Question

Audience:

Your audience is the bank's loan manager.

Situation:

You have invented a new product and decided to start a business manufacturing your invention. You have chosen a sole proprietorship as the best choice of business ownership. The problem is in order to get your business "off the ground" you will need a capital investment. So you have decided to approach your local bank for a loan. The bank's loan manager is considering financing your business and has agreed to listen to a presentation about your business plan. The loan manager has asked you to address some of her concerns in the presentation.

Product:

Create a persuasive presentation that addresses the bank's loan manager's concerns.

Standards for Success:

Your presentation to the loan manager must include:

Rationale behind choosing a sole proprietorship instead of a partnership or corporation as the form of business ownership.
A detailed description of the target market for your product.
A detailed description of your business's marketing mix.
Identification and explanation of the customer buying motive for your product.
An explanation of how your business will be socially responsible to the local community.

Answer 1

I have chosen a sole proprietorship for my business. My target market is young professionals aged 25-35 who prioritize convenience. The marketing mix includes product, price, place, and promotion. The customer buying motive is convenience and efficiency. My business will be socially responsible to the local community.

Step-by-step explanation:

Rationale behind choosing a sole proprietorship:

A sole proprietorship is the best choice of business ownership for my new product because it allows me to have complete control and decision-making power over my business. I will be the sole owner and will have the flexibility to make quick decisions without consulting other partners or shareholders.

Target market description:

The target market for my product is young professionals aged 25-35 who are health-conscious and value convenience. These individuals are often on the go and prioritize products that align with their busy lifestyles.

Marketing mix description:

The marketing mix for my business includes product, price, place, and promotion. The product is a portable and compact device that offers a unique solution to a common problem. The price is set at a competitive rate that offers value to the target market. The place of distribution will initially be online and through selected retail partners. Promotion will be done through targeted digital marketing campaigns and partnerships with influencers.

Customer buying motive:

The customer buying motive for my product is the need for convenience and efficiency. The portable device saves time and effort for the customer, making their daily lives easier and more convenient. By addressing this need, I believe my product will be highly attractive to the target market.

Social responsibility to the local community:

My business will be socially responsible to the local community by implementing sustainable and eco-friendly practices in our production processes. We will also strive to support local organizations and initiatives through donations and partnerships, contributing to the overall well-being of the community.

Answer 2

E=mc2

Step-by-step explanation: