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How do you write the Products and Services section of a business plan? It may be necessary to give some basic background if this is an area or industry people are unfamiliar with. While you write up the Products and Services section of your business plan, keep your reader in mind.
Things that you might take for granted or know inside-out might not be common knowledge to potential lenders or investors.
As you write, avoid being too technical, assuming too much knowledge from your readers, and using buzzwords. Here are the points you want to write up in the Products and Services section of your business plan: The Product or Service Description What is your product or service, and how does it work?
How does it benefit customers? How do you make it or how will you get it made? Why would someone choose to buy your product or do business with you over someone else? Gotten approvals from industry experts?
Did you trademark, copyright, or patent your product? These can add substance and credibility, so be sure to mention them. Lifecycle Where are you currently with this product or service? Is it in the idea stage or do you have a prototype? Have you produced some and are looking to expand?
Have you started offering this service already or are you still in the planning stages? Sales and Distribution Strategy How will you sell it?
Will you market it online or in retail stores? Have you lined up any vendors? Fulfillment How will you fill orders or deliver the service? Will you manufacture items yourself or outsource to someone else?
Who will handle distribution, and how? Will you need any special equipment or technology to provide your product or service? How Do You Stand Out?
Perhaps most importantly, emphasize how and why you are competitive. How do you stand out, and why does this business have such a terrific chance at succeeding?
In talking about your product or service, always try to answer why a client would want it. What need are you fulfilling or what problem are you solving?An offering in marketing is the total offer to your customers.
An offering is more than the product itself and includes elements that represent additional value to your customers, such as availability, convenient delivery, technical support or quality of service.
Do we adapt our product to the local market or use a standardised international product? More likely to adapt when. Customers are different- lower level of income, different culture, language, etc. What do we do about after sales service and warranties? Some firms supplement international distribution efforts by national service support: for some products and services, it is difficult to provide an adequate level of service from the home country or some other distant location – like an Asian call-centre for the UK or France.
The product and services section of your business plan format discusses your product or service, why they're needed by your market, and how they compete with other businesses selling the same or similar products and services.
Business Plan Section 4: Products and Services This is the part of your business plan where you will describe the specific products or services you’re going to offer. You’ll fully explain the concept for your business, along with all aspects of purchasing, manufacturing, packaging, and distribution.
Product-service systems (PSS) are business models that provide for cohesive delivery of products and services. PSS models are emerging as a means to enable collaborative consumption of both products and services, with the aim of pro-environmental outcomes.