You need concrete data on your ideal customers, the existing competition, expected growth and demand, market trends, and more. These types of insights are invaluable and help you make informed business decisions and goals.

And you need to be clear on the 4 Ps: product, price, promotion, and place. They can guide the creation of your market research, marketing plan, and customer personas, and serve as a fantastic jumping-off point if you’re not sure where to begin.

The 4 Ps of the marketing mix are evolving, and you might want to explore the 8 Ps that more accurately reflect modern marketing. They include product, price, place, promotion, people, process, physical evidence, and performance.