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- In this section you must convince the reader that you understand your market and are able to identify and deal with problems resulting from market constraints or competition within your market.
- The primary purpose of preparing market goals and strategies is to maximize overall sales and revenues. A secondary purpose is to achieve maximum productivity from sales, promotion, and distribution activities.
Analyzing the Market
- Before you define your market strategy, you must first do a market analysis. The purpose of market analysis is to research the following questions:
- What is your main product or service?
- Who are your customers?
- Who are your competitors and what are their strengths and weaknesses?
- Once you have a complete understanding of these, you can develop your marketing strategy, and prepare your sales forecasts.
Developing a Market Strategy
- The purpose of preparing a marketing plan is to determine the best way to sell your product or service to your customers, given the competition and other factors in the market place. Your marketing plan should describe how you will position your product or service in terms of what the buyer needs and wants.
- Your marketing plan should be written as your plan of action. It should describe who will do it, what will be done, why, where, when, and how. It should also indicate how much the actions will cost.
- Sales forecasting is usually done at the same time as the marketing plan, since they are inter-dependent.