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CHAPTER 4- DEFINE YOUR MARKET STRATEGY

If you don't know where you are going and how you will get there? You may be already lost.

Market Position
What kind of image do you have? Are you; inexpensive, exclusive, customer service oriented, high quality, convenience, or fast?

List the features you will emphasize:

  • What pricing strategy will you use?
  • % Markup on cost
  • Competitive
  • Below competition
  • Premium price

Are your prices in line with your image?
What is the percentage of profit margin have you allowed for?
What customer services will you provide?
What are your sales/credit terms?

Advertising/Promotion
Write a short paragraph that best describes your business:

What advertising/promotion sources will you use?

  • Television
  • Radio
  • Direct mail
  • Internet
  • Magazines
  • Newspapers
  • Business Journals
  • Personal Contacts
  • Trade Associations
  • Yellow Pages
  • Other

What are the reasons your chosen media is the most effective?

What features will you promote?

  • Applications
  • Price
  • Performance
  • Delivery
  • Reputation
  • Service
  • Exclusive
  • Components
  • Colors
  • Sizes
  • Uses
  • Durability
  • Design
  • Availability
  • Installation
  • Terms
  • Workmanship
  • Other

What rationale will you appeal to?

  • Accurate Performance
  • Increased Profits
  • Economy of Purchase
  • Increased Production
  • Durability
  • Labor Saving
  • Economy of Use
  • Time-Saving
  • Simple Construction
  • Simple Operation
  • Ease of Repair
  • Ease of Installation
  • Space Saving
  • Other

What buying motive hot buttons will you use?

  • Bigger Savings
  • Increased Sales
  • Greater Profits
  • Reduced Cost
  • Time Saved
  • Prestige
  • Greater Convenience
  • Uniform Production
  • Economy of Use
  • Reduced Upkeep
  • Continuous Output
  • Leadership
  • Ease of Use
  • Reduced Inventory
  • Low Operating Cost
  • Simplicity
  • Reduced Waste
  • Long Life
  • Other

What emotional responses can you use to your benefit?

  • Pride of Appearance
  • Pride of Ownership
  • Desire of Prestige
  • Desire for Security
  • Desire for Recognition
  • Desire to Imitate
  • Desire to be Unique

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