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? How do people become aware of the item? How does the consumer get rid of it, (e.g., sold, garbage, loan or gifted)?
- Map out your consumption pattern
- 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?
Questions you should answer within your business plan:
- What is your product or service? (If you have explained it fully before, don’t repeat it. Just make sure it is fully explained.)
- 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.
- 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?
- What promotional ideas will you use? When and how? What image will that give to your product?