Marketing Plan

Table of Contents

01 03
02
Marketing
Marketing Plan Management
Here you could describe the Marketing Here you could describe the
topic of the section topic of the section
Concept
Here you could describe the
topic of the section
Marketing
Plan 01
 Marketing Plan

The lifeblood of a business emanates

from effective marketing, whatever
industry an entrepreneur is in.
Marketing is the money-making tool
which generates funds to finance the
business operation.
 Marketing Plan
A manufacturing firm needs to sell the
products that it produces. The product
will not sell by itself, no matter how
good the product is. Competitors can
either provide a better product in the
same category or an alternative product
that can replace the existing product.
 Marketing Plan
Banks have to market their distinctive
advantages to lure potential investors,
depositors and borrowers. Otherwise,
other banks can supply the same, Bank
services like credit cards, on-line
banking, etc. require marketing efforts
to draw customers into their banks.
 Marketing Plan
Hospitals, no matter how competent
their staff and how modern their
medical equipment are, would not be
able to attract patients, unless they
know how to effectively influence their
prospective clients to go to their
hospital, instead of the competitors.
 Marketing Plan
Restaurateurs, in the face of teeming
competition, are compelled to create
innovative ways of persuading their
prospective customers into their
restaurants, if they want their business to
grow. Recent technological advances
provide unlimited opportunities to
restaurateurs to market their products
 Marketing Plan
The list for marketing need is endless.
Marketing has never been more challenging.
Consumers now are better-educated, more
tech savvy, more discerning and have better
access to unlimited selection of products and
services. Therefore, a successful entrepreneur
has to have adequate knowledge and skills on
how to tap these opportunities through the
development of an effective marketing plan.
 Marketing Plan

However, before an entrepreneur can

prepare an operative marketing plan,
he/she should have a basic
understanding of the concepts and
elements of marketing.
Marketing
Concept 02
 Core Concept of
Marketing
According to Peter Drucker, a world-
renowned marketing guru, marketing is
a social and managerial process by
which the needs and wants of an
individual or a group of people are
satisfied through the creation, offering
and exchange of products of Value.
 Core Concept of
Marketing

Simply put, marketing is basically

understanding and satisfying the needs,
wants and demands of the customers
for a profit on the part of the producer.
 Marketing Concept

Needs, Wants and Products and Value, Cost, and

Demands Services Satisfaction
Maslow’s Hierarchy of
Needs
DEMANDS

WANTS

NEEDS
 Marketing Concept

A human need, which is the lowest base

in the pyramid, is a state of felt lack of
some basic satisfaction. It is something
that people cannot live without. People
need basic physiological requirements
like food, water, and sleep to survive.
 Marketing Concept
Wants, the upper steps in the pyramid, are
extension of specific satisfiers of deeper
needs. Though food is a basic need in order to
survive, some people would want better
quality and more delicious foods, like meat,
instead of dried fish, lettuce instead of water
spinach, etc. In other words, wants are
beyond survival instincts and are meant to
enhance the satisfaction of a deeper need.
 Marketing Concept
Demands are wants for specific products that
are supported by the affordability and
willingness of consumers to spend money for
them. Some people who can afford would
want to buy a mansion rather than an ordinary
house, drive a luxury car like Mercedes Benz
rather than an ordinary car like Toyota Vios
or a Honda City, etc.
 Products and Services
Products and services are the means by which people
satisfy their needs, wants, and demands. Marketers
have to understand that people do not necessarily
buy the physical product attributes but the services or
benefits that they derive from the product. In the
past, most marketers were more product-focused
rather than customer-oriented. They usually resorted
to coercive selling. They would pressure their
prospective customers to buy their products, without
necessarily considering whether their customers
would be happy or satisfied with their products.
 Value, Cost, and
Satisfaction

Marketers have to understand the

buying motive, behavior, and process
that play a major role in the buying
decision of their prospective customers.
 Buying Process and
Behavior

Product Choice
Need set Value Satisfaction
Set

Customers go through a decision-making process every

time they consider purchasing a product. They
unobtrusively conduct mind-mapping to arrive at the best
decision to satisfy their needs, wants, and demands.
 To cite an example: A junior executive, faced
with a decision to get to his office comfortably
and on time, has five-product choice set, as
illustrated below:

Product Choice
Set

Motorbike Car Taxi Bus MRT

 He can get to his office through a motorbike,
car, taxi, bus or MRT. After undergoing the
selection process, he has to evaluate whether
his choice of product would match his need
set, as shown in the diagram below.
Need Set

Ease and
Speed Safety Economy
Convenience
The junior executive has to go through the process of
deciding which of the different products available
would satisfy his needs that would be within his
budget.
 Decision-Making
Matrix
(Objective: to satisfy the needs/wants of the
junior executive to get to his office
comfortably and on time.)
Products
Needs/ Wants
Motorbike Car Taxi Bus MRT

Speed ✖ ✔ ✔ ✖ ✔
Safety ✖ ✖
✔ ✔ ✔
Ease and ✔ ✖ ✖
✖ ✔
Convenience
Economy ✔ ✔ ✖ ✔ ✔
 Based on the decision-making matrix,
the junior executive’s ideal choice
would be an inexpensive car that would
meet his needs/wants within his budget.
Hence, the marketer of automotive
vehicles can take advantage of this
buying behavior of his prospective
customers, by offering his products that
will satisfy the identified customers’s
 The guiding principles in consumer
buying is the consumer’s assessment of
the needs. He has to give considerable
thought on the products value to him
and the price he is willing to pay before
making a decision. He has to go
through the process of evaluating each
choice against his needs, wants, and
demands.
 Marketing
Management 03
 Marketing
Management
After understanding the concept of marketing, it leads us
into the concept of marketing management. Management
is defined as analysis, planning, implementation,
monitoring, and control. Therefore, marketing
management is the process of analyzing, planning, and
execution of the conception, pricing, promotion, and
distribution of goods, services, and ideas to satisfy
individual and organizational goals. Simply put,
marketing management is the creation, maintenance, and
expansion of needs, wants, and demand satisfaction.
 To accomplish this inMarketing Plan
a most effective way, an
effective marketing plan is needed. The
marketing plan is the roadmap towards a
successful demand creation and management of
a product or service. It consists of a systematic
process that enables the entrepreneur to achieve
his business' goals.
Essentially, a marketing plan involves analysis,
objective setting, Strategy formulation, action
 Contents of an Effective
Marketing Plan Executive Summary

Current and Projected Marketing Situation

Where are we now?

Opportunity and Issue Analysis

Where are we Objectives

going?
Marketing Strategy

How do we get Action Program

there?
Projected Profit and Loss Statement

Monitoring and Control

I. Executive Summary Marketing
and Table ofPlan
Contents -
presents a brief overview of the proposed plan. It
provides upper management a broad perspective
on the future direction of the company.
II. Current and Projected Marketing Situation -
presents relevant background information on the
macro-environment, market, product, competition,
distribution and trends. It analyzes where the
market and business are now and where they
going.
 Marketing Plan
III. Opportunity and Issue Analysis - identifies the
main opportunities/threats, strengths/weaknesses, and
issues confronting the product.
IV. Objectives — defines financial and marketing
objectives in terms of profits, market share, and sales
volume.
V. Marketing Strategy — presents the broad marketing
approach that will be used to attain the plan's objectives.
 Marketing Plan
VI. Action Programs — lays out the specific promotional
programs and activities relevant to the strategies. It answers the
basic questions: What, Who, When, Where,
VII. Projected Profit and Loss Statement – forecasts the plan’s
expected financial outcomes. This is the core of the marketing
plan. This shows whether the resources that would be invested on
the business would yield the desired returns.
VIII. Monitoring and Control — indicates how the plan
progresses and alerts management on any possible deviation from
the plan that would need correction. It provides management the
much-needed signposts along the plan implementation, to
determine whether it is on track or not.