Written on the 8 February 2014 by National Australia Bank
Describe the nature and distribution of your existing customers. Give a typical customer profile for each market segment you target, for example, ‘businesses with a turnover of more than $2 million’, or ‘first home buyers’.
Are you heavily reliant on sales to a few large customers? If so, how do you plan to diversify your sales?
Define your principal competition. What are the advantages and disadvantages of their products and services compared with yours? Cover issues such as price, quality and distribution. Then explain why customers will buy your product or service instead (your competitive advantage).
Be careful of criticising or underestimating competitors.
Specify your marketing and sales plans
Outline your proposed marketing and sales activities and include:
Explain how you position your product or service in the market place. For example:
•High quality and high price?
•Good value and durable?
•A specialist product with a particular feature?
What unique selling features does your product have and which of these features will you concentrate on?