EI201: Real Business Experience (Durham): Get Started

• Explain the product/service.
• Prove the need.
• Describe the product/service’s appeal.
• Describe market/industry trends.
• Estimate your firm’s market share.

• Define the target market and market size.
• Buyer types & how to convert.
• Product adoption & decision making.
• Average size of customer’s order- in dollars and units.
• Frequency of customer purchases.
• How do you Get, Keep and Grow your customer relationships?

NOTE:  Databases for this topic are listed first.  You will also find helpful information on this topic by using the free websites listed at the bottom.

• Approach and strategy for introducing product/service
• Promotional strategies, why you chose them and how they connect with target market
• Media and professional services to implement your plans
• Effectiveness/return on investment of your advertising / promotions
• Methods of sales and retailing 
• Service arrangements, product support, warranty terms and customer orientation of these programs
• Expected “sales cycle" including time frame for the product/service
• Realistic and credible sales projections
• Yearly sales milestones for the next 3-5 years

• Describe competitors in detail compared to your own firm, identifying strengths, weaknesses & important factors (table format).
• Explain how the firm will be better than its competitors – competitive advantages.
• How your competition might respond to your strategies including marketing and pricing followed by how you will react.

Misc. Tips:

Use Google to match keywords or phrases that describe your product or industry (ex:  "ice cream") with the phrases below to find lists or directories that may include potential competitors or suppliers.

• trade associations (look for membership directories)
• trade publications
• trade shows  (look for exhibitor lists)
• buyer's guides
• supplier guides (ex: ThomasNet)  
• Google Patents (find companies that have received patents for similar products)

Form 10-Ks are reports that public companies file annually with the Securities and Exchange Commission (SEC).  Review the "Business" section of a public competitor's Form 10-K for information on products, pricing, marketing, customers, and more.  For an example of the type of information found in a Form 10-K, see the Texas Roadhouse Form 10-K linked below.  If you can't identify a public competitor, look for another public company in your industry's supply chain.

• Basis on which prices are set (Cost, Market…)
• Prove your pricing decision is based on your secondary & primary research.
• How your pricing strategy will result in a profit
• How are Margins determined?
• How competition, discounts, cost of goods, market forces and other actors will affect price
• How pricing policies may change over time
• Description of discount policy, if applicable, and dealer pricing program

• Preferred distribution of your product/service based on your secondary & primary research
• Description of the geographical area you will cover
• Any special relationships with distributors
• Any distribution or licensing agreements that are in force or that you are seeking

Misc. Tips:Use Google to match keywords or phrases that describe your product or industry (ex:  "ice cream") with the phrases below to find lists or directories that may include potential competitors or suppliers.

• trade associations (look for membership directories)
• trade publications
• trade shows  (look for exhibitor lists)
• buyer's guides
• supplier guides (ex: ThomasNet)  
• Google Patents (find companies that have received patents for similar products)