Entrepreneurship and Small Business
Imagine you started a new business as an entrepreneur in Saudi Arabia
Please, think and share information on the following items:
4. Marketing Plan
a. Market Research- Why? (1 Mark)
b. Market Research- How? Primary or Secondary Data? (1 Mark)
c. In your marketing plan, be as specific as possible; give statistics, numbers, and sources. The marketing plan will be the basis, later on, of the all‐important sales projection. (3 Marks)
- Describe the most important features. What is special about it?
- Describe the benefits. That is, what will the product do for the customer?
- Identify your targeted customers or your ideal customer: How many of them are there? It’s important here to be specific.
- Customer relationships: How do customers want to interact with the business?
- What products and companies will compete with you?
- How will your products or services compare with the competition? Identify the organization’s competitors and their strategies, along with ways to counter competition and gain market share.
- How is your target market solving their problem today? Are there alternatives or substitutes in the market?
- Investors will want to know what advantages you have over the competition and how you plan on differentiating yourself.
- Outline a marketing Strategy.
- How will you promote your Product?
- What will be your promotional budget?
- How do you sell your products or services?
- What are the costs associated with distribution?
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