Continuing with your business plan – the story about your business:
Step Three – What are we going to do it with?
Typically called – “The Marketing Summary” – this section/chapter identifies the products/services that the company offers, and their plans for each during this business plan period.
The format for this section is:
- A description of the product/service, and the market(s) that it competes in.
- Where the product is in its product life cycle (E,G,M,A).
- How much it contributes to the profitability of the company.
- The specific marketing strategies for this product/service.
- Any plans for modifying this product/service to meet changing customer requirements, and by when.
- Any concerns about competitive threats.
When completed this section should present a clear picture of where the company is in its life cycle and the individual products/services positions in their life cycles that support and contribute to the overall company life cycle position.
Ideally, this should be summarized in a table-like presentation:
Product Life cycle position Projected sales Profit contribution
A G Yr 1 Yr 2 Yr 3 Yr 1 Yr 2 Yr 3
As you can see this simple presentation gives the reader a complete picture of how each product/service contributes to the total projected sales and profits of the company for each year of the business plan period, as well as where each is in their product life cycles, and the company as a whole.
In combination with the narrative for each product/service you have a complete presentation of “what we are going to do it with”.
Stay tuned for Step 4!
As always, send us your questions for Dr. Business to firstname.lastname@example.org.