287 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 your target market wants and needs. The second step is to price your goods 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’ goods 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 BusPlan_Sample.RetroAttire. docx. Preparation Activity 10-1. Product. Describe the goods 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’ goods or services and research all the fixed and variable costs that may affect its final pricing. Develop and recommend a pricing structure for your entrepreneurial venture. Activity 10-3. Place. Describe the supply chain and channel of distribution for your business’ goods or services. Identify activities within channel of distribution strategies that impact inventory control. 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 goods 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 Goods 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 Goods 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.