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Contributed by: Arya Kumar Chief ED & IPR UNIT BITS, Pilani
A marketing plan outlines the specific actions you intend to carry out to interest potential customers and clients in your product and/or service and persuade them to buy the product and/or services you offer.
There are many things that your business marketing plan needs to address and these points may include some of the following: • -What are your business marketing goals ? -What is your target audience ? • • -Deciding business marketing system . you need to develop a proper business marketing plan. and then gauge its performance for your business growth.For successful business marketing.
so that positive proposals can be envisaged .SWOT Analysis A basic marketing plan begins with SWOT analysis about your company and the SWOT should be : A summary of the key elements in your business Brief. concise and interesting. without being too abbreviated Focused on the real issues facing your company Action-oriented.
.Make necessary contingency plan to combat threats which would automatically become a part of the marketing plan.You can bank upon these. Strengths. Weaknesses.Definitely need to be corrected Opportunities. Threats.Help you in setting the target where you want to reach.
Scope of Marketing Research Identifying Target Market Identifying Market Characteristics Measurement of Marketing Potential Competitors Analysis Sales Analysis Identify and forecast Business Trends Sales Forecasting New Product/Service Acceptance and Potential Long Range Forecasting of Marketing Mix Variables Pricing Strategies and Studies .
target customer. competition. This information tells you about your potential market. habits. and reliable to help you make the right business decision. income. market and competitors. accessibility. its preferences.Market Research How to collect certain information about your customers. convenient time and plans. . This information should be accurate. prices. trends.
Where potential customers would prefer to purchase the product or service. How much potential customers would be willing to pay for the product or service. . Where the customer would expect to hear about or learn about such a product or service.Market Research Step One : Defining the Purpose or Objectives Ask people what they think of the product or service and collect some background demographics & attitudes of these individuals.
Market Research Step Two: Gathering Data from Secondary Sources Data that already exists i. and networking before beginning any more costly primary data research. .e information from Trade magazines Libraries Government Agencies Universities Internet The entrepreneur should exhaust all possible secondary data sources. observation.
Market Research Step Three: Gathering Information from Primary Sources Information that is new is Primary data and involves data collection procedures like Observation Networking Interviewing Focus Groups Experimentation Data collection is done with the help of Data Instruments like Questionnaire. .
A focus group is a sample of 10-12 potential customers who are invited to participate in a discussion relating to the Entrepreneurs’ research objectives. . Step Four: Analyzing & Interpreting the results The results should be evaluated and interpreted in response to the research objectives. The data can then be cross tabulated to give better insights and interpretations regarding the segmentation of the market. FOCUS Groups: They are more informal method of gathering indepth information.
STRUCTURE FAMILY/GROUP INFLUENCE. OPINION LEADERSHIP CULTURAL BELIEFS & VALUES. INTERPERSONAL RESPONSE. PERSONALITY THEORIES BUYING PROPOSITION PRODUCT OR SERVICE .Marketing Research – Analyse Complexity of Buying Behaviour SOCIOLOGICAL SOCIAL CLASS. LEARNING PROCESSES. ATTITUDES MOTIVATION. SALES SERVICE INDIVIDUAL PSYCHOLOGICALFACTORS COGNITION. PAYMENT TERMS.LIFE CYCLE. DELIVERY. LIFE STYLES ECONOMIC PRICE.
Self-concept. Occupation. Reference Groups . Income. Time orientation PSYCHOLOGICAL Nature of needs. Aspiration Groups. Education.Understanding Consumer Characteristics CHARACTERISTICS Innovators 2-3% Early Adopters 12-15% Early Majority 33% Late Majority 34% Laggards 12-15% PERSONAL Social. Family Influence. Housing. Perceptions.
life counseling Furniture.Changing Priorities Stage Priorities Major Purchases Fledging : Teens & early 20s Self. Automobiles. Luxury Automobiles. Clothing. Diet. Career. clothing. health.Baby Care products. Midlife crisis Children Food. Travel Furniture & Furnishing. Long distance telephone services Empty Nest 50-70 Self & others. Entertainment. transportation. Travel. Entertainment. Savings Home. relaxation Sole survivor 70-90 Self. Education Appearance Products. insurnce Courting :20s Self & Other.. Investments Health care .Career Babies & Career Nest Building:20s &early 30s Full Nest 30-50s Children. Books. Garden. education. Comfort. Pair bonding. Hobbies.Socialising. Hobbies. Recreation. TV. Security.loneliness .
Analyse Target Market OCCUPANTS SERVICES OCCASION ORGANISATION OBJECTIVES OPERATIO WHO WHAT WHEN WHO IS INVOLVED WHY HOW .
Marketing Strategy to be Based on WHO MAKES THE BUYING DECISIONS DECIDER INFLUENCER BUYER USER GATE KEEPER .
e.Characteristics of a Marketing Plan Should provide a strategy for accomplishing company goals and missions Should be based on facts and valid assumptions Should provide for continuity so that future plans can be built on it for long-term goals Should be simple and short Should be flexible i. should provide scope for inclusion of “what if” scenarios Should specify performance criteria that will be monitored and controlled .
Dividing a market into definable and measurable groups for the purpose of targeting market strategy.The Algorithm Defining the Business Situation – Describe the past and present business achievements of the new venture.Marketing Plan. Defining the Target market – Market Segmentation. .
Market Segmentation.The process of segmenting & targeting the market should process in the following way Decide what general market or industry you wish to pursue Divide the market into smaller groups based on Characteristics of the customer Geographic Demographic Psychographic .
g.g. frequency of usage) Buying conditions (e.g. Buying situation Desired benefits (e. price. distribution & promotion (together called THE MARKETING MIX) . Product features) Usage (e. familiarity of product & willingness to buy) Select segment or segments to Target Develop a marketing plan integrating product.g. time available & product purpose) Awareness of buying intention (e.
Establishing Goals & Objectives – Asking oneself “Where do we want to go?” in terms of Market share.Marketing Plan. All such goals n objectives should be quantifiable and could be measured for control purposes. . market penetration. Considering the Strengths and Weaknesses – The SWOT analysis which was discussed earlier. sales.The Algorithm Contd…. profits. new products launching etc.
Marketing Plan. The 5-P’s In the marketing plan. you should endeavor to follow best practice to maximize your competitive advantage in each of the following key areas: Product – packaging. delivery time. Defining Marketing Strategy – Outline all the activities needed to meet the venture’s business plan goals & objectives. service. . image. the brand name. style etc.The Algorithm Contd…. features. warranty.
geographical profile) Target the Audience (market segment.. prospective demand. margins. demographic profile) Decide the advertising content (specific product/service benefits to highlight) Decide the execution and style . Advertising is an effective as well as an expensive way & has to be taken care of. competitor’s prices. market share) Decide your strategy (budget. discounts.Price – Pricing of a product or service has to be done very carefully considering numerous things like quality. market segmentation etc. Promotion – The promotion plan itself a mini-marketing plan. The procedure to be followed includes : • • • • • Set specific campaign objectives (building sales. media choice.
If your product is of highest quality. The choice of distribution channel. it must be available in the major quality stores.Place (Distribution Plan). with price & promotion to match. therefore can make an important contribution to both your company differentiation & to reaching your target group of customers.The distribution plan must match the other elements of the Marketing MIX to maintain the differentiation and focus of the Company. .
People – The final ingredient in the marketing plan jigsaw must be quality salespeople who can consistently maintain your marketing differentiation. . A well remunerated & motivated staff will act as enthusiastic sales promoters and act as eyes and ears of the company in the competitive market place.
The Algorithm Contd….Marketing Plan. Coordination of the planning process Designating responsibility for implementation Budgeting the Marketing Strategy Implementation of the Market Plan Monitoring Progress of Market Actions .
Unexpected competitive moves.Why some Plans fail ? Lack of a real plan (particularly regarding goals & objectives) Inadequate situational analysis – There is no point in deciding where you want to go if you do not know “where you are?” and “where you have been?” Lack of Goal Clarity and Unrealistic Goals – This generally happens due to lack of understanding of the situation. Delay in Getting Finance. product deficiencies. . and acts of God.
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