business plan

Consult the Plan Part III handout. Your commentary should consist of a description of your marketing plan, in the form of the 4 P’s of marketing (a.k.a. the marketing mix). Begin by stating your generic strategy. Note that the handout provides two views of the generic strategy, so use both of them. Explain briefly why your choice makes sense for your product or service.

For each element of the marketing mix, explain what you intend to do, in a way that reflects both your generic strategy and the unique aspects of your business. For example, to market a new kind of high-quality dog leash, you would define (and design) the product to satisfy your customers’ motivation to pamper their dogs. You would logically want to place it in a business that caters to those people (e.g., dog-grooming boutiques). Your price would be relatively high, first because your product is high-quality, and second because it is unique. Finally, you might promote using a combination of third-party placement (seeing it in the boutiques) and a nice website. Importantly, the detail in these choices will differ from business to business, even if the strategies are similar on a more theoretical level.

As always with these business plan parts, be sure to reply to two other entrepreneurs as well, and to include an improved version of your commentary in your final business plan (end of Week 8). The length is at least 250 words, but the more the merrier. Requirements: 250-300