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The Marketing Plan

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

5. Explain the marketing system and its key


components

6. Illustrate different creative strategies that


may be used to differentiate or position the new ventures products or services

Outline of a MARKETING PLAN

Purpose and timing of the MARKETING PLAN


How to compete and operate in the market and thus meet business goals and objectives? Once strategies are established, it assigns costs to these strategies, which then serves the important purpose of establishing budgets and making financial projections

Its an ANNUAL Activity


Marketing plan is an annual activity which
focuses on implementing decisions related

to the marketing mix variables


Product Price Distribution Promotion

Breadth of the Marketing Plan


Marketing plan section should focus on
strategies for the first three years
1st year: goals and strategies will be more

Each year
entrepreneur should prepare an annual marketing plan before

any decisions are


made regarding production/manufactur ing, personnel

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

What is Marketing Research concerned with?


It involves the gathering of data in order to
determine such information as
who will buy the product or service, what is the size of the potential market, what price should be charged ,

What is the most appropriate distribution channel,


What is the most effective promotion strategy

Marketing Research for the new venture


Step 1: Defining the Purpose or Objectives Step 2: Gathering Data from Secondary Sources Step 3: Gathering information from Primary Sources Step 4: Analyzing and Interpreting the Results

Defining the Purpose or Objectives


Begin by make a list of information that will be needed to prepare the marketing plan Ask people what they think of the product or service and if they would buy it, and to collect some background demographics and attitudes of these individuals

Gathering data from secondary sources


This includes the collection of data that already exists, i.e., secondary data which can be obtained from the following sources
Trade magazine, Libraries, Government agencies, Universities, and the Internet

Gathering information from primary sources


Information that is new is Primary Data
Gathering primary data involves a data collection procedure such as
Observation
Networking Interviewing Focus groups Experimentation

Usually a data
collection instrument is

involved, such
as a questionnaire

Analyzing and Interpreting the Results


Results should be evaluated and interpreted in response to the research objectives that were specified in the first step of the research process

Understanding the Marketing Plan

Marketing Plan answers three basic questions


1. Where have we been?
a. b.

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.

Where do we want to go [in short term]?


a. b.

3.

How do we get there?


a. b. c.

Characteristic of a Marketing Plan


Should provide a strategy for accomplishing mission/goal Should be based on facts and valid assumptions An appropriate organization must be described for implementation of plan Should provide for continuity, so each annual plan can build on it

Characteristic of a Marketing Plan


Should be simple and short Should be flexible, What if scenarios and appropriate strategies must be included Should specify the performance criteria that will be monitored and controlled

Facts needed for the Marketing Plan

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

The Marketing System

The Marketing Mix


Combination of product, price, promotion, and distribution and other marketing activities needed to meet marketing objectives

Critical Decision for Marketing Mix

Steps in Preparing the Marketing Plan


Defining the business situation
Defining target market/opportunities and threats Considering strengths and weaknesses Establishing goals and objectives Defining marketing strategy and action programs Coordination of the planning processes Designating responsibility for implementation

Budgeting the marketing strategy


Implementation of the marketing plan Monitoring progress of marketing actions

Sample Flowchart of a Marketing Plan

Source Pg. 264 273 Hisrich 5e, Entrepreneurship

Thank you!

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