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Identify your markets
Once you have provided a picture of the market environment for your products, the rest of the marketing section of your business plan will be a summary of the five P's you worked on in lessons 1 and 2.
Give a compelling description of:
1. your brand identity and position
2. your product and what makes it unique
3. your product placement strategy and rationale
4. your pricing strategy
5. your people strategy: how you will build customer loyalty
The costs associated with each of these strategies, such as packaging, product sampling, signs, etc., will show up in your budget projections. Your placement and pricing strategies will also be reflected in your financial projections. The more background thinking that goes into your preparation of those numbers and the assumptions behind them, the clearer and more convincing you can be in making the case that your business plan is sound and worthy of support.
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 What makes your product unique? (Photo: TRI)
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