Business Essentials, 12/e

Crafting a Business Plan

Part 4: Principles of Marketing

Goal of the Exercise

So far, your business has an identity, you’ve described the factors that will affect your business, and you’ve examined your employees, the jobs they’ll be performing, and the ways in which you can motivate them. Part 4 of the business plan project asks you to think about marketing’s Four Ps—product, price, place (distribution), and promotion—and how they apply to your business. You’ll also examine how you might target your marketing toward a certain group of consumers.

Exercise Background: Part 4 of the Business Plan

In Part 1, you briefly described what your business will do. The first step in Part 4 of the plan is to more fully describe the product (good or service) ...