The output of this component will be a well articulated marketing plan for a viable business. The key criteria in your choice of a topic should be (1) that it is a viable business idea, (2) that you may want to pursue it some time in the foreseeable future, and therefore, (3) something you feel passionate about and do not mind spending time learning about it. I would like you to see this as an opportunity to explore ideas for businesses you may have been contemplating. So, when evaluating your work, I will factor in the immediate viability of the project. I will also consider the novelty of your proposed venture. Finally, I will reward you for an international or online dimension in your plan.
This should include some background information about the market and the product you have in mind.
2. Brief Description of the Product
Here, you should provide a brief description of your product concept. You don’t need to go too much into the details; just what your product is and what is special about it. However, I would like you to give an explanation of what the Unique Selling Proposition (USP) is for your product.
3. Industry Analysis
Industry refers to the set of sellers, so here you should talk about the size of the industry, the trends, different competitors, their market shares, strengths and weaknesses, and the general structure of the industry.
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