Step 3: The Product
The product or service that is the center of any business. What exactly are you selling to make money? A small business owned by a person with a Traumatic Brain Injury is typically formed around the person’s interests and the product is developed based on the individual’s goals and interest. The individual and the product that inspires him will help him focus and succeed. The existence of a market does not in itself drive the process. Rather, the person’s aspirations and talents take precedence in designing an enterprise. This employment option seeks a fit between the individual and the marketplace.
To help the potential business owner refine what she wants to sell, use the following exercise.
Product, Price, Placement, Promotion
Instructions: Product development is grounded in the Four Ps: Product, Price, Placement, and Promotion. Below, list the critical issues and tactics your company considers as you develop your product or service.
- Our primary product/service is:
- Other complimentary products/services are:
- This is how each complimentary product/service adds value:
- What is the anticipated market position for the primary product/service (i.e., is it high quality/high price; low price/ moderate quality, etc.)? Are you seeking an upscale, average, or discount-seeking buyer? Explain:
- Who is the likely buyer (e.g. young, old, male, female, rich, poor)? Where would they look for this product or service? Explain:
- Will the buyer need to purchase this product/service more than once? How often? How does this affect the marketing approach, packaging, volume discounts (e.g., If this is a lawn mowing service, can customers who sign up for 6 mowings get a $10 discount)? Explain your strategy:
- How will you know if your product/service is over- or under-priced? (What do other similar products/services sell for?):
- Where will you sell this product or service (i.e. other people’s store shelves, your own store front, door-to-door sales, in magazines, over the Internet?). List specific outlets:
- How will the product be packaged? What will it look like? Explain:
- Will there be multiple products in each package? Will the product be bundled with other complimentary products from your company? Will you bundle complimentary products from other companies? Explain:
- What is the image you seek for this service (i.e., is it convenient for customers; is it cheaper than other similar services; does it add-value or complement another product or service the customer is likely to use; are you pledging high quality customer service; does it have “snob appeal”; is it for the do-it-yourselfer)? Explain:
- Does this service complement another company’s service? What makes your service better? Does the opportunity exist to bundle this service with the product or service of another company? Explain:
- What is the overall promotional strategy for your product/ service? What “look” or image do you want?
- How will you use advertising (i.e., is this a major strategy; what outlets will you use; how often will you use this means)?
A. Print Advertising (Newspapers, Yellow Pages):
B. Direct Mail:
C. TV:
D. Radio:
E. Word of Mouth:
F. Business Cards & Brochures:
G. Novelties:
H. Signage:
I. Classified Advertising:
J. Telemarketing:
K. Press Releases & PSAs:
L. Sales Staff:
M. Other: - How will you measure the effectiveness of your promotions?
- How much do you propose to spend on marketing and advertising every month? How will you know if it’s enough or too much?
- Other issues of Product, Price, Placement, & Promotion