Sometimes people use the term business plan when they are referring to a project.
Depending on whether you are selling your offering to individual consumers or a business, there are definite differences in what you will consider when defining market segments.
The following classifications may help. Strategic — your offering is in some way important to the enterprise mission, objectives and operational oversight.
For example, a service that helped evaluate capital investment opportunities would fall into this domain of influence. Operations — your offering affects the general operating policies and procedures. Examples might be, an employee insurance plan or a corporate wide communications system.
Functional — your offering deals with a specific function within the enterprise such as data processing, accounting, human resources, plant maintenance, engineering design, manufacturing, inventory control, etc.
This is the most likely domain for a product or service, but you must recognize that the other domains may also get involved if the purchase of the product or service becomes a high profile decision.
For the individual consumer: Social Esteem or Pleasure — your offering satisfies a purely emotional need in the consumer. Examples are a mink coat or a diamond ring. There are some products that are on the boundary between this category and the Functional category such as a Rolex watch a Timex would satisfy the functional requirement and probably keep time just as well.
Functional — your offering meets a functional requirement of the consumer such as a broom, breakfast cereal or lawnmower.
Your segmentation will be determined by a match between the benefits offered by your offering and the need of the prospect. Reduction in expenses Prospects might be businesses that are downsizing right sizingbusinesses that have products in the mature stage of their life cycle or individuals with credit rating problems.
Improved cash flow Prospects might be businesses that have traditionally low profit margins, businesses that have traditionally high inventory costs or individuals that live in expensive urban areas.
Improved productivity Prospects might be businesses that have traditionally low profit margins, businesses that have recently experienced depressed earnings or individuals with large families.
Improved manufacturing quality Prospects might be businesses with complex, multi-discipline manufacturing processes. Improved service delivery Prospects might be service businesses in highly competitive markets, product businesses requiring considerable post-sale support or individuals in remote or rural areas.
To improve your employee working conditions it might be a good idea to take a look at something like this benefit administration software to help your business thrive and keep your employees happy and healthy.
Need for education Prospects might be businesses or individuals looking for books on business planning, or seminars on Total Quality Management.
Involvement with social trends Prospects might be businesses concerned with environmental protection, employee security, etc. Factors that segment prospects Having determined the more general segmentation characteristics you can proceed to a more detailed analysis of the market.be very costly, but there are many books out that show small business owners how to do effective research by themselves.
In your marketing plan, be as specific as possible; give statistics & numbers and sources. The purpose for segmenting a market is to allow your marketing/sales program to focus on the subset of prospects that are “most likely” to purchase your offering.
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Back to Business plans and cashflow Writing your business plan Example of a business plan Example of a cashflow A finance provider will review any business plan submitted; it is essential that your plan relates to your business and you do not rely on a generic document. A finance provider will.
business plans and marketing strategy free business planning and marketing tips, samples, examples and tools - how to write a business plan, techniques for writing a marketing strategy, strategic business plans and sales plans.
A Business Plan is not simply a description of your business. It includes market analysis, marketing strategies, financial goals, funding and liability information, and company structure details.