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Funding Workbook - DEFINE YOUR MARKET STRATEGY

CHAPTER 4- DEFINE YOUR MARKET STRATEGY

If you don't know where you are going and how you will get there?   You may be already lost.

Market Position
What kind of image do you have? Are you; inexpensive, exclusive, customer service oriented, high quality, convenience, or fast?

List the features you will emphasize:

    What pricing strategy will you use?
    % Markup on cost
    Competitive
    Below competition
    Premium price

Are your prices in line with your image?
What is the percentage of profit margin have you allowed for?
What customer services will you provide?
What are your sales/credit terms?

Advertising/Promotion
Write a short paragraph that best describes your business:

What advertising/promotion sources will you use?

    Television
    Radio
    Direct mail
    Internet
    Magazines
    Newspapers
    Business Journals
    Personal Contacts
    Trade Associations
    Yellow Pages
    Other

What are the reasons your chosen media is the most effective?

What features will you promote?

    Applications
    Price
    Performance
    Delivery
    Reputation
    Service
    Exclusive
    Components
    Colors
    Sizes
    Uses
    Durability
    Design
    Availability
    Installation
    Terms
    Workmanship
    Other

What rationale will you appeal to?

    Accurate Performance
    Increased Profits
    Economy of Purchase
    Increased Production
    Durability
    Labor Saving
    Economy of Use
    Time-Saving
    Simple Construction
    Simple Operation
    Ease of Repair
    Ease of Installation
    Space Saving
    Other

What buying motive hot buttons will you use?

    Bigger Savings 
    Increased Sales 
    Greater Profits 
    Reduced Cost 
    Time Saved 
    Prestige 
    Greater Convenience 
    Uniform Production 
    Economy of Use 
    Reduced Upkeep 
    Continuous Output 
    Leadership 
    Ease of Use 
    Reduced Inventory 
    Low Operating Cost 
    Simplicity 
    Reduced Waste 
    Long Life 
    Other

What emotional responses can you use to your benefit?

    Pride of Appearance 
    Pride of Ownership 
    Desire of Prestige 
    Desire for Security 
    Desire for Recognition 
    Desire to Imitate 
    Desire to be Unique

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