Dream Venture Planning Document

Launching a Business Venture

Think of your "dream"business venture. In this course, you will build on that
dream in order to plan an actual market launch for your dream venture. One of
the first things you will need to consider is how to market your product.

The Marketing Mix

Based on your dream venture, create a marketing mix that focuses on your identified
target market and that has a clear competitive advantage over similar products.

Develop a marketing mix that includes all 7 Ps and define them as they relate to your
business by completing the sections below:

Product

Pricing

Promotion
Place

Physical environment

Process

People
Market Research
Now that you have developed your marketing mix, it is time to research the specifics of
your market using both primary and secondary market research approaches. Using the
information you’ve gathered for your marketing mix, develop a primary market research
plan by completing the six steps in the sections below. For steps four through six, you
will not need to actually conduct the research, but, at this point, you should be able
to explain how you would complete each step.

1. Define Research Goal

2. Choose Research Design

3. Choose Sample

4. Collect Data

5. Analyze Data

6. Results and Next Steps

Entrepreneurial Marketing Techniques

Considering your target, how would you go about marketing your venture? There are
seven common types of entrepreneurial marketing techniques: guerilla marketing,
relationship marketing, expeditionary marketing, real-time marketing, viral marketing,
digital marketing, and word-of-mouth marketing. Which marketing techniques would
work best for your venture? Choose two or three of the above techniques and write a
plan on how you would use the approach for your dream venture.
Developing Your Brand
In order to effectively market your product, you must also develop a clear
brand. You’ve already completed some steps of the branding checklist below:

1. Develop value proposition based on mission and personality of business

2. Know target market and its identity cues
3. Craft positioning statement and develop tagline
4. Integrate marketing mix
5. Create logo, stationery, and promotional materials
6. Develop website and social media
7. Create related content
8. Monitor brand

Although moving through the entire branding process is out of scope for this course, it
is important for you to start considering these eight steps now. For this document, write
out your ideas for the following steps of the brand development process:

Develop your tagline.

Write out some ideas for your logo.

Determine the promotional materials appropriate for your brand.

The Marketing Plan

With the background research completed and information gathered, it is time to develop
a formal marketing plan. A full plan (including the full business model, financials, and
control procedures) is outside of the scope of the course; however, there are elements
that you can complete now to prepare you for launching your dream venture. Complete
the following sections of your marketing plan below.

Executive Summary

Situation Analysis

Marketing Opportunity

Marketing Objectives

Marketing Strategies

Action Program
Sales Strategy

Marketing your dream venture is just one piece of launching your business. You will also
need to determine how you are going to get the business going through sales. Outline
a potential sales strategy by summarizing how you would implement the following six
steps:

1. Prospecting

2. Making the Sales Call

3. Presenting the Proposal

4. Handling Objections

5. Closing the Sale

6. Fulfilling Orders, Fostering Relationships, and Asking for Referrals

Designing the Business Model
Whether you use a business model canvas, a lean model canvas, or a social
business model canvas, there are some common components you must plan. The
first is your value proposition. You may have some familiarity with value
propositions if you have completed the course "Discovering Entrepreneurship"or a
similar course. Now is the time to create a formal value proposition as you prepare
to launch your dream venture.

A value proposition consists of three components. Complete the following to draft your
initial value proposition.

End result customer wants

Specific period of time

Address objections

From those components, draft your value proposition below:

Value Proposition
Customer Empathy Map

A customer empathy map can allow you to best learn about your customer and,
therefore, how to write a business plan for that customer. Complete the following
sections of an empathy map based on your dream venture target market:

With whom are we empathizing?

What do they need to do?

What do they see?

What do they say?

What do they do?

What do they hear?

What do they think?

The Business Plan

Now that you’ve gathered all of your information needed for launch, it is time to write
out a more formal business plan for your venture. You should be able to pull together
everything you’ve worked on in this planning document to create the business plan.
Complete the following sections of your plan below so you are ready for launch!

1. Executive Summary

2. Business Description

3. Market Strategies

4. Marketing Plan
5. Competitive Analysis

6. Operations and Management Plan

7. Financial Analysis

8. Design and Development Plan