Entrepreneurship and Small Business

Imagine you started a new business as an entrepreneur in Saudi Arabia

Please, think and share information on the following items:

4. Marketing Plan

a. Market Research- Why? (1 Mark)

b. Market Research- How? Primary or Secondary Data? (1 Mark)

c. In your marketing plan, be as specific as possible; give statistics, numbers, and sources. The marketing plan will be the basis, later on, of the all‐important sales projection. (3 Marks)

Product

Describe the most important features. What is special about it?
Describe the benefits. That is, what will the product do for the customer?

Customer

Identify your targeted customers or your ideal customer: How many of them are there? It’s important here to be specific.

• Demographics

Customer relationships: How do customers want to interact with the business?

Competition

What products and companies will compete with you?
How will your products or services compare with the competition? Identify the organization’s competitors and their strategies, along with ways to counter competition and gain market share.
How is your target market solving their problem today? Are there alternatives or substitutes in the market?
Investors will want to know what advantages you have over the competition and how you plan on differentiating yourself.

Strategy

Outline a marketing Strategy.

Promotion

How will you promote your Product?
What will be your promotional budget?

Distribution Channels

How do you sell your products or services?
What are the costs associated with distribution?

APA

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