Question

4. Products and Services

a. Describe in depth your products or services. (Technical specifications)

b. What factors will give you competitive advantages or disadvantages? Examples include a level of quality or unique or proprietary features.

5. Marketing Plan

a. Market Research- Why?

b. Market Research- How? Primary or Secondary Data?

c. In your marketing plan, be as specific as possible; give statistics, numbers, and sources. The marketing plan will be the basis, later on, of the all‐important sales projection.

Product

• Describe the most important features. What is special about it?

• Describe the benefits. That is, what will the product do for the customer?

Customer

• Identify your targeted customers, their demographics

Competition

• What products and companies will compete with you?

• How will your products or services compare with the competition?

Strategy

• Outline a marketing Strategy.

Promotion

• How will you promote your Product?

• What will be your promotional budget?

Distribution Channels

How do you sell your products or services?

Answer 1

4. Products and Services

a. Describe in depth your products or services. (Technical specifications)

ans:-

Strategies for Competitive Advantage

Benefit: A company must be clear what benefit(s) their product or service provides. It must offer real value and generate interest.

Target Market: A company must establish who is purchasing from the company and how it can cater to their target market.

Competitors: It is important for a company to understand other competitors in the competitive landscape.

b. What factors will give you competitive advantages or disadvantages? Examples include a level of quality or unique or proprietary features.

ans:-

Strategies for Competitive Advantage

1. Cost Leadership

2. Differentiation

3. Focus

A competitive advantage distinguishes a company from its competitors. It contributes to higher prices, more customers, and brand loyalty. Establishing such an advantage is one of the most important goals of any company.

Competitive disadvantage is an unfavorable condition that causes a firm to underperform in the industry. Example-disadvantages typically include things such as know-how,scale,scople,quality,product features,process efficiency.productivity and cost.

5. Marketing Plan

a. Market Research- Why?

ans:-Market research is a critical component when you’re launching a product, try to improve your existing service, or when you’re just looking to be a step ahead of your competitors. It will provide you with all the information you need to make a better business decision.Market research provides detailed insights into the competitors, understand customers' pain points & preferences, latest market trends, consumer buying patterns, economic shifts, and demographics. That’s why smart business owners never underestimate market research and leverage it to creative effective strategies.

b Market Research- How? Primary or Secondary Data?

1. Knowledge about your competitors, and how they approach the market

2. It is crucial for a better understanding of your customers

Primary data is information collected through original or first-hand research. For example, surveys and focus group discussions. On the other hand,

secondary data is information which has been collected in the past by someone else. For example, researching the internet, newspaper articles and company reports.

Product

Describe the most important features. What is special about it?

Essential Features and Importance of Product

1.Exchange value The third characteristics of a product are that it must have exchange value.Every product, whether tangible or intangible, should have an exchange value and should be capable of being exchanged between the buyer and seller for a mutually agreed consideration.

2.Intangible Attributes Alternatively, the product may be intangible in the form of service, such as banking, insurance or repairing services.

3. Utility Benefits

4. Tangible Attributes

5. Differential Features Another important feature from the marketing point of view is that the product should have differential features, i.e., it can be differentiated from other products.

• Describe the benefits. That is, what will the product do for the customer?

Product benefits are the things a product offers to satisfy the needs, desires and wants of a consumer. They are what a consumer hopes to get, feel or achieve when he/she uses a product. Product benefits can either be actual or perceived.

• Actual benefits – these include the performance of the product, its design as well as its cost-effectiveness
• Perceived benefits include the products popularity, its image or its reputation.

Customer

• Identify your targeted customers, their demographics

Check out your competition

Analyze your product/service.

demographics

• Age
• Location
• Gender
• Income level
• Education level
• Marital or family status
• Occupation
• Ethnic background

Competition

• What products and companies will compete with you?

Direct Competition?

Direct competition is a term that refers to the companies or publishers who sell or market the same products as your business. Your customers will often evaluate both you and your direct competitors before making a purchase decision or converting.

Indirect Competition?

Indirect competition is a term that refers to the companies or publishers that don’t sell or market the same products, but are in competition with your business digitally. They may write the same type of content as you and be competing for the same keywords. In short, they are competing for your customers’ attention.

• local business directories
• your local Chamber of Commerce
• advertising
• press reports
• exhibitions and trade fairs
• questionnaires
• searching on the Internet for similar products or services
• information provided by customers
• flyers and marketing literature that have been sent to you - quite common if you're on a bought-in marketing list
• searching for existing patented products that are similar to yours
• planning applications and building work in progress

• How will your products or services compare with the competition?

Conduct market research

Market research involves collecting and analysing information about your market, including your customers and competitors. It is vital to research any new market you are moving into to avoid wasting time and money on failed projects.

There are 3 main ways to conduct market research:

• desk research - using existing information from the internet and industry associations
• field research - gathering the information yourself using surveys, questionnaires and other research tools
• commercial agencies - hiring external organisations that carry out the research for you.

Strategy

• Outline a marketing Strategy.

for product

• Brand name
• Related products or services
• Functionality
• Packaging
• Quality
• Warranty

Promotion

• Advertising
• Marketing budget
• Promotional strategy
• Publicity and public relations
• Sales force
• Sales promotion

Price

Promotion

• How will you promote your Product?

1. Send an email to your list
2. Have a killer content strategy
3. Write a blog post
4. Share your product socially
5. Find and employ brand ambassadors
6. Offer a subscriber-only discount
7. Run a social contest
8. Ask influencers to share your product
9. Write a press release
10. Take it to Facebook Live

• What will be your promotional budget?

Promotional budgets are created to anticipate the essential costs associated with growing a business or maintaining a brand name. A promotional budget could be increased in anticipation of new product lines are set to release in the near future.High promotional budgets can reduce profits during the period such assets are expended. Companies may allow for such higher costs based on an assumption that sales or awareness will increase among customers.

Distribution Channels

How do you sell your products or services?

1.Research the customer

Find out all you can about their personal circumstances, for example their relationship status, family names and hobbies

2.Research your products

Every business owner should be well versed in all of the features and benefits of what they’re offering

3. Research the past relationship

You should know the complete history of the relationship between your company and the customer’s organisation. That includes what they have ordered in the past.