Assessment 3 Guidelines Additional info
Business concept – 15%
Clearly defined business concept with extensive evaluation & clearly outlines rationale for chosen ownership and funding option.
What/who are you? What is your mission statement?
Sole trader for LLC
Self funded, bank loan, personal loan, business loan
Rationale for name
Marketing & Communication Plan & Strategy – 80%
Well researched & thorough description of target market
Who is your target market & why?
How does this impact your strategy?
Demographics, maps etc, income, what are there spending habits? Where do they shop?
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?
Appropriate & thoughtful branding, positioning & competitive advantage strategy
Positioning/mission statements that reflect branding
Critical success factors considered
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 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’
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.]
Effective & clearly laid out pricing policies
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?
Initial vs follow up, telephone? Packages? Referral discounts? What have you based it on?
Clear, specific, measurable & appropriate quantitative & qualitative goals
Goals should relate to your business strategy
Specific, measurable, attainable, relevant, timely
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?
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.
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.
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.
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.
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:
best price-performance ratio
Not always easily measurable, could create your own KPIs e.g doing a survey
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
Effective & ethical marketing, PR & client communication strategies & literature
Linked to goals
Use table that is in the assessment guidance word doc
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?
Leaflets, business cards
Talks, referal/loyalty schemes, promo (be specific – can you think of ideas?)
Future development – ANSOFF matrix
Clear summary of work
Consideration/analysis of experience of the work you’ve done in the module
Evidence of implementing learning from group & peer discussion & demonstrate reflection on skills development
Referencing & presentation
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
In class participation
Personal expenses work sheet
Marketing materials workshop
Notes from classes
These don’t need to look nice, you can take scans of notes etc. you have taken in class