Last Revised: 4/17/2018

Simple Steps for Starting Your Business

Worksheet 1: Target Market Research List your target market options at the top; identify at least two. Start filling in the worksheet with the information that you already have and make up information that you need to complete the worksheet. This temporary information can be changed to real facts with further research.

Target Market 1 Target Market 2 Target Market 3 Target Market 4

Channel Position

B to B B to C

Internet/Retail

Key Demographics

HH Income Gender/age Geographic

Other

Buying Habits Impulse v

considered Decision maker

Influencers Price sensitivity

Market Size and Share

% of market you can capture v size of market

Last Revised: 4/17/2018

Simple Steps for Starting Your Business

Worksheet 2: Target Market Comparison Compare alternative target markets by using the criteria outlined in the workshop. Use a + as a positive, 0 as neutral, and – as a negative.

From Worksheet 1:

Target Market 1 Target Market 2 Target Market 3 Target Market 4

Need Strength of fit

between customer needs

and your product/service

delivery

Profit Which customer will most likely

provide the highest profit

margin?

Sales Which customer is most likely to

provide the most sales?

Promotion Which customer is easiest to reach?

Competition Which customer

has the fewest/weakest

competitive offerings available

Fits Me Which customer do I feel I know

the best?

Last Revised: 4/17/2018

Simple Steps for Starting Your Business

Worksheet 3: Product & Service Description Complete the following sections to help you create a product and/or services description.

Product/Service Areas for

potential differentiation

Unique features and benefits that meet the needs of your target customer

Service/Quality/ Guarantees

Functionality

Delivery mechanism

Knowledge/Training/Experience/Ability

Selection Available

Pricing

Last Revised: 4/17/2018

Simple Steps for Starting Your Business

Worksheet 4: Competitive Comparison Chart Rate each characteristic for your business and for your competitors. Use plus (+), neutral (0), or negative (-) for each characteristic based on how you think your CUSTOMERS would perceive them.

My Business Competitor 1 Competitor 2 Competitor 3

Service/Quality/ Guarantees

Functionality

Delivery Mechanism

Knowledge/Training/ Experience/Ability

Selection Available

Pricing

Last Revised: 4/17/2018

Simple Steps for Starting Your Business

Worksheet 5: Marketing Positioning Outline Promise: To (your target market), (Your Business Name) offers (Product/service offered including most unique feature) to (End Benefit).

Business Name

Target Market(s)

Product/Service Offered

Unique Feature (Competitive Advantage)

Customer Benefit

Promise to Target Market: Support for Promise Tone and Manner