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How to write a business plan, part 2: Marketing strategy

Anyone wishing to start a business in Miami, Florida, should start with a business plan. A previous post discusses how to put together the financial part of the plan. This post focuses on how to formulate a marketing strategy for a new business. According to the Small Business Administration, the marketing strategy is essentially a blueprint of how the business will reach potential customers and promote products or services.

Before the company can draft the strategy, there must be research and analysis of the competition and information on how the new product or service will differ from what is already on the market. Data on the target consumers and their purchasing power, shopping methods and spending habits are also important in determining distribution strategies. For example, where are the customers most likely to purchase the products? In a retail store? And if so, in what type of location? Or will it be primarily offered for sale online?

The company must answer these questions before determining the most effective advertising. Chron.com recommends including social media networks and other online or mobile media in the marketing strategy as platforms to build brand awareness. These might be more effective for a younger audience, while traditional television, print and radio messages would reach a different demographic.

Despite the best marketing strategy, a company may discover that unfair competition in the marketplace makes profitability difficult or impossible. Overcoming the fallout from deceptive trade practices may be unlikely without resorting to business litigation, even when the marketing strategy is sound.

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