Business Plan – Market Approach

Includes components of the marketing plan from:

• Growth trends in the industry

• The strength and potential entry of new

competitors

• Unique position statement

Target Market Criteria – Most Critical Component of the Market Approach

• Have a thorough understanding of who you are selling to.

• There is the geographic target market and the demographic target market.

Breakdown of the major target market characteristics

psychological

social

income & spending

habitsgender

age

Know Your Competitors!

• The positioning technique is a great way to start thinking where you stand in the eyes of consumers and competitors

The Marketing Plan in Focus

Controllable Factors• Price• Place• Promotion• Product

Uncontrollable FactorsOf market one

Uncontrollable Factors of market two

Strategize and Implement

• Single Differentiated Entry?

• Multiple Differentiated Entry?

• Simultaneous Entry?

• What do you want to achieve in 5 months? 1 year?5 years?