Marketing Strategy a. ?The marketing strategy should address how you will differentiate your company from competitors. b. ?Frame your marketing plan to show potential investors what
Part III Requirements
1. Marketing Strategy
a. The marketing strategy should address how you will differentiate your company from competitors.
b. Frame your marketing plan to show potential investors what factors will make your product or service more desirable than those offered by the competition.
c. You should present information to show your plan is well-researched and includes reasonable assumptions.
d. In addition, the work should illustrate that the proposed company is not entering a declining industry or market segment.
e. Tables and figures must be introduced in the narrative.
f. The marketing plan should include:
i. Analysis of the business opportunity
g. Target market inclusive of potential customers and their location
h. Location of your business
i. Economic, demographic, and geographic factors which may influence the success of the proposed venture
2. Organizational Success Strategies
a. Present a 1-2 page summary of the vision of the company’s success.
b. Show what strategies will be adopted to ensure the overall success.
c. Identify and ethical dilemmas of your strategies and how it will impact corporate social responsibility.
An effective Industry Analysis is broken into two parts: a Market Overview and a Relevant Market Size.
Market Overview
Be sure to include information about clearly defined market sectors and market trends. Any general information that is helpful to ensure that everyone is on the same page belongs in this section, but as always, the goal is to have a summary mindset and to include only what is pertinent and necessary.
· What is the total size of your market?
· What percent share of the market will you have? (This is important only if you think you will be a major factor in the market.)
· Current demand in the target market.
· Trends in target market—growth trends, trends in consumer preferences, and trends in product development.
· Growth potential and opportunity for a business of your size.
· What barriers to entry do you face in entering this market with your new company? Some typical barriers are:
· High capital costs
· High production costs
· High marketing costs
· Consumer acceptance and brand recognition
· Training and skills
· Unique technology and patents
· Unions
· Shipping costs
· Tariff barriers and quotas
· And of course, how will you overcome the barriers?
· How could the following affect your company?
· Change in technology
· Change in government regulations
· Change in the economy
· Change in your industry
Relevant market size
This is where we get specific. The Relevant Market Size should include calculations of your market size based on the best available data and research.
Include your projected market share and total market size. The total market size is the projected annual revenue that could be captured if your company attained a 100 percent market share.
Target Customers
Who will be buying your product or service? This section gets into the details of your target demographic.
Be sure to include as much demographic data as possible, but take care to present it in a summary fashion that is easy to digest. A little bit of planning goes a long way here, and visual aids can be a big help. Physical characteristics like gender and age are often important, but geography, salary and occupation (including buying habits and disposable income) are a must.
The description will be completely different depending on whether you plan to sell to other businesses or directly to consumers. If you sell a consumer product, but sell it through a channel of distributors, wholesalers, and retailers, you must carefully analyze both the end consumer and the middleman businesses to which you sell.
Customer Needs
Based on the customer profiles laid out in the above subsection, explore the need that your targeted demographics experience. Most importantly, tie these needs to features and benefits of your product/service.
Remember that people don’t purchase products or services—they purchase solutions. Solutions are the answers to their needs, while the products and services that deliver those answers are simply means to an end. This part of your business plan demonstrates that you are in touch with your target demographic and that you are confident in the ways that your product or service answers the needs of your future customers. For example:
· Are the customers in your target demographic sensitive to price?
· Are they concerned more with value or with numerous features?
· Will they pay for speed, or are they willing to wait to save money?
· Where do they shop for comparable products or services?
The answers to these questions are not only vital to the success of your business plan pitch, but also to the success of your business once you are up and running.
Competitive Advantage
Be sure to include not just a list of your top direct competitors, but a profile of their strengths and weaknesses. Direct competition will likely be a component of your overall analysis.
While direct competitors are competing businesses that offer the same solutions to customer needs, indirect competitors fill the same needs with different solutions. Compile the same profiles for these competitors, but be sure to differentiate them from direct competitors.
Based on the profiles of the strengths and weaknesses of your direct and indirect competitors, this is the place where you state exactly what it is that sets your company apart. Investors don’t just want to know that you can keep up with and compete with the other players in your market, they want to know that your USP (Unique Sales/Service Proposal) can win.
How will your products or services compare with the competition? What are your competitive advantages and disadvantages? What will be aspects of your product offering that will make you more desirable than your competitors. What is your unique differentiation?
,
T3 Embroidery LLC
BUSINESS PLAN
Prepared by:
Latasha N. Felder
304 Martin Luther King Dr.
Lonnie, Georgia 31095
9123972151
t3embroidery.com
I. EXECUTIVE SUMMARY
T3 Embroidery LLC (referred to from hereon in as the "Company") was established as a Limited Liability Company at 10406 GA Highway 26 E, Montezuma, Georgia 31063, with the expectation of rapid expansion in the manufacturing industry.
Business Description
The Company was formed on 03/01/2023 as a Limited Liability Company under Georgia state laws and is headed by Latasha N. Felder.
The Company currently employs 2full-time employees and three part-time employees.
Business Mission
"T3 Embroidery is dedicated to providing customized embroidery and unique sewn patches made with precision and passion, catering to everyone who loves embroidery while constantly offering new and fresh designs. "
New Service
The Company is prepared to introduce the following service to the market:
Stitch work: We specialize in custom embroidery, sewn patches, and design services.
The company offers products made with precision and passion, and they pride itself on its attention to detail.
II. BUSINESS SUMMARY
Industry Overview
In the United States, the manufacturing industry presently makes 15 dollars in sales.
Research shows that consumers in this industry primarily focus on the following factors when making purchasing decisions:
T3 Embroidery plans to leverage social media networks by creating new content, launching new products, and running
Campaigns that will be shared across their active channels. They also recognize the importance of motivating their current customers to advocate for their business by spreading the word to their friends and family.
As T3 Embroidery grows, they plan to build a team and employ more staff to help manage their orders and reduce turnaround times.
Business Goals and Objectives
Short Term:
1. Increase customer base by 20% within the next year through targeted marketing efforts.
2. Achieve a 90% customer satisfaction rate through regular feedback and improvement measures.
3. Increase production efficiency by 15% through process improvement initiatives.
4. Expand product offerings to include a new line of embroidery designs within the next six months.
Long Term:
5. Increase revenue by 25% next year through strategic pricing and promotion strategies.
6. Hire and train two new employees within the next six months to increase capacity and shorten turnaround times.
7. Establish partnerships with at least two small fashion brands within the next year to expand market reach.
8. Increase social media engagement by 30% within the next six months through regular posting and targeted advertising.
Legal Issues
The Company affirms that its promoters have acquired all legally required trademarks and patents.
III. MARKETING SUMMARY
Target Markets
The Company's primary target markets are as follows:
T3 Embroidery's target group is anyone who loves embroidery. Most of their customers are schools and small businesses, but they aim to expand their reach to other companies in the future.
The estimated number of potential clients within the Company's geographic scope is 20.
Pricing Strategy
The Company has completed a thorough analysis of its competitors' pricing. Keeping in mind our competition's pricing and the costs of customer acquisition, we have decided on the following pricing strategy:
It is based on how many stitches your item need.
Promotional Strategy
The Company will promote sales using the following methods:
1. Increase customer base by 20% within the next year through targeted marketing efforts.
2. Achieve a 90% customer satisfaction rate through regular feedback and improvement measures.
3. Increase production efficiency by 15% through process improvement initiatives.
4. Expand product offerings to include a new line of embroidery designs within the next six months.
Services
First-rate service is intended to be the focus of the Company and a cornerstone of the brand's success. All clients will receive conscientious, one-on-one, timely service in all capacities, be they transactions, conflicts, or complaints. This is expected to create a loyal brand following and return business.
IV. FINANCIAL PLAN
12-Month Profit and Loss Projection
Monthly expenses for salaries and overhead
(projected): $2,000.00
Revenue and sales for the upcoming year of business
(projected): $1,000.00
Gross profit for the upcoming year of business
(projected): $1,000.00
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