Download Market Opportunity

Market Opportunity
Module 3
Business Plan Course
Ryan Murray MBA, CBA
3 Keys to Success
• Management Team
• Do I have the right people in place doing the right things
• Market Opportunity
• Is there a demand for my Product/Service in my market area
• Marketing Strategy
• Is my business positioned to seize the market opportunity
• (do a have a legitimate competitive advantage and is the market
aware of it)
5 Points to Market
1.
2.
3.
4.
5.
Product/Service
Relative Price Point
Target Market
Market Mediums
Marketing Strategy
These Become Your Market
Opportunity
Your Marketing Strategy is unique to your business, but
Opportunity is the same for everyone
the Market
5 Points to Market
1. Product/Service
2. Relative Price Point
3. Target Market
4. Market Mediums
5. Marketing Strategy
Relative Price Point
$$
$
Relative in terms of your competition
Target Market
• Geographical Area
• Let’s me know how many people
• Best Customer Theory
• (Chet Holmes, Ultimate Sales Machine)
• Price is a key factor
• (Why medium income?)
• Don’t think Government
Market Mediums
• Internet
• Google Ad Words
• Facebook
• Youtube
•
•
•
•
•
•
Newspaper
Yellow Pages
Word of Mouth
Billboards
Direct Mail
Etc, etc
Let’s Practice
1. Product/Service
2. Relative Price Point
3. Target Market
4. Market Mediums
5. Marketing Strategy
Bad Example vs. Good Example
Homework
• Identify where you are priced, and what market that puts you
in (list the competition based on that specific price point)
• Identify your target market and their preferred market
mediums
• Provide at least 3 supporting documents to justify your
product, price point, and target market