2300 words assignment

Assessment 3 Guidelines Additional info

SYP

Sonya Elnaschie

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Business concept – 15%

Clearly defined business concept with extensive evaluation & clearly outlines rationale for chosen ownership and funding option.

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What/who are you? What is your mission statement?

Sole trader for LLC

Self funded, bank loan, personal loan, business loan

Rationale for name

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Marketing & Communication Plan & Strategy – 80%

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Well researched & thorough description of target market

Who is your target market & why?

How does this impact your strategy?

Resources?

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ACORN

Demographics, maps etc, income, what are there spending habits? Where do they shop?

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Competitive analysis

Direct competitors

Indirect competitors

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Who would you consider to be your competitors?

How do your competitors compare to you? What do they charge/offer, what is there experience/training, do they have promotions?

Do you know how busy they are?

Do competitors also present opportunities?

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Appropriate & thoughtful branding, positioning & competitive advantage strategy

Branding strategy

Positioning/mission statements that reflect branding

Critical success factors considered

Branding/logo examples

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Brand values:

e.G Professional and honest – basing relationships on respect and trust

People first – tailoring services to individuals

Progressive, innovative – constantly learning and improving services

Promoting what is possible – striving to achieve optimal health for all

How will this develop? Will you work on your own or have help? Mood boards?

Positioning statement

Positioning statements are used to describe how your product or service fills a need of your target market or persona. They're a must-have for any positioning strategy and create a clear vision for brand positioning.

Unlike a mission statement or vision statement, a positioning statement is not a public-facing tagline. At its core, it's a statement of how you want your brand to be perceived.

Mission statement is more mindset of the company, not neccesarilly focused on your product e.g Airbnb is ‘belong anywhere’ not ‘provide unique accommodation across the world, affordbale prices etc’

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Sample positioning statement

For [your target market] who [target market need], [your brand name] provides [main benefit that differentiates your offering from competitors] because [reason why target market should believe your differentiation statement.]

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Effective & clearly laid out pricing policies

Realistic structure

Extensive rationale

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What are other herbalists charging?

What are other CAM therapists charging?

What is the income/spending habits in your area?

What do you need to break even?

Cancelation policies

Initial vs follow up, telephone? Packages? Referral discounts? What have you based it on?

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Clear, specific, measurable & appropriate quantitative & qualitative goals

SMART goals

Goals should relate to your business strategy

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Specific, measurable, attainable, relevant, timely

Quantitative goals

Probably the most frequently used type of objective, quantitative objectives are those that can be tracked and evidenced by data. They are designed to satisfy our need for certainty and measurability. Quantitative objectives are the easiest form to tabulate or represent graphically (both popular obsessions at management level!). So, what are the pros and cons?

Pros:

Easy to measure and report on.

Easy to cascade into subsets of contributing objectives for individual targets.

Easy to show variance from target or to compare one team or period to another.

Cons:

Can be overly simplistic, and tend to lack the depth of a qualitative objective.

Can be misleading if taken in isolation.

Require support of more detailed narrative to explain what figures mean.

Qualitative

Less prevalent due to the relative complexity that is typical of this form, qualitative objectives are more common in service business, especially those with a high degree of creativity.

Pros:

Tend to present a richer picture and encourage a deeper understanding of the performance being measured.

Tend to enable more detailed discussion about performance and improvement actions.

Cons:

Can be overly complex.

Can be opinion-based or subjective.

Typically more difficult to measure.

Hard to represent or report on.

Often need to be underpinned by several quantitative measures.

More about perception Communicate/publish corporate philosophy to the outside world

Image building: create credibility and trust with the help of your own corporate identity and strengthen customer relationships

Communicate USP positioning:

cheapest offer

best price-performance ratio

supreme quality

best service

extraordinarily fast/creative/individual

Not always easily measurable, could create your own KPIs e.g doing a survey

Quantitative

Qualitative

Have a total of 100 appointments (combined initial/follow up) in first year (October 2017 – October 2018)

Add an additional and relevant therapeutic qualification to my practice by second year

Complete online diploma in Nutritional Therapy by February 2017

Work on developing an outline for content, delivery and implementation of herbal medicine work shops

Audit patients for reasons for seeking treatment and how they heard of HH by April 2018

Research and begin establishing links with product suppliers (e.g. supplements) to carry out sales as part of practice

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Effective & ethical marketing, PR & client communication strategies & literature

Linked to goals

Use table that is in the assessment guidance word doc

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What are your strategies?

How will these strategies help you achieve your goals?

Consistent policies & ideas throughout

Evidence of where can develop to

e.G website, what goal/objective will it help? E.g bring in new clients, give existing clients support What are the specifics? Website domain & design, copy, photography, any help? When will you do this?

Blog

PR event

Social media

Leaflets, business cards

Talks, referal/loyalty schemes, promo (be specific – can you think of ideas?)

Future development – ANSOFF matrix

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Conclusion

Clear summary of work

Consideration/analysis of experience of the work you’ve done in the module

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Overall piece

Evidence of implementing learning from group & peer discussion & demonstrate reflection on skills development

Referencing & presentation

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Reflect on what you’ve learnt & how your ideas have developed through this process.

How much skills develop in practice? Do you have any strategies to support this

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In class participation

Personal expenses work sheet

Marketing materials workshop

Elevator pitch

Notes from classes

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These don’t need to look nice, you can take scans of notes etc. you have taken in class

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