Transcript The Marketing Plan

The Marketing Plan
Vishnu Parmar, IBA,
University of Sindh, Jamshoro
Steps in Preparing the Marketing
Plan
1. Defining the Business Situation
1. Where we have been?
2. Where do we want to go (in the short
term)?
3. How do we get there
Management must understand that the
marketing plan is a guide for
implementing marketing decision
making and not a generalized,
superficial document
What is a Marketing Plan ?
A marketing plan is the blueprint or the map you
intend to follow in order to achieve your goals. If you
are planning for existing programs, the plan will
incorporate the strengths of your current effort with
needed changes and improvements. If the plan is
for a brand new product or service, it will pull all the
elements together for an effective start on
marketing.
What is Marketing Plan?
The marketing plan must be linked to
the overall goals and objectives of
your organization…..your business
plan
customers
circulation
both
INDUSTRY ANALYSIS
The primary focus of the Industry
Analysis is to provide sufficient
knowledge of the environment
(national and local Market) that can
affect marketing strategy decision
making.
It begins with the broadest based
assessment of environment and
Industry trends than proceed to local
market environmental and industry
Competitor Analysis
The information on competitors can be
gathered initially by using as much public
Information as possible and then
complementing this with a marketing
research project.
Newspaper articles, websites, catalogs,
promotions, interviews with distributors
and customers and any other marketing
strategy or company information available
should be reviewed.
Table 8.1
Marketing Research For the New
Venture
Marketing research 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? And what is the most
effective promotion strategy to
inform and reach potential
customers?
Steps of Marketing Research
1. Defining the Purpose or Objectives
-
How much would potential customers be
willing to pay for the product or service?
Where would potential customers prefer to
purchase the product or service
Where would the customers expect to hear
about or learn about such a product or
service?
2. Gathering Data from Secondary
Sources
Before considering either primary
sources or commercial sources of
information the entrepreneurship
should exhaust all free secondary
sources
Trade magazines, newspaper articles,
Libraries government agencies and
the internet are biggest sources to
obtain secondary data
3. Gathering Information from
Primary Sources
Gathering primary data involves a
data collection procedure such as
observation, networking,
interviewing, focus groups, or
experimentation and usually data
collection instrument like
questionnaire Table 8.4
4. Analyzing the interpreting results
At this stage the result should be
evaluated and interpreted in
response to the research objectives
that were specified in the first step of
the research process. The data
should be cross tabulated in order to
provide more focused results
Understanding the Marketing Plan
After gathering the necessary
information entrepreneur can
prepare the marketing plan
MP helps an entrepreneur to
compete effectively and operates in
the market place to meet the
objectives and goals of this new
venture
Understanding the Marketing Plan
MP designs to provide the answers of
the following three questions
1. Where have we been?
2. Where do we want to go?
3. How do we get there?
Outline for a Marketing Plan
1. Situation Analysis
-
2.
3.
4.
5.
6.
Background of the Venture
Strength and Weaknesses of Venture
Market Opportunities and Threats
Competitor Analysis
Marketing Objectives and Goals
Marketing Strategies and Action Plans
Budgets
Controls
CHARACTERISTICS OF A
MARKETING PLAN
It should provide a strategy for
accomplishing the company mission
or goal
It should based upon facts and valid
assumptions (Table 8.6)
Allocation of resources must be well
described
It should provide continuity as long
term plans can be built upon them
CHARACTERISTICS OF A
MARKETING PLAN
It should be simple or short but not
too short as detail of goals are
excluded
It must be flexible
It must specify performance criteria
that will be monitored and controlled
Difference between Marketing
Plan and Marketing System
Marketing Plan means written
statement of marketing objectives,
strategies, and activities to be
followed in business plan
Marketing System means interacting
internal and external factors that
affect venture’s ability to provide
goods and services to meet customer
needs
External Environment
Economy
Culture
Technology
Demand
Legal Consideration
Raw Material
Competition
Entrepreneur
Internal Environment
Financial Resources
Suppliers
Goals & Objectives
Management Team
Figure 8.1, The Marketing System
Feed Back
Marketing Planning
Decisions
Marketing
Strategies for
Customers
Purchase Decision
Of Customers