Marketing Your Product

After the basic organization and structure of your business is explained, the next major topic to address in the business plan is how you will market your products. In this part of your business plan, you will identify your target customers and explain how you are going to get them to buy.

Remember, the main purpose of being in business is to make money. If you don’t market appropriately, you probably won’t make very much money and you may not stay in business very long. But I have good news. If you formulate a business plan with a carefully crafted marketing strategy, the odds go way up that you will be profitable.

Effective marketing is never haphazard. The right product must be presented to the right people at the right price, at the right place, with the right promotion. You can remember these steps to successful marketing if you think of them as the five P’s of marketing. At the end of this lesson, Activity 5 will help you begin to create a marketing plan based on these five principles.