I have to come up with my own company I have a company called Paws and Delights Cafe which is an animal pet-friendly cafe. I have to write and include the following in my business plan The following parts of the business plan are due: Parts 4, 5, 6. 15 points-5 points for each of the three parts. Part 4 Definition of the market What to Include: Industry Description and Outlook – Describe your industry, including its current size and historic growth rate as well as other trends and characteristics (e.g., life cycle stage, projected growth rate). Next, list the major customer groups within your industry. You can research industry information by going to the library's database: Business Insights Essentials and selecting industry from the top of the page and then search for the industry your business is in, such as retail, restaurant etc. Information About Your Target Market – Identify your target market and provide a profile of your targeted clients. Narrow your target market to a manageable size. Many businesses make the mistake of trying to appeal to too many target markets. Research and include the following information about your market: Distinguishing characteristics – What are the critical needs of your potential customers? Are those needs being met? What are the demographics of the group and where are they located? Are there any seasonal or cyclical purchasing trends that may impact your business? Size of the primary target market – In addition to the size of your market, what data can you include about the annual purchases your market makes in your industry? What is the forecasted market growth for this group? For more information, see the Small Business Administration's (SBA’s) market research guide for tips and free government resources that can help you build a market profile. www.sba.gov How much market share can you gain? – What is the market share percentage and number of customers you expect to obtain in a defined geographic area? Explain the logic behind your calculation. Pricing and gross margin targets – Define your pricing structure, gross margin levels, and any discount that you plan to use. When you include information about any of the market tests or research studies you have completed, be sure to focus only on the results of these tests. Any other details should be included in the appendix. Part 5 Description of Products and Services Part five of your business plan is where you describe your service or product and how much they will sell for, emphasizing the benefits to potential and current customers. Focus on why your particular product will fill a need for your target customers. Explain how your products and services are competitive. You may reference a brochure or picture of your product which will be included in Part 9 Appendix. Part 6 Marketing & Sales Strategy/Management Marketing is the process of creating customers, and customers are the lifeblood of your business. In this section, the first thing you want to do is define your marketing strategy. Identify and describe your market - who your customers are and what the demand for your products and services are or will be. Explain your sales strategy, specific to pricing, promotion, products, and place (4 Ps of marketing). Explain your distribution strategy. please provide a detalied answer for each part After reading this part, we should understand your industry, target market, marketing strategy, the 4 Ps of marketing your product/service, the customer needs you are fulfilling.
I have to come up with my own company I have a company called Paws and Delights Cafe which is an animal pet-friendly cafe. I have to write and include the following in my business plan
The following parts of the business plan are due: Parts 4, 5, 6. 15 points-5 points for each of the three parts.
Part 4 Definition of the market
What to Include: Industry Description and Outlook – Describe your industry, including its current size and historic growth rate as well as other trends and characteristics (e.g., life cycle stage, projected growth rate). Next, list the major customer groups within your industry. You can research industry information by going to the library's database: Business Insights Essentials and selecting industry from the top of the page and then search for the industry your business is in, such as retail, restaurant etc.
Information About Your Target Market – Identify your target market and provide a profile of your targeted clients. Narrow your target market to a manageable size. Many businesses make the mistake of trying to appeal to too many target markets. Research and include the following information about your market: Distinguishing characteristics – What are the critical needs of your potential customers? Are those needs being met? What are the demographics of the group and where are they located? Are there any seasonal or cyclical purchasing trends that may impact your business? Size of the primary target market – In addition to the size of your market, what data can you include about the annual purchases your market makes in your industry? What is the forecasted market growth for this group?
For more information, see the Small Business Administration's (SBA’s)
Part 5 Description of Products and Services
Part five of your business plan is where you describe your service or product and how much they will sell for, emphasizing the benefits to potential and current customers. Focus on why your particular product will fill a need for your target customers. Explain how your products and services are competitive. You may reference a brochure or picture of your product which will be included in Part 9 Appendix.
Part 6 Marketing & Sales Strategy/Management
Marketing is the process of creating customers, and customers are the lifeblood of your business. In this section, the first thing you want to do is define your marketing strategy. Identify and describe your market - who your customers are and what the demand for your products and services are or will be.
Explain your sales strategy, specific to pricing, promotion, products, and place (4 Ps of marketing).
Explain your distribution strategy. please provide a detalied answer for each part
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- After reading this part, we should understand your industry, target market, marketing strategy, the 4 Ps of marketing your product/service, the customer needs you are fulfilling.
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