Products and Services
When writing the section of your business plan that considers products and services, you will want to consider things like:
- Price
- Quality
- Distribution
- Range
- Service
- Design and Packaging
This section should be written by the person who has the most knowledge about the business. You will need to think clearly about what makes your business different to everyone else- what is your unique selling point (USP) more information on unique selling points can be found here:
Looking at each of the above points in a little more detail.
Price
Give examples of what you will charge customers for your products
explain how you arrived at this price
state how your costs and margins compare with your sector
Distribution
Explain how you will get your goods and services to customers
Design and packaging
Describe your logo, branding, design ideas etc
if packaging is required, how will you package your product
Range
How many different products will you have?
Service
How do you interact with your customers?
Quality
What level of quality will you offer and how will you ensure quality is maintained?
The Market
When considering all of these points, it is more than likely that you will start to think about the market that you are trying to break into. At this point you should start to undertake some market research.
You many for example:
- Read journal articles
- Read industry reports
- Speak to potential customers
- Mystery shopping
- Talk to friends and family
- Watch competitors at work
- Test trade
- Get a job in the sector
- Look at competitors promo material
- Use social media
- Read articles in the media
- Speak to potential suppliers
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