ENTREPRENEURSHIP
LESSON: MIDTERMS
LESSON: MARKETING PLAN
MARKETING
- Marketing is a key component in the success
of every small business.
- Marketing is a cumulative effort, and a
unified plan maximizes the value of every
campaign toward a cohesive strategy.
WHY DO BUSINESSES NEED MARKETING PLANS?
- A marketing plan identifies your target
audience, the most effective channels on
which to engage with them, and analytical
insights to guide future strategy.
- Businesses need a comprehensive marketing
plan to coordinate their campaigns and
properly measure their impact.
4 TYPES OF MARKETING PLAN AND STRATEGIES
- Market Penetration Strategy
• The marketing activities that will
dominate in this type of marketing
plan are those that emphasize
increasing the loyalty of existing
customers so that they are not
vulnerable to loss to competitors,
attracting competitors’ customers,
increasing the frequency of product
use, and converting nonusers into
users.
• This strategy reduces risk by relying
on what the firm already knows
well—its existing products and
existing customers.
• It is also a strategy where
investments in marketing should
pay back more quickly because the
firm is building on an existing
foundation of customer
relationships and product
knowledge.
- Market Development Strategy
• The efforts to expand sales
by selling current products in new
markets are referred to as a market
development strategy.
• Creating product awareness and
developing distribution channels
are key marketing activities.
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- Product Development Strategy
• Research and development
activities play a dominant role in
this strategy.
• The time required to develop and
test new products may be long, but
once a product is developed,
creating awareness, interest, and
availability should be relatively
rapid because the firm already has
a relationship with customers.
• A product development strategy is
also riskier than a market
penetration strategy because the
necessary product may not be
possible to develop, at least at a
cost acceptable to customers,
or the product developed does not
match the needs of customers.
- Diversification Strategy
• A diversification strategy involves
taking new products into new
markets.
• This is really the creation of a
completely new business. This is
the riskiest of strategies and the
strategy likely to require the most
patience in waiting for a return on
investment.
HOW TO DEVELOP A BUSINESS MARKET PLAN
- Create an executive summary
- Identify your target market
- Differentiate your brand with inbound
marketing
- Identify competitors that also target your
customers
- State your brand position for your target
customers.
- Budget the plan
CREATE AN EXECUTIVE SUMMARY
- Marketing is the story of your brand as told
to customers; like any narrative, its tone and
characters should remain consistent.
- An executive summary details your
marketing goals for the next year and helps
tie each campaign together
- You may set a SMART goal to increase your
company’s social media traffic by 15% in a
90-day time frame, and plan to achieve this
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LESSON: MIDTERMS
by creating four relevant, informative and
high-quality posts per week on each
platform, using your company’s brand kit
IDENTIFY YOUR TARGET MARKETS
- You need to find and understand your niche
- Ask yourself who the specific demographic is
that you’re targeting
- For example, if your business sells 30-minute
meals, then those who work traditional 9-to-
5 jobs are likely in your market
- Study that group of individuals to
understand their struggles and learn how
your business can solve the problem
DIFFERENTIATE YOUR BRAND WITH INBOUND
MARKETING
- Inbound marketing utilizes internal tools to
attract a customer’s attention primarily
through online communication.
- Content marketing can include informative
blog posts, interviews, podcasts with
relevant industry figures or supplementary
guides on how to best use your product
- For example, if you sell cooking supplies,
consider posting several fun recipes around
the holidays that your tools can help
prepare.
IDENTIFY COMPETITORS THAT ALSO TARGET YOUR
CUSTOMERS
- No matter how original your product or
service may be, there is always competition.
- Knowing who your competitors are, their
core competitive advantages, and how they
might respond to your offerings helps you
devise strategies to combat such losses.
- You can develop ways to differentiate your
business by providing consumers with the
things they may be lacking from your
competition.
- Observe how your competitors operate to
find ways in which you can stand out and
steer your target audience toward your
business.
STATE YOUR BRAND POSITION FOR YOUR TARGET
CUSTOMERS
- Your brand is your strongest advantage.
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- You should be able to write a simple
declarative sentence of how you will meet
customer needs and beat the competition.
- The best positioning statements focus on
solving a problem for the customer in a way
that promotes the best value.
BUDGET THE PLAN
- Marketing requires money for various
reasons, including paid promotions,
marketing software, events and outsourced
costs.
- Consider your budget when creating the plan
so that there is money available to spend on
marketing tactics to achieve your goals.
LESSON: FINANCIAL PLAN
FINANCIAL PLANNING
- A plan will help you to make smart decisions
about your money and reduce spending in
unnecessary areas of the business.
- This can be considered as a roadmap to
success with detailed plans and budgets
saying how they will be achieved. It lays a
road map from marketing, financial and
operating point of view as well.
SIX STEPS IN FINANCIAL PLANNING
- Setting up of Financial Plan
• The secret of a successful business
is setting up proper financial goals
- Track your money
• Since the financial plan is a guide for
good business flow, having an
accurate idea about your savings or
pay-downs is helpful to develop
medium- and long-term plans.
- Emergency expenses
• Collecting cash for emergency
expenses is the bedrock of the
financial plan.
- Investing your savings
• Investing isn’t always meant for the
rich alone. Building credit is
another way to shock proof of your
budget.
- Have a check of high-interest debt
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• Paying down the ‘toxic’ high-
interest debt like title loans, rent-
to-own payment, credit card
balances etc. are the crucial steps in
any financial plan.

SETTING UP OF A MOAT
- It is essential to build a moat to protect your
business from financial setbacks.

START-UP COSTS
- If you are about to start a business, first you LESSON: BUSINESS PLAN
are supposed to determine start-up costs.
- They are the first-time expenditures that you
have to spend before opening your PARTS OF A BUSINESS PLAN
business.
- It includes all costs such as furniture, EXECUTIVE SUMMARY
supplies, equipment, renovations, license - It is defining the nature of your business.
permits and incorporation fees; if necessary. - It is describing the business.

PROPONENTS
- Names of the members

OVERVIEW OF THE BUSINESS

- Localized description of the business
- Defining your business

NAME OF THE BUSINESS

- Title of your business

BUSINESS NEEDS
- It shows the perceived problem, possible
solution and needs to make the business run
smoothly.

VISION, MISSION AND CORE VALUES

- It sets the direction and characteristics of the
business.

CASH FLOW PROJECTIONS MARKETING PLAN

- Cash flow projections show the expected
amount of money that you can earn in a
business along with what will be spent on
expenses.
- It is the cash that you expect from sales
- It is how you are going to promote your
products.
OPERATIONAL PLAN
- It talks about the production paradigm.
- It presents the procedure in the productions
of products.

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ORGANIZATIONAL PLAN
- It presents the management hierarchy of
your business.

SUSTAINABILITY
- This includes the financial plan, projected
cost revenue, projected income statement
and cash flow

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