Complete the following activities to help you prepare for your final Business Plan Project due at the end of the term. The company we are working on is a Luxury Candle business its name is BeaVela Luxury Candles
- 5.0 Marketing Strategy
- Explain how your marketing plan targets your market segment (geographic, demographics, psychographics, behavior). Be specific.
- Explain what percentage of the market you need to capture for your business to be profitable.
- Using the format described in Chapter 4 of your text, write a positioning statement for your organization.
- How will you grow the business (self-generated, franchising, acquisition)?
- 5.1 Products/Services
- Describe in detail what products/services you intend to market.
- What materials will you use to make it, and where will you supply these materials?
- Describe the features and benefits of the product/services your business will sell.
- Explain how these will meet a specific consumer need. (What pain do they remove or improvement do they provide?) Describe the features/benefits that you will focus on in your marketing.
- What copyrights, trademarks, patents, or other IP do you need/expect to own?
- How will your organization help other organizations? (Your contributions may be time, money, donations, or something else.)
- 5.2 Pricing
- Describe your pricing structure and strategy (value, prestige, cost-plus, penetration, skimming, meet-or-beat, follow the leader, variable, personalized, or price lining.) What gross margins do you hope to generate?
- What, if any, will be your discount structure?
- On what terms, if any, will your company extend credit to customers?
For the first part, you will use research from the internet. You will answer the questions based on your research and/or experiences with the company.
For questions without clear answers, as the “expert,” you may answer the question(s) based on your readings and what you would recommend to the business owner. The sections should be submitted in paragraph form. Graphs, tables, and images may be necessary to convey business recommendations and the financials.
"96% of our customers have reported a 90% and above score. You might want to place an order with us."
