MARKETING PLAN

What is Marketing Plan?

• A marketing plan is a document containing the marketing

objectives, marketing strategies, and the activities that will
undertaken to execute these strategies.
• The plan must consider the overall goals of the enterprise, which
must take precedence over the specific marketing objectives.
• It must also be based on valid assumptions about the financial
resources, physical resources, and human resources that will be
available to the business venture.
 What is Marketing Plan?

• The marketing plan must have specific and measureable

objectives that will allow the entrepreneur to monitor
performance and control business activities.
• It must also be able to anticipate certain scenarios that
will allow the entrepreneur to adjust his strategies
accordingly.
 COMPETITOR ANALYSIS
• The marketing strategies that the entrepreneur will execute must
be based on the intelligent assessment of the business
environment.
• Pricing strategies, for example, must consider the purchasing
power of the customers as well as the price levels of similar
products available in the market.
• Distribution strategies on the other hand, must consider
transportation costs or the costs of operating a retail outlet.
 COMPETITOR ANALYSIS

• In short, decisions concerning the 4ps of marketing –

product, price, place (distribution), and promotion (also
known as the marketing mix) – require the entrepreneur
to understand how these four elements influence each
other and how they can be integrated to effectively
exploit business opportunities.
 COMPETITOR ANALYSIS
• An important component of the industry analysis is a
documentation of the current strategies of competitors.
• The entrepreneur can get hold of the relevant
information by visiting the competitors’ websites,
getting hold of the company catalogs, flyers and
brochures, reading newspaper and magazine articles and
interviewing customers, suppliers and distributors.
 COMPARISON OF THE MARKETING
STRATEGIES OF MAJOR COMPETITORS
COMPANY A COMPANY B COMPANY C YOUR COMPANY

TARGET MARKET

PRODUCT/
SERVICE
STRATEGIES
PRICING
STRATEGIES
DISTRIBUTION
STRATEGIES
PROMOTION
STRATEGIES
 COMPETITOR ANALYSIS

• Once the strategies have been summarized, the

entrepreneur can now proceed to identify his
competitors strengths (or benchmarks that must be met
or surpassed) and weaknesses (or gaps in the execution
of the strategy), which could be listed in Strengths and
Weaknesses of Major Competitors table.
 Strengths and Weaknesses of Major
Competitors
COMPANY A COMPANY B COMPANY C

Strengths
(benchmarks)
Weaknesses
(execution
gaps)
 MADI QUESTIONS

• The MADI questions of Dr. Ned Roberto provides useful

way of identifying unmet of unsatisfied customer needs
and expectations.
• This will require the entrepreneur to interview customers
or to conduct a focus group discussion (FGD) to
determine the following about products or services that
now exist in the market.
 MADI QUESTIONS

• M – What is MISSING?
• A – What is ANNOYING?
• D – What is DISAPPOINTING?
• I – What is IRRITATING?
 Steps in preparing the Marketing Plan
1. Assessing the business situation
2.Defining the target market
3. Setting the marketing goals and objectives
4.Developing marketing strategies and marketing
programs
5. Preparing the budget for the action plan
 DEVELOPING MARKETING STRATEGY AND
ACTION PROGRAMS

• Once the marketing goals and objectives have been set,

the entrepreneur can proceed with developing his
marketing strategy and accompanying action plan.
• Thus in answering the question “How do we get there?”
strategies should formulated for each element of the
marketing mix.
 Elements of Marketing Mix

1.Product. This must include a description of the product

or service that will be offered by the business. Aside from
the physical characteristic of the product, there must also
be a description of other important components that add
value to the costumer, such as the brand name, image,
packaging, delivery time, after-sales service and warranty.
 Elements of Marketing Mix

2. Pricing. Price is an important consideration for many buyers,

and must therefore be given appropriate attention by the
entrepreneur. But what must be considered when deciding of
the price of the product? The most critical are cost, competition,
and perceive value. Thus the term cost-based pricing,
competition-based pricing, and value-based pricing are used.
 Elements of Marketing Mix

3.Place. What is the best way of getting the product of

the consumer? When deciding on a channel for
distributing ones product, the entrepreneur must
consider the following interrelated factors: {a} the
channel’s directness, {b} the customer’s convenience,
and {c} cost-effectiveness.
 Elements of Marketing Mix

4. Promotion. For start-up business, it is essential for the

entrepreneur to make its product known to his potential
consumers. He can do this by utilizing traditional media
such as print, radio, and television, or tapping new media,
such as the internet. Small entrepreneur might not be able
to afford television advertising, which is very expensive.
WHAT MUST BE CONSIDERED IN DEVELOPING
MARKETING STRATEGY AND ACTION PLANS?

• Evidently, the entrepreneur has to make decisions

concerning the marketing product or service, based on
what was discussed in the previous section. The table
summarizes these areas for decision-making.
 MARKETING MIX DECISIONS
MARKETING MIX Areas for Decision Making
Product Product features, style, options, brand name, quality of materials or
components, product-bundling, packaging, sizes, after-sales service
and warranties.

Price Quality image, list price, quantity, discounts, allowances for quick
payment, credit terms, and payment period.

Place (Distribution) Setting up own distribution outlet, use of wholesalers and / or retailers,
number of distributors, number of channels, geographic coverage,
inventory, transportation and use of electronic channels.

Promotion Media alternatives, message, advertising budget, sales promotion (e.g.

displays, flyers, coupons, special events), use of social networking,
website design and interface, and publicity efforts.