1. Entrepreneurship Mr. Bernstein Devising and Updating a Marketing Plan, pp 206-223 October 2015

2. Entrepreneurship Mr. Bernstein Marketing Plan Guides the marketing process Is built on Market Research Includes: Description of Target Market(s) Overview of Marketing Objectives Review of Marketing Strategies Marketing Budget 2

3. Entrepreneurship Mr. Bernstein Marketing Strategies: The Marketing Mix (so (some would add the 5 th “P”: people) 3

4. Entrepreneurship Mr. Bernstein Product Strategy Product Mix based on Market Research Features and Benefits meet the wants and needs of Target Market Consider: Branding, packaging and labeling Product positioning vs. competition 4

5. Entrepreneurship Mr. Bernstein Place Strategy Delivery of goods or services to Target Market AKA Distribution Strategy Understand the channels of distribution Includes Location and Layout decisions Online distribution important in many businesses Mobile technology is growing rapidly 5

6. Entrepreneurship Mr. Bernstein People Strategy Sometimes referred to as the “Fifth P”: Employees Hiring Training Workplace Environment Recognizing and Rewarding 6

7. Entrepreneurship Mr. Bernstein Price and Promotion Strategies …to be covered in more detail later… 7

8. Entrepreneurship Mr. Bernstein Updating the Marketing Plan Updates based on further Market Research Product Mix changes: Changing product brand or packaging Changing product service levels Place changes: Location or Layout Changes in Channel of Distribution Changes in People Strategy – hiring, training, rewards, etc. Changes in Price or Promotion to be covered later… 8