1. You just reviewed a business plan for a company that will make a fitness Lapp that will allow its users track their exercise and monitor their fitness in an innovative way. One thing you noticed is that the plan didn't include an industry analysis. When you asked Caleb, the author of the plan, why the industry analysis was left out, he said, "Are you kidding? My industry is one of the hottest ones in America. I just read an article that said Health and Fitness Lapps are one of the top categories in both the Apple and the Android Lapp store. An industry analysis isn't necessary.
Do you agree with Caleb? If he said to you, "Okay, persuade me that an industry analysis is necessary," what would you tell him?
2. Many business plan experts say that the executive summary, the written statement of the company's "elevator pitch," may be the most important part of a business plan. Do you agree?
The following recipe to create a meaningful elevator pitch for your business: "[Your company name] helps [your company's target customers] to [the benefit your company provides]. Unlike other companies that provide similar solutions, [your company name] [point of differentiation, which answer the 'so what?' question.]
Check out the 2014 Elevator Pitch Winner of Dayton Business Plan Competition, https://www.youtube.com/watch?v=3xn88qYx0OQ, Why do you think Jessica won the contest?
3. There are many benefits associated with Social Marketing and among the most noteworthy to entrepreneurs is the relative low cast. For more: https://www.forbes.com/sites/jaysondemers/2014/08/11/the-top-10-benefits-of-social-media-marketing/.
Identify a company with which you are familiar and discuss what, if any, social marketing it does. Recommend some social marketing tactics that you think would enhance this company's sales/customer loyalty.