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All small business owners should create a business plan, essentially a blueprint of your business.Create your business plan before you even open your doors.
Conduct a SWOT (strengths, weaknesses, opportunities, threats) analysis for your company.
Write down strengths and weaknesses of various competitors and compare them to your own company's strengths and weaknesses.
Decide which types of advertising media you will use to market your products, such as direct mail or radio advertising.
Allocate a certain percentage of your budget to each specific advertising media.
Market share is the percentage of total sales a competitor earns in an industry.
You can obtain secondary research information from market research firms such as the NPD Group and Forrester Research.
For example, you may have a marketing vice president and director but need to hire an advertising copywriter and product manager.
Determine how many copywriters and product managers you will need initially.
Products can become outmoded because of new technology.
Project when you expect products to enter the maturity stage, where competition can be fierce.