12 May WHAT IS THE UNMET NEED(S) YOUR PRODUCT OR SERVICES FULFILL SO BEAUTIFULLY?
The Executive Summary is a summary of all key sections of the feasibility plan and should work as a separate, stand-alone document. Interested parties will read this section first, and often use this in conjunction with a glance at the financial section when deciding whether or not they read the rest of the plan. Key points to remember include.
• Write this document after the feasibility plan is completed.
• While the executive summary is written last, it is presented first.
• The executive summary should be no more than one page long.
ii Product/Service
• Describe the company’s product or service in lay terms. Give product mix if the company will initially be focusing on more than one product.
• Describe how customers would use and buy the product or service. Give enough detail to help the reader judge the effectiveness of your marketing and positioning plans.
• Describe key components or raw materials that will be used in the product, how the company will source these and how available they are.
• Describe plans to test the product to ensure it works as planned and is sufficiently durable, rugged, secure, etc.(i.e. consumer product test, beta test with major company, etc.).
• Describe plans to upgrade product or expand product line.
iii Technology
• As necessary, provide further technical information about the product or service.
• Describe additional or ongoing research and development needs.
• Keep the description in lay terms and/or explain technical terms enough to be understood by business-savvy but not necessarily technology-savvy readers.
iv Market Environment
Target Market:
• Define and describe the target market(s). Distinguish between end users and customers.
• Be clear how end users and customers benefit, and how and why they would buy the product or service.
Feasibilty Analysis – MMZ/UOM
• What is the unmet need(s) your product or services fulfill so beautifully? And how big is the opportunity?
For business-to-business markets, include:
• The industry the target market is in, key players, frequency of product purchase, replacement needs vs. expansion, purchasing process (i.e. solicits bids, uses preferred vendor lists, goes through committee or multi-level approval process, etc.), likely length of the sales cycle.
• Estimates of market size, initial targeted geographic area, company’s targeted market share.
For business-to-consumer markets, include:
• Demographic factors, such as income level, age range, gender, educational level, ethnicity.
• Psychographic factors.
• Relevant behavioral factors such as frequency of product purchase and shopping behaviour.
v Competition
• Describe direct and indirect competition (as it pertains to the target markets only).
• For key competitors, give market share, resources, product and market focus, goals, strategies, strengths and weaknesses.
• List all key barriers to entry.
• Describe what is unique about the company’s product/service compared to the competition. Make sure this is consistent with the unmet need of the target market(s).
• State how difficult it will be for competitors to copy the company’s product/service.
• Describe how competitors will most likely react to the company’s product launch and the company’s response strategy. Include estimates of the time it might take a competitor to copy your product or service.
vi Industry
• Clearly define and describe the industry in which the company operates. Include the size, growth rate, and outlook. Define key industry segments and state where company fits in.
• Describe demand and supply factors and trends.
• Describe the larger forces that drive the market – innovation, cultural change, regulation, whatever.
vii Business Model
• Describe the company’s business model. How will the company generate revenue (i.e. sell the product; charge licensing, subscription or advertising fees; earn commissions from e-commerce; etc.)? Will there be recurring revenue?
viii Marketing and Sales Strategy
• Lay out the basic marketing and sales strategies.
• Discuss any strategic partnership the company has or is planning to form. Do they provide critical market access or other resources?
What are their rights and responsibilities?
• Describe the distribution strategy (sell direct to customers through sales force, direct mail, or Internet; sell through manufacturers’ representatives, wholesalers, distributors, or retailers). Provide typical profit margin or markup expectations, commissions, and other expected compensation (co-op advertising, slotting fees, etc.)
• Describe the pricing strategy and justification. Include the expected gross profit margins.
• Describe typical payment terms for customers.
o Customers: 60 days from invoice.
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