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?
What is your pricing policy? Explain how price sensitive your products or services are. Look at each product or market segment in turn. Identify where you make your profits and where there is scope to increase margins or sales. Explain how you set your pricing accordingly.
How do you promote your product or service? Each market segment will have one or two optimum methods, for example, direct marketing, advertising or PR. If you’re considering using a new promotion method, start on a small scale to test if it works.
What channels do you use or plan to use, to reach your end user? Compare your current channels with the alternatives and note the distribution channels used by your competitors. If they are using some channels, such as the internet, more effectively than your business, outline any plans you may have to match them.
Analyse the cost efficiency of each of your selling methods, for example, telesales, a direct sales force, through an agent, or over the internet. If you have a direct sales force, include all the hidden costs, such as management time.