Trading up by trading down- lower the markup the more you have to turn the product. Higher the
price, lower the turn.
Promotion- Wont have the money in the first couple years for high quality promotion. Want to
show how to get our product known to the gen
Development of the Business Concept: What will the Company be? (4)
-There must be a group of customers willing to purchase the product or product lines featured by
the business at the price offered.
-The market must be large enough to support the business
1. Cover letter- state the reason the business plan is being stated.
2. Cover page- identifies the document, company name, and business plan, team
3. Table of contents- list each section of the page and the page number it first appeared
Marketing Plan (8)
-What is happeneing in the industry that will impact consumer behavior, and, subsequently the
-Who is the target market?
-What is the profile of the customer?
-Who are the competitors, and how will this b
Step 3: Research the Industry
-Intro, increase, peak, decrease, and death end. Decrease end has great price and is the side that is
thriving right now. Draw this curve and show the bank where we are with an X and explain
why we are there. If on increase s
Intangible products- includes those that cannot be touched or held, such as a service or an
Tangible products- are physical and touchable products and are divided into two primary
classifications; durable and nondurable goods.
3 ways you can be an entrepreneur is to one, start your own business. Secondly, you can
franchise and lastly, buying an existing business.
Never ever buy an existing business; there is 90% of the time something bad. Franchising you
give up control and cre
Central business district the historical center of a city or town, the are where downtown
business were established early in the development f the city (Marietta)
First ring- early stage communities that have come about as a result of suburban spr
Ideally you want a 1-year deal. Write a 3-year deal and a 2 year optional deal. Have an option to
walk the lease after 3 years and after 5th and 7th year.
Leasehold improvements- charge you back for that in additional rents so dont let them do this to
Advantages and Disadvantages of Owning your own Business
-You can be your own boss and control the outcome of your venture.
-You have the freedom to pursue opportunities as you identify them. No one tells you what to do