Professional Documents
Culture Documents
Stephen Lawrence and Frank Moyes Graduate School of Business University of Colorado Boulder, CO 80309-0419
Company Overview
Company Overview
Introduction (1 paragraph)
Slogan Mission Statement History and Current Status (1 paragraph) Markets and Products Objectives Length: about 1 page
Slogan
Pithy 4 to 10 word statement of company purpose Use in business plan, advertising, descriptions of business, business cards,
Mission Statements
Examples
Mission Statement
Semiconductor Equipment
[Semiconductor Equipment] will become a world leader in supplying lithography automation and productivity enhancement products for the semi-conductor industry through innovative design and unique customer insights.
Mission Statement
Website Management Co
The mission of [Website Management Technologies] is to help businesses engaging in ecommerce achieve their sales and customer service objectives by enabling a better understanding of Web site visitors behavior.
Mission Statement
Mission Statements
What is a mission statement? What makes a good mission statement?
Mission Statements
To satisfy the world's appetite for good food, well served, at a price people can afford.
McDonalds
Mission Statement
LL Bean
Mission Statement
General Electric
Become #1 or #2 in every market we serve and revolutionize this company to have the agility of a small enterprise.
Jack Welch, 1983
Mission Statement
Shipbuilding
We will always build good ships. At a profit if we can, At a loss if we must, But always good ships.
Bath Ship Works
Mission Statement
Mission Statements
What makes a good mission statement?
Marketing Plan
Most important piece of your plan Build on industry and marketplace analysis define your niche Identify your customers Demonstrate how you will solve problems for customers Describe how you will reach customers advertising sales
Convince reader that there is an eager market for your product or service
Introduction Target Market Product/Service Strategy Pricing Strategy Distribution Strategy Advertising and Promotion Sales Strategy Sales and Marketing Forecasts
Introduction
Introduction Example
The purpose of Prosper Press is to sell the maximum number of books at the lowest possible selling cost per book. This will be accomplished by positioning the books as being so valuable to freelancers that they are guaranteed to be worth more to the reader than their selling price. The target market will be people who can or do engage in free-lance earning activities. Marketing tools to be utilized will be a combination of classified advertising in magazines and newspapers, direct mail, sales at seminars, publicity in newspapers and on radio and television, direct sales calls to bookstores, and mail-order display ads in magazines. The niche to be occupied is one that stands valuable information that helps freelancers succeed, the ultimate authority for free-lancers. Our identity will be one of expertise, readability, and quick response to customer requests. Thirty percent of sales will be allocated to marketing.
Hope, fear, love guilt, greed, convenience Increased profit, value pricing, save money, payback period
Financial
Identify needs Listen! NOTE: see The New Market Research (online INC article)
What buy now? How get service? Would you be interested in ? Demographics Newspapers, magazines, TV Would you buy? Where would you expect us to advertise? Who do you consider our competition? Other comments?
Eliminate
What factors might be eliminated that the industry has taken for granted?
Raise
Product/Service Strategy
Describe how the design of your product/service fulfills unmet marketplace needs Differentiate your product/service from the competition Explain why and how customers will switch to your product or service Describe how you will defend your product or service from competition
You
Competitor 1
Attribute 2
Competitor 2
Pricing Strategy
Describe and justify your pricing strategy Provide evidence that your target market will accept your price Position your strategy relative to current and potential competition NOTE: Low price often (usually) is NOT a good strategy for a startup!
Advertising/Promotion
Describe how you will communicate with current and potential customers
Advertising Public relations Personal selling Printed materials Other means of promotion
Explain why this be strategy is most effective in reaching your target market Note: See Guerrilla Marketing
Distribution Strategy
Explain how you will deliver your product or service to your customers
Describe and justify the distribution channels you will use Describe how you will gain access to your planned distribution channels
Sales Strategy
Describe to whom you must sell your product or service (not always obvious) Explain how you will sell
Compelling story that there is a need in the market Need flows logically from industry analysis Product/service designed to fulfill market needs Advertising, price, distribution, and sales all flow logically, convincingly from characteristics of the market WOW! What a great idea! I wish I had thought of that