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Business Planning Basics Tooele SBDC 4 Week Program

Business Planning Basics Tooele SBDC 4 Week Program. Week 3 Marketing cont. Ryan Murray, MBA, CBA Richard Gonzalez, BS. After this class you should:. Understand how to develop an effective marketing strategy Create a competitive advantage that is both competitive and advantageous

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Business Planning Basics Tooele SBDC 4 Week Program

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  1. Business Planning BasicsTooele SBDC4 Week Program Week 3 Marketing cont. Ryan Murray, MBA, CBA Richard Gonzalez, BS

  2. After this class you should: • Understand how to develop an effective marketing strategy • Create a competitive advantage that is both competitive and advantageous • Know where to go to register/license your business • Be able to perform a company SWOT analysis • Develop a powerful mission and vision statement • Properly organize the pieces of your business plan

  3. Developing Your Strategy Price Quality Differentiation

  4. Developing Your Strategy Price $ Relative Price Point $$$ Quality Differentiation

  5. Developing Your Strategy Price Quality Differentiation

  6. Developing Your Strategy Price • The key is • Being able to beat the competition • Serve a market that isn’t being adequately addressed by the competition Quality Differentiation

  7. Rate Your Company’s Competitive Advantage • Competitive Advantage • Rate your company’s competitive advantage from 1 – 10 • (1 being little to none and 10 being virtually untouchable) 1 through 4: little to no chance of being profitable in the long run 5 through 7: reasonable profit potential with no significant growth 8 to 10: good competitive advantage

  8. Discussion Points • Market Mediums • Marketing ROI • Measuring your results • Using a “control group” in your marketing • Marketing Budgets • Marketing Mistakes • Not doing it consistently • Not budgeting for it • Not planning • Buying “whatever” • Not buying anything

  9. Homework (yes, you get double) • Establish a marketing budget and implement it into your financial forecasting. Make sure that your sales forecast is a function of marketing and write the relation as part of your business plan. • Determine whether you are focusing on price, quality, and/or differentiation. • If your competitive advantage is below 8, brainstorm with your management team ways to strengthen your competitive advantage. • Provide a written description of your marketing strategy. Make sure that it is well enough written that someone outside of the business could implement the strategy based on your description.

  10. Business Planning BasicsTooele SBDC4 Week Program Week 3 Company Profile/ Organizing your plan Ryan Murray, MBA, CBA Richard Gonzalez, BS

  11. Business Registration • Entity Types (some of the most common) • Sole Proprietary • Partnership • LLC • S-Corp • Non Profit • Etc • For entity types and info http://corporations.utah.gov/index.html • Online registration https://secure.utah.gov/osbr-user/user/welcome.html

  12. Business License • Business license is done through the city or county • Business registration is done through the state

  13. Professional Licenses http://www.dopl.utah.gov/licensing/index.html

  14. SWOT • Strengths • Weaknesses • Opportunities • Threats

  15. Mission Statement • “Begin with the End in Mind” Stephen Covey – 7 Habits of Highly Successful People Your mission statement should provide direction and answer the tough questions • Intended to provide motivation Your vision statement should provide a clear focus Vision Statement

  16. Putting It All Together Revenue - Expenses = Profit The financials are used to measure the success and track improvements Product/Service Relative Price Point Target Market Market Mediums Marketing Strategy Market Opportunity • Management • Successfully identifies a need • Is capable of meeting that need • Eliminates all bad behaviors and cultures • Has a clear focus and direction (mission)

  17. Putting It All Together Static Information • Company Profile • Name • Entity • Location • Mission Statement • Company Vision • Product/Service Menu • Market Research • Operational Manual • Company Policies Dynamic Information • Management • Marketing Strategy • Financial Forecasts • Financial Statements

  18. 6 Sections • Company Profile – A brief overview or explanation of your business • Product/Service – An analysis of your potential sources of revenue • Market Opportunity – Your portion of the revenue the total market will pay • Marketing Strategy – A detailed plan explaining exactly how you will sell, to whom, and at what expense • Management Team – Getting the right people doing the right things to make it happen • Financials – Measuring it and tying it all together

  19. Homework • Create your company profile page • Name • Entity • Location • Etc. • Perform a SWOT analysis for your company • Develop your company’s Mission Statement • Develop your company’s Vision Statement

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