Transcript Devising a Marketing Plan, pp 206-215

Entrepreneurship
Mr. Bernstein
Devising and Updating a Marketing
Plan, pp 206-223
March 2017
Entrepreneurship
Mr. Bernstein
Marketing Plan
Guides the marketing process
Is built on Market Research
Includes:
Description of Target Market(s)
Overview of Marketing Objectives
Review of Marketing Strategies
Marketing Budget
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Entrepreneurship
Mr. Bernstein
Marketing Strategies: The Marketing Mix
(so (some would add the
5th “P”: people)
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Entrepreneurship
Mr. Bernstein
Product Strategy
Product Mix based on Market Research
Features and Benefits meet the wants and needs of
Target Market
Consider:
Branding, packaging and labeling
Product positioning vs. competition
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Entrepreneurship
Mr. Bernstein
Place Strategy
Delivery of goods or services to Target Market
AKA Distribution Strategy
Understand the channels of distribution
Includes Location and Layout decisions
Online distribution important in many businesses
Mobile technology is growing rapidly
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Entrepreneurship
Mr. Bernstein
People Strategy
Sometimes referred to as the “Fifth P”: Employees
Hiring
Training
Workplace Environment
Recognizing and Rewarding
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Entrepreneurship
Mr. Bernstein
Price and Promotion Strategies
…to be covered in more detail later…
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Entrepreneurship
Mr. Bernstein
Updating the Marketing Plan
Updates based on further Market Research
Product Mix changes:
Changing product brand or packaging
Changing product service levels
Place changes:
Location or Layout
Changes in Channel of Distribution
Changes in People Strategy – hiring, training, rewards, etc.
Changes in Price or Promotion to be covered later…
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