Am I using terms that are unfamiliar to anyone outside of the industry? Part of devising your marketing strategy is determining how best to communicate these compelling benefits to your target customers. For assistance in preparing or refining youir business plan, you can check the AllBusiness.
If the company plans to be the low-cost provider, then describing specific brands of equipment is probably not necessary. You may find, for example, that your target markets respond well to receiving email notifications of specials or discounts you are offering.
If Blue Mountain Cycling Rentals plans to market itself as a provider of high-end bikes, describing those bikes--and the sources for those bikes--is important, since "high-end cycling rentals" is intended to be a market differentiation.
The strategy element of the business plan describes how your products or services will be sold, the target markets you will sell to, the marketing message you intend to use to convince customers to purchase from you, and the methods you will use to deliver this message.
Are you the manufacturer? Am I assuming readers will have too great a knowledge base? How does it benefit customers? How do you make it or how will you get it made? Did you trademark, copyright, or patent your product? Distribution Channels Describe how you will get your products or services in front of target customers.
A golf course for example could position itself as having the best practice and training facility in the region, the facility that caters to golfers who are truly serious about improving their games. However, numerous technology-based businesses, consulting firms, and health-related services deal in highly specialized areas.
Will you manufacture items yourself or outsource to someone else? Clarity is the key. How do you stand out, and why does this business have such a terrific chance at succeeding?
If I am introducing a new product or concept, am I including a comparative reference point? If your business takes off, is a steady supply of products available? FedEx had to define the opportunity for a new, large-scale service and justify why customers needed--and would actually use--that service.
How will you acquire your products? Since the typical customer seeks medium-quality equipment and excellent services at competitive prices, we will focus on providing brands like Trek bikes, Shimano footwear, and Giro helmets. Will your operating costs be low enough to allow a reasonable profit margin?
Marketing Message In your business plan you describe why the benefits of your products and services are powerful enough to give you a competitive advantage.
Choosing poorly can mean wasting precious marketing dollars and losing opportunities to acquire customers. Am I being too technical? Use simple terms and avoid industry buzzwords so your readers can easily understand.
In talking about your product or service, always try to answer why a client would want it. What makes your products or services different? Who will handle distribution, and how? Therefore, you need to examine your description from an objective perspective and ask yourself: Why would someone choose to buy your product or do business with you over someone else?
Remember, the primary goal of your business plan is to convince you that the business is viable--and to create a road map for you to follow. What need are you fulfilling or what problem are you solving?
In your business plan this is called positioning -- describing where your company stacks up versus competitors in delivering what is important to customers. How do you write the Products and Services section of a business plan? Or if you plan to sell a commodity readily available in a variety of outlets, the key to your business may not be the commodity itself but your ability to market in a more cost-effective way than your competition.This part of the business plan will provide a detailed description of the products and/or services you plan to sell.
It is important to be clear and concise when you are describing your product and/or service. The products or services section of your business plan should clearly describe what products and/or services you're selling with emphasis on the value you're providing to your customers or clients.
The Coffee Warehouse coffee distribution business plan products. The Coffee Warehouse is a new business providing full service distribution of coffee and supplies to coffee houses and espresso stands throughout the Spokane and Northern Idaho market/5(31).
DIY Wash N' Fix auto repair and car wash business plan product and service description. DIY Wash N' Fix is a start-up business that will offer a garage location with rental tools and equipment for consumers who wish to wash, paint, or repair their automobile themselves/5(22).
A Product Description contains an overview of your product or service, the product or services features, benefits, and advantages, as well as any product development activities, and liability issues. The overview should paint a complete picture of the product by answering the following questions in detail: what the product or service is, what.
In your business plan you will describe the different types of products or services offered and provide a brief description of each, including costs and patent or copyright information. However, before you can discuss your products and services, you must clearly explain the product line or list of services.Download