Week-9, The Marketing Plan

8/3/2019 Week-9, The Marketing Plan

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The Marketing Plan


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Lecture Outline

1. Differentiate among business planning,strategic planning, and market planning

2. Role of marketing research in determiningmarketing strategy for the marketing plan

3. Illustrate an effective and feasible

procedure for the entrepreneur to follow inengaging in a market research study


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Lecture Outline

4. Define the steps in preparing the

marketing plan5. 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


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Outline of a MARKETING

PLAN


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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 establishingbudgets and making financial projections


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Its an ANNUAL Activity

Marketing plan is an annual activity which

focuses on implementing decisions relatedto the marketing mix variables

Product

Price

Distribution

Promotion


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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

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

Each year

entrepreneur should

prepare an annual

marketing plan before

any decisions are

made regarding

production/manufactur

ing, personnel

changes, or financial

resources needed


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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


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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


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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 andattitudes of these individuals


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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


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Gathering information

from primary sources

Information that is new is Primary Data

Gathering primary data involves a data

collection proceduresuch as Observation

Networking

Interviewing

Focus groups

Experimentation

Usually a data

collection

instrument is

involved, such

as a

questionnaire


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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 theresearch process


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Understanding the MarketingPlan


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1. Where have we been?

a. Background of the company

b. SWOT analysis

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

a. Addresses the marketing objectives

b. Defines the goals for next 12 months

3. How do we get there?

a. Discusses the specific marketing strategy

b. When it will occur

c. Who will be responsible for monitoring activities

Marketing Plan answers three basic

questions


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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


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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


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Facts needed for the Marketing Plan


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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


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Marketing System

Interacting internal and external factors that

affect venture's ability to provide goods and

services to meet customer needs


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The Marketing System


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The Marketing Mix

Combination of product, price, promotion,

and distribution and other marketing

activities needed to meet marketingobjectives


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Critical Decision for Marketing Mix


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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


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SampleFlowchart of

a Marketing

Plan

Source Pg. 264 273Hisrich 5e, Entrepreneurship


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Thank you!

Documents

Week-9, The Marketing Plan