Hint: Refer to Chapter 12 for more information on the aspects of target marketing and market segmentation that you may want to consider. Be as detailed as possible about who you think your customers will be.

Hint: For each company, describe the company’s perceived strengths and weaknesses. How do you intend to take advantage of each weakness and respond to each strength?

Hint: As you learned in Chapter 13, a product has tangible and intangible benefits that create a total product offer. Describe your product on three levels, as outlined in Chapter 13—the core product (What basic needs or wants does this product or service satisfy?), the actual product (What are the tangible aspects of the product that you can taste, see, smell, touch, and hear?), and the augmented product (What are the perceived benefits that provide additional value to a customer’s purchase?).

Hint: There are many ways to stand out in the crowd, such as a unique product, outstanding service, or a great location. What makes your product special? Does it fill an unmet need in the marketplace? How will you differentiate your product to make sure that it succeeds?

Hint: Refer to Chapter 13 for more information on pricing strategies and tactics. Because your business is new, so is the product. Therefore, you will probably want to choose between price skimming and penetration pricing. Which will you choose and why?

Hint: If your business will sell its product directly to consumers, what types of stores will sell your product? If your product will be sold to another business, which channel of distribution will you use? Refer to Chapter 14 for more information on aspects of distribution you may want to consider.

Hint: Marketers use several different advertising media—specific communication devices for carrying a seller’s message to potential customers; each form has advantages and drawbacks. Refer to Chapter 14 for a discussion of the types of advertising media you may wish to consider.

Hint: There’s more to promotion than simple advertising. Other methods include personal selling, sales promotions, and publicity and public relations. Refer to the discussion of promotion in Chapter 14 for ideas on how to promote your product that go beyond just advertising.