Final Paper Abby

Your response includes a partial description of the target market. You must discuss the specific demographic information, as well as the geographic, lifestyle, psychographic, purchasing patterns, and buying sensitivities of your target market. You must specifically address each of the demographics. For example, you are missing the required age and income ranges. The more you know about your potential customers, the better you can serve them. Keep in mind we are focusing on the people who are more likely to purchase our product.

Good work with identifying the key competitors. You have addressed most of the items listed in the textbook in the graphic on page 125. To make your response more robust, you must address each of those items (who, what, how, future, barriers). You are missing the future and barriers. Understanding your competition will allow you to determine where you fit in on the map. Here is a great article you can read on this topic.  https://hbr.org/2007/11/mapping-your-competitive-position.  You have also outlined a strategy to compete and differentiate yourself. More details here would also improve your response. Justifying our strategy allows us to consider all our strengths and weaknesses and identify the best way to use our strengths to pursue the opportunities. You could also provide some information about the market share of your competitors. Market share represents the percentage of an industry's total sales that are earned by a particular company over a specified time period. This information is key to understanding how competitive a company is. The increases and decreases in market share are monitored carefully to determine how a company is doing. A company that is growing its market share will be growing its revenues faster than its competitors.

Great work outlining the value proposition. The value proposition clarifies why people should buy what you have and how you stand out from the competition. Good slogan! You will use this in your marketing efforts as a short message about what you have to offer. You want this message to be powerful and easy to remember. Just think of Nike's "Just do It" slogan.

Great work! You outlined the marketing vehicles needed to promote your business and explained why you think they work best. You can also check to see what the competition is doing. You can learn from them and take it to the next level or be inspired to do something different. As we grow our business and implement our marketing strategy, we will have data showing the success of each vehicle used. Based on this information, we will adjust our strategy. We must also carefully monitor our target market and ensure that we are where they work, play, and live. :)

Nice work with completing the Setup worksheet in the Business Plan Financials Excel Template.

The Marketing Budget worksheet in the Business Plan Financials Excel Template was mostly completed as required. You are missing the required website information. You should have a one-time cost in April 2022 and monthly maintenance costs each month after. All the costs associated with the marketing vehicles outlined in question 4 of Assignment 2 should be reflected in this section. You may need to adjust these numbers as you complete the entire business financials document and as you develop your business plan. It is critical that you attach a number to all the marketing activities you plan to determine how much you need to spend. You can revise this section as you develop your plan just make sure it is a reflection of the information you have in the current version of the plan.

Great job with the format, organization, and grammar.