A marketing plan is an essential part of a business plan. This is especially true for products that must be niche marketed. Niche marketing involves time and effort to develop and service markets. A host of factors must be considered including choosing a product line, targeting a market segment, identifying individual prospective buyers, pricing products, estimating storage requirements, evaluating alternative production methods and schedules, examining processing capabilities, and planning promotional strategies. Market information of various types is needed. Consumer trends at all levels need to be examined. Market expectations and trends within the targeted market segment need to be explored. Competing products need to be understood. Accurate, reliable market information is essential to devising a useful marketing plan.
Iowa State University