Market Opportunity Module 3 Business Plan Course Ryan Murray MBA, CBA

3 Keys to Success Management Team Do I have the right people in place doing the right things Market Opportunity Is there a demand for my Product/Service in my market area Marketing Strategy Is my business positioned to seize the market opportunity (do a have a legitimate competitive advantage and is the market aware of it)

5 Points to Market 1.Product/Service 2.Relative Price Point 3.Target Market 4.Market Mediums 5.Marketing Strategy These Become Your Market Opportunity Your Marketing Strategy is unique to your business, but the Market Opportunity is the same for everyone

5 Points to Market 1.Product/Service 2.Relative Price Point 3.Target Market 4.Market Mediums 5.Marketing Strategy

Relative Price Point $$ $ Relative in terms of your competition

Target Market Geographical Area Let’s me know how many people Best Customer Theory (Chet Holmes, Ultimate Sales Machine) Price is a key factor (Why medium income?) Don’t think Government

Market Mediums Internet Google Ad Words Facebook Youtube Newspaper Yellow Pages Word of Mouth Billboards Direct Mail Etc, etc

Let’s Practice Bad Example vs. Good Example 1.Product/Service 2.Relative Price Point 3.Target Market 4.Market Mediums 5.Marketing Strategy

Homework Identify where you are priced, and what market that puts you in (list the competition based on that specific price point) Identify your target market and their preferred market mediums Provide at least 3 supporting documents to justify your product, price point, and target market