The Marketing Strategy, part of the Marketing Plan is an important step in the Business Plan process. This looks at your marketing goals, which must be in line with the businesses goals and objectives set out earlier in the plan.
Consider some of these options for your marketing goals:
Market Penetration:
Selling existing products in an existing market. This would involve gaining your competitors customers or converting new people to the idea of your product. This would be done by advertising and promotion. This method is deemed to be the least risky for a new business.
Market Development:
Selling an existing product to a new market. Here you can look at targeting your product to a different target market as a possible way of boosting your business. This can be done perhaps by opening a second store in a different location or trying different forms of promotion.
Product Development:
Selling a new or improved products to existing markets. This would mean you’re your business has new product development. This is always worth considering as it can keep your business competitive.
Diversification
This would be a new product for your business moving into a new market, one that you have not operated in before. This would be considered the most risky for a new business.
The above are not only suitable for new businesses starting out, but also for businesses looking to expand their business.
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