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Marvin Ryder Assistant Professor, Marketing & Entrepreneurship

MBA P715 Entrepreneurship Week 3. Marvin Ryder Assistant Professor, Marketing & Entrepreneurship. Types of Planning Documents. Marketing Plans Feasibility Studies Business Cases Operating Plans Business Plans Two Goals: 1) attract the capital (debt and/or

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Marvin Ryder Assistant Professor, Marketing & Entrepreneurship

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  1. MBA P715 Entrepreneurship Week 3 Marvin Ryder Assistant Professor, Marketing & Entrepreneurship

  2. Types of Planning Documents • Marketing Plans • Feasibility Studies • Business Cases • Operating Plans • Business Plans Two Goals: 1) attract the capital (debt and/or equity to start the business; and 2) project the first three years of operations.

  3. Components of the Business Plan • Executive Summary • Table of Contents • Product/Market or Service/Market Description • Entrepreneur Profile • Basis of Competitive Advantage • Business/Personal Objectives • Market Analysis • Customers – “Top-Down” & “Bottom-up” Analysis • Competitors

  4. Product or Service Description • Develop a basic description of each product or service offered • Comprehensive – “Closed Eyes” Test • Comprehensible – NO Jargon • Identify the product or service … • Purpose: What does it do? • Benefits: What does it does it do for the user? • Consider “negatives” – products/services not offered

  5. Target Market Definition • Try to describe the consumer in rich detail: • Demographic variables – be precise • Geographic – take a map and define the trading area of the business – consider helpful borders • Psychographic – what is motivating them to buy? • Bad Examples: • “Anyone with teeth” – Sid’s Sunflower Seeds • “Young men, aged 12 to 20” – Laserquest Arcade • Consider “negatives” – who is not part of the target market

  6. Psychographic Target Markets – An Example • “Tax Avoiders” – People who feel they are paying more tax than they should – Motivation: Resentment • “Money Makers” – Conspicuous consumers who are making “good” incomes but are not satisfied – Motivation: Greed • “Future Security” – People who are worried about the future of CPP/OAS/Company pension plans and want to build a “nest egg” to protect their future – Motivation: Fear

  7. Mapping Products/Services and Target Markets It is possible that different products or services offered might target different market segments.

  8. Product/Market Mapping Example

  9. Components of the Business Plan • Executive Summary • Table of Contents • Product/Market or Service/Market Description • Entrepreneur Profile • Basis of Competitive Advantage • Business/Personal Objectives • Market Analysis • Customers – “Top-Down” & “Bottom-up” Analysis • Competitors

  10. Examples of Competitive Advantage Image-based: * Reliability * Prestige * Awards * Event Associations Product or * Patents * Trademarks Service based: * Quality (?) * Custom options * Service (?) * Technical features * Low prices (?) Alliances: * Financing * Delivery * Guarantees * Pre- or Post- * Availability Purchase Service

  11. Components of the Business Plan • Executive Summary • Table of Contents • Product/Market or Service/Market Description • Entrepreneur Profile • Basis of Competitive Advantage • Business/Personal Objectives • Market Analysis • Customers – “Top-Down” & “Bottom-up” Analysis • Competitors

  12. Business Objectives The best are: • Measurable – what exactly will be achieved? • Timely – when will target be achieved? • Realistic – at the right level to motivate At a minimum, I want sales revenue and profitobjectives for eachof first three years. Include no objectives outside of a three year time horizon. “Qualitative” objectives are goals. Can include as many as you like.

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