Week 3: Your Product
Now that you have conducted your Market Research it is time to take a look at your product that you have decided to offer. When starting a new business or re-introducing an existing product or service it is important to focus on (1) product at first and get really good at selling it. After you have mastered selling that product then you will be able to apply this marketing guide to all of your products.
Detailed description: List and describe the product or service you sell. Cover the main points, including what the product or service is, how much it costs, what sort of customers make purchases, and why.
Competitive comparison: Use this section for a general comparison of your offering as one of several choices a potential buyer can make.
Sourcing and fulfillment: Explain your product sourcing and the cost of fulfilling your service.
Future Potential Products: Write down your outlook for future products or services. Do you have a long-term product strategy? How are products developed? Is there a relationship between market segments, market demand, market needs, and product development? Now is a good time to start thinking about Sales Literature.
Weekly Goal: Understand your product! Process, Pricing and Delivery will be key to your success. Make a list of your products and get organized.
Questions? Need help defining your products and creating a marketing plan?