P.3: Marketing plan for selected micro-business.

The Marketing / Business plan: provides details on the nature of the micro business market / customers and its goods or services, its functional strategies and assistance with financial forecasts. Purpose: used both internally by the entrepreneur and externally by banks, external investors or suppliers. Benefits: Acts as a guiding document for an entrepreneur, helping them to ensure every aspect of the business is carefully and logically thought through, allowing to check progress and amend as necessary.
Detailed market research was conducted to help understand: the needs and wants of the target market the business environment in which the micro-business will operate   A collection and analysis of data and information was gathered to inform the business about its market.   Primary market research involved the collection of first-hand data that did not exist before and therefore was original data.   Secondary market research was research that has already been undertaken by another organisation and therefore already exists.   Example: Researching London borough of Ealing (W5, W13, NW10) - at a possible location for the micro business - by employing some of the Acorn structure 6 categories. 18 groups. 62 types.
The following has been adapted from Oxford (2023)
The Unique Selling Point (USP) – for the micro-business - is something that distinguishes a business’ product from those of its competitors. This would be a, a product feature or a distinctive image. It provides a competitive advantage. The Businesses will make its product different to the competition by adapting the actual product in some way or by distinguishing the product through advertising and branding.  A USP is significant in a competitive market: A business needs a USP to differentiate it from competitors. If it doesn't have one it would have to compete on price. In some markets, with some customers, price is the most important element of the marketing mix. This business will continuously research its market to see what USP is desirable. Most of this content has been adapted from - Hilton (2023, A) - Market analysis and planning