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BUSINESS PLAN

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BUSINESS PLAN Choose Your Location Location Location Location Location Possibilities Retail Businesses Downtown Areas Market street renovations Neighborhood Shopping ... – PowerPoint PPT presentation

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Title: BUSINESS PLAN


1
Market Analysis
Location Target Market Competition
  • BUSINESS PLAN

2
Choose Your Location
  • Location
  • Location
  • Location

3
Location Possibilities
  • Retail Businesses
  • Downtown Areas
  • Market street renovations
  • Neighborhood Shopping Centers
  • Dairy Mart, Video, Dry cleaners
  • Community Shopping Centers
  • 30th Street, Washington Square
  • Regional Shopping Centers
  • Belden Village, The Strip
  • Super-Regional Shopping Centers
  • French Quarter in Columbus
  • Standalone Stores
  • Home Depot
  • Warehouses
  • Sams Club, BJs

4
Location Possibilities
  • Non-Retail Business
  • Home Office
  • Office Buildings
  • At Customers Home

5
Target Market
  • Who is your
  • Customer?

6
Demographics
  • Part of a population identified as a group,
    especially as a target for sales or advertising
  • Specific details or a description of a group of
    people who will be your customers
  • Geographic Demographics
  • Personal Demographics

7
A. Geographic Demographics
  • Relating to the geography of a specific region
  • What group or organization(s) will your business
    serve?
  • Ice Cream StandHolly Hills Little League teams
  • From what area will your customers come?
  • Sherwood Village and Rite Aide on Middlebranch
    and Easton

8
B. Personal Demographics
  • Relates to personal characteristics of an
    individual or group
  • Age
  • Is your product/service geared toward teenagers
    or senior citizens?
  • Gender
  • Is your product/service made specifically for a
    male or for a female?
  • Hobby/Interest
  • Is your product/service made specifically for a
    particular sport or activity?

9
AnalyzeCompetition
10
Analyze Competitors
  • Price
  • What do they charge, are your prices higher or
    lower
  • Location
  • Where are they located
  • Facility
  • Nice building, accessible, appealing to customers
  • Strengths
  • What the competitor does that no else does, or
    what they do better than everyone else
  • Weaknesses
  • Disadvantages of the competition
  • Strategy
  • How will you get customers to come to you instead
    of a competitor

11
Analyze Competitors
Competitor Price Loca-tion Facility Strength Weakness Strat-egy
Standard Gas 6 Excel-lent Good Location Not easily accessible Target different market
Rays Car Wash 5 Good Fair Low Price Facility Target different market
Royal Hand Wash 11 Fair Excel-lent Facility Location Lower price, better service, better location
12
Video
  • Direct and Indirect Competition
  • http//www.videojug.com/film/assessing-business-co
    mpetitors

13
COMPETITION
  • Direct Competition
  • Competition from a business that makes most of
    its money selling the same or similar products or
    services as another business
  • Wall Mart and KMart
  • Indirect Competition
  • Competition by a business that makes only a small
    amount of money selling the same or similar
    products or services as another business
  • KMart Garden Center and Rice's Nursery

14
Finding Your Competition
  • Direct Competition
  • Same geographic area as your business
  • Telephone directory
  • Local Chamber of Commerce
  • Malls, shopping centers, retail outlets
  • Indirect Competition
  • Harder to find
  • Think of all the possible businesses that can
    compete with you
  • Department store vs specialty shop

15
Competing with Large Businesses
  • Usually are able to keep larger quantities of
    products in stock
  • Purchase larger inventory
  • Larger storage areas
  • More available cash/credit to purchase inventory
  • Dont rely on one single product line
  • Other product lines help to generate revenue
  • Small businesses face risks when sales of single
    product lines drop
  • Usually have more resources to devote to
    advertising
  • More budget to spend on advertising
  • Ads can feature more than product/service
  • Can hire advertising professionals to create ad
    campaigns

16
Customer Loyalty
  • Listen and respond to feedback
  • Bike shop activity
  • Superior service
  • Outback Curb-Side Take Out
  • More convenient hours than other businesses
  • Sears Dental
  • Easy return policies
  • KMart
  • Store-specific credit cards
  • Gas Cards
  • Personal notes/birthday cards
  • Insurance agents
  • Frequent buyer programs
  • Wonder Store
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