Issue link: https://docs.hic.us/i/403552
You can't prepare for the competition if you don't understand what they have to offer and which part of the market they focus on. Take the time to compare your products and/or services to those of your competitors. Look for strengths and weaknesses on the both sides of the coin. Rather than challenge the competition head on, identify their weaknesses and capitalize on them. Ask these questions: • What advantages do my product services have over the competitions? • What disadvantages do my product services have over the competitions? C. Considerations Keep in mind that your product and/or services may require special attention or considerations to deliver. For example, if you are developing your own line of apparel that is being manufactured overseas, then you may have certain barriers to overcome in order to compete effectively. For example, the products will probably be much cheaper than if bought domestically, but there are plenty of drawbacks such as: large minimum order requirements, long turn-around times, shipping costs, tariffs, customs delays, quality issues, etc. How will these things effect delivery and quality of your product or service? III. Marketing Strategies An advantage of purchasing a franchise is that the marketing plan is provided by the franchisor. While this saves you the time and energy it takes putting together a marketing program, it doesn't, however, ensure that you will attract customers to your franchise. How well your advertisements and promotions draw customers will ultimately determine how effective your marketing strategy is. While a reputable franchisor will not sell you a franchise in a territory where there is not a market, or where the market is declining, it is your responsibility to cultivate your designated market. Whether you are independent or a franchise, one of the easiest ways to do this is through advertising and promotions. Remember the aim of the advertising and promotional strategy is to create awareness of your product or service, to arouse customers' needs and expectations to the point of consumption and to create a loyal stream of satisfied customers who continue to patronize your business. The Marketing Strategies should consist of the following sections: Section A – Create a company image. Section B – Identify your company location and its features. Section C – Describe your pricing strategy. Section D – Provide details about customer service. Section E – Describe your Advertising & Promotions strategies. www.hsi.us care@hsi.us 54