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To complete Part B, use Modules 6 , 7 and 8 and the guiding questions in the Business Plan Writer to help you complete the following sections:

1. Sales & Marketing (9%)
   1. Pricing Strategy (3%)
      1. What do your key competitors (used in Part A for SWOT) charge for the same or similar services/products?
      1. List some of your prices in comparison to that of your competition. Why will you charge the prices you have outlined?
      1. Price Strategy for new products: 1 – Economy pricing, 2 – Prestige pricing, 3 – Market skimming 4 – Market penetration
      1. Price Setting Method; Which of the following is your central pricing factor: 1. Cost of your product 2. Demand (perceived value of product in the market) 3. Competition
   1. Marketing Strategy (3%)
      1. What are the 3 most effective methods to reach your best customers (target market)?
      1. What are the top 3 marketing activities for each marketing method (from the previous point)  and the detailed implementation plan for each (what will you do? (ex: Marketing method: Social Media –> marketing activities: Instagram, influencers, Facebook – what you will do on each)
      1. What are the top 3 marketing goals have you set for the company in the next year or two?
   1. Positioning Statement (1%)
      1. How do you want your product/service to be perceived? Remember this is not a slogan!
   1. The Sales Process (2%)
      1. What is the typical sales cycle? What is the timeline?

• Operations (11%)
  • Legal Issues (2%)
    • Consider which legal & regulatory items such as licenses and contracts need to be addressed. Select any items from the list that will apply to your business.
    • Please also check your Law course material: Tort Law – Negligence, Alcohol Liability (including Regulatory Liability), Liability issues in the Food Sector, and legislation around the Accommodation Sector (such as the Innkeepers Act and Guest Registrations Act). Also consider TICO Registration and Labour Laws.
  • Human Resources (3%)
    • How are you planning to recruit your staff?
    • How many full-time staff will you have? How many part-time staff will you have? For each staff member indicated above, list their title and role. (Do research and include in-text citation from where you got the roles corresponding to these titles)
    • How will the payment structure be organized – salary (full time), hourly (part-time) and pay amounts/year/hour (support with research for specific positions)
  • Risk Assessment (2%)
    • What are the potential risks associated with marketing and how do you plan on mitigating those risks?
    • What are the potential risks in operations and how do you plan on mitigating those risks?
  • Insurance Issues (2%)
    •  Do you plan on purchasing any insurance? If so what type?
    • Where will you buy your insurance from?
    • How much will it cost you? (needed for Part C)
  • Production Process (2%)
    • Once you get a sale how will you fulfill the order?
    • Consider suppliers, inventory, food prep, scheduling employees, etc

*Make sure to always save your online work in the Business Plan Writer

**Download your work as word document from the Business Plan Writer

SUBMIT:

An MS Word Document that includes all details needed for this part of the business plan.

Once you submit the word document, please check your SafeAssign originality report. Any content that is not cited or copied from outside sources will result in a grade of 0. If you see any red flags, make the necessary changes, and re-submit if needed.

Don’t forget to include APA in-text referencing/citations and update the reference list!