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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