different areas of the country. Packaging should also be reviewed. What type of packaging will make your product more appealing to your target demographic? How much space will your product take up on store selves? Is your product going to be marketed to consumers or to businesses? These are the type of questions that you need to be able to answer in order to make your outline complete.
When you are thinking about how to get your product to market, one of the most important steps is to figure out what the price of the product is going to be. To make sure that your pricing is competitive you need to review what your competitors are charging for products. You need to know if your product is inelastic or elastic with the economy and all the production and administrative costs that go into making the product.
Know Your Competition & Your Consumer
In addition to pricing and distribution, you need to have an in depth study of your competition included in your outline. You have to know what share of the market they have. How they are marketing their product. Do they advertise on television? On the radio? What about online? Are they known to have good or bad customer service? As well as knowing your company’s strengths and weaknesses, it is important to know the same things about all your competitors.
In order to have a successful marketing campaign you must be able to identify and market directly to your target demographic. Having an intricate knowledge of your product should allow you to identify your target demographic by certain factors. These factors should include their age, gender, education level, job, income level, the size of their household, and where they live in the country. You need to know if consumers of this type of product have loyalty to one brand or are they willing to try new brands that appear on the market.
Chapter 3 — Do Comparative Studies
To get an accurate idea of the competitive market that you want to enter it is important to have points of reference that you can examine. The best way to do this is to do some comparative studies about your industry as well as your competition. For the best results, it is useful to include five years of information because this will allow your study to be more accurate and give you a better understanding of recent trends in the industry.
Look at more than One Year
By including five years worth of data in your studies, you can avoid pitfalls in your review. This will exclude one-year trends that might show a high spike in sales of a product or that show a product that sales are somewhat stagnant. Five years worth of data will give you a better idea of the trends that are happening in your industry and give you a clear impression of where the industry is going in the years to come.
In addition to your industry, look at a five year trend of your target demographic. You need to know if the same demographic has been buying the product for the last five years or has it been changing. If it has been changing, why has it been changing? Have consumers purchased more than one of the product? If so, was it from the same manufacturer or have they decided on a different company? Was price a factor in the decision to purchase one product from another? It is important for you to know what is influencing your target demographic to purchase a like product so you can design your marketing campaign accordingly.
Be sure to include a study of your competition in the five-year study. By studying your competition you will have a better understanding of the industry. Is the department that makes the product that you will be competing against expanding or contracting? What percentage of the market do they have? Does your competitor market the product locally or across the country? Have their sales gone up, down, or remained consistent over the past five years? Knowing this information will give you a better idea of how to break into the market. Where the areas of the industry you can exploit are and if there has been any increase in the number of businesses trying to break into the industry. If the industry has become saturated with businesses trying to break into it, it is better to find out now than when you and your company have more time and money invested.Other Details
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