Ent300 - Marketing Plan

7/31/2019 Ent300 - Marketing Plan

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ENT/ETR300 FUNDAMENTALS OF ENTREPRENEURSHIP

MARKETING PLAN

MARKETING PLAN


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MARKETING PLAN

Introduction

A well prepared marketing plan helpsentrepreneurs to:

evaluate market acceptance

develop strategies to market products orservices of the business

identify required resources to execute themarketing strategy

estimate marketing financial requirement


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MARKETING PLAN

Steps in Preparing a Marketing Plan1. Setting Marketing Objectives

2. Determining product or service

3. Identifying target market4. Analyzing market trend and size

5. Assessing competition

6. Forecasting sales

7. Developing marketing strategy

8. Planning for marketing personnel

9. Preparing marketing budget


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MARKETING PLAN

1. Setting Marketing Objectives:New business: Introduce new products/services Estimate market acceptance and sales

Existing business Introduce new products/services Inform market of product improvement Enter new market Increase sales of existing products

Increase market share Market penetration Regain market for existing product


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MARKETING PLAN

2. Determining product or service Needs & wants of customers

Marketability of a product or service

Guide in describing product or servicesState clearly the value and benefits of product or service tocustomers. Capitalize on the uniqueness or strengths of

the product or services such as on its formulation,ingredients used, safety, ease of use, life span, flexibility,assortment, location, operation hours, personalization,extended warranty etc.


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MARKETING PLAN

3. Identifying target market Who is the consumer of the product or

service?

What is their common needs or wants thatwould be satisfied by the product or

service?

What is their common characteristics?


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MARKETING PLAN

Target Market Alternatives Segmented Marketing- target several or a particular market segments

- design separate offers for each segmentNiche Marketing:Targeting a large share of one or a few segments orniches

Micromarketing:Tailoring products to suit the tastes of specific

individuals and locations


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MARKETING PLAN

Target Market Alternatives

Mass-Marketing

- ignoring market segment differences- go after the whole market with one offer


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Common Bases For Segmentation Demographic Segmentation

Psychographic Segmentation

Behavioral Segmentation

Occasions

Benefits Sought

User Status

Usage Rate

Loyalty Status


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4. Analyzing Market Trendand Market Size

What is the trend in the market?

What is market potential?

Size of the market - what is the RM value?

Customer profiles of relevant marketsegments.


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MARKETING PLAN

Market Size:- Total potential purchase of target market

- Should be translated into monetary value

- Growing, remain the same or shrinking

Market Share:- a comparative measure to assess

performance against the competition


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MARKETING PLAN

5. Assessing CompetitionIdentify Competitors Assess their market positions and

strategies i.e.; product quality, pricing,distribution and promotion

Strengths and weaknesses

Duration in market

Customers


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MARKETING PLAN

6. Forecasting Sales Past performance

Break-even to set the minimum Secured projects

On-going contracts

Anticipated or intended growth


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MARKETING PLAN

7. Developing Marketing Strategy

To enable business to plan for its limited

resources in order to achieve statedmarketing objectives

The key idea is to deliver customer

satisfaction yet provide business with acompetitive advantage


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MARKETING PLAN

Marketing Strategy Product Strategy

Pricing Strategy

Place or Distribution Strategy

Promotion Strategy


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MARKETING PLAN

Product Strategy Include product and service strategy

Product is a physical item that can be seen, owned,used or consumed

Ideas and creations of the minds can also beregarded as product

Service is intangible and cannot be seen or owned,but is useful, can be experienced and able to satisfycustomer needs and wants

Product strategy refers to a product, service or acombination of both


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MARKETING PLAN

Product attributes

Quality

Design Trade name

Brand name

Packaging Labeling

Warranty

After sales service

Product Strategy


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Marketing Strategies for Services Service quality

consistency

Service package Combination of services at competitive price

Service differentiation

Offering that is unique and can bedifferentiated from the competitors

After sales services Follow-up


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MARKETING PLAN

Pricing Strategy

Price is the value exchanged betweenthe seller and the buyer in order for thebuyer to possess, use or experience theproduct or service offered

Most often, price is in the form ofmonetary value paid by the buyer toobtain the product or service


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MARKETING PLAN

Common Pricing Methods:

Based on Cost

Fixed Cost + Variable Cost + Desired Margin

Based on Perceived Value Based on Competition

Pricing Strategy


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Pricing Tactics

Price lining

Discounting Purchase with purchase

Psychological pricing

Captive pricing Product bundle pricing

Segmentation pricing


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MARKETING PLAN

Factors to ConsiderWhen Setting Price

Marketing objectives

Demand and supply

Competitors pricing


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MARKETING PLAN

Place or Distribution Strategy

Place strategy refers to the decision made onthe location of the business

Choice of location is crucial for most brick andmortar businesses

Channel of distribution is a network developedto ensure product or services reach targetconsumers

Distribution strategy for consumer product andindustrial product may vary


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MARKETING PLAN

Distribution Strategy

Manufacturer/Producer

Wholesaler

Retailer Retailer

Wholesaler

Consumer

E-Intermediaries


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MARKETING PLAN

Factors to Consider WhenDetermining Distribution Strategy

Type of product

Target market

Market coverage

Transportation ease Product standardization


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MARKETING PLAN

Promotion Strategy

Promotion is any coordinated effort takento supplement the product, price and placestrategies in order to achieve marketingobjectives.


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MARKETING PLAN

Advertising

Sales promotion Personal Selling

Publicity

Promotion Strategy


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MARKETING PLAN

Channel of adverting: Printed Newspaper Magazines Yellow pages Brochures

Business cards

Electronic and Digital Television Radio Internet

Sort messaging system

AdvertisingPaid, non personal sales effort through a medium to influence a large numberof consumers.

Outdoor Billboards Banners Transportation

Promotion Strategy


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MARKETING PLAN

Sales promotion Promotional activities or incentives carried out or offered within a set time

frame to influence purchase Common sales promotion strategies:

Rebates Coupons Purchase-with-purchase Samples Premiums

Contest Rebates Point-of-purchase promotion Sweepstakes Free delivery Extended warranty

Promotion Strategy


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Personal Selling Personal sales presentation conducted by a trained

sales person to influence potential customers. It is mostoften used for products that require demonstration orexplanation

Publicity Efforts taken to develop and maintain good relationshipwith the public to ensure good favorable public image ofthe business.

Promotion Strategy


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8. Planning For Marketing Personnel Determine number of supporting

personnel needed to undertake the

marketing tasks in-house or outsource? Examples:

Marketing manager or executives

Sales personnel Promotion personnel

Distribution personnel


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9. Preparing Marketing Budget

Marketing budget refers to expenses incurred in

planning for the marketing aspect of the proposedbusiness or project. It consists of 3 components.

1. Investment on fixed assets2. Allocation for working capital for marketing

activities3. Other marketing expenses


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MARKETING PLAN

Marketing Budget Table

Items FixedAsset

(RM)

WorkingCapital

(RM)

OtherExpenses

(RM)

Fixed Asset

Signboard

Working Capital

Salary/EPF/SOCSO

- Marketing Manager

- Sales Consultant- Promotion

Lain-Lain

Grand Opening

4,000

3,000

1,500500

5,000

Total (RM) 4 000 5 000 5 000

Ent300 - Marketing Plan

Documents

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