Strategic Development
Strategy development, also known as strategic planning, is fundamental to creating and running a business. Simply put, it’s a game plan that sets specific goals and objectives but like a game plan, it is capable of being changed in response to shifting market dynamics.
You need to understand your target market’s dynamics, which can include demographics and the characteristics of your target audience (how, when and where do they buy the product or service you offer). In addition, analyze your competitors, gathering information on the 4P’s of marketing: pricing, product, promotion and placement. Know what you’re up against so you can plan your market and competitive strategy.