What is a business plan and why do I need one?

A business plan is a road map for the direction of your company. It specifically defines your business and clearly states your goals.

A good business plan is also an important part of any loan package because it provides specific and organized information about your company and how you will repay borrowed money. A basic Business Plan components include:

  • Executive Summary
  • Business Concept
  • Products and Services
  • Market Analysis
  • Marketing Plan
  • Operations
  • Ownership, Management and Organizational Plan
  • Financial Data
  • Critical Risks
  • Appendices/exhibits

Brand Attributes

Attributes are more often used when referring to products rather than brands. A product’s attribute might be a function or a feature. These functions and features often lead to consumer benefits.

Brands can have attributes too. Brand attributes are a bundle of features that highlight the physical and personality traits of the brand. They are similar to the attributes that allow us to consistently identify individuals.

Attributes are developed through images, actions, or presumptions. Brand attributes help in creating brand identity.

The top 10 attributes used by consumers when evaluating the value of a brand, product or service are:

1. Product works well/tastes good 81 Quality
2. Can use it fully without waste 69 Consumption
3. Just the right amount I need 67 Consumption
4. Despite the fact I prefer lower prices, quality still matters with regard to value 66 Quality
5. Assurance of hassle-free returns 64 Consumption
6. Getting the absolute lowest price possible 62 Price
7. It makes my life easier and less complicated 58 Experience
8. Provides an enjoyable usage experience 58 Experience
9. Saves me time when using it 57 Experience
10. Improves my quality of life 57 Consumption

Excerpt from A Hartman Group Industry Analysis – April 2010