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Lecture Outline
1. Differentiate among business planning, strategic planning, and market planning 2. Role of marketing research in determining marketing strategy for the marketing plan 3. Illustrate an effective and feasible procedure for the entrepreneur to follow in engaging in a market research study
Lecture Outline
4. Define the steps in preparing the
marketing plan
Each year
entrepreneur should prepare an annual marketing plan before
comprehensive, with monthly projections 2nd and 3rd year: entrepreneur will need to project market results based on longer-term strategies goals of the new venture
changes, or financial
resources needed
Usually a data
collection instrument is
involved, such
as a questionnaire
Background of the company SWOT analysis Addresses the marketing objectives Defines the goals for next 12 months Discusses the specific marketing strategy When it will occur Who will be responsible for monitoring activities
2.
3.
Marketing Plan
Written statement of marketing objectives, strategies, and activities to be followed in business plan
It is not a document to be written and then put aside It is intended to be a valuable document, referred to often, and a guideline for the entrepreneur
Marketing System
Interacting internal and external factors that affect venture's ability to provide goods and services to meet customer needs
Thank you!