You can do your own research on these things its a fake product plan that we are doing. Just include cites you pulled information from. Below is the information from the last assisgnment that I turned in.
Advertising and R&D Expenses:
Online Search Advertising:
American grown-ups spend a normal of 3.5 hours of their day on the web. This high measure of web use makes sense of why an ever increasing number of organizations are going internet promoting. After all, relevant advertising aims to reach your target audience where they spend the most time.
“The average cost per click in Google Ads is between $2 and $4.”
Our estimated cost for our product will be between $3 and $5.
Social Media Advertising:
Because it allows you to engage with your audience in an authentic way, social media marketing and advertising are unlike most promotion methods. Not only are you able to interact with people who have participated in the promotion, but you can also tailor your advertisements to the criteria of your intended audience. Additionally, social media usage is on the rise. Depending on your objectives and target audience, you can now advertise on a number of popular platforms.
“Average social media advertising pricing can cost anywhere from $15 to $200 per day to $450 to $6,000 per month to manage an account (paid to your agency or consultant), with monthly ad spend ranging from $200 to over $50,000 (paid to ad networks)”
Our company starting off plans to spend $50 per day and around $1,500 per month to manage our account. Monthly ad spending will range from $350-$500 starting off. As our company grows we plan to be spending more on advertising.
Product Placement:
If you haven’t already noticed, the majority of movies and TV shows strategically place products in them to promote them. This means that your company can pay to have a specific character consume your branded coffee or wear your design on a t-shirt. However, you can also just have your company’s name or brand mentioned in the plot—this type of advertising applies to more than just physical products.
“Some brand placement agents change a flat fee of $20K to $40K to find product placement opportunities for your brand. On top of that, the product placement costs associated with the brand integration can range from $20K to $200K.”
Product placement is a type of advertising we plan to use later down the road once our company get more recognition. Because of the expense of having this type of marketing we will wait and then use it to grow and gain even more customers.
Operating Expenses:
Building: Our business will have a 5,000 square foot warehouse and inside our warehouse we will have an office. Monthly rent would be $2 square foot, $2,500 a month.
Utilities and Insurance: Provide estimated monthly utilities and insurance costs for your business. Support your figures with research.
“Business insurance costs can vary widely. For example, shoppers who buy a business owner’s policy from Progressive pay $101 per month on average, while those purchasing from The Hartford pay $261.” We plan on paying between $100-$150 a month for business insurance.
Monthly Utilities-
Gas: $30
Electricity: $200
Water: $70
Garbage: $55