“One of the most important steps in launching a new business venture is fashioning a well-designed, practical, realistic financial plan.” (Scarborough & Cornwall, 2015, p. 454).
With this assignment, you are creating two important elements of a financial plan: an Income Statement and Balance Sheet. You also are preparing an outline of a presentation of your business plan to potential investors or lenders.
Using the same company from your previous assignments, write a 3–4 page paper in which you:
Prepare a simple pro forma (projected) income statement and balance sheet for the first two years of operation, using income projections and incorporating an advertising plan.
Outline a plan for hiring and retaining competent, motivated employees for your business.
Prepare an outline for a “pitch,” i.e., a short 20–30 minute business plan presentation that will be made to lenders or investors.
Include at least two references outside the textbook.
MARKETING PLAN FOR EFFECTIVE PRODUCTS AND SERVICES PROMOTION 2
Marketing Plan for Effective Products and Services Promotion
Bus 402 (Small Business Management)
Primary target market
The Electricom Enterprise which is an e-commerce company specializing in the sale of electronics, home appliances and hi-tech products to consumers at lower than average retail prices. Electricom makes use of online platforms to market, sell, and distribute products. The business ensures that the products are within their reach and upon receiving an order from clients, a quick delivery is done and the customer through provided payment system makes payment. The electronic goods market is wide with diverse target markets. The primary target market that the company focuses is on are electrical goods consumers who require the products for home, office, and business. The company targets individuals from the middle income earners to high income earners due to the fact that the company deals in quality products with unique features meeting modern day needs.
This is a reliable target market for the business because they are widely distributed and distributors and wholesalers are used to create the supply chain to ensure that the goods get to the consumer in safe state. Moreover, the population of the medium and high income earners has been rated to be at approximately 56% as compared to low income earners at 44%. Additionally, the target market is also reliable because the goods are diverse which means that every person despite difference in lifestyle, geographical location, levels of education, and other factors gets to have a specific model of electrical product that he/she finds suitable.
Understanding the market is one of the best ways that one can approach the market effectively and efficiently. As a marketer it is important to research the market to understand consumer needs and wants. It is the validity of the research that would determine the results which would be implemented making marketing plan effective. Some of the methods that I would use to research customer needs and wants include; surveys, interviews through one-on-one and online means, and questionnaire (Dźwigoł, 2019). These three methods would help in engaging the direct consumers and gathering first-hand information that would help to understand the needs and wants. The fact that the information would be gathered verbally through one-on-one, writing, and through use of digital devices would help the research to get to as many people as possible and develop a conclusive and extensive research finding.
The 4Ps of marketing are highly applicable at the Electricom Enterprise since they have been proven effective in marketing the products.
a. Product is a major marketing mix used in the quality of products that company deals in and supplies to the market (Ikechi, Chinenye, & Chiyem, 2017). To make use of the product aspect, the company ensures that the company deals in products with high demand in the market. The products are also of high quality bearing most important features.
b. Pricing strategy is the second marketing strategy used through ensuring that the prices set for different electronic goods are lower than a majority of competing brands. The company ensures that the prices set align with the product and hence the consumers can feel the value product.
c. Promotion is also important and these are the ways the company gets to market the products and make the right publicity. Some of the highly applicable promotional strategies include; discounted prices, coupons, and rewards among others.
d. Placement or distribution is the last strategy and this is the achieved through ensuring that goods are accessible at all times in strategic locations (Ikechi, Chinenye, & Chiyem, 2017). The company has ensured that the goods are highly accessible and that the locations are safe and convenient for clients.
One-year advertising budget and plan
For products to become competitive in the market, the company requires having proper advertising plan and budget. The plan must incorporate various advertising media and publicity to attain the desired goals and objectives. First, the company must advertise in all effective and reliable Medias to ensure that the information reaches as many people as possible. Some of the most effective Medias include; television channels, search engines, bill boards, social media sites like Facebook, Twitter, and Instagram among others, publishing articles and also using company website (Stoychev, Dimitrova, & Desev, 2019). Making advertisements at the same time can work but it is also important to ensure that using different media channels, there is at least an advertisement running at any given out all through the year.
Television channels $120,000
Social media $20,000
Search engines $15,000
Bill boards $ 12,000
For television channels adverts to get aired only during the peak hours and to be done at least once in two hours. The message must be clear and precise to ensure that the consumers get to understand the content. Publications should be available at least once per week in different newspaper and for the company magazines for the company to publish monthly magazines with information accompanied by images. The social media should be extensively used since it is cheap and have the potential of engaging consumers directly. The company to have accounts in most commonly use social media sites and make daily posts and consumer questions responded to promptly. Search engines would be activity by the service provider and ensure that the company information is available all through the year. Lastly, bill boards to get placed in strategic locations with images and precise message.
Dźwigoł, H. (2019). Research methods and techniques in new management trends: research results. Virtual Economics, 2(1), 31-48.
Ikechi, A., Chinenye, E. P., & Chiyem, O. (2017). Marketing Mix Concept: Blending the Variables to Suit the Contemporary Marketers. International Academic Journal of Management and Marketing, 9(1), 55-65.
Stoychev, L. Y., Dimitrova, T. V., & Desev, K. V. (2019). Planning and effectiveness evaluation of marketing communication. Балканско научно обозрение, 3(1), 93-96.