Reference no: EM133094543
1. Unique selling position
Unique selling proposition (USP) defines your business competitive advantage. How is your business unique in the market? What differentiates your business from others in the market? What makes your business stand out from your competition? How will your products/services succeed in the market where others may have failed? What gives your products/services the edge?
Create a perceptual map to define your USP and include it in your business plan report.
Consider using simple online tools such as the one linked below to create your perceptual map outlining your strategic position in the market:
2. Anticipated demand
What is the anticipated quantity of products/services your customers are likely to purchase? For example, how much will an individual customer buy in 6 months or 12 months? The information you provide in this section needs to align with your sales forecast in the 'Finaincial Plan' section.
3. Pricing strategy
Do you have a particular pricing strategy? Why have you chosen this strategy?
To help you develop your pricing strategy, you could refer to your customer research, market position, anticipated demand and costs/expenses to get an idea.
Whatever strategy you use when setting your price, you will also need to adhere to any relevant fair trading legislation or codes of conduct.
4. Value to customer
How do your customers value your products/services? Are they a necessity, luxury or something in between?
Tip: Create a 'Value Proposition Canvas' to visualise the relevant information.
5. Growth potential
What is the anticipated percentage growth of the product in the future? What will drive this growth?]