SET THE CONTEXT
MARKET ANALYSIS AND BUSINESS POSITIONING
DEVELOP YOUR SALES FORECAST
DEVELOP YOUR OPERATIONAL AND COST PLAN
DEVELOP YOUR CASH FLOW PROJECTIONS
DETERMINE YOUR FINANCING STRATEGY
INTERPRETING THE INCOME STATEMENT
INTERPRETING THE BALANCE SHEET
INTERPRETING THE CASH FLOW STATEMENT
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