This section should describe briefly but clearly, what is your business. These are the items that you must include:
This section should provide the reader a very brief overview of your business – what you did, your current situation and what you plan for the future. You must include:
• a brief history of your business: is it a new business, buying an existing business or expanding an existing business?
• the purpose of your business – submit your vision and key objectives of your business.
• a description of your products and your services – what do you offer?
• the legal structure of your business – is it a sole proprietorship, a partnership, a corporation or cooperative?
• Your current location – at what stage of its life cycle your company is she?
• Your industry – is it growing, stable or declining?
• Your achievements – what have you done so far?
• Your competitive advantage – what are your competitive advantages (eg., Innovative products, solid business model, appeal to a niche market)?
• Your competitors – who are they and what are their strengths and weaknesses?
• Your business model – why is it effective?
• Timing of growth – where will your company in a year? Within three to five years?
• Steps – what goals have you set for your business and when do you reach them?
• Goals – what are your short term goals (next year) and long-term (three to five years)?
Also indicate the date of registration / incorporation, the name and business address and all contact information.
• Form of organization
Find an appropriate structure for your business.
Find ways to grow your business and learn about the activities likely to promote growth.
• Comparative Analysis
How does your company compared to other similar businesses? Benchmarking allows you to evaluate your performance and make sure your business is operating at full capacity.
Describe the specific activities that will be used to promote and sell your product or service. You must address each of the four key elements of marketing:
• The product – how your product or service meet the needs of your target market?
• The price – how you ask for your product or service and why?
• The place – how will you deliver your product to your customers?
• Promotion – how will you connect with your target market?
Your marketing strategy should also include information about your budget – how much money have you budgeted for your costs of marketing and sales?
You can also include a profile of your “ideal customer”. You can create profiles based on the type of client – consumers, retailers or wholesalers – or define your areas according to demographics such as age, location or income level.
Remember that a thorough market research is the cornerstone of an effective marketing strategy. Your claims will be based on facts – explain how you derived your conclusions and include statistics from reliable sources.
• Principles of Marketing
Hone your knowledge of key marketing concepts, learn how to prepare a marketing plan and evaluate strategic options for marketing your business.
• Study Guide Market
Find out how market research can help your business succeed and learn to perform various market research activities.