Market Plan and Strategy Formulation

A major role of the marketing manager or a small business entrepreneur is to prepare a marketing plan or marketing strategy. In making the plan, it is always best to consider factors in the environment. Following are the major factors that you must consider. A. Competitors Marketing -You must know your competitors doing in terms of products being offered, their strategy in promoting their products, their channels of distribution and the prices of their products. Its up to you if you want to e or you will make your own unique marketing program that the people will encourage to buy and patronize your product. B. Economic Situation C. Developments in Technology -You must abreast with latest developments in technologies that can affect your marketing activities. For example, you have a facebook account or any social networking, you can use it for your business by posting your product and giving information about it so the people will see it even they are in other country/place and they can inform you about their orders. D. Socio-cultural Factors -You must know what is acceptable socially and culturally about the people around your business to patronize your product. For example, Muslim is much more people around your business so you dont need to sell pork because they dont eat pork. E. Political Factors -Political situation may or not affect your business depending on the type of business you are in. For example, you have printing business, during election, you can expect to have more politicians costumers for their campaign posters. F. Government Laws, Policies, and Programs -You should be well informed of the laws, policies, and programs of government so that you can comply with statutory requirements of doing business. For example, you have restaurant, some of the ingredients like preservatives must have approval of the Philippines Bureau of Food and Drug. Failure to comply with laws could mean penalties or sanctions being imposed on the company. G. Global and International Developments -Today, we have one global market. The companies here in the Philippines, have the opportunity to sell to the world market but it also means that products from other countries like China can easily enter the Philippine market and provide stiffer competition to local small firms.

Variables in the marketing mix (The Four P's) By combining 4 P's it will determine whether your target market will be satisfied with your marketing program or not. The market will indicate whether you can compete effectively in the market and determine whether your business will achieve its target sales and profit. The "P" in the marketing mix. A. Product Product refers to what company sells. It must be tangible product or intangible service, tangible means something that can be measured/assessed or real like clothes, shoes, etc. and intangible is something which cannot be measured or imaginary like education, insurance, etc. It says that entrepreneurs must make product decisions and strategies 1. Features to include in the product 2. Sell more than one product; you must develop a product line. 3. Frequency of changing the features of your product or product line. Product life cycle - The market acceptance will change over time because of the people and their wants for the product. There are 4 phases in the life of a product. The introduction, Growth, Maturity, and decline. B. Promotion A activity that inform potential buyers about the product. It become necessary when competing products are alike, goods have to be distinguished from the competion, buyers awareness is minimal, and product are to be sold on self-service. There are 5 forms of product promotion: Personal selling, advertising, sales promotion, point of purchase/product display, and publicity.