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Before starting your business it is important to consider the following aspects:

  • Define precisely the product or service you intend to market

  • Verify the feasibility of the product or service to be sold

  • Analyze the competition that your business will face

  • Check that there is a market for the product or service you intend to market

In order for you to build an effective marketing plan, remember that you have to consider the following:

  • Know the definition of product, service and the difference between the two

  • The characteristics that distinguish products from services, such as intangible, variable, inseparable, storage and property

  • The key concepts for your marketing plan: clients, types of clients, and classification of potential clients, market, demand, supply, competition, marketing, logo and slogan or commercial phrase.

To strengthen your business, it is essential to carry out a market study, because it will allow you to link the key information that the client expresses to the needs that your business idea wants to satisfy.

An issue that you should keep in mind is the SWOT analysis tool (strengths, opportunities, weaknesses and threats), this instrument will provide you with the necessary inputs for your strategic planning process.

There are 4 elemental components that you must manage for the benefit of your business, which are called the 4 P's of marketing: product, price, place and promotion.


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