The Products and Services Section of a Business Plan

August 30, 2010 by Frank Goley, Business Consultant

Your Competitive Advantages and Disadvantages

The Products and Services Section of a Business Plan is the “meat” of the plan. By the time you get to this section, you should have developed the Company, Management and Operation Sections. It is now time to describe in detail your company’s Products and Services. This section also contains information on your competitor’s products and services. One of the most important aspects of this section is to explain why your products and services are unique. This includes your competitive advantage. On the converse, this section states where you have weaknesses in your product and service line-up.

Start with a Resource Audit

A Resource Audit is an honest self-evaluation of your company. In this analysis you identify your strengths, weaknesses, opportunities and threats (SWOT), which will be considered in your Marketing Plan and addressed in your Strategic Plan. In this section you develop your product and service price points, features and value to be fully exploited in the Marketing Plan. Customer identification, analysis and segmentation starts in this Section to be later developed in the Marketing Plan.

The Products and Services Section Sets Up Your Marketing Plan

This initial analysis of your products and services sets up the success of your Marketing Plan. It lays the foundation to develop an effective Marketing Strategy. Spend time on your competitive advantages and disadvantages, your price points and initial SWOT analysis in this section and developing your Marketing Plan will be much easier and much more effective.

A Sample Format for the Products and Services Section of a Business Plan

1) Products and Services Description

2) Awards, Honors & Achievements

3) Case Studies

4) Product and Service Mix and Price Points

5) Product and Service Analysis

6) Life Cycle

7) Production Strategy

8 ) Research and Development Strategy

9) Space Utilization

10) Departments Descriptions

11) Future Products and Services

12) Effects of Technology

13) Computerization Requirements

14) Company Sales Literature and Brochures

15) Internet Strategies

16) Electronic Ordering and Fulfillment

17) Inventory Method and Management

18) Regulatory Compliance

19) Product and Service Liabilities

Posted in Business Planning.

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