Marketing strategies build on broader business objectives and specify:

• target market segments for products/services
• key features and benefits of products/services
• how the business will gain competitive advantage
• specific actions and goals to be achieved for the business over time.

Putting goals into action requires specific strategies.

When designing a marketing strategy, think about:

• Positioning – image or appeal of your product/service in the market
• Product/service – including quality, features, guarantees and service
• Price – pricing policy, including discounts, allowances and credit policies. Base pricing on all costs including taxes plus a consideration of what the market will bear
• Promotion – the mix can include advertising, direct selling, public relations, networking and web-based marketing
• Place – where the product/service will be sold and how it will be delivered to the customer. This includes transport, warehousing and distribution, retailers, suppliers and inventory.

Visit the marketing module of the Small Business Tool Kit for further information, quizzes, case studies and interactive market planning tools.