Week 6 Marketing your business Entrepreneurship Week 6 Marketing your business

Business Plan – Part 2 Marketing your company Describe how you will market your business. Where will you sell? How many customers are located there? Which part of the population will you sell to – men? Women? Children? Foreigners? How will you advertise your business to those customers? What will that cost? Why is that the best approach?

Marketing 4 Ps Product or service Price Placement – how will you reach your customers? Promotion

Can you describe it specifically? Product or service Can you describe it specifically? BAD – I will open a restaurant Good – I will open a small restaurant in Nizwa that will have original Omani meals. It will focus on families and be open evenings.

What will you charge customers? Price What will you charge customers? Bad – I will have low prices Bad – My competitors charge 4 OMR per meal. I will charge 3 OMR. Good – My competitors charge 4 OMR per meal. I will also charge 4 OMR per meal, but customers will prefer my meals since they will be made with fresh ingredients.

How will you get your product or service to your customers? Placement How will you get your product or service to your customers? Bad- I will have a restaurant Good – I will have a small restaurant near the Nizwa souq Good– I will make my meals at home and deliver them to people Good – I will build an order system on a website and have meals ready for people to pick up at my restaurant

How will you tell customers about your product or service? Promotion How will you tell customers about your product or service? Bad – I will use instagram Good – I will take pictures of my restaurant and each of the 5 Omani dinners I will serve. I will post them to my Instagram and Facebook accounts. I will tell all my friends about these accounts and I will try to get more “likes.” I will put account information on the restaurant menus, on the restaurant sign, and on the restaurant website. I will spend 10 OMR each month maintaining my instagram and website accounts.

Business Plan – Part 2 Marketing your company Describe how you will market your business. [Product] Where will you sell? How many customers are located there? [Placement] Which part of the population will you sell to – men? Women? Children? Foreigners? How will you advertise your business to those customers? What will that cost? Why is that the best approach? [Promotion]

Business Plan – Part 2 Photobook Example Describe how you will market your business. [Product] My photobook will contain 80 photos of Oman. The price will be 22 OMR. Where will you sell? How many customers are located there? [Placement] Which part of the population will you sell to – men? Women? Children? Foreigners? I will sell the book through bookstores in tourist areas, and on a website I will create.

Business Plan – Part 2 Photobook Example How will you advertise your business to those customers? What will that cost? Why is that the best approach? [Promotion] I will bring copies of my book to the largest tour companies in Oman so they can see the book, and I will offer to show it to their customers. If a tour company gives me time to show my book, I will give the tour operators 2 OMR for each book I sell. I will hire a web company to develop my sales website. They will put several of the pictures from the book on the website, and they will have order information for the book. It will cost me 20 OMR to create the website, and 5 OMR to maintain website access each month.

Business Plan – Part 2 Promoting Your business How will you advertise your business to your customers? What will that cost? Why is that the best approach?