The marketing strategy section of your business plan builds upon the market analysis section. This section outlines where your business fits into the market and how you will price, promote and sell your product or service.
Example of a Marketing Strategy Section of a Business Plan
For an example of a marketing strategy section, see the Cambridge Strategy Group.
What Does a Marketing Strategy Section of a Business Plan Include?
There is a lot of marketing information provided in the marketing strategy section that not only gives potential vendors important information to review in their analysis of your business, but it can also be used as a blueprint for all of your marketing activities.
Here is a look at how to break down the key information in the marketing strategy section of a business plan using the 4 Ps of marketing concept.
Product: Product refers to either a physical product or services you plan on offering. Some of the product areas that should be included in this section are:
- Brand name
- Related products or services
Promotion: This section covers the various aspects of how you plan on marketing your product or service. The areas you will need to address include:
- Marketing budget
- Promotional strategy
- Publicity and public relations
- Sales force
- Sales promotion
Price: The pricing section addresses the way you plan on pricing your product or service. The aspects of pricing you will need to address are:
- Bundling (if you have related products/services)
- Pricing flexibility
- Pricing strategy
- Retail price
- Seasonal Price (if applicable)
- Wholesale (volume) price
Place: Also known as Distribution, this section is all about the delivery of your product or service to your customer. Here are the areas you will need to cover:
- Distribution centers
- Distribution channels
- Inventory management
- Order processing
- Type of distribution
Continue reading for tips on writing an effective marketing strategy.