Introduction to Entrepreneurship Develop the Marketing Plan.

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Presentation transcript:

Introduction to Entrepreneurship Develop the Marketing Plan

Entrepreneurship American Marketing Association “…the activity, set of instructions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.”

Entrepreneurship Marketing All of the processes – planning, promoting, pricing, distributing and selling – used to determine and satisfy the needs of customers and the company.

Entrepreneurship Marketing Concept Using the needs of the customer as the primary focus during the planning, production, distribution and promotion of a product or service

Entrepreneurship To use a marketing concept successfully, businesses must: Identify what will satisfy the customers’ wants and needs Develop and market products or services that customers consider better than other choices Operate profitably

Entrepreneurship Marketing Mix: A blending of the product, price, promotion and placement (distribution) used to reach a target market

Entrepreneurship Marketing Strategy A plan that identifies how your goals will be achieved

Entrepreneurship Marketing Strategy In your startup marketing plan, your marketing strategy should include: Product introduction or innovation Pricing Promotion Placement (Distribution) Sales or market share Projected profitability

Entrepreneurship Short-term Goals (SMART) What you want your business to achieve in the next year (12 months).

Entrepreneurship Medium-Term Goals (SMART) What you want your business to achieve in the next 2 – 5 years.

Entrepreneurship Long-term Goals (SMART) Where you want your business to be 5, 10 or even 20 years from now.

Entrepreneurship Questions that must be answered in your Marketing Plan: 1.What product or service will I offer?

Entrepreneurship Questions that must be answered in your Marketing Plan: 2.Who are my prospective customers?

Entrepreneurship Questions that must be answered in your Marketing Plan: 3.Is there a constant demand for this product or service?

Entrepreneurship Questions that must be answered in your Marketing Plan: 4.How many competitors are providing the same product or service?

Entrepreneurship Questions that must be answered in your Marketing Plan: 5.Can I create a demand for the product or service I want to offer?

Entrepreneurship Questions that must be answered in your Marketing Plan: 6.Can I compete effectively in price, quality and delivery of my product or service?

Entrepreneurship Well-written Marketing Plan Information on Your Product or Service

Entrepreneurship Well-written Marketing Plan Information on Your Target Market

Entrepreneurship Well-written Marketing Plan Information on Your Competition

Entrepreneurship Well-written Marketing Plan Information on Your Marketing Budget

Entrepreneurship Well-written Marketing Plan Information on Your Business Location

Entrepreneurship Well-written Marketing Plan Information on Your Pricing Strategy

Entrepreneurship Well-written Marketing Plan Information on Your Promotional Strategy

Entrepreneurship Well-written Marketing Plan Information on Your Placement (Distribution) Strategy