When constructing a building, the first thing the architect needs to do, is create the proper foundations that will hold the walls and ceilings up straight, not allowing the building to collapse at any moment. The same applies with business, any business, an
y size, any industry. If you do not have the foundations set straight, you cannot guarantee it won't collapse at the first obstacle it might face.
And the foundations of any business, yes you guessed right, is MARKETING. Even when still thinking of a business idea, Marketing, Holistic marketing, is the foundation of your establishment and success.
Back in the days, Marketing was much easier. Products were simpler, communication tools were limited, customers had lower expectations, and the marketplace was less diverse.
Nowadays, everything has become more developed, complex, sophisticated, even customers themselves have become more aware and knowledgeable of the different products offered in the market.
For this, you need to distinguish your product, or what you are offering. The First P: PRODUCT. What is it?
What makes it special?
What problem is it solving for your costumer?
What satisfaction does it provide?
What makes it better from the next product on the shelf?
How does your product function that makes it more convenient to purchase?
What are its unique features?
How can you develop it further to beat out competition?
From here you can identify your PRODUCT STRATEGY.