A Business Plan Outline for a Gift Basket Business (Part 4)

A. Overview and Goals of Your Marketing Plan & Strategy:

Your Marketing Plan defines all of the components of your marketing strategy that you believe will make your gift basket business successful from a sales perspective.  In this section of your gift basket Business Plan, you address the details of your market analysis, sales, advertising, and public relations campaigns.  Your Plan should also integrate traditional (offline) programs with new media (online) strategies.


B. Market Analysis:

Unquestionably, this is one of the most critical aspects of your entire gift basket Business Plan.  We cannot overstate how critically important it is for you to fully understand the competitive forces in the gift basket industry as a whole but, in particular, your local market.  You must be able to identify and explain how you will be able to achieve sales by describing:

• Who is your "Target Market"? (identify with demographics, psychographics, and niche market specifics of this segment and why they will buy your gift baskets)

• Who is your primary and secondary competition? (describe your major gift basket         competitors by realistically assessing their strengths and weaknesses; explain why  you will be able to gain part of their market share)

• What are the Market Trends? (identify industry trends and customer trends within the gift basket industry that indicate the future potential for selling your gift baskets)

C. Market Research:

If there is a single section of your gift basket Business Plan that is more important than any other, this is it!  If you dedicate any time to studying the feasibility of entering the gift basket industry, you should focus those efforts on Market Research!  It really is extremely important for you to know and understand completely the industry in which you will be competing!

Market Research involves studying your market (in our case, the gourmet gift basket industry) to determine what the competitive forces are, what the potential for new players and products is, what price points there may be for new product launches etc. Market Research enables you to understand where the opportunity lies for you to successfully launch your gift basket business!  In short, if you spend 10 hours developing your gift basket Business Plan, spend 9 of them completing Market Research!

Phyllis and Greg Sprout began their company, epicureanfoods.com, in July 1993.  They specialize in supplying hard-to-find gourmet foods and gift basket supplies to gourmet shops, gift shops and gift basket companies across North America. 

They have helped the founders of literally thousands of gift, gourmet food and gift basket companies start and grow their businesses.  Many of these companies remain excellent customers of epicureanfoods.com today.  They can be reached at phyllisandgreg@epicureanfoods.com.