Write a Marketing Strategy
A marketing strategy is important for all businesses because it clearly outlines how they will find new customers and promote their products and services to ultimately get more sales. You can use the marketing strategy as a stand-alone tool, as part of a marketing plan, or as part of a business plan—all with slightly different components. Let’s focus on creating a marketing strategy for your business plan. The marketing strategy section of your business plan builds upon the market analysis section. The marketing strategy outlines where your business fits into the market and how you will price, promote, and sell your product or service. It can also act as a source of important information for potential investors who are analyzing your business. The 4 Ps You can break down the key information in the marketing strategy section using the 4 Ps of marketing concept. Product Product refers to either a physical product or a service you plan on offering. Some of the product areas that sho...