Part 1: Developing a Business Plan – Products and Services

Products and Services

Products and Services

In this section you will identify up to seven categories of products and/or services that your business sells, answer key questions about each of these categories, then review them to make sure they are compatible. It is important to think of your business in terms of these categories as you make decisions, for example, about inventory, advertising, and pricing.

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Answer the following questions about each category.

Who are your customers for each product or service?

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Why will customers purchase these products or services?

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Who are your main suppliers for each product?

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Do you have alternative suppliers if your primary source is disrupted? Who are they?

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What are your potential suppliers’ payment terms? Examples: COD, 30 days’ credit.

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Review for compatibility

 

Do your seven categories fit together well into a total business concept? What business are you really in? Are you in too many markets? If you are a producer, are the production needs of your products too different from each ot too complex? It is important that these categories blend smoothly into a cohesive business conept. Make revisions if necessary.

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