ENTR 452 Chapter 8: The Marketing Plan. UNDERSTANDING THE MARKETING PLAN Marketing plan – Written...
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Transcript of ENTR 452 Chapter 8: The Marketing Plan. UNDERSTANDING THE MARKETING PLAN Marketing plan – Written...
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ENTR 452ENTR 452Chapter 8: Chapter 8:
The Marketing PlanThe Marketing Plan
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UNDERSTANDING THE UNDERSTANDING THE MARKETING PLANMARKETING PLAN
Marketing plan – Written statement of marketing objectives,
strategies, and activities
Provides answers to three basic questions– Where have we been? – Where do we want to go (in the short term)? – How do we get there?
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STEPS FOR A MARKET STEPS FOR A MARKET RESEARCH STUDYRESEARCH STUDY
1. Define the purpose or objectives
2. Gather data from secondary sources
3. Gather information from primary sources
4. Analyze and interpret the results
You should be analyzing the industry and the competition.
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- Customer surveys and questionnaires
- Focus groups
- Daily transactions (company records)
- Suggestion boxes/systems
- Contacting suppliers about trends
- Customer advisory panel
- Surveying customers that have not purchased recently
PRIMARY RESEARCHPRIMARY RESEARCH
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- Internet
- Business directories/Direct-mail lists
- Demographic information (census data)
- Government forecasts
- Market research conducted by other organizations
- Magazine and journal articles
- Local data (Chamber of Commerce, City Hall)
SECONDARY RESEARCHSECONDARY RESEARCH
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1. Should determine customer needs and wants through market research.
2. Should pinpoint the specific target market the company will serve.
3. Should analyze the firm’s competitive advantages and build a marketing strategy around them.
4. Should help create a marketing mix (4 P’s) that meets customer needs and wants.
FOUR OBJECTIVES OF A FOUR OBJECTIVES OF A MARKETING PLANMARKETING PLAN
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- What is it?
- Stage of development (product life cycle)
- Features
- Quality
- Packaging
- Branding
- Guarantees
- Assortment
PRODUCTPRODUCT
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- Location
- Methods/channels of distribution
- “Middlemen”
- Storage
- Transportation
PLACEPLACE
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- List price
- Credit terms
- Discounts
- Selection and allowances
Consider cost structure, market acceptance, and desired image
Alternative pricing strategies (skimming, exploiting the experience curve, meeting the market price, achieving maximum market penetration, “low ball” strategy).
PRICEPRICE
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• Promotion blend - Advertising - Media - Copy/Press Releases - Timing
• Personal selling - Training - Motivation
• Publicity/Buzz
PROMOTIONPROMOTION
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STEPS IN PREPARING THE STEPS IN PREPARING THE MARKETING PLANMARKETING PLAN
1. Defining the business situation– Situation analysis: Describes past and present
business achievements of new venture– After the start of venture, information should
relate to:Present market conditionsPerformance of the company’s goods and
servicesFuture opportunities or prospects
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2. Defining the target market/opportunities and threats – Target market: Specific group of potential
customers toward which the venture aims its marketing plan
– Market segmentation: Dividing a market into definable and measurable groups for purposes of targeting marketing strategy
– Identify strengths and weaknesses in the target market
STEPS IN PREPARING THE STEPS IN PREPARING THE MARKETING PLANMARKETING PLAN
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3. Establishing goals and objectives– Marketing goals and objectives: Statements
of level of performance desired by new venture– Respond to the question, “Where do we want to
go?”– Organizational goals should:
Represent key areas Be limited in number (between six and eight)
STEPS IN PREPARING THE STEPS IN PREPARING THE MARKETING PLANMARKETING PLAN
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4. Defining marketing strategy and action programs – Marketing strategy and action plan
Specific activities outlined to meet the venture’s business plan goals and objectives
– Product or service Describe the product or service
STEPS IN PREPARING THE STEPS IN PREPARING THE MARKETING PLANMARKETING PLAN
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– Pricing - Three important elements includeCostsMargins or markupsCompetition
– Distribution Evaluate the choice of distribution channel
– Promotion Identify the medium to inform potential
consumers about the products
STEPS IN PREPARING THE STEPS IN PREPARING THE MARKETING PLANMARKETING PLAN
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5. Marketing strategy: Consumer versus business-to-business markets– Business-to-business markets - Selling
products or services to another business– Consumer markets - Sales to households for
personal consumption
STEPS IN PREPARING THE STEPS IN PREPARING THE MARKETING PLANMARKETING PLAN
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6. Budgeting the marketing strategy– Identifying costs to meet desired goals and
objectives
7. Implementation of market plan
8. Monitoring the progress of marketing actions– Tracking results of the marketing effort– Preparing for contingencies
STEPS IN PREPARING THE STEPS IN PREPARING THE MARKETING PLANMARKETING PLAN
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9. Understand weaknesses in market planning– Poor analysis of the market and competitive
strategy– Unrealistic goals and objectives– Poor implementation of the outlined plan
actions– Unforeseen hazards like weather or war
STEPS IN PREPARING THE STEPS IN PREPARING THE MARKETING PLANMARKETING PLAN
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5-FORCES MODEL5-FORCES MODEL
Substitute Products(from other industries)
BuyersSuppliers ofKey Inputs
Potential NewEntrants
Rivalry AmongCompeting Firms
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Lack of a real plan
Lack of adequate situation analysis
Unrealistic goals
Unanticipated competitive moves, productdeficiencies and acts of God
WHY SOME MKTG PLANS FAILWHY SOME MKTG PLANS FAIL