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areful planning and a thoroughunderstanding of the marketplace to develop a strategy that willensure success.Understanding the MarketplaceGenerally, the first and most important step in understanding themarket is to study it through market research. In the case of afranchise, the franchisor has developed a marketing program, so you will need to review the program he or she has provided. Lookover the plan to determine what product/service you will offer and write a description of it. Even though a franchisor hasdescribed your product or service, it is a good idea to develop and write your own description because this process helps you toknow your product or servicea key variable in any successfulmarketing plan. When describing your product or service outlinewhat you feel are its unique aspects, and explain how or why these aspects will appeal to customers. Emphasize the specialfeatures that you feel are its selling points. These features arewhat you will use to convince customers to purchase your product or service. Next go over sales projections, determining if there is a demandfor the product or service. In the case of a franchise, thefranchisor will have developed the projections. Study this data to see how he or she arrived at these projections. This will helpyou to better understand how the marketplace operates relative toyour product/service, and it can help you develop the skillsnecessary to identify and anticipate changes in the marketplace.Start your own file on marketplace trends. Periodically review your data, looking for shifts in the market. If changes areoccurring, you should modify the marketing plan to coincide withthese changes. In franchise operations, it is customary for thefranchisor to update the marketing plan periodically to reflectchanges in the marketplace and to keep the marketing programcurrent. A marketing plan should answer these questions:* Is this product or service in constant demand?* How many petitors provide the same product or service?* Can you create a demand for your service or product?* Can you effectively plete in price, quality and delivery?* If a franchise, will the franchisor price the product or service to give you the projected profit?Review your program to ensure that it answers these questions. Ifyour plan doesn39。t answer the questions, it will need to bemodified, or you will need to devise a strategy that will providea means for answering them. When you are satisfied that youunderstand the program, how the market operates and how to identify market shifts and trends, start writing the marketingsection of your business plan.Even if you adopt a marketing program that has been developedelsewhere, it is your responsibility to promote your product orservice by cultivating the marketplace, ., attracting andkeeping customers. You can acplish this aim by knowing yourmarket, your customers, your petitors and your product/service. Don39。 age range, sex,ine/educational level。 ifthere is a demand for your product or service。re offering?* Are you offering the kinds of goods or services they want at the best place, the best time and best amounts?* Are your prices consistent with what the buyers view as the products39。s acostly, timeconsuming process, builds in biases that distortinformation, ignores answers or lets arrogance or hostility cut off munications at some point in the marketing processtheadvantages, however, outweigh the disadvantages. Don39。t a market for yourproduct or service. Don39。t.* Learning the relative successes of different marketing strategies in relation to their return on investment.While market research may appear to be a tedious, timeconsumingprocess, it is necessary if you want to be successful. Think ofmarket research as simply a method of finding out what catchescustomers39。ll lose, simply because youdidn39。s of Marketing(PRODUCT/SERVICE, PRICE, PLACE AND PROMOTION). Review your plan.Make certain it contains the strategies listed below, thendetermine how these strategies are applied. Include a briefexplanation for each strategy. * Describe the target market by age sex profession/career ine level educational level residence Identify and describe your customers (target market) by their age, sex, ine/educational levels, profession/career andresidence. Know your customers better than you know anyonetheirlikes, dislikes, expectations. Since you will have limitedresources target only those customers who are more likely topurchase your product or service. As your franchise grows and your customer base expands, then, you may need to considermodifying this section of the marketing plan to include othercustomers.* Identify Competition market research data demand for product or service nearest direct and indirect petitors strengths and weaknesses of petitors assessment of how petitors businesses are doing description of the unique features of your product or service similarities and dissimilarities between your product or service and petitor39。sIdentify the five nearest direct petitors and the indirectpetitors. Start a file on each identifying their weaknesses and strengths. Keep files on their advertising and promotionalmaterials and their pricing strategies. Review these filesperiodically determining when and how often they advertise, sponsor promotions and offer sales.* Describe Product/Service describe your product or serviceTry to describe the benefits of your goods or services from yourcustomer39。s perspective. Describe its assets ., thecon