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SET THE CONTEXT
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MARKET ANALYSIS AND BUSINESS POSITIONING
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DEVELOP YOUR SALES FORECAST
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DEVELOP YOUR OPERATIONAL AND COST PLAN
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DEVELOP YOUR CASH FLOW PROJECTIONS
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DETERMINE YOUR FINANCING STRATEGY
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INTERPRETING THE INCOME STATEMENT
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INTERPRETING THE BALANCE SHEET
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INTERPRETING THE CASH FLOW STATEMENT
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CONCLUSION
Develop Your Marketing Mix
Your marketing mix is made up of the following four elements:
- PRODUCT STRATEGY
- Your product strategy should answer the following questions:
- What do customers want from the product or service?
- What needs does it satisfy and with what features?
- How is it different from competitors?
- An example of a product strategy for a bakery is:
- PRICING STRATEGY
Your pricing strategy should:
- Consider what your customers are willing to pay
- Cover all costs plus a sufficient margin
- You can charge more than competitors if your product is unique
An example of a pricing strategy for a bakery is:
- PLACE STRATEGY
Your place strategy should answer the following questions:
- Where do customers tend to look for your product?
- What are the most appropriate distribution channels?
- What do competitors do and how can you learn and differentiate from them?
An example of a place strategy for a bakery is:
- PROMOTION STRATEGY
Your promotion strategy should answer the following questions:
- Where and when to communicate?
- When is the best time to promote?
- What do competitors do and how can you learn from them and differentiate yourself?
An example of a promotion strategy for a bakery is:
Next
Exercise 2