1. The Marketing Plan
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2. Industry analysis
To provide sufficient knowledge of the environment (national or local)
It begin with the broadest-based assessment of environmental and industry trend.
Then narrowing down to a local market or industry trend including competition.
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3. Marketing Research for the New Venture
Involves the gathering of data in order to determine such information as:
Who will buy the product or service?
What is the size of potential market?
What price should be charged?
What is the most appropriate distribution channel?
What is the most effective promotion strategy to inform and reach potential customers?
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4. How to conduct Market Research?
Step One:- Defining the Purpose or Objectives:
Making a list of information that will be needed to prepare the marketing plan.
EG;
Who the costumer will be?
What they think of the new product/Services?
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5. How to conduct Market Research?
Step two:- Gathering data from Secondary Sources
Trade magazines, newspaper articles, libraries, government agencies and internet etc.
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6. How to conduct Market Research?
Step Three:- Gathering information from Primary Sources
Information that is new is primary data
Observation, networking(gathering data from experts in the field), interviewing, focus groups(Potential people are invited for an open discussion about product), or experimentation and questionnaire.
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7. How to conduct Market Research?
Step Four:- Analyzing and Interpreting the Results
Analyzing (close examination: the examination of something in detail in order to understand it better or draw conclusions from it)
Interpretation (An explanation or conceptualization)
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8. Understanding the Marketing Plan
The marketing plan should answer three basic questions:
Where have we been? -The history of the marketplace, marketing strengths and weaknesses, and market opportunities.
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9. Understanding the Marketing Plan
Where do we want to go (short term)? - Marketing objectives and goals in the next twelve months.
How do we get there? -Specific marketing strategy that will be implemented.
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10. Characteristics of a Marketing Plan
It should provide a strategy for accomplishing the company mission or goal.
It should be based on facts and valid assumptions.
An appropriate organization must be described to implement the marketing plan.
It should be simple and short.
The success of the plan may depend on its flexibility.
It should specify performance criteria that will be monitored and controlled.
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11. The steps in preparing the marketing plan:
Define the business situation (Situational analysis).
Define target market/opportunities and threats.
Consider strengths and weaknesses.
Establish goals and objectives.
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12. The steps in preparing the marketing plan:
Define marketing strategy and Action Programs. (Product or Service, Customer Service, Pricing, Distribution, Promotion)
Budgeting the marketing strategy
Implementation of the market plan
Monitoring the progress of Marketing Actions.
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13. Thank you
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