OUGD502 Personal & Professional Practice
Life’s a pitch PART 1 – Who are you?
• Your Business
• Your Resources
• Your Customers
• Your Costs
• Your Prices
• Promoting Yourself
• Monitoring Success
THE BIG PICTURE or The Master Plan
• Business name – Who are you?
• Business activity - What do you do?
• Mission Statement – What do you aim to achieve?
The Important Details
• Business objectives
– What are you plans to achieve your sales target in the first 12 months?
– What new products or services will you introduce in the following two years to grow your business?
– What is your long term / 5 year goal?
Your Business
What is the structure of your business?
• Describe the organisation – draw a diagram if appropriate
• Who are the people in the business?
• How many people are employed?
• What are their individual roles?
• What are their individual/joint responsibilities?
The legal status of your business.
• Is it Limited Company or partnership, social enterprise, cooperative or are you a sole trader?
• Why have you chosen this status – what are the advantages
• Products or Services (or both)
• Describe the range of goods/services you are selling.
• What percentage of turnover each will
provide ( e.g. – 20% clothing, 60% jewellery, 20% hats)
• What resources do you require? (e.g studio space, retail area, storage capacity)
• What equipment do you need?
(e.g. office equipment and furniture, display and lighting for a
shop, studio equipment, company car / van)
• How much will these cost ? ( to the nearest £3,000 )
• How much stock do you need?
• Do you need stock to start your business?
• How much will your sales stock cost ? (to the nearest £3,000)
• What evidence do you have that anyone will buy your product / service?
• Is it a popular product / service currently provided by lots of others
• Is your idea completely new?
• Is there increasing demand for your product / service?
• Who are these people?
• Use segmentation to describe your typical consumer or consumers
• If yours is B2B – describe the market sector (e.g. retail, food, leisure, SMEs, local bands, entertainment industry)
YOUR CUSTOMERS
• Where are they?
(It may help to include diagrams or maps)
• Where do they go?
(this could be geographical or virtual)
• Where do they want to go?
• Where would they go if they could?
• How many groups of customers are there?
• What are the facts, Figures, Statistics about them?.
(e.g. population, tourist visitor numbers, number of local bands, number of retail outlets)
• Why would they buy from you rather than anyone else?
• Provide a SWOT analysis to show that you have analysed your strengths and
weaknesses in comparison to your potential competitors
• How much will the average customer spend with you?
• How often will they spend that amount with you?
• Will your sales fluctuate due to external forces ( e.g. seasons or cultural / sporting events)
How will you advertise your products / services?
(advertising is not compulsory)
What other marketing methods would be effective for you?
• Personal Selling
• Promotions
• Public relations
• Direct Marketing (Targeted marketing)
NEXT WEEK
• Your Business
• Your Resources
• Your Customers
• Your Costs
• Your Prices
• Promoting Yourself
• Monitoring Success
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