Issue link: https://docs.hic.us/i/403552
A. Company Image It goes without saying that everyone wants to achieve a positive company image. However, in this case the image in question is more about position in the marketplace and the features of your business that you plan to promote. For example, do you wish to be known as a discounter or a high-end supplier? Maybe you prefer to be known as the leader in customer service. Your image should be based on what the market needs. If there are plenty of discounters already in operation, but you determine that there is a segment not being serviced that prefers high-end merchandise, then you may wish to position yourself as a high end supplier in order to separate yourself from the competition. Two important areas to cover are: • Identification of how your business is to be portrayed. • Identification of business characteristics that should be promoted. B. Describe The Location (Place) Again, try to describe the location of your business from your customer's perspective. Describe its assets - i.e., the convenience, whether or not public transportation is accessible, the safety aspects--street lighting, well lit parking lot or facility, decor, etc. Your location should be built around your customers, it should be accessible and should provide a sense of security. An advantage of purchasing a franchise is the franchisor often times assist in site selection and decorating. Provide the following details: • Description of the location. • Advantages and disadvantages of location. C. Develop Pricing Strategy Although your pricing strategy may be based on the strategy devised by others, you should study this plan and the strategies used by competitors. That way you will acquire a thorough understanding of how to price your product or service, and you can determine if your prices are in line with competitors, if they are in line with industry averages and what adjustments you can make to bring them in line. The key to success is to have an well-planned strategy, to establish your policies and to constantly monitor prices and operating costs to ensure profits. Keep abreast of changes in the marketplace because these changes can affect your bottom line. www.hsi.us care@hsi.us 55