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Creating A Solid Business Product Plan

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Creating a solid business product plan for your company is a lot like making a menu for a restaurant. A proprietor will decide what type of environment that they want to offer their customers. They will then create a menu of food products to offer their customers. This menu will reinforce the experience that the customer has of the restaurant. Creating a solid business product plan is a similar endeavor. This article will discuss some of the facets of creating a solid product plan for your company.

Your company’s product plan will start the minute you make your corporate mission statement. What does your company do? Answering this question will help articulate your company’s products and services. The mission statement should also describe a vague way that the company will offer those products and services to the company’s customers. This is a very important process because it means that our company is actively thinking about what it is going to do for its customers. The mission statement will define the company’s culture and brand.

After the company has created its mission statement, it is important to develop a pricing structure that it will place on its products. The pricing structure should reflect a wide array of things. How much overhead does it cost the company to offer a product or service? How much overhead is really necessary. Can the company sacrifice something in order to offer the best pricing structure possible? What rewards or incentives can the company give customers for staying with the company? The pricing structure should be reflective of what the company's culture is. The pricing structure should reward consumers for staying with the company and using more of the company’s goods and services.

Next, the company should seek to educate its consumer base. This process is known as marketing. Developing a marketing plan should involve creating a funnel. The company should have a process that informs customer while at the same time getting them to purchase the company’s goods and services. A funnel will pay for itself, in the fact that it will bring customers to the company and make them stay with the company. The idea behind a funnel is that it is self sustaining. The company’s website, if following the funnel principle, will guide the customer through to the transaction component of the website. The customer will find the company’s website through an Internet search or other means. As they learn more about a company’s specific products and services, the website will guide them through to the purchasing process.

Another good thing for the company to consider in their business product plan is product life and customer satisfaction. If the company sells a physical product, they should have an enterprise resource management process in place to track the physical life of the product. How often does a customer have to have it repaired? When did they trade it off for something newer or better? Did they report satisfaction with the product and subsequent follow up?

Creating a solid business produce plan is very important because it will help articulate what the company specifically does. When your company can give its consumer base a quality good and service, customers will come flocking to the door. Knowing the company’s product and services will help the company fulfill a need on the market. Also, knowing what your company does will help define the corporate culture that is so important to the life of the business. The details described above will help your business maintain an outstanding line of products and services to offer your consumers at a fair and reasonable price that is profitable to the company.

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