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Business plan – market approach


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by : pejvak panahian

Published in: Business
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Business plan – market approach

  1. 1. Business Plan – Market Approach Includes components ofthe marketing plan from:• Growth trends in the industry • The strength and potential entry of new competitors • Unique position statement
  2. 2. Target Market Criteria – Most Critical Component of the Market Approach• Have a thorough understanding of who you are selling to.• There is the geographic target market and the demographic target market.
  3. 3. Breakdown of the major target market characteristics psychological age social income & gender spending habits
  4. 4. Know Your Competitors!• The positioning technique is a great way to start thinking where you stand in the eyes of consumers and competitors
  5. 5. The Marketing Plan in FocusUncontrollableFactors of markettwoUncontrollable FactorsOf market one Controllable Factors • Price • Place • Promotion • Product
  6. 6. Strategize and Implement• Single Differentiated Entry?• Multiple Differentiated Entry?• Simultaneous Entry?• What do you want to achieve in 5 months? 1 year?5 years?