marketing plan
- 1. PRESENTATION ON MARKETING PLAN Submitted by: Submitted to: Pooja Rani Prof. Shweta Singh 18022029 MBA 2nd yr
- 2. MARKET PLAN Market plan refers to plan that describes market condition and strategy related to how products and services will be distributed, priced and promoted in market. A marketing plan is a operational document that outlines an advertising strategy that an organization will implement to generate leads and reach the target market. A marketing plan is based on a company’s overall marketing strategy.
- 3. DIFFERENCE BETWEEN A BUSINESS PLAN & A MARKETING PLAN The Marketing Plan An integral part of a business Plan Focusses on all marketing activities of a venture for one year or more Vary significantly for a firm depending on the industry, target market and the size and scope of the organization. The Business Plan The road map for the entire organization over time. Focusses on not just marketing issues but also such decisions as research and development, operations, manufacturing, personnel, financial projections & analysis and future growth strategies.
- 4. Cont. Standalone document that needs to be managed on a short-term basis to ascertain whether the venture is meeting its goal & objectives. Should be updated on a regular basis to help management to stay focused and to meet organizational goals.
- 5. MARKETING RESEARCH FOR THE NEW VENTURE Information for developing the marketing plan may necessitate conducting some marketing research. • Marketing research: • Who will buy the product/service • What is the size of the 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 The entrepreneur will need to assess available resources and the information needed -> Focus Group (not costly). Marketing research may be conducted by the entrepreneur or by external supplier or consultant.
- 6. UNDERSTANDING THE MARKETING PLAN The entrepreneur should prepare the marketing plan Ideally prepared annually, assessing goals and objectives for the next year It establishes how entrepreneur will effectively compete and operate in marketplace After the strategies established, entrepreneur can assigned cost to the strategies
- 7. UNDERSTANDING THE MARKETING PLAN Marketing plan= a road map Where have we been? Where do we want to (in short term) How do we get there?
- 8. STEPS INVOLVED IN MARKET RESEARCH 1. Define purpose and objective 2. Gathering data from secondary sources 3.Gathering data from primary sources 4. Analyzing and interpreting the result.
- 9. CHARACTERISTIC OF MARKETING PLAN ! It should provide a strategy for accomplishing company mission & goals Based on fact & valid assumptions Provide continuity, successfully meet longer term goals Should be simple and short The success of the plan may depend on its flexibility Should specify performance criteria that will be monitored and controlled.
- 10. STEPS IN PREPARING MARKET PLAN 1. Defining business situation refers to understand past and present business achievements of new venture. It give basic insight about scenario persisting in market, response of customers to new venture in market, and helps in predicting customer acceptance of company product in market. 2. Defining target market : target market refers to group of potential customers towards which venture aims its market plan. Knowledge of target market will provide basis for determining appropriate market action strategy to meet needs of customers. Target market also includes market segmentation which involves process of dividing market into definable and measurable groups for purpose of targeting market strategy.
- 11. Cont. 3. Considering strength and weakness : strength of business refers to core areas which company is specialized in which may be abundance experience of company in similar area of business and weakness may be in terms of production capability, or layout which permits limited space for equipment and operation. 4. Establishing goals and objectives : marketing goals of the company should be clear and specific in nature as it has to clearly indicate about nature of product, target customers ,sales promotion , advertising support etc.
- 12. Cont. 5. Defining market strategy and action program : it refers to specific activities outlined to meet the venture, business plan objectives and goals. a. Product and service : indicates description of product or service to be marketed in the new venture. b. Pricing : refers to price to be charged for product in market before which company is required to consider various aspects such as cost, margin , competition etc. c. Distribution : refers to means through which product will be made available to customer in market which involves decision relating to nature of product, distribution channel, middlemen etc. d. Promotion : refers to various channels through which entrepreneur will advertise company product to customers in market.
- 13. Cont. 6. Marketing strategy : It involves understanding the nature of product and accordingly planning in for marketing product. Entrepreneur may market consumer product directly to customers while manufacturing products are to be sold to business than customers in market. Dell computers markets its products both to customers as well as business people. 7. Budgeting marketing strategy : After drafting marketing plan entrepreneur is required to estimate total expenses to be incurred in process of implementing market plan. Expense of marketing plan should be in line with planned expense of entrepreneur.
- 14. Cont. 8. Implementation of market plan : Market plan should be implemented in the company , should be informed to the workforce involved in marketing activity , it acts as guiding element to direct on strategies which will make marketing process effective. 9. Marketing progress of marketing actions : Marketing of plan involves tracking specific results of marketing effort. Sales data of product, data gathered by market survey are few methods of monitoring progress of market plan.