You may have the best business idea in the world, but unless you understand your market and develop an appropriate marketing plan, your product will languish on the shelf.
It helps to understand the four "Ps" of marketing:
- Product - What is the product and what position in the market does or will it hold? How will you package it? What are its features and benefits?
- Price - Quite simply, you must decide how much you will charge for your product. Factors that must be considered include your costs, what your customers will pay, what your competition charges, and the image you want to convey.
- Place - Place is not merely physical location It also includes your position in the market as well as how you distribute and place your product.
- Promotion - How will you let your customers know your product exists? What media will you use to promote your product?