Having an idea for a product or service is only the beginning. The entrepreneur needs to understand how customers perceive the product or service and how they distinguish it from competing products and services. This website provides insight into recognizing the importance of a truly differentiated product or service. Review it to gain an understanding of product differentiation, product features and product benefits.
With an understanding of how customers perceive a product or service, the entrepreneur can begin to develop a sustainable competitive advantage. Being a small business, however, he/she has limited resources. Being able to compete in management segments of the market can be key to avoiding more powerful competition and using limited resources wisely. This website discusses niche marketing. Read it to understand the importance of finding the right market niche for a small business to compete in.
Early in the planning process, the entrepreneur should prepare a marketing plan. These websites give a general overview of the content of a marketing plan. While no two marketing plans will look exactly alike, you should review the information on the websites and gain and understanding of how to conduct market, SWOT and competitive analyses.
- Developing a Marketing Plan
- Market Analysis
- How to Perform a SWOT Analysis
To further assist in understanding the format and content of marketing plans, review sample plans here .