Reviewer Entrep

Module 5 Implementation of Marketing Plans and Strategies

Marketing Plan Implementation Steps

Step 1: Divide the marketing plan into small manageable pieces and manageable time.
Step 2: Explain and delegate the marketing tasks to assigned individuals.
Step 3: Keep the communication line open.
Step 4: Monitor accomplishments and progress.
Step 5: Open yourself to relevant ideas of your marketing team.
Step 6: Adapt to the internal and external factors that affect the marketing function.
Step 7: Incorporate incentives and penalties for motivation
Step 8: Analyze and interpret the results.

Examples of unique selling proposition, value proposition, marketing mix strategies, and tactics for an
online clothing business:
● Value proposition: Virtual shopping mall
● Unique selling proposition: Hand-made fashionable clothes from indigenous Filipinos
7Ps marketing mix strategies:
● Product - Hand-made fashionable clothes
● Place - Online/Internet
● Price - Penetration pricing (will start with low price until it peaks)
● Promotion - Internet marketing (e-mails, social media, Web sites)
● People - 24/7 helpdesk
● Packaging - Organic paper
● Process - Return policy of to calendar days

Selling strategies when you sell your product or service

● Cold Calls - This is a selling strategy whereby the seller calls a random person who has no
relationship with the business yet but is considered as a potential customer. This selling strategy
is one of the most difficult to pull off. The seller should expect that the customers are "cold" and
skeptical when he or she sells the product to them.
● Consultative selling - Unlike cold calls, consultative selling is a dialog process between the buyer
and the seller (who acts as an expert consultant) as to how the buyer's problems or pain points
can be addressed by the product or service of the seller.
● Direct selling - This is a selling strategy that is common in the Philippines. It is where an
independent direct seller goes directly to the customer's house or office and presents his or her
products for selling.
● Persuasive selling - This is often associated with being pushy, but persuasive selling is different in
such a way that it is selling with subtlety. This is positioning the product or service as rare, limited,
or recommended by experts. The persuasive seller is able to engage a customer in a
conversation rather than a sales pitch. This way, the customers are put at ease.
Steps in Selling a Product or Service

Step 1: Find Prospects

- There is no such thing as "everyone." "all of them," or "everybody when it comes to marketing
and selling. At the onset, the entrepreneur has to choose an initial group of people that has
common interests and preferences that the entrepreneur has to find.

Step 2: Sell credibly to your primary target market (sales presentation)

- The selling presentation is one of the most challenging tasks in selling. The entrepreneur or his or
her sales team/agents must contact the prospects in any of the possible channels where they can
be easily reached such as face-to-face, Internet (e-mail, Web site, social media). mobile phone,
landline phone, text message, advertisement, affiliates, or any other creative and strategic
channel where they will be enticed to buy.

Step 3: Manage customer’s inquiries and objections

- Customers are not buying for the sake of buying. THey are the entrepreneur’s major critique.
They are usually asking questions related to price or value proposition.

Step 4: Close the Sale

- The entrepreneur must close the sale by ensuring that both the seller (entrepreneur) and the
buyer agree to the conditions of the sale.

Step 5: Develop a long-lasting relationship with customers

- Closing the sale as stated is the organic end of the sales process. However, when one process
ends, another one begins. Closing the sale spearheads a long- lasting relationship with
customers.

Module 6: Implementation of Business Operations

Methods and Processes for a business

Step 1: Register the Business

Step 2: Determine the manufacturing elements or ingredients of the product.
Step 3: Decide the most practical and efficient manufacturing site and location.
Step 4: Decide whether to follow a product-based or process-based internal layout, and
then draw the manufacturing process flow.
Step 5: Decide on what distribution process and distribution channel will be most
economical for the business.
Manpower

Step 1: Create a table of organization to show a graphical description of the manpower

complement of the business.
Step 2: Prepare a job description for each member of the organization so that everyone
is aware of what is expected of him or her.
Step 3: List the Qualifications of employees needed and decide where to source them.
Step 4:Decide on where to source candidates (e.g., friends, relatives, unemployment,
agencies, referrals, manpower agencies, newspapers, social media, walk-ins.)
Step 5:Interview the potential candidates and ask them relevant questions about the
job.
Step 6: Choose the best candidates and provide a job offer. The job offer should contain
the following details.
Step 7: Ensure there is an employee training and development program for the
business.

Machine

Step 1: List all the equipment and technology needed and decide whether it is
economical to purchase them or just rent them.
Step 2: Understand how to use these machines properly, and apply all the necessary
safety precautions before using. Protect these pieces of equipment from physical and
security risks.
Step 3: List alternate options in case the equipment becomes dysfunctional. The key is
for the business to continue no matter what. Know where to find repair shops when
needed.

Materials

Step 1: To determine the requirements for materials, the entrepreneur must decide
which path to choose: (1) manufacture own products or offer own services, (2)
outsource manufacturing or service activities to a third party, and (3) purchase finished
products or services from a manufacturer
Step 2: List all the materials needed for the manufacturing or service business and
decide where to source them efficiently ( at least two suppliers )
Step 3:Implement efficient logistics management - warehousing, transportations and
inventory management.
Module 7: Financial Statement Analysis
The Importance of Keeping Business Records
- Before an entrepreneur can prepare accounting entries and financial statements, he or
should first appreciate why these are needed in the first place. The truth is that from the
day an entrepreneur chose to engage in a business, all his or her transactions related to
the business should be recorded. The entrepreneur must understand that his or her
personal transaction must be separate and distinct from his or her business
transactions. This is where the accounting concept of "separate entity" comes in, where
the business is a separate and distinct personality from the business owner.

Actual Record Keeping and Bookkeeping for Business

- Most budding entrepreneurs do not instantly have an accountant or a bookkeeper to
manage the accounting records of the business because it is costly to hire one. Also,
because accounting is also a management function where the entrepreneur should be
fully skilled and aware of, the entrepreneur is usually the accountant/bookkeeper at the
onset. When the business grows, the entrepreneur can now hire an accountant or a
bookkeeper, so that he or she can focus more on other important management
functions. This, however, does not relieve the entrepreneur of his or her responsibilities
of overseeing the accounting books of the business and making sure they are accurate
and follow the generally accepted accounting principles. In this scenario, the
entrepreneur becomes the checker in the "maker-checker" accounting concept, where
the checker should ensure that the maker did his or her accounting right.

Step 1: Prepare the accounting entries either manually or by using an Excel sheet.
Step 2: Calculate the balance of each account using a T-account or an Excel sheet.
Step 3: Prepare the income statement and calculate the net profits of the business.
Step 4: Prepare a balance sheet and ensure that the equation is balanced.
Step 5: Prepare a cash flow statement that summarizes the whereabouts of cash. The
entrepreneur must ensure that he or she will not run out of cash in the course of the business.

Gross Profit
-What is gross profit? Gross profit is the profit a business makes after subtracting all the
costs that are related to manufacturing and selling its products or services. You can
calculate gross profit by deducting the cost of goods sold (COGS) from your total sales.
Current Ratio
- The current ratio describes the relationship between a company's assets and liabilities.
So, a higher ratio means the company has more assets than liabilities. For example, a
current ratio of 4 means the company could technically pay off its current liabilities four
times over.

Formula of ROI
- Profit / Cost of Investment (x) 100%

Debit & Credit

- A debit is an accounting entry that either increases an asset or expense account, or
decreases a liability or equity account. It is positioned to the left in an accounting entry.
A credit is an accounting entry that either increases a liability or equity account, or
decreases an asset or expense account. It is positioned to the right in an accounting
entry.

Equity Ratio
- Equity Ratio = Shareholder's Equity / Total Asset It appears as the owner's or
shareholders' equity on the corporate balance sheet's liability side. read more, retained
earnings, It is shown as the part of owner's equity in the liability side of the balance
sheet of the company.

Return Assets
- What Is Return on Assets (ROA)? Return on assets is a profitability ratio that provides
how much profit a company can generate from its assets. In other words, return on
assets (ROA) measures how efficient a company's management is in earning a profit
from their economic resources or assets on their balance sheet. The return on total
assets ratio is calculated by dividing a company's earnings after tax by its total assets.
Total assets are equal to the sum of the shareholders' equity and the company's debt.
This value is found on the company's balance sheet.