Marketing plan What’s a Marketing plan ? ? Assist an entrepreneur/organization in monitoring critical short-term goals and objectives, ? Alert the entrepreneur/organization to make necessary changes in those strategies to avoid long-term failure Outline of a Marketing plan ? Background of venture ? SWOT Analysis <> Scanning the environment The 6 major force ? a. population growth ? b. population age mix ? c. Ethnic and other markets ? d. Education groups ? e. Household patterns ? f. Geographical shifts in Population ? a.
Purchasing Capacity ? b. Income Distribution ? c. consumers saving, debt, and credit availability ? d. Outsourcing and free trade: low cost of labor etc. ? Views of Themselves – marketers must realize that different groups of people have different views ? Views of Others –building a support product to support direct relationship with the people ? Views of Organizations – different views prevail in society for different organizations ? Views of Society – people vary in their attitude towards society.
E. g. takers, makers, seekers, escapers… ? View of Nature – nature is vulnerable. ? View of Universe High persistence of core cultural values like: ? Core belief (persistent towards change) ? Secondary beliefs(more open to change) Existence of subculture like groups with the shared values due to same trend of life Shift of Secondary cultural values through time Recent danger on the environment due to man made product The four trends in the natural environment: Shortage of raw materials especially the water
Value of finite resources and Infinite resources should be undertaken Finite renewable resources like food, forests… and Finite nonrenewable resources like oil, coal etc should be considered. Increased Energy cost and its consequences. Anti Pollution Pressure Changing role of government Pace of change Opportunities for innovation Varying R&D budget Increased regulations Increase in Business Legislation Political Stability Conducting Research and Forecasting Demand ? 1 Define the problem and research objectives ? 2 Develop the research plan: Collect the Information 4 Analyze the Information 5 Present the Findings 6 Make Decisions Competition 5 competitive forces: – Potential entrants – Suppliers – Industry competitors – Substitutes – Buyers Measure of Market demand Fact needed for a marketing plan • Who are the users, where are they located, how much do they buy, from whom do they buy, and why? • How have promotion and advertising been employed and which approach has been most effective? • What are the pricing changes in the market, who has initiated these changes and why? What are the market’s attitudes concerning competitive products? • What channels of distribution supply consumers, and how do they function? • Who are the competitors, where are they located, and what advantages/disadvantages do they have? • What marketing techniques are used by the most successful competitors? By the least successful? • What are the overall objectives of the company for the next year and five years hence? • What are the company’s strengths and weaknesses? • What are one’s production capabilities by product? SWOT Analyses Strengths |Opportunities | |- Related to the internal environment | Related to the external environment | |Weaknesses |Threats | |- Related to the internal environment | Related to the external environment | | | | Marketing objectives and goals Marketing Mix Marketing Mix Variable |Critical Decisions | |Product |Quality of components or materials style, features, options, brand name, packaging, | | |sizes, service availability, and warranties | |Price |Quality image, list price, quantity, discounts, allowances for quick payment, credit | | |terms, and payment period | |Channels of distribution |Use of wholesalers and/or retailers, type of wholesalers or retailers, how many, | | |length of channel, geographic coverage, inventory, and transportation | |Promotion |Media alternatives, message, media budgets, role of personal selling, sales promotion| | |(displays, coupons…), and media interest in publicity | How to improve the quality of Marketing ? Train and motivate the sales force to spot and report the new developments ? Motivate distributors, retailers, and other intermediaries to pass along the important information ? Network externally ? Set up a customer advisory panel ? Purchase information from outside suppliers ? Use online customer feedback system to collect competitive intelligence