An introductory marketing course always introduces the four Ps: product, price, place, and
promotion. The marketing section of the business plan might provide more in-depth coverage of
how the product or the service better meets customer value than that of competitors. It should
identify your target customers and include coverage of who your competitors are and what they
provide. The comparison between your firm and its competitors should highlight differences
and point to why you are providing superior value. Pricing issues, if not covered in the previous
section, could be discussed or discussed in more detail.
The issue of location, particularly in retail, should be covered in detail. Perhaps one of the most
important elements of the marketing plan section is to specify how you intend to attract
customers, inform them of the benefits of using your product or service, and retain customers.
Initially, customers are attracted through advertising. This section should delineate the
advertising plan. What media will be used—flyers, newspapers, magazines, radio, television, web
presence, direct marketing, and/or social media campaigns? This section should cover any
promotional campaigns that might be used.
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