Success comes when preparation meets opportunity. Marketing planning is a critical part of business planning that identifies opportunities in the marketplace and prepares entrepreneurs to position their products to take advantage of those opportunities. Developing a marketing plan is one of the most important things you can do to ensure that your business will make a profit. It covers market factors, competition, product characteristics, pricing, advertising, promotions, publicity, sales and customer service and ties it all together so that you are selling products that customers want to buy at a price that makes you happy.
Your MSU Product Center Innovation Counselor is a valuable guide for every aspect of marketing planning. Entrepreneurs often have an excellent understanding of their product, but less understanding of the specific demands of the marketplace in which they will be competing. Because the Innovation Counselors are constantly involved in bringing new products to market, they have a great deal of knowledge in key areas such as pricing strategies, regulations on product claims, marketing that will reach decision makers, collaborators such as distributors and suppliers who can contribute to an entrepreneur’s success, etc. Working closely with your Innovation Counselor can often mean the difference between a successful product launch and a stalled business idea.