The Market and Marketing Strategy

This section is often particularly difficult to write. You will determine that there is a need for your service or product and to show that you understand the market forces that drive that market.

You must avoid the trap of allowing your own enthusiasm for the business to give rise to overoptimistic expectations about the size of the potential market, the projected growth in that market, or your expected share of the market. You should be as objective as possible to allow outsiders to appreciate that your business plan is both realistic and credible.

Key Elements

This section of the business plan should address the following matters:-

The overall market size and future growth prospects.
The business’ present share of the market and possible changes in that share.
Any statistical information and market research data that is available on your customers and competitors.
Your customers, actual and prospective, who they are, why and how they buy.
Your order book.
The competition, actual and prospective, who they are, how strong they are, their pricing and marketing strategies.
Any threats from new technology.
Any distinct competitive advantage you believe you may have over your competitors and barriers to entry.
Your marketing strategy, including pricing policies, plans for advertising and promotion, and the image of your business.
Your future marketing plans.