Creating Your Product/Service Plan – Part I

Creating Your Product/Service Plan – Part I

Key Terms:
features
benefits
tangible benefits
intangible benefits
value proposition

Overview: The product/service plan defines the core products/services that the company will offer, and describes how they will be produced. The plan explains how the company’s products and services will meet potential customer needs. Review of the products and services currently being offered in the marketplace helps a company define how its features and benefits will be unique. It is important to clearly communicate the unique selling proposition (USP) of a company’s products or services to the target market. The USP should be based on the value proposition that the customer groups have.

Assignment: Read Chapter 3 in the Business Plan Project Workbook. Take notes on your reading, outlining the chapter, defining the key terms and paying close attention to the concepts introduced. After you finish the reading and notes, complete the vocabulary review (pg 31) & the reading review questions (pg 32). Title and number it accordingly, add it to your assignment log, and retain it for a future notebook check.