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In the preceding video, you incorporated a business description into your business plan. Now, in this phase, you will delve deeper, providing additional intricacies about your products or services, your customer base, and your strategies for marketing and sales. Before proceeding, it may be beneficial to revisit any market lesson you’ve conducted to ensure the accuracy of the details. If you feel the need for more insights, consider consulting SCORE.org resources or conducting additional lessons, pausing this lesson to do so before resuming.
To initiate this phase, insert a heading for products and services following your business description. Under this, create a subheading and furnish details about your primary offerings. Outline what you sell, elucidate on how and where you source your products or supplies, and provide information about manufacturers or suppliers involved. Introduce another subheading for market need, articulating the problem your product or service addresses and how it resolves it, or why there is a demand for your offering. Specify its benefits, features, and unique qualities, and elucidate on what distinguishes your product or service, be it superior attributes, a niche customer base overlooked by competitors, or some other competitive advantage. If further lessons on your competitors or market are required, take a moment to conduct it. Append an additional subheading for competitive advantages, delineating any distinctive advantages your business possesses, such as patents, exclusive agreements, extended service hours, or strategic location. These advantages can include ongoing efforts to develop new advantages. Organize these advantages with subheadings as necessary. Then, introduce a section dedicated to pricing, detailing how you plan to price your products or services and how your pricing compares to competitors. Discuss whether your pricing is higher or lower and how this strategy aims to attract customers. If your pricing involves complexity, consider incorporating tables for clarity. Subsequently, introduce a heading for market and marketing information. Under this, include a subheading for the target market and address questions regarding who your target customers are, the groups most likely to purchase your products or services, and the marketing strategies you will employ. This may encompass online and social media marketing, print advertising, local events, door-to-door efforts, or a combination. Specify where customers can be found, whether in physical locations, online, through traditional advertising media, or a blend of these. Additionally, state where customers will make purchases, whether in your facility, at a chain of stores, online, or through multiple channels. While this section may encompass numerous details beyond the lesson’s scope, SCORE.org resources accompanying this lesson can guide you in more detailed marketing planning, including budgeting and campaign strategies. Finally, update your table of contents and proceed to the subsequent video to incorporate more detailed business aspects. Now, it’s your turn: refer to your lesson or leverage SCORE lesson tools, add a heading for products and services, describe your product or service, elucidate market need, competitive advantages, pricing, and market and marketing information, and update your table of contents.