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Business Plan Tutorial: Step 6 Four P's

The Marketing Plan (Four P's)

Describe each of the following. Now that you have done the above research, the written statements will solidify all of the ideas that you have and help you to see what ideas are the best options. 

1. Product- What is the product? Describe all of the attributes of the product or service. Is it a service or tangible good? What is the product life cycle?

  • Map out your consumption pattern
  • How do people become aware of the item?
  • How does the consumer become aware of the need for the item?
  • Where do consumers find the item?
  • How does the consumer select the item?
  • How is it ordered or purchased?
  • How is it delivered?
  • How is it installed?
  • How is the product used?
  • When is the product done?
  • How does the consumer get rid of it, (e.g., sold, garbage, loan or gifted)?

2. Price- How will you determine price? What options will work best for your product? How will your consumers & competitors react to your pricing? Will you have price promotions? (see promotions) 

3. Place- What are the locations you will use to make your product available? 

  • Distribution channels or directly?
  • Specialty stores, Big Box stores, online, or vending machines?

4. Promotion- How are you going to promote your product or service? What promotional ideas work with the market you have selected? This is the reason for the whole report. 

Promotional Ideas:

Newspaper Write articles for the local paper Facebook
Write a newsletter Mailing list for customers Talk to people
Contests Sponsor little league teams Website
Radio Yellow Pages advertising Trade fairs
Mass Mailings Donate to local causes Television
Cold calling Start a conference Booths at Fairs
Magazine Giveaways- tee shirts, hats, buttons, pens Back of receipt
Sandwich board Give away samples or trial version Parties
Business Cards Pricing Promotion such as Coupons Grand Openings
Partnerships Join Chamber of Commerce Write a book
Temporary Tattoos Join Trade Services Word of Mouth

 

Questions you should answer within your business plan:

  1. What is your product or service?  (If you have explained it fully before, don’t repeat it. Just make sure it is fully explained.)
  2. What is the price?  How did you determine this price?  Show support of price using; cost of materials, time to produce, cost of transport, competitor's prices and your profit.   
  3. Where do you plan to locate your business?  Where will you obtain the components necessary for your product or service? Where will you sell your product or service?  How will it get there?  
  4. What promotional ideas will you use?  When and how?  What image will that give to your product?

Some Key Marketing Databases

  General Sources - Free Online

  General Print- Sources

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