Issue link: https://docs.hic.us/i/403552
points. These features are what you will use to convince customers to purchase your product or service. Next go over sales projections, determining if there is a demand for the product or service. In the case of a franchise, the franchisor will have developed the projections. Study this data to see how he or she arrived at these projections. This will help you to better understand how the marketplace operates relative to your product/service and it can help you develop the skills necessary to identify and anticipate changes in the marketplace. Start your own file on marketplace trends. Periodically review your data, looking for shifts in the market. If changes are occurring, you should modify the marketing plan to coincide with these changes. In franchise operations, it is customary for the franchisor to update the marketing plan periodically to reflect changes in the marketplace and to keep the marketing program current. A marketing plan should answer these questions: • Is this product or service in constant demand? • How many competitors provide the same product or service? • Can you create a demand for your service or product? • Can you effectively complete in price, quality and delivery? • If a franchise, will the franchisor price the product or service to give you the • projected profit? Review your program to ensure that it answers these questions. If your plan doesn't answer the questions, it will need to be modified, or you will need to devise a strategy that will provide a means for answering them. When you are satisfied that you understand the program, how the market operates and how to identify market shifts and trends, start writing the marketing section of your business plan. Even if you adopt a marketing program that has been developed elsewhere, it is your responsibility to promote your product or service by cultivating the marketplace, i.e., attracting and keeping customers. You can accomplish this aim by knowing your market, your customers, your competitors and your product/service. Don't rely solely on the program provided by a franchisor or others, gather and assess your own data using the techniques outlined in your plan. By gathering and analyzing this information, you will be better able to determine if your program is in line with your competitors, if it is in line with industry averages and what adjustments you can make to improve your overall competitiveness. NOTE: A Sample Marketing Plan is included in Attachment F. www.hsi.us care@hsi.us 46