Business Plan Products

The product description section is where you do that.

In this section, you'll describe your product in terms of several characteristics, including cost, features, distribution, target market, competition and production concerns.

Get out there and patent it, market it and sell it before someone comes along and steals your thunder.

You can also utilize technology to build upon products or services you already provide, such as an app. These are components of service that have become increasingly important, particularly for high-technology products. At its most extreme, reputation can literally keep you in business, as is the case with many companies, such as IBM and Wal Mart, whose well-developed reputations have tided them over in hard times. Your knowledge and the means you have of imparting that to customers is an important part of your total offering. We’ve done thousands of installations like yours, and there’s no doubt we can make this one work as well.” Nothing could be more soothing to a skeptical sales prospect than to learn that the seller has vast experience at what he’s doing. If you can offer overnight shipping, on-site service or 24/7 availability, it can turn an otherwise unremarkable product or service into a very attractive one. There’s a reason Peyton Manning makes millions of dollars a year from endorsements.

A product description is more than a mere listing of product features, however.

You have to highlight your product’s most compelling characteristics, such as low cost or uniquely high quality, that will make it stand out in the marketplace and attract buyers willing to pay your price.

How can both mass popularity and exclusive distribution be strengths?

The explanation is that it depends on your market and what its buyers want.

In this edited excerpt, the authors offer a look at 15 factors you can use to make your product or service stand out from the pack.

In your plan, it’s important to be able to build a convincing case for the product or service upon which your business will be built.


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