The business plan components due this week are the market analysis, customer segmentation, and marketing plan.
This part of the assignment is to find the niche for your organization.
You will need to start by:
- Defining what segment of the customer population you are targeting (i.e. in what community, what age group, etc.).
- Then you will look at your potential competition in that community:
- Are they serving all the needs of the customers?
- How do customers find out about them?
- Do they market to potential customers and how do they market?
- Are all of the customers currently being served?
- Then your next step is to figure out how to get the word out about your new organization. Specifically:
- How will you market your organization to customers?
- How much of your overhead costs will you spend on this (just ballpark this- you will complete a financial plan later this term)
- What milestones do you want to achieve in your marketing plan in the first 6 mo, first year, and first 5 years?
You are building upon what you submitted in week 2. To complete this assignment, continue to follow the Business Plan Template you previously updated in Week 2 and complete the sections on Market Analysis, Customer Segmentation, along with the Marketing Plan. (Template and Samples attached above again if needed)