Entrepreneurship and Small Business Discussion
Start-up Business Plan
Imagine you started a new business as an entrepreneur in Saudi Arabia (In Continuation to the Assignment -1).
Please, think and share information on the following items:
- Marketing Plan
- Market Research- Why? (1 Mark)
- Market Research- How? Primary or Secondary Data? (1 Mark)
- 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?