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Lecture 17(2025)

The document outlines the concept of marketing planning and its significance in creating customers. It discusses the purpose of marketing research, highlighting areas such as company strengths, market profiles, customer identification, competition, and external factors. Additionally, it presents a five-step program for developing a marketing plan, focusing on assessing strengths and weaknesses, setting objectives, formulating product strategies, creating marketing strategies, and establishing a pricing structure.

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6 views

Lecture 17(2025)

The document outlines the concept of marketing planning and its significance in creating customers. It discusses the purpose of marketing research, highlighting areas such as company strengths, market profiles, customer identification, competition, and external factors. Additionally, it presents a five-step program for developing a marketing plan, focusing on assessing strengths and weaknesses, setting objectives, formulating product strategies, creating marketing strategies, and establishing a pricing structure.

Uploaded by

amaliha788
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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MTB Schools and Colleges

Course Title: Entrepreneurship Class: BSCS 5th Semester


Lecturer: Rana Atiq ur Rehman Lecture #: 17
====================================================================
Define Marketing planning:
Marketing planning is the process of determining a clear comprehensive approach to the
creation of customers.
Discuss The Purpose Or Areas Of Marketing Research:
The purpose of marketing research is to identify customers target markets and to fulfill

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their desires. For marketing research the following areas should be considered:

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1-The Company’s major strengths and weaknesses:
These factors offer insights into profitable opportunities and potential problems and
provide the basis for effective decision making

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2-Market profile:
A market profile helps a company identify its current market and service needs: How
profitable
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are existing company services? Which of these services offer the most
potential? Which (if any) are inappropriate? Which will customers cease to need in the
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future?
3-Current and best customers:
Identifying the company’s current clients allows management to determine where to
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allocate resources. Defining the best customers enables management to more directly
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segment this market niche.


4-Potential customers:
By identifying potential customers geographically or with an industry wide analysis of its
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marketing area, a company increases its ability to target this group thus turning potential
customers into current customers.
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5-Competition:
By identifying the competition, a company can determine which firms are most willing to
pursue the same basic market niche.
6-Outside factors:
This analysis focuses on changing trends in demographics, economics, technology,
cultural attitudes, and governmental policy. These factors may have substantial impact on
customer needs and, consequently, expected services.
7-Legal changes:
Marketing research performs the important task of keeping management abreast of
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significant changes in governmental rates, standards, and tax laws.
Five steps for developing a marketing plan that are helpful for new venture:
Marketing plans are part of a venture’s overall strategic effort. To be effective these plans
must be based on the venture’s specific goals. Here is an example of a five-step program
designed to help entrepreneurs follow a structured approach to developing a market plan
Step 1: Marketing strengths and weaknesses
Appraise marketing strengths and weaknesses, emphasizing factors that will contribute to
the firm’s “competitive edge.” Consider product design, reliability, durability, price & quality
ratios, production capacities and limitations, resources and need for specialized expertise.

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Step 2: Marketing objectives and goals
Develop marketing objectives along with the short and intermediate range sales goals

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necessary to meet those objectives. Next develop specific sales plans for the current fiscal
period. These goals should be clearly stated, measurable, and within the company’s
capabilities. To be realistic these goals should require only reasonable efforts and afford
able expenditures.
Step 3: product or service strategiesR eh
Develop product/service strategies. The product strategy begins with identifying the end
users, wholesalers, and retailers, as well as their needs and specifications. The product’s
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design, features, performance, cost, and price then should be matched to these needs.
Step 4: Marketing strategies
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Develop marketing strategies. Strategies are needed to achieve the company’s intermediate
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and long range sales goals and long-term marketing objectives. These strategies should
include advertising, sales promotion campaigns, trade shows, direct mail, and
telemarketing. Contingency plans will be needed in the event of technological changes,
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geographic market shifts or inflation.


Step 5: Pricing structure
Determine a pricing structure. A firm’s pricing structure dictates which customers will be
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attracted, as well as the type or quality of products that will be provided. Many firms believe
the market dictates a “competitive” pricing structure. But this is not always the case many
companies with a high price structure are very successful. Customers must believe that the
product’s price is appropriate.

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