are investing heavily Hybrid and diesel technology is evolving fast Stage 2: Marketing strategy This section includes the following elements: Development of mission statement Statement of objectives Strategy and tactics to accomplish the objectives Mission statement Your mission statement is a formal commitment and focus for the business. It should explain to customers concisely what the nature of your business is and where you are going, and also provide a motivational tool for employees. It should be aspirational, something to strive for, yet obtainable and relevant. Once this has been defined it should form the focus for your business strategy. Vision statement A vision statement is a more long term, ideal-world statement which outlines where you would like to take the business in the long run. Objectives Combined with the mission statement, your objectives should be the key statements that drive your business. The most successful goals follow the SMART acronym. Specific, measurable, achievable, realistic and time bound. What do you want to achieve by the end of this year? Where do you want to be in one, five, ten years? Objectives must be quantitative in order to accurately measure success. For example, 'sell 600 units in the next year' or 'increase customer retention by 20%'. Selecting a suitable strategy Selecting a strategy for growth - the Ansoff Matrix Most businesses need to grow, and the Ansoff Matrix (below) is a method of determining the best course of action if growth is your priority. Product development Creating a range of