Market Analysis – Chapter 5 discusses the seven building blocks of formulating a marketing plan for your consulting practice. For this assignment, you are asked to develop an in-depth MARKET ANALYSIS so that you can better understand the professional environment you wish to enter.
In your essay, please address the following questions:
- Identify the niche area you want to focus your efforts in and discuss why you believe you can impact this area (eg. What is your target market?)
- Research your clientele base in the geographical region you plan on working (San Diego, California) and provide a list of potential clients. (eg. Market size, Demographics, Sport/Corporate breadth)
- Identify and discuss competitors who might also occupy this space and formulate a plan for differentiating yourself from your competitors.
- Discuss ways in which you plan on marketing and branding your consulting practice to the clientele base you have developed.
Please remember to utilize concepts and structures discussed in Chapters 5 and 6 to support your ideas for your work.
CHAPTER 5 (summary)
What’s the Plan, Man? Writing your Business Plan
Glen Pfenninger and Jim Taylor
1) Executive Summary (It provides a brief, yet compelling description of your consulting business)
2) Concept Overview (this section is where you tell your story about where you got your idea for your consulting business in sport and performance psychology, what exactly your business is, and what services programs and products it will offer). Industry and market you will compete in. The value your business will offer.
3) Business owner (who are you? Why are you qualified to run your consulting business successfully? What are your weaknesses that could interfere with you creating a successful business and how those weaknesses will be mitigated?). Listings and Biography. Strengths. Limitations.
4) Market Analysis (this section begins the process of clarifying the details of how your consulting business will operate). What is your target market? How large is your target market? Who are your competitors in the target market? Customer demographics (age, gender, socioeconomic status, type of sports, level of sport participation, sport setting and location).
Target Market Size. Competitor Analysis.
5) Marketing Plan (what services, programs, and products do you offer? Where and how do prospective clients access these offerings? How much do your services, programs, and products cost? How will you get the word out on your offerings? Offerings. Location. Price. Marketing.
6) Operations Strategy (how do you create and deliver your services, programs, and products? How will your consulting business infrastructure be developed and maintained? How will you manage your clients? How will your consulting business grow?). Service, Program, and Product Creation and Delivery. Infrastructure Management. Client Management. Growing your Consulting Business.
7) Financial Plan Overview (what is your consulting business’s financial history? What are your company’s current revenues and expenses? What are your business’s financial projections?). Financial History. Revenue Resources. Expense Items. Financing. Capital Requirements. Capital Sources. Capital Uses
CHAPTER 6 (summary)
What are you Selling? Branding and Marketing your Consulting Business
Jackie Reau and Jim Taylor
Branding is broadly defined as the use of distinctive design, advertising, and other mans to make consumers associate a specific product or service with a particular individual or organization. Branding your consulting business is vital because it helps differentiate you from the competition in your marketplace. (will you become known as the go-to professional for golfers who are struggling with their mental game? Will you be the first choice for teams struggling with conflict? Will you be THE expert on helping senior management at companies provide strong leadership for their employees? Will you be the leading source for information on how performing artists can learn to manage the many challenges they face?).
Sample Solution
