[MUSIC] Glad to see you back. Let's move on to your next milestone. We'll be concentrating on doing some research to help you explain how you're going to sell and promote your product or service. If you're going to persuade someone to invest money in your idea, you need to show that you've done some research and are prepared to enter the market. Here are the objectives for this week. For Milestone 4, you will answer a set of questions that will help you create a basic marketing plan for your product or service. You will decide, how much you will sell your product or service for and you will decide how much money you want from the investors. You will then share your ideas in a discussion forum, and created one or two charts to include in your presentation. Let's start by listing the questions that you should try to answer to develop your marketing ideas. First you need to describe the industry and market that you are entering. This is called a market's analysis. For the industry, you should think about the business you are in. Are you in the coffee shop industry, the travel industry or the music industry? How is business in this industry? Is the industry growing or is it stable? For example, if your product or service is an app, you might say that the app industry is currently growing rapidly. Recent quick research on the internet to find out more. And think about your market. The market is more specific than the industry because it is related to buying and selling. For example, you might think about the market for coffee in a country or city. If more and more people are buying coffee in your country, you can say that the market is growing. Next, can you describe the demographics of your target market? What age group do you plan to sell to? Where are they located? Do expect men to buy your product more than women? What are their interests? If your customers are other companies, what kind of companies are they? Remember Peach with their lunch delivery service for office workers? Well there are several companies with apps that provide a similar service they are Peache's competitors. However, according to the founders what makes speech different is that with that it is easier to decide what to have for lunch and they users don't need to pay for delivery or tip. That is Peache's competitive advantage. So ask yourself, who are your competitors and what is your competitive advantage? Then think about place where you will sell your product or service. Will you sell them online, in retail outlets? Next, you need to think about price. You should decide how much you will charge for your product or service. You can do research to find out how much your competitors charge. The final question is how will you promote your product or service? Are you going to advertise? Are you going to set up a website? Are you going to use social media? Are you going to use promotional events? Will it be word of mouth? Is the name of your product or service going to be memorable? Is your product going to be a high end product or luxury service? Or are you going to emphasize that everyone can afford your product? You can also think about whether you might want to you things buy one get one campaigns or offer coupons, discounts, or loyalty cards to help promote your product. Once you've decided on the answers to these questions, you'll have a basic marketing analysis and basic marketing plan. [MUSIC]
