This is part 3 of writing your business plan. Click here for for part 2
Many new, home business owners are confused about the difference between a Marketing Plan and the Marketing Strategy. I will explain it here in simple, simple layman terms.
In your business plan you will have a section where you explain your MARKET. Essentially you are PLANNING how your product/service relates to the market. In simple details it includes:
- Products and/or Services and your Unique Selling Proposition
- Pricing Strategy
- Sales/Distribution Plan
- Advertising and Promotions Plan
When you start to explain HOW YOU WILL REACH your customers (your Target Market) you are now writing out your Marketing Strategy. How and where are you going to advertise and how will you generate publicity?
Should your home business have a marketing plan or a marketing strategy? You need both, written in detail, even if you don’t need financing.
Tomorrow, I’ll address how to estimate realistic sales and realistic advertising costs.
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