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Planning Your Business Writing Your Business Plan Marketing Plans Marketing Strategy
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PrintMarketing Strategy
The marketing strategy portion of your business plan presents the approach you plan to take in providing products or services to your customers. It explains, at a high level, what you've determined to do to get your customers to buy in the desired quantities. Someone who reads your market strategy should come away with a "big picture" view of how your business will present itself to the market segment in which you will compete. You should assess both the merits and the risks of your enterprise in the marketing strategy.
In the marketing strategy section of your plan, you'll address issues such as:
- identification of your target buyers
- the market segment in which you'll compete
- the reasons why the product or service you offer is unique
- your pricing philosophy
- plans for market research
- ongoing product or service development plans
You'll find it useful to keep in mind the 4 Ps of marketing (product, price, promotion or advertising, and place (distribution)) as you define the scope of your marketing strategy. And be sure to stress what is unique about your business.
