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Chapter 10 Product, Price, and Place
Building Your
Business Plan—Putting
the Puzzle Together
Product, Price, and Place
Three of the four Ps of marketing—product,
price, and place—were discussed in this chapter.
Research plays an important role in making the
product, price and place decisions. The first step is
to offer the products or services your target market
wants and needs. The second step is to price
your products or services competitively, yet still
make a profit to remain in business. The third step
is to manage your business’ supply chain so the
products get to the customers when and where they
are needed. Product, price, and place strategies will
be closely examined by potential funders.
Goals
• Identify the features and benefits of your
business’ products or services.
• Choose a pricing strategy.
• Describe the business’ supply chain and best
channel of distribution.
• Create business plan notes.
Directions
Access the Entrepreneurship
companion website at
www.g-wlearning.com. Download each data file
for the following activities. A complete sample
business plan is available on the companion
website to use as a reference. The name of the file
is Bus Plan_Sample.RetroAttire.docx.
Preparation
Activity 10-1. Product. Describe the products
or services your business will offer. Discuss the
features and benefits for each and write your
unique selling proposition (USP).
Activity 10-2. Price. Choose one of your business’
products or services and research all the fixed
and variable costs that may affect its final pricing.
Research the competition as well.
Activity 10-3. Place. Describe the supply chain
and channel of distribution for your business’
products or services.
Activity 10-4. Business Plan Notes. Create notes
about the research you did when determining the
strategies for your business’ product, price, and
place.
Business Plan—Business
Description and Operations
Now it is time to finalize the products or
services you plan to offer. You will also determine
how to price your products and deliver them to
the end users. In this activity, you will start to
write the Products or Services subsection of the
Business Description section and the Marketing
Strategies subsection of the Operations section.
1. Open your saved business plan document.
2. Locate the Business Description section
of the plan. Begin writing the Products or
Services subsection.
3. Locate the Operations section of the plan.
Begin writing the Marketing Strategies
subsection of your plan. At this point, you
will address the Product, Price, and Place
portions of this subsection.
4. Use the suggestions and questions listed
to help you generate ideas. Delete the
instructions and questions when you are
finished recording your responses. Make sure
to proofread your document and correct any
errors in keyboarding, spelling, and grammar.
5. Save your document.
d h d t fil
ompanion
Website
www.g-wlearning.com