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Entrepreneurship Lecture No: 25 BY Ch. Shahzad Ansar Entrepreneurship Lecture No: 25 BY Ch. Shahzad Ansar

The document outlines the key components of an effective marketing plan for a new venture, including: 1) Situation analysis, market opportunities/threats, competitor analysis, and strengths/weaknesses 2) Marketing objectives, strategies, action programs, and budgets for the first three years 3) Conducting primary and secondary marketing research to understand customer needs, pricing, distribution channels, and effective promotion strategies 4) Analyzing research results to gain preliminary insights and inform the marketing plan 5) The marketing plan should answer where the business has been, where it wants to go in the short term, and how it will get there.

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22 views

Entrepreneurship Lecture No: 25 BY Ch. Shahzad Ansar Entrepreneurship Lecture No: 25 BY Ch. Shahzad Ansar

The document outlines the key components of an effective marketing plan for a new venture, including: 1) Situation analysis, market opportunities/threats, competitor analysis, and strengths/weaknesses 2) Marketing objectives, strategies, action programs, and budgets for the first three years 3) Conducting primary and secondary marketing research to understand customer needs, pricing, distribution channels, and effective promotion strategies 4) Analyzing research results to gain preliminary insights and inform the marketing plan 5) The marketing plan should answer where the business has been, where it wants to go in the short term, and how it will get there.

Uploaded by

skeleton1s
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© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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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
Marketing Research for the new
venture
Marketing research involves gathering data
in order to determine information like:
1. Who will buy the product or service
2. What is the size of potential market
3. What price should be charged
4. What should be the distribution channel
5. What is the most effective promotion
strategy
Marketing Research for the new
venture (Contd…)
Step 1: Defining the purpose or objectives
1. How much potential customers would be
willing to pay for the product or service
2. Where potential customers would prefer
to purchase the product or service
3. 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:
1. Trade Magazines
2. Libraries
3. Government agencies
4. Universities
5. internet
Marketing Research for the new
venture (Contd…)
Step 3: Gathering information from primary
resources include:
1. Observations
2. Networking
3. Interviewing
4. Focus group
5. Experimentation
Marketing Research for the new
venture (Contd…)
Step 4: Analyzing and interpreting the
results includes:
1. Summarizing questions to answers
2. Preliminary insights
3. Cross tabulation of data for interpreting
Understanding the Marketing plan
It is designed to provide the answers to
three basic questions:
1. Where have we been?
2. Where do we want to go (short term)?
3. How do we get there?
Characteristic of Marketing Plan
1. Provide a strategy to accomplish the company
mission.
2. Be based on facts and valid assumptions.
3. Provide for the use of existing resources.
4. Describe an organization to implement the
plan.
5. Provide for continuity.
6. Be simple and short.
7. Be flexible.
8. Specify performance criteria that can be
monitored and controlled.

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