In order to create a successful business plan, we have to know our market. We must know our target customers intimately. Their likes and dislikes, age, income, buying habits, leisure activities and meeting places.
When we have identified the target market, we can then tailor the marketing campaign and product positioning to appeal to our customers.
Product positioning allows us to decide the price point, product quality and packaging that will best appeal to the market.
This information can then be used to custom tailor the product mix to achieve maximum sales.
The marketing analysis will also help decide the best way to market. Distribution methods are changing rapidly with customers demanding a broad choice in product delivery. This can be in-store, online, click and collect, same day or regular delivery and even product rental options.
We are entering a phase where new business and product distribution models are appearing everyday. Amazon is an example of a new distribution method that continues to evolve.
Coles are also working on ways to best deliver products including 1 hour delivery.
Plan 4 Profit can help your company to analyse the best approach for your business.