Questions to answer about marketing:
In addition to address the questions in the box above, the most robust marketing plans will include well-researched details on the Four Ps:
Product: Describe all of the attributes of the product or service such as: how customers will find the item, then order it and purchase it; how the product will be delivered and installed; the product's life cycle. Also discuss how customers will become aware of your product.
Price: Consider how consumers and competitors might react to your pricing and whether you will offer price promotions.
Place: In addition to describing the locations of where your product will be available, you may need to research supply chain and distribution channels.
Promotion: How are you going to promote your product or service in a way that makes sense for your market? Promotional ideas include:
The STP is a facet of the marketing plan. Use ideas about STP to further guide your process in developing a solid marketing plan.
Who are the potential buyers of the product?
Your target is decided by which segment your product would appeal to the most, and if they have the means to buy your product. Describe your target market segment in detail by using size, demographics, psychographics, geography, lifestyle, or whatever segmentation is appropriate.
Positioning is designing a product or service that the targeted market sees as distinct and valuable when compared to competitors' products. Think about how you want your customers to view your business and products, and how you will achieve that perception. Also consider how you will communicate your position with the market and the evidence you'll need to determine your position will be successful.
Three ways to position a product: