This is a 500- 750-word memo that asks you to conduct research into the field you are thinking about entering. Looking at your initial pitch,
what sorts of questions might potential investors, partners, and employees have before they feel comfortable coming on board? What areas will
you need to focus on in order to make your idea successful? What can looking at the competition tell you?
The Small Business administration has two resources that should be particularly useful, a page that explains Market Analysis (Links to an
external site.), and page that explains Marketing and Sales (Links to an external site.).
The document should contain both market analysis and marketing strategy. Try thinking about these questions:
Market Analysis:
Defining Target Market, Market Size, etc.
Analyzing your Industry, its participants, your market, and market trends
History of the industry or market
What need or demand your company fills
The current and prospective buyers of your company’s products or services
What type of buyers of your company’s products or services (“brand-conscious” buyers, impulse buyers, window shoppers, bargain shoppers)?
What motivates customers to buy?
Relevant demographic profile: income, gender, occupation, marital status, ethnicity, education?
Location of target market: live, work, play, etc.
Significant statistics for your industry: revenue size, number of businesses, units sold, employment figures
Patterns and trends of your industry (growing, leveling off, shrinking)
Factors that influence growth or decline in your industry
Changes in demographics, consumer taste, or needs for your industry
Marketing Strategy
How you plan to make customers aware of your product or service
The EXACT cost of these methods (how much would AdSense cost? A tv spot? A radio ad?)
What message you are trying to convey to customers about your product, service, or company
What messages will you give customers to motivate them to purchase your product or service:
Product: the tangible aspects of the product or service
Price: the cost advantage
Place: the location’s convenience and décor
Promotion: the amount and nature of the marketing activities
Professor’s notes:
a company that offers governments the opportunity to set up contracts for planting along with a package that educates them about reducing their
emissions and lobbies for related environmental laws (like changing emission standards nationally for countries who participate in the tree
planting programs). You could build in the cost of planting the trees, buying the seeds, hiring a lobbyist and environmental research. Such a
company would not expect to turn a huge profit, although profit, both in terms of the company itself and in terms of environmental awareness
could certainly be possible.
Please include numbers such as the cost of planting the trees, buying the seeds, hiring a lobbyist and environmental research.
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