Marketing Plan

A marketing pian is an outline of actions designed to achieve a specific set of goals as mentionced
earlier in this book, a plan should bc realistic. That is, it should be based on available resources. Likewise,
a marketing plan must be compatible with marketing resources and the extemal environment of the
enterprise.

The external environment consists of:

1. Economic forces - Such as infation and unemployment which directly influence the purchasing power
of the consumers For instance, when prices are high, people can only buy a lesser number of goods and
services.

2. Societal forces - Like social and cultural values and traditions that greatly affect the choices of goods
and services by consumers.

3. Political forces - In the form of govemment laws and policies that regulate markeing activities. These
can be favorable or unfavorable. For instance, unreasonable taxes dampen the growth

4. Technological forces - Such as new methods and new machines that can be both positive and negative
to marketing, Entrepreneurs can avail of the benefits of better technology to improve the quality or
reduce the cost of production.

Developing a Marketing Plan

1. Assess the marketing environment:

• Present and potential market

• Marketing programs/strategies

• Availability of resources

2. Formulate specific marketing objectives:

• Reasonable

• Realistic

• Relevant to firm's goals

3. Choose a target market with strategies on:

• Product

• Pricing

• Promotion
• Distribution

4. Monitor and evaluate the operations of the marketing program through:

• Marketing research

• Marketing infomation șystem (computer-based)

Consumer Behavior

Success in marketing depends on the ability of the entrepreneur to identify and understand the
behaviors of consumers. Such characteristics of consumers can be studied through masketing research.

In studying consumer behavior, the following should be considered:

1. Who buys?

2. What do they buy?

3. Wherce do they buy?

4 When do they buy?

5. How do they buy?

6. Why do they buy?

Why Do Consumers Buy?

As an entrepreneur, you should know the reasons why people buy a certain product or service. Such
knowledge provides you with not only a competitive advantage, but also an opportunity to increase your
sales.

Specifically, people buy a certain product for the following reasons?

1. The product satisfies their basic needs.

2.. The product gives them convenience.

3. The product provides a future.

4. The product offers fame.

5. The product protects them.

Developing Marketing Strategies

According to Professor Philip Kotler, a marketing strategy is a consistent, appropriate and feasible set of
principles through which a particular enterprise hopes to attain its long-run customer and profit
objectives in a particular competitive market. Such strategy takes into consideration the following
factors:

1. Competitive size and market position of the enterprise

2. Resources, objectives and policies of the enterprise

3. Marketing strategies of competitors

4. Buying behavior of target market

5. Stage of product-life-cycle

6. Character of the economy

Marketing strategies consist of:

• Product strategy

• Price strategy

• Promotion strategy

• Distribution strategy.

The target market can be segmented based on their

- Age - Sex - Race

- Income - Education - Occupation

- Social classes - Urban/rural residence