When creating a marketing strategy, keep in mind the four P’s of marketing:
- Product—What good or service will your business offer? How is that product better than those offered by competitors? Why will people buy/want it?
- Price—How much can you charge? How do you find the balance between sales volume and price to maximize income?
- Promotion—How will your product or service be positioned in the marketplace? Will your product carry a premium image with a price to match? Will it be an inexpensive, no-frills alternative to similar offerings from other businesses? What kinds of advertising and packaging will you use?
- Place—Which sales channels will you use? Will you sell by telephone, or will your product be carried in retail outlets? Which channel will economically reach your market?
The marketing strategy should summarize your findings about the key target buyer description, market segments the company will compete in, the unique positioning of the company and its products compared to the competition, the reasons why it is unique or compelling to buyers, etc.
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