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Marketing 305 – Fall 2016 Final Project Format & Requirements

Formatting Requirements: Format • Must be submitted in PDF format ONLY via BlackBoard • Paragraphs: Double Spaced • Bullet Points: Single Space • 12 Point Font - Arial or Times New Roman Font ONLY • 1” margin, header and footer Title Page • Title of Project • Your Name (First, Last) • Class (‘MKTG 305’ and day/time OR on-line class) • Professor’s Name • Current Date Table of Contents Headings/Sections Requirements: ** You may click the headings for more information about each section ** I. Executive Summary II. Your Personal Mission/Vision Statement

III. Introduction / Overview of Project IV. Situation Analysis (Summary Snapshot)

• Overview/Section Introduction • Climate

o Political o Economic o Social o Technology

• S.W.O.T. Analysis o Overview of your S.W.O.T.  Strengths & Weaknesses (Internal)  Opportunities & Threats (External)

• Target Market (The industry/career field that you have chosen to seek out) o Overview/Section Introduction

• Company Analysis (YOU) • Overview/Section Introduction • Core Competencies • Competitive Advantage(s) • S.M.A.R.T. Goals & Objectives

• Competitor Analysis (People in the same market as YOU) • Overview/Section Introduction • Specific Opportunities & Threats

• Client Analysis (Companies that will hire YOU) • Overview/Section Introduction • Specific Opportunities & Threats • Detailed version of Target Market (see above)

• Collaborators (Influencers and/or Mentors) • Overview/Section Introduction

• Who is/are this/these person/people? • How is/are this/these person/people assisting the Company (YOU)?

V. Available Resources • Overview/Section Introduction

• List & describe your Tools • List & describe your Experience(s)

VI. Strategy & Tactics and Alternatives • Goals & Objectives

• Overview/Section Introduction • Detailed version of above • Present in S.M.A.R.T. context with detailed explanation

• Strategies (Marketing Mix) • Overview/Section Introduction

o Product Strategy o Pricing Strategy o Place/Distribution Strategy o Promotion Strategy

• Evaluating Alternatives (C.O.R.P.) • Overview/Section Introduction

o Costs o Obstacles o Risks o Pay-off’s

VII. Financial Strategy • Overview/Section Introduction

• Current & Proforma (Projected) list of Revenue & Expenses o You may utilize the table previously posted under “Helpful Stuff”

VIII. Plan of Action (pulling it all together) • Overview/Section Introduction • Strategy & Tactics • Order of Operations • Contingency Plan

IX. Conclusion & Summary of Project X. Appendix

• Citations o This project must have AT LEAST five (5) citations from outside sources:

o Text, periodicals, valid online sources, interviews, etc. o Two (2) of which are REQUIRED to be from a Peer Reviewed Journal article or Scholarly

Source o MLA or APA Formatting (In Project & in Citation Page)

• Exhibits (not required; however, validates/“backs-up” things that you may have stated in this project) o Resume o Salary Bell-Curve o Charts & Graphs (if any) o Etc.

This is one of the big ques- tions both young and not so young job seekers ask. Sal Divita, in an article in Mar- keting News, answers: “Ab- solutely. Both are achieved

when the individual’s personality profile is consistent with the demands of the job”.1

Determining consistency in job fit is not a task taken lightly and can lead to unan- ticipated conclusions. Take this statement from a student who recently prepared a Per- sonal Marketing Plan as a course requirement for an Introductory Marketing class.

This paper turned out a lot different than I had originally thought that it would have. I started out with the idea of starting life with a comfortable salary to feed my family in Canada, and after I had evaluated all of the above, I then realized that many opportunities awaited me in Australia also. I wanted to finish my Bachelors Degree here in Kamloops . . ., and then per- haps get a job with a public relations firm. By writing this paper, it has made me re-evaluate my life, and the choices I will be facing in the very immediate future.2

All marketing has the single purpose of helping compa-

nies and individuals address and manage change. Companies plan their marketing strategies but, unfortunately, many individuals have no plan at all. Yet nothing is more important than a plan for managing the inevitable changes that life brings.

A Personal Marketing Plan is vital if we are to harness and manage change. This textbook teaches the fundamentals of marketing: how to market goods and ser- vices and develop an effective marketing plan for a business organization. Many of the tools and techniques presented in the text have been proven to improve busi- ness profits, efficiency, and effectiveness. These principles can be adapted to mar- ket the most important product in your life: You. They are equally effective for an individual embarking on a career or a person in mid-life dealing with any in- evitable job change.

In a complex world of changing technology, uncertain economic conditions, in- creasing competition, and information overload, change is constant. Employees no longer have the luxury of counting on the “golden handshake” after a lifetime of dedication to one company. Today, the average worker can expect to change ca- reers at least three times. Most will work for more than six companies throughout their career.

This is the first time I have ever had to seriously delve into the un- charted waters of myself, and actu- ally try and figure out what motivates me and what is impor- tant as well. . . . I preferred to swim

happily along, oblivious to such information. I have (now) discovered . . . a great deal about my wants, needs, values and behaviour . . . Needless to say that in addition to completing a re- quirement of this course, I have also learned a lot about myself.3

The most important investment you can make in yourself Think of yourself as a business: “YOU INC.” To achieve career success, you must mar- ket yourself by offering your unique selling proposition and competitive advantage to the right target employer, at the right income or price, with the right blend of tools to promote your individual skills, education, and experience.

Marketing “YOU INC.”—Preparing a Personal Marketing Plan 637

“Can people find satisfaction and happiness in a job?”

Why a personal marketing plan?

Understanding the personal marketing planning process

A planning framework provides direction and focus This appendix is designed to help you write a personal marketing plan for “YOU INC.” Exhibit C–1 summarizes the process. It presents a framework of marketing principles and outlines a series of independent but interrelated steps to follow in developing your own personal marketing plan. The process incorporates a systematic approach to mak- ing key life and career decisions. A planned approach to developing a personal mar- keting strategy will help you review progress and make revisions for effective execution.

638 Appendix C

Exhibit C–1 A Personal Marketing Planning Framework

VALUES "What is important to me?"

VISION "What is my preferred

future?"

MANDATE "What constraints am I

facing?"

PERSONAL RESOURCES RESULTS TO DATE

Key Life Needs/Wants

Priorities & payoffs

"What do I want?"

MISSION "What do I need to do to

realize my vision?"

OBJECTIVES/GOALS

"What measurable evidence will I use as proof of the

achievement of my mission/vision?"

INDUSTRY/ EMPLOYMENT AREAS

OF INTEREST

Skills Personality

Likes Dislikes

"What do I have?"

INTERNAL

STRENGTHS WEAKNESSES

Objectives Results

Resources

Competitive Advantage

Personal Marketing Mix

SWOT Analysis "What strengths,

weaknesses, opportunities, and threats impact on my situation?"

STRATEGIC ISSUES & OPPORTUNITIES "What strengths/

opportunities can I best capitalize on?"

"What weaknesses/threats must I guard against?"

EXTERNAL

OPPORTUNITIES THREATS

Trends Economic, Social,

Technological, Political, Regulatory,

Cultural

Competitive Situation

Industry Company

STRATEGIC ALTERNATIVES "What paths can I follow to

achieve my goals?"

TACTICS/WORKPLAN "What do I have to do, by

when?" Tasks, activities,

deadlines

CONTINGENCY PLAN "What could go wrong

and what is my fallback position?"

To achieve a fulfilling career, we all must identify and define our own measure of suc- cess. This involves an honest self-appraisal, which includes the following:

•1 Identifying your own wants, needs, values, dreams, strengths, and weaknesses.•2 Judging the “fit” of your unique skills and resources against the often uncon-trollable environmental variables. •3 Establishing and keeping focused on your most critical life priorities. Priorities keep us focused We face many choices in life. We may naturally gravitate to one choice or another, but sometimes we need to make hard decisions. Our resources are limited. As op- tions increase, we find it more difficult to allocate our resources. Setting priorities helps us sort out choices and keeps us focused on our most valuable payoffs.

A highly developed sense of priorities is an important planning skill and often marks the difference between an effective and an ineffective manager. A clear con- cept of priorities helps guard against a treadmill-like life. Exhibit C–2 illustrates a priority grid.4 This tool helps sort out alternatives and identify the one with which to begin. The table is designed to rank ten items, but can be expanded.

Values underlie our concept of success Values are attitudes and beliefs that form the foundation of our personal ethics. They are often culturally determined, having been passed down from generation to gener- ation. They determine our choices and actions, and ultimately, our concept of success. They influence all we say and do.

Marketing “YOU INC.”—Preparing a Personal Marketing Plan 639

Establishing an overall career direction

Exhibit C–2 Prioritizing Grid Worksheet

Make a list of items and number them. Start with the top line of the grid. Compare items 1 and 2 on your list. Which one is more important to you? Ask yourself, “Of all the things I could do with my time, which would bring me the best overall payoff?” Circle your choice, then compare the other pairs.

1 2 1 3 2 3 1 4 2 4 3 4 1 5 2 5 3 5 4 5 1 6 2 6 3 6 4 6 5 6 1 7 2 7 3 7 4 7 5 7 6 7 1 8 2 8 3 8 4 8 5 8 6 8 7 8 1 9 2 9 3 9 4 9 5 9 6 9 7 9 8 9 1 10 2 10 3 10 4 10 5 10 6 10 7 10 8 10 9 10

Total times each number got circled.

1 ___ 2 ___ 3 ___ 4 ___ 5 ___ 6 ___ 7 ___ 8 ___ 9 ___ 10 ___

Priority order—highest # of circles � highest priority etc.

1 ___ 2 ___ 3 ___ 4 ___ 5 ___ 6 ___ 7 ___ 8 ___ 9 ___ 10 ___

Rewrite your list beginning with the item that got the most circles. This is your prioritized list.

Note: In the case of a tie, look back to see what you circled when you compared those two numbers. This should break the tie.

Source: Adapted from R.N. Bolles, What Color is Your Parachute, Ten Speed Press.

Values relate to both preferred consequences—what you want to happen—and modes of conduct—how you will behave to accomplish what you want. They influ- ence our vision and guide our actions to realize it. To ensure career fulfilment we must be conscious of the most important values in our life, as compromising them will lead to personal tension. Awareness of our values enables us to make informed and satisfying career decisions.

For example, if you identify your core values as independence, creativity, equal- ity, honesty, and ambition, you need to find an industry and company that reflects these values if you are to experience personal integrity. As Sal Divita says, “The value systems between employees and employers . . . must be compatible in order to form a ‘perfect job.’ ”5

Your core values are reflected in your dreams and vision Exhibit C–3 provides a framework for considering your values. To identify your core values, select the ten most important from the examples in Exhibit C–3. Add/re- word any until they feel comfortable. Then rank them using the priority grid in Ex- hibit C–2. Write out your list. Your list should reflect your most cherished values.

Your core values are the basis of your dreams and goals. Living a life according to your personal values is critical to achieving an overall sense of well-being and fulfilment.

Once you have priori- tized your values, you will have a clear un- derstanding of the be- liefs and attitudes that drive your actions

and behaviours. Now you need to have a clear picture or vision of your values in action. Entrepreneurs have a vision of the company they want to create. Artists have a pic-

ture in mind of their finished product. Their respective visions guide their decisions and actions. So too, each individual must have a vision of a personal future. Initially, the vision may be hazy and incomplete, but knowledge of personal values helps one to refine and clarify it. Visualizing your values in action will help you clarify the fu- ture you want to create for yourself.

Vision gives life meaning and purpose Vision acts as a catalyst giving life meaning and purpose. Vision keeps us from just go- ing through the motions. It gives meaning to everyday activities. A comfortable home, a happy family, challenging work, and public recognition may be the ultimate payoffs of your vision. But to realize these, you must fashion your daily activities—going to school, completing assignments, working in a less than satisfying job—as steps de- signed to take you to where you want to go. When you see how your daily activities link to your vision, you will have the motivation to get through the tough and tedious steps.

What you see in life is what you get, so construct an appropriate vision of your pre- ferred future and plan the steps to make it come true.

Businesses express their values and vision in the form of mission statements de- signed to guide the development of oper- ational plans. They guide what a company will do and how they will accomplish it. Mission statements act as context for ob-

jectives, strategies, and tactics. Every organization/person has a mission or purpose, although some may not

have written down their mission statement or intentionally developed a strategy to execute their vision.

640 Appendix C

Clarifying vision—creating a picture of your preferred future

Constructing a personal mission statement

A mission statement creates boundaries on what is done. It also sets the tone for the overall direction and coordination of efforts and resources. Like businesses, in- dividuals need a mission statement to guide what they want to be and how they will make it happen.

Mission statements reflect vision and values A personal mission statement expresses both your vision and your values. It suggests how you will take action on them. As Exhibit C–4 shows, a mission statement should address your values, your vision, and key markets, as well as how you will use your competitive advantage to benefit important areas of society.

For example, a marketer’s mission statement may be: I am an intelligent, ambitious person who takes pride in integrity, responsibility, personal

growth and lifelong learning. I will fulfil my vision and dreams by creating exceptional results for a medium to large sized marketing oriented company. I will embrace challenge and pursue excellence throughout a career in consumer goods marketing.

Marketing “YOU INC.”—Preparing a Personal Marketing Plan 641

Exhibit C–3 Instrumental and Terminal Values

INSTRUMENTAL/BEING VALUES TERMINAL/END STATE VALUES (PREFERRED MODES OF CONDUCT) (PREFERRED END STATES)

Personal Physical Ambitious Attractive Analytical Healthy Courageous Strong Creative Well-groomed Decisive Flexible Security Imaginative At peace Independent Comfortable Organized Free Practical Safe Realistic Self-reliant Belonging Traditional Loved, loving, intimate

True friendship Interpersonal

Caring Self-esteem Cheerful Accomplished Compassionate Contented Courteous Equal Empathetic Happy Forgiving Integrated Helpful Recognized Honest Self-respecting Objective Sense of accomplishment Outgoing Principled Self-Actualization Reliable Beauty (nature and arts) Reserved Inner harmony Respectful Spiritual peace Responsible Understanding Self-controlled Wisdom Sincere Sympathetic

Mission statements are not cast in stone Strategic decision making does not necessarily follow an orderly pattern. There is no one formula that can be applied in every situation. Business strategy is often formu- lated using a fluid process of identifying past success patterns and using them as a basis for creating new strategies.

Writing a personal mission statement may feel awkward. This feeling is normal. Companies often struggle with developing a mission statement and routinely take their senior executives “off site” for a few days to develop or reaffirm their mission.

Constructing a mission statement is not an exercise done once. People as well as businesses evolve and grow. A mission statement should be reviewed at regular in- tervals (once per year minimum) or whenever significant change occurs.

Values and vision are the guiding principles ex- pressed in your mission statement. Goals and objectives are the specific results needed to keep you on track to ensure that your values are preserved and that your visions are realized.

Goal setting acts as a framework for making your vision a reality. How you conceptualize your vision influences the goals you set and the strategies you implement. Goals help outline problems, clarify opportuni- ties, and understand threats.

Goals are the practical side, the individual stepping stones of visions. A goal is a con- scious decision based on logical analysis of the circumstances leading to your vision or dream. Goals give focus and direction, while vision provides purpose and energy.

Goals are the practical side of vision For example, your mission statement may reflect a long-term dream of self-employ- ment. On the other hand, your goals will lay out the specific results you will achieve as personal evidence of your vision in action. These may vary from saving a specific amount of money, to writing a business plan by a certain date or maintaining an A� credit rating.

A goal must be written, as writing reflects commitment and makes the goal visi- ble. It must have a deadline reinforcing the commitment.

The techniques for ensuring that goals turn into results can be summed up by the acronym SMART. For a goal to be

truly actionable, it must be Specific, Measurable, Attainable, Realistic, and True. Ex- hibit C–5 summarizes the meaning of each letter.

To ensure that your goal is specific, you must state unambiguously what you want to accomplish—the results you are striving to achieve. Your goal must express results in terms of specific and concrete evidence of accomplishment. For example, many of us want to be “better organized.” This, however, is not clear or specific enough to be a goal. Furthermore, getting organized is highly subjective. To one person, being organized may mean maintaining an up-to-date personal calendar. To another, it may mean hav- ing a clean desktop and all papers filed. Thus, a goal must suggest a clear course of ac- tion and specify the results that will be used as proof of its successful completion.

642 Appendix C

Exhibit C–4 Characteristics of a Personal Mission Statement

1. It communicates your overall values and vision. 2. It expresses a picture of your preferred future—what you want to accomplish and for whom. 3. It clearly identifies the resources and skills you can provide. 4. It clearly identifies the industry/occupation you are interested in. 5. It briefly identifies your target market.

Setting goals—making your vision come true

Making goals “SMART” Goals must be Specific Measurable Attainable Realistic True

Besides identifying the specific evidence of accomplishment, a goal must be mea- surable. A goal must include specific quantitative measures and deadlines—actual dates and timing. This reinforces and seals commitment.

Attaining goals should be a challenge, but routine To make goals attainable and realistic, think of them in terms of the likelihood of ac- complishment. What is the probability of achieving a goal if current circumstances, resources, and skills remain the same? Achieving goals should be the norm. Some might suggest setting a very challenging goal, with a low probability of success. They see this as motivation for people to reach beyond their means. But setting overly dif- ficult goals can set up a situation of failure and disappointment. Evaluate your like- lihood of success. To be attainable and realistic, while providing motivation or “stretch,” goals should reflect a success probability of between 60 and 85 percent. Anything less than 60 percent courts failure, and thus can be discouraging and de- motivating. On the other hand, anything above 85 percent does not have enough challenge. Such a goal is too easy to accomplish. Create a goal that stretches you to accomplish something you may not normally achieve without extra effort. If neces- sary, revise the goal until it reflects a challenging but realistic probability of success.

Finally, ensure that your goals are true. They must be important enough to war- rant focus and unquestionably deliver a positive, personal payoff for you. Confirm that they are worth the time and effort to achieve.

Establishing goal hierarchies and time frames The time frame of goals can vary depending on the clarity of your long-term mission. Short-term goals are set to support longer-term visions. Daily, weekly, or monthly goals keep your everyday activities focused and on track to realizing annual or longer-term objectives. Goals are directional to keep you focused. They should be reviewed and, if necessary, revised frequently. Continually ask yourself, does this goal keep me moving in the right direction?

Goals should be viewed within the context of your mission in terms of both com- plexity and time. The more complex the vision and the longer the time frame, the more difficult it is to make the goal “SMART.” To ensure that it is may involve con- structing a goal hierarchy, often through trial and error. It is important to always keep your long-term vision in mind.

Marketing “YOU INC.”—Preparing a Personal Marketing Plan 643

Exhibit C–5 Making Goals “SMART”

In order to turn a problem or opportunity into a goal, the end condition or result of solving the problem must be clearly identified.

EVERY TIME YOU SET A GOAL, CHECK THAT IT IS “SMART.”

S–SPECIFIC WHAT IS TO BE ACHIEVED? Focus on specific, unambiguous, concrete key result areas or performance conditions. The goal must suggest action and leave no doubt as to its attainment.

M–MEASURABLE HOW WILL YOU MEASURE IT? i.e., know it is achieved? Put goals into numbers—how many, how big, how often, how much, when. Set specific, quantitative conditions. Set a deadline.

A–ACHIEVABLE DO YOU REALLY BELIEVE YOU CAN ACHIEVE IT? Compared to other situations/conditions and with the resources on hand at this time.

R–REALISTIC DO YOU FEEL YOU HAVE A 60 TO 85 PERCENT CHANCE OF SUCCESS? Can you do it during this time, with the resources you have if nothing else changes? Have you ever done this before? Is there any room for error or obstacles? What is the minimum you need to accomplish? The ideal?

T–TRUE WILL THIS UNQUESTIONABLY DELIVER A PERSONAL PAYOFF? Does this represent an important change of routine, solution, or opportunity to you? Is it really worthwhile? Is it of value to you, to the people it will impact? How will you feel if it isn’t achieved? Is it worth the time, effort, and money to reach this goal? Is there an easier way that will give the same feeling of success?

You can set goals using a “top-down approach” by breaking your long-term vision into more manageable steps. Or you can use a “bottom-up approach” by executing small steps to explore your long-term dream.

For example, you may know you want to be a chartered accountant. A short-term goal of a high grade-point average in a finance course would support your longer- term vision. On the other hand, you may be unsure of what specific career you want but know that you like mathematics. In this situation, a more general goal, such as taking an accounting course, may be set as your first step. As you accomplish a se- quence of goals, you will sort through your capabilities and specific interests and set more specific goals to support a longer-term vision.

Goal setting requires precision of thought, forecasting ability, and the fortitude to make commitments. Goal execution requires discipline and a concerted effort to avoid being thrown off course. Three key principles regarding goal setting should be kept in mind:

•1 Define and clarify your payoffs. Payoffs (especially internal, subjective ones) mustbe clearly thought through. Hasty identification of payoffs can result in a loss of interest in a goal. The motivational power of the payoff must be strong enough to maintain the activities necessary to ensure success. Clarifying payoffs requires concerted self-examination.

•2 Prioritize to avoid goal conflicts. Sometimes two goals work against each other. Forexample, we often attempt to accomplish two goals simultaneously, such as: 1. To get an “A” in a particular semester, and 2. To earn $5,000 from part-time work during the semester.

Unless you have above-average skills and resources, the probability of achiev- ing both at the same time is low. That is why it is important to establish priori- ties and focus your goal-setting efforts on your highest priority. Be willing to compromise on your lower priorities.

•3 Review your goals often. Sticking to goals is difficult. Many uncontrollable variablesin the external environment can distract and throw us off track. Be aware of dis- tractions, review your goals daily, and resolve to accomplish small steps on a reg- ular basis.

A SWOT analysis is a technique designed to identify strengths, weak- nesses, opportunities, and threats and ensure that internal and exter-

nal variables are consistent. Think of strengths and weaknesses in terms of inter- nal or personal aspects, and opportunities and threats in terms of external, environmental conditions. Naturally, we have more control over the former than the latter. Exhibit C–6 outlines questions you need to ask yourself when conduct- ing a SWOT analysis.

644 Appendix C

Set goals using a “top down” or “bottom up” planning approach

Avoiding the pitfalls in goal setting

Conducting a career-oriented situation analysis

As with any corporate marketing plan, a thorough analysis of uncontrollable variables is necessary in order to iden- tify opportunities and threats in the ex- ternal environment. This step ensures that your vision and mission are viable.

Use the framework in Exhibit C–7 as a checklist for your external analysis. Plan to conduct research as if preparing a situation analysis for a company.

Research your career interests and analyze the external or environmental trends that influence your chosen career or employment area. Consider current and fore- casted economic conditions. Examine legal, professional, and regulatory issues. What are the key technological, social, and cultural trends affecting your chosen area? Are there any location or mobility issues or opportunities? What external re- sources are available to assist you?

Your written mission statement should give you a sense of career direction to help you identify potential industries and/or employment areas.

If you have minimal experience in the workforce, choosing an industry may be difficult. Begin by considering areas of interest. Ask yourself what kinds of jobs are

Marketing “YOU INC.”—Preparing a Personal Marketing Plan 645

Exhibit C–6 Conducting a SWOT Appraisal

Internal Appraisal

Strengths • What is my present position? • What am I good at? • What major resources/expertise do I have?

Weaknesses • What is my present position? • What are the major problems I face? • What am I poor at doing? • What major resources/expertise deficiencies do I have?

External Appraisal

Opportunities • What favourable environmental trends exist? • How is my industry of choice developing? • In what areas could I achieve success?

Threats • What unfortunate environmental trends exist? • How are my competitors developing? • Where is my performance likely to suffer?

Identifying external opportunities and threats

Conducting an environmental analysis

Choosing an occupation/employment area/industry

available in these areas. If you have numerous areas of interest, use the priority grid to rank them. If you are considering starting your own business, you may first need to identify a market for investment sources, business advisors, and mentors. Begin with your highest-priority area, and gather information on your chosen career area.

Once you have narrowed your choice to a key industry, segment the indus- try and define potential target mar- kets. For the industry and key market segments, collect data to assess mar- ket size, life cycle, growth trends, sea-

sonality, and any other factors important to your identification of opportunities.

Choose a target market with the best potential of employ-

ment, and then research individual companies to establish a contact list for your job search. Research employment trends, turnover, and promotion opportunities. How would you describe the climate and culture of your listed companies?

Constantly evaluate the fit of your findings against your mission statement and goals. Do not be discouraged if your research results in a false start or causes you to change direction. A trial-and-error approach is a natural part of the process. As long as you keep in mind your mission statement and values you will find yourself select- ing the appropriate tools for a successful job search.

If you continue to experience positive signals, research the key decision makers. De- termine the needs and the benefits they expect when employing a person with your skills and experience. Sal Divita recommends, “When competition is intense, you have to provide the prospective employer with compelling evidence and rationale support- ing your claim that you’re the best candidate for the position.” He further describes that compelling evidence as “something that clearly and logically demonstrates that you offer the best solution to a need . . ., it’s what you can do for the employer.”6

646 Appendix C

Exhibit C–7 Conducting a Personal Marketing Plan Situation (SWOT) Analysis For YOU INC.: A Marketing Framework

EXTERNAL (ENVIRONMENTAL) ANALYSIS — OPPORTUNITIES AND THREATS

Environment Checklist Industry/Target Market Checklist Competitive Checklist Economic conditions/trends Industry size and growth Intensity Industry overview/considerations Industry/life cycle position Skills Legal/regulatory/professional issues Geographic scope Strengths/weaknesses Resource trends Seasonality Location Societal & cultural issues/trends Industry structure/segmentation Contact modes Technological trends Employment rate/factors Objectives Economic trends Segments, size, and accessability Resources Location/mobility trends Target market(s)

Industries Implications Implications Companies Opportunities Opportunities Hiring practices Threats Threats Decision makers, influencers, buyers, users

Needs/benefits/Information wanted Mobility/promotion issues/opportunities

Implications Opportunities Threats

Segmenting and identifying target markets

Conducting a company analysis

Research your competition. Consider gradua- tion rates in your academic program or special- ity, and labour market conditions, as well as the

skills, resources, strategies, strengths, and weaknesses of other people vying for the same positions. How will you differentiate yourself? As Philip Kitchen comments, “in a world of competitive job rivalry, differentiation and focus seem to be the best strate- gies to deploy.”7 Identify your competitive advantage and unique selling proposition.

Summarize your key findings and the implications they have for your career path. Prioritize the best opportunities and relevant threats. What overall strategic direc- tion does your analysis suggest for the next two to five years? Product develop- ment? . . . Market development? . . . Market penetration? . . . or Diversification?

A SWOT analysis must also address internal or personal variables. A thorough self-analy- sis will help develop an effective personal marketing plan for YOU INC. As Sal Divita explains, “It’s entirely possible that some- one will hold the right job, but be unhappy

with the work. This happens when the dominant personality of the company does not mesh with that of the person.”8

Personal success demands that we lead from strengths and minimize weaknesses. A self-analysis enables you to do this by examining past and current objectives, re- sources, and results. Avoid any self-deception when conducting a personal analysis.

You can organize your self-analysis into three areas:

•1 What you want.•2 What you have.•3 The results you have achieved to date. Exhibit C–8 provides a framework to assist in your self-analysis.

Marketing “YOU INC.”—Preparing a Personal Marketing Plan 647

Assessing competition

Summarizing opportunities and threats

Conducting an internal or personal analysis

Exhibit C–8 Conducting a Personal Marketing Plan Situation (SWOT) Analysis For YOU INC.: A Marketing Framework

1. INTERNAL (PERSONAL) ANALYSIS—STRENGTHS AND WEAKNESSES

Objectives Checklist Resources Checklist Results Checklist Dreams Personality Milestones/life happenings Values Social style Successes/disappointments Likes/dislikes Support network Growth potential Industries/jobs of interest Contacts Strategies/tactics Decision criteria/priorities Reference/peer groups Product positioning Wants/needs/goals Financial Product Key life categories Education Price Priorities Assets Place

Energy level Promotion Health Competitive advantage Experience Unique selling proposition (USP) Skills Opportunities lost

Costs Obstacles Risks Payoffs

Lessons learned

A clear definition of your values, a statement of mission, a review of wants and needs in all key life categories, and a clear sense of priorities will help clarify what you want. Any career decision will affect multiple areas of your life, so it is important to con- sider your career in the context of other areas of your life.

Exhibit C–9 presents a model for your “dream list”—eight life categories that in- teract with one another. Completing this exercise can help capture your wants and dreams as they relate to family, career, home, social, financial, educational, health, and personal development interests. Record your dreams and wants in each cate- gory that is relevant.

Prioritize your wants and needs from your “dream list.” Confirm or adjust them based on the information you have collected regarding your potential employment area. Regularly review progress in each of the life areas to ensure that career goals support other important life goals.

What you have is your own unique personal attributes and experiences. Your “tools” for self-analysis include your prioritized values list, an unbiased assessment of your strengths and weaknesses, and information regarding your interests, likes, and dis- likes. In addition, consider such factors as health and energy level as well as educa- tion and experience.

Understanding your assets and liabilities will help you prepare a personal profile in- dicating how you will compete in the marketplace. To identify your personal resources

648 Appendix C

Assessing objectives:“What you want”

Exhibit C–9 Dream List—Key Life Categories: Worksheet

Brainstorm your wants and needs for each of the categories below. Let your imagination soar. Do not edit your reactions, trust your instincts. Prioritize when completed.

FAMILY SOCIAL ______________________________________ _______________________________________ ______________________________________ _______________________________________ ______________________________________ _______________________________________ ______________________________________ _______________________________________

CAREER/WORK FINANCIAL ______________________________________ _______________________________________ ______________________________________ _______________________________________ ______________________________________ _______________________________________ ______________________________________ _______________________________________

HOME/LIVING/LOCATION EDUCATIONAL ______________________________________ _______________________________________ ______________________________________ _______________________________________ ______________________________________ _______________________________________ ______________________________________ _______________________________________

PERSONAL DEVELOPMENT/SPIRITUAL PHYSICAL ______________________________________ _______________________________________ ______________________________________ _______________________________________ ______________________________________ _______________________________________ ______________________________________ _______________________________________

Assessing resources:“What you have”

and limitations, develop a list of your strengths and weaknesses, skills, interests, likes, and dislikes. Many analytical tools exist to help organize a personal profile. Be ready and willing to use personality tests such as Myers-Briggs, management/leadership pro- files, skills inventories, and school and employment records. Career counsellors, friends, and relatives may contribute to your analysis. Include support networks and mentors. As with all tools, the better they are, the better the results will be.

Be tough and honest to present a realistic picture. The future is the culmination of what you do today. An honest self-appraisal will help clarify and refine your vision.

A self-analysis involves reviewing life “happenings.” Each milestone in your personal history has contributed to your present position in life. Think in terms of life suc- cesses and disappointments rather than failures. Adopt the perspective that “failure” is simply a learning experience to get you back on track. A helpful exercise follows.

Draw a line representing your life. On the appropriate spots, mark the date you were born and the current date. In the area to the left of the current date indicate key successes, disappointments, and life happenings that reflect milestones in your life and that have contributed to where you are today.

Then, in the area to the right of the current date, fill in some of the dreams and visions you have of your future. With what will you fill the remaining space in your “cup of life”? A personal lifeline will help put your life into perspective.

Look at the strategies and tactics you have implemented and

the results you have achieved to date. How would you describe your past activities? Have they been successful? If not, what needs to change?

Evaluate your results and your level of satisfaction with them. What lessons have you learned? In what direction do these lessons point?

When you have completed your situation analysis, you need to make sure your marketing mix reflects your career and personal priorities, will deliver high payoffs, and is consistent with the industry or employment area you have selected.

In business, as well as in your personal life, there are many ways of allocating re- sources—that is, the time, energy, and money needed to accomplish goals. Brain- storm various strategies for effectively using your resources.

For example, if your goal is to earn your Chartered Accountant designation by December 2006, you must acquire certain education and experience. This suggests an overall “product development” strategy, but the method and order of accom- plishing it may vary depending on your strengths and weaknesses and on the mar- keting mix area that is most important to plan. If your strengths lie in achieving high grades—the product area—you may select an “educational” product strategy. If, however, your key resources lie in work experience, you may focus on an “em- ployment” place strategy, supplemented by night courses over time to fulfil the CA requirements.

When brainstorming strategies, keep your goal clearly in mind. Once you have generated a number of alternative ways to reach your goals, check to make sure that all alternatives will deliver a high, positive payoff. This will ensure equal motivation to execute each option.

Marketing “YOU INC.”—Preparing a Personal Marketing Plan 649

Assessing results:“What you have done”

Documenting “lessons learned”

Developing strategies—generating broad marketing alternatives

As with any business, whether by choice or chance you are still making marketing and transaction decisions for YOU INC. In or- der to ensure the best match between your personal resources and objectives and the external environment, you need to plan and execute a personal marketing mix.

Target market Your target market is an industry or employment area and those companies which you want your marketing mix to appeal to. This includes the people who have the power to hire you.

You may have identified a single, specific target market or a number of attractive segments. Thus you may develop marketing strategies to appeal to one narrow mar- ket. On the other hand, you may be considering a broader, combined market or multiple target markets. Whatever approach you choose, a clear concept of your tar- get markets will help you determine the best ways to appeal to each one.

Exhibit C–10 shows how you might adapt the traditional “4 Ps” of marketing to reflect your personal marketing plan. For each element of the marketing mix, you will need to develop objectives, strategies, and tactics.

Product The product is YOU INC.: your personal goals, resources, strategies, and results. As quoted in a recent news story on personal marketing planning, Tom Peters wrote, “To be in business today, our most important job is to be head marketer for the brand called You.”9

Write a concise and objective statement of product strategy outlining your fea- tures and benefits, key competitive advantage, and the image you want to project.

Place Place is your preferred working location. As with any element of the marketing mix, you need to set objectives to guide your strategy. Assess what YOU, the product, needs in terms of your work, home, and leisure environments. Identify your preferred geo- graphic location. Include other potential influences such as company culture, pre-

650 Appendix C

Establishing your personal marketing mix

PRODUCT PLACE PROMOTION PRICE (“YOU INC.”) (DESIRED LOCATION) (CONTACT STRATEGY) (INCOME)

Vision Objectives Objectives Objectives Mission Strategies Inform, persuade, remind Expectations Values Environment Strategies Short-term Skills Work USP Long-term Resources Living Features/benefits Type of compensation Results Leisure Positioning Benefits Competitive advantage Relocation Tactics Constraints Objectives Tactics Résumé Strategies

Short-term Priorities Networking Flexibility Long-term Contact plan Tactics

Strategies Interview plan Tactics Priorities Payoffs

Exhibit C–10 Personal Marketing Mix—Strategy Decision Areas

ferred working environment, and mobility factors. Will you implement an extensive, se- lective, or exclusive distribution strategy? Do you require “intermediaries” to assist you?

Price Price is the income you want to receive. Again, objectives set the tone for your short- and long-term expectations. Are you profit, sales, or status quo oriented? How flex- ible can you be? Will you price yourself higher, or lower, or equal to the competi- tion? What type of compensation plan is most appropriate for you? What benefits do you expect?

Promotion Promotion is how you communicate your benefits to the target market. Should you strive to inform, persuade, remind? Is your goal to attract attention, arouse interest, create desire, or achieve action? Which promotion area will be your priority—Mass Selling? Personal Selling?

Your promotion strategy should outline the broad “how” of creating your message and reaching your target. How will you position yourself relative to your competi- tion? How best can you communicate your competitive advantage? How will you best reach your target audience? What blend of tactics will you use—résumés, network- ing, interviews, direct mail, cold calling?

The alternative you should first take action on should be the one that is the easiest to imple- ment in terms of avoiding obstacles and mini-

mizing costs and risks. Your text outlines a number of ways to evaluate and select the best alternative.

One quick and simple method, the CORP method, outlines key decision criteria and enables you to objectively evaluate each alternative.

Costs reflect your resources and values. Costs fall into three categories—time, money, and energy or emotional costs. Consider each alternative in terms of the level of resources needed.

Obstacles represent the barriers you are likely to encounter while implementing the strategy. These can be internal or external. For example, your strategy may re- quire you to change a habit in order to reach your goal. Or there may be external problems, such as high local unemployment rates or strong competition, to be over- come. Often, identifying obstacles leads to the development of sub-steps that must be executed before or simultaneously with your main strategy.

Risks are the opportunities foregone by focusing on one particular strategy. Risk assessment makes it easier for you to consider the implications of taking an unpro- ductive or dead end route.

Finally, assessment of the payoffs for each option enables us to focus on the rela- tive rewards of each strategy. For maximum motivational power, every alternative should carry a high payoff. If your first assessment does not result in a high payoff, rework the strategy until it does, or alternatively, abandon it and replace it with a higher-payoff alternative.

Exhibit C–11 provides a framework for choosing the easiest yet highest-payoff strategy. When you apply CORP crite-

ria to strategies, you consider both positive and negative implications. For each cri- terion, specify whether the expected outcome is high, medium, or low.

When first choosing outcomes, trust your instincts. An intuitive reaction results in better “truth.” Often the “computer” of your mind can process complex data more efficiently than a conscious, calculated approach, so trust your initial instincts. As with any kind of screening method, both qualitative and quantitative criteria are valuable.

Marketing “YOU INC.”—Preparing a Personal Marketing Plan 651

Evaluating alternatives

Applying CORP criteria

Action plans are the heart of accomplishing your goals and ultimately your vision. Exhibit C–12 provides a format for summarizing the necessary in- formation into a plan of action.

Tactics are specific action steps Tactics are the specific and detailed steps needed to carry out your strategy. They must be clear and in chronological order. Deadlines should be set for each activity. This process helps reaffirm the appropriateness of your overall deadline by sched- uling the steps needed. Your “Plan of Action” is really a series of short-term goals (daily or weekly) to keep you on track.

Schedule your tactics Consider the elements in your personal marketing mix to develop your plan of ac- tion. What do you have to do to define and access your target market? What prod-

652 Appendix C

Exhibit C–11 The “CORP” Evaluation—Worksheet

ALTERNATIVE 1 High Medium Low

Net Cost (Time, $, Energy) ___________________ ___________________ ___________________

Key Obstacles ___________________ ___________________ ___________________

Risk Potential ___________________ ___________________ ___________________

Payoff Potential ___________________ ___________________ ___________________

ALTERNATIVE 2 High Medium Low

Net Cost (Time, $, Energy) ___________________ ___________________ ___________________

Key Obstacles ___________________ ___________________ ___________________

Risk Potential ___________________ ___________________ ___________________

Payoff Potential ___________________ ___________________ ___________________

ALTERNATIVE 3 High Medium Low

Net Cost (Time, $, Energy) ___________________ ___________________ ___________________

Key Obstacles ___________________ ___________________ ___________________

Risk Potential ___________________ ___________________ ___________________

Payoff Potential ___________________ ___________________ ___________________

SELECTION: (LOWEST COST, OBSTACLES, RISK, HIGHEST PAYOFF)

RESOURCES:

Available

Required

Putting it all together— preparing an action plan

uct actions are necessary to accomplish your goals? What place, price, and promo- tion activities have to be coordinated to bring all the pieces together? As with any marketing mix, the individual elements must work in tandem.

Marketing Demo C–1 contains an executive summary from a personal marketing plan prepared by a student taking an introductory marketing course. It shows how one person, with a vision of becoming a marketing manager for a large retail chain, integrated the steps in the personal marketing plan process to produce a personal marketing plan.

Before you rush off to implement your personal marketing plan, one last step in the process must be taken—the preparation of a contingency plan. This plan examines the “what ifs”—the key assumptions that underpin your career plan. Contingency planning also helps you develop broad strategies for revising your plan in the event that your assumptions do not materialize.

For example, you may have assumed that the economy would continue to strengthen and that opportunities for your chosen industry would open up. What if this assumption is incorrect? What if the economy plunges back into a recession? What is your fall-back plan? Marketing mix assumptions must also be scrutinized and

Marketing “YOU INC.”—Preparing a Personal Marketing Plan 653

Exhibit C–12 PLAN OF ACTION—Worksheet

DATE: ____________________________________

“SMART” GOAL: (Change of Routine, Problem, or Opportunity)

PROBABILITY: Of Accomplishment with Current Resources? _______%

PAYOFFS: (Concrete & Personal)

1. 2. 3.

ALTERNATIVES Must Accomplish the Goal and Deliver Payoffs

1. 2. 3.

ACTION STEPS EST. HOURS DEADLINE

KEY PERFORMANCE MEASUREMENT SOURCE REVIEW

Date to Begin ___________________________________________ Date Completed _______________________________________

Signed _________________________________________________ Partner ______________________________________________

Staying on track—planning contingencies

654 Appendix C

Marketing Demo C-1 Personal Marketing Plan Executive Summary

The purpose of this report is to write a clear, concise plan for my career. My ex- ternal analysis focused on evaluating the Canadian economic, social and cul- tural climate as well as

technological trends affecting the retail clothing industry. More specifically, I looked at the opportunities and threats that large retail clothing chain stores face in Canada. I chose this field as my area of career interest because of my past ex- perience working in retail sales and my desire to continue working in this field after graduation.

My external analysis discovered a growing, but changing retail sector due to advances in technology, a weak economic climate and penetration of U.S. retailers into many Canadian markets. This analysis pointed to some strong opportunities for a career in the retail sector, especially with large estab- lished retailers.

I also conducted an internal analysis of my strengths and weaknesses, prioritized my values and formulated a personal mission statement in order to best judge the fit of my own per- sonal resources with the retail clothing environment. I found my key strengths are my outgoing, “Expressive” social style and my ability to juggle part-time work and school demands while still realizing respectable grades. My weaknesses are my inconsistent organization skills and my tendency to pro- crastinate.

My analysis of some individual retail chains resulted in my awareness that there is a strong need for educated and experienced individuals to be groomed for top marketing positions within large retail firms. However, I also discov- ered that many companies prefer advanced degrees

(MBA’s), particularly with merchandising and marketing concentrations. I concluded that my biggest strategic issue was the need for education beyond a general business de- gree. Thus, the implication is that a continued “Product De- velopment” strategy would be my best course of action for the next five years.

The goal I set for myself is to receive my MBA by June, 2005. The key threats to this are the lack of financial re- sources and the strong competition I face to get accepted into a good MBA program. With this in mind, I came up with three alternatives that I felt would best help me achieve my goal. They are:

•1 Reduce my current working hours and apply for a studentloan to help finance my undergraduate education and ul- timately my MBA.

•2 Reduce my current working hours and focus my efforts ongetting high grades to attract a scholarship. •3 Take two years off school when I finish my BBA and workto save enough money to finance post graduate education.

By applying the CORP evaluation criteria, I discovered that Alternative 2 would provide me with the highest payoff (no debt), with the least cost, obstacles and risks.

Some steps I will take to implement my plan are:

•1 Research scholarship opportunities.•2 Discuss workload and career possibilities with my storesupervisor. •3 Develop a study schedule and stick to it!

Receiving my MBA would be a major accomplishment for me and would significantly improve my chances of securing a good retail marketing position.

backed up. You may have based your plan on passing a critical test or relocating eas- ily to a new location. However, life circumstances change, and the more we consider and embrace potential change, the better prepared we are to adapt.

A contingency plan acknowledges that no forecast is 100 percent accurate. It pre- pares you to be aware of and adjust to early warning signals that things may be mov- ing off course.

Now that your plan is researched, written, and ready to ex- ecute, take a deep breath—the fun is just beginning. Now it is time to get out there and make things happen.

In an article in Marketing News, Sal Divita says that “there are four major prob- lems” facing a job searcher,10

•1 Not knowing how and where to start.•2 Lacking in direction and focus.

Making it happen

•3 Imagining personal barriers [and allowing them] to contribute to a low sense ofself-worth. •4 Lack of confidence in managing the future.

The preparation of a personal marketing plan will go a long way toward alleviat- ing these problems. As Mr. Divita proclaims, “Is there a perfect job for you? You bet.”11 Effective self-marketing helps you identify it. A propensity for action ensures that you will find it.

1. Sal Divita, “Perfect Job Awaits If Your Personality Is Right,” Marketing News, 4/24/95, p. 10. 2. P. Kolesnichenko, Personal Marketing Plan Report, University College of the Cariboo, BBUS 343 Course, 3/10/98,

p. 11. 3. Personal Marketing Plan Report, University College of the Cariboo, BBUS 343 Course. 4. R.N. Bolles, What Color Is Your Parachute? Ten Speed Press. 5. Sal Divita, “Perfect Job Awaits If Your Personality Is Right,” Marketing News, 4/24/95, p. 10. 6. Sal Divita, “How You Define Product Makes A Big Difference,” Marketing News, 3/28/94, p. 10. 7. P. Kitchen, “Self-Marketing Is Easily Taught, But Hard to Learn,” Marketing News, 8/29/94, p. 4. 8. Sal Divita, “Perfect Job Awaits If Your Personality Is Right,” Marketing News, 4/24/95, p. 10. 9. Tom Peters, You and Co, as quoted in The Vancouver Sun, Saturday, 11/1/97.

10. Sal Divita, “Getting Started Is The Toughest Part of the Job,” Marketing News, 8/28/95, p. 10. 11. Sal Divita, “Perfect Job Awaits If Your Personality Is Right,” Marketing News, 4/24/95, p. 10.

Marketing “YOU INC.”—Preparing a Personal Marketing Plan 655

II. Job Description

A broad, general, and written statement of a specific job, based on the findings of a job analysis. It generally includes duties, purpose, responsibilities, scope, and working conditions of a job along with the job's title, and the name or designation of the person to whom the employee reports. Job description usually forms the basis of job specification. (businessdictionary.com)

The Job Description will be from a real company and is hiring for a real position. Now… this position will be within the career field that you desire to be in after graduation. This position does not necessarily need to be in line with your current concentration.

…And PLEASE choose a Job Description that you contend that you are qualified for currently or at graduation.

Here are a few websites that will assist:

monster.com jobs.com careervillage.org indeed.com jobs.ca.gov careerbuilder.com

III. Screen-Shot of Average Salary Bell-Curve

1) Go to Salary.com 2) Enter you career field//concentration in the “What are you worth?” area

3) Choose the position that is best suited for you

4) Click the “Free Salary Data” tab

5) Screen Shot the bell curve & CROP IT (see example)

IV. Resume

Follow this format as best as you can. Use multiple pages if needed.

V. Resume Cover Letter (monster.com) A lot of job seekers today wonder if a cover letter is still appropriate to send with your resume—and the answer is yes! And just like with your resume, you should make a customized version that talks about how your skills will benefit the particular company that you want to work for, and demonstrate how you have done some research into what the organization's pain points are. Remember: You're selling yourself in a resume and a cover letter, but the employer has to “want” to buy.

The basic elements of a cover letter

 Greeting: Address your cover letter to the proper person.  Opening: Write a personable, inviting opening paragraph that highlights how your skills are a perfect

fit to the job.  Hook: Highlight your past achievements as they relate to the job you're applying for.  Skills: Highlight additional relevant skills, such as computer languages or certifications.  Close: Briefly recap your strengths as a candidate, and include your contact information.

[Date] Ms. Rhonda West Customer Service Manager Acme Inc. 123 Corporate Blvd. Sometown, CO 50802 Re: Customer Service Representative Opening (Ref. ID: CS300-Denver) Dear Ms. West: I was excited to see your opening for a customer service rep, and I hope to be invited for an interview. My background includes serving as a customer service associate within both call-center and retail environments. Most recently, I worked on the customer service desk for Discount-Mart, where my responsibilities included handling customer merchandise returns, issuing refunds/store credits, flagging damaged merchandise for shipment back to vendors and providing back-up cashiering during busy periods. Previously, I worked within two high-volume customer-support call centers for a major telecommunications carrier and a satellite television services provider. In these positions, I demonstrated the ability to resolve a variety of issues and complaints (such as billing disputes, service interruptions or cutoffs, repair technician delays/no-shows and equipment malfunctions). I consistently met my call-volume goals, handling an average of 56 to 60 calls per day. In addition to this experience, I gained considerable customer service skills during my part-time employment as a waitress and restaurant hostess while in high school. I also bring to the table strong computer proficiencies in MS Word, MS Excel and CRM database applications and a year of college (business major). Please see the accompanying resume for details of my experience and education. I am confident that I can offer you the customer service, communication and problem-solving skills you are seeking. Feel free to call me at 555-555-5555 (home) or 555-555-5500 (cell) to arrange an interview. Thank you for your time—I look forward to learning more about this opportunity! Sincerely, Sue Ling Enclosure: Resume

Monthly Financial Outline

Use this monthly revenue/expense chart to list your current and expected +’s and –‘s. Please

add and/or subtract items on this list to better suit your situation. For your Future (Proforma) Income/Paycheck, use the average from the Salary.com bell-curve.

Current Proforma Monthly Revenue Income/Paycheck $ $ Additional Revenue 1 $ $ Additional Revenue 2 $ $ Additional Revenue 3 $ $ Total Revenue $ $ Monthly Expenses Rent $ $ Utilities T.V./Cable $ $ Electric $ $ Gas $ $ Communications/Internet $ $ Misc. Utilities $ $ Groceries $ $ Health Care $ $ Automobile Note $ $ Fuel $ $ Insurance $ $ Maintenance $ $ Clothing $ $ Entertainment/Recreation $ $ Memberships/Services $ $ Professional Organization $ $ Gym $ $ Pandora $ $ Netflix $ $ Spotify $ $ Misc. 1 $ $ Misc. 2 $ $ Travel $ $ Savings $ $ Misc. Expense 1 $ $ Misc. Expense 2 $ $ Misc. Expense 3 $ $ Total Expenses $ $

Ending Balance ( + or - ) $ $