ENTREPRENEURSHIP Lecture No: 25 BY CH. SHAHZAD ANSAR

The Marketing Plan

Outline for a Marketing Plan Situation analysis Background of venture Market opportunities and threats Competitor analysis Strength and weaknesses of venture Marketing objectives and goals Marketing strategies and action programs Budgets Controls

Purpose and timing of the Marketing Plan Marketing Plan should be an annual activity It should focus on the strategies for the first three years of the business The first year contains comprehensive goals and strategies The second and third year contains the market projections 4

Marketing Research for the new venture Marketing research involves gathering data in order to determine information like: Who will buy the product or service What is the size of potential market What price should be charged What should be the distribution channel What is the most effective promotion strategy

Marketing Research for the new venture (Contd…) Step 1: Defining the purpose or objectives How much potential customers would be willing to pay for the product or service Where potential customers would prefer to purchase the product or service Where the customer would expect to hear about or learn such product or service

Marketing Research for the new venture (Contd…) Step 2: Gathering data from Secondary sources include: Trade Magazines Libraries Government agencies Universities internet

Marketing Research for the new venture (Contd…) Step 3: Gathering information from primary resources include: Observations Networking Interviewing Focus group Experimentation

Marketing Research for the new venture (Contd…) Step 4: Analyzing and interpreting the results includes: Summarizing questions to answers Preliminary insights Cross tabulation of data for interpreting

Understanding the Marketing plan It is designed to provide the answers to three basic questions: Where have we been? Where do we want to go (short term)? How do we get there?

Characteristic of Marketing Plan Provide a strategy to accomplish the company mission. Be based on facts and valid assumptions. Provide for the use of existing resources. Describe an organization to implement the plan. Provide for continuity. Be simple and short. Be flexible. Specify performance criteria that can be monitored and controlled.