Content of Marketing Plan in Entrepreneurship

1. Marketing
plan

2. Marketing Strategies/ Planning
Definition
David Aaker
Process that can allow an organization to concentrate its resources on the optimal
opportunities with the goals of increasing sales and achieving a sustainable
competitive advantage.
Effort to achieve the marketing objective or goal by pointing specific target market
and making some marketing program.

3. Marketing Strategies/ Planning
Product
Price
Promotion
Place

4. Product
Something which can be offer to a market whether its satisfy as need or want,
for attention, acquisition, use and consumption.
The product can be an object, services, experiences, person, places,
organization and idea.

5. Price
Price is common issue in business. Some of the company or entrepreneur will facing
with getting loss or profit from the initial asset.
Total cost = FC+VC(Q)
• FC=Fixed cost
• VC=Variable cost per unit
• Q=Quantity

6. Promotion
• Advertising – printed media, broadcast media, internet, outdoor
advertisement
• Sales promotion – short term incentive given to the customers (discount,
coupons, rebates, etc)
• Public relations and publicity – CSR activity

7. Place
•Direct to customer
•Selling through retailers
•Selling through wholesalers
•Selling through agent

8. • Is a group of customers that the business has decided to aim its marketing efforts and ultimately
its merchandise towards.
• Is the first element to a marketing strategy.
• A sales target is the number of products you need to sell to make a desired profit. Sales teams
thrive on well-defined sales targets.
• Sales targets allow you and your sales staff to:
• set clear goals
• pursue incentives and bonuses that motivate and reward
• keep measuring, challenging and improving your sales performance.
• Reliable sales targets also help you track your sales progress within each period, and adjust your
sales goals to meet your market and business needs.You can set targets by market segment, by
region and for each member of your sales team.
• Your sales targets are a part of your sales plan, and are used to achieve the performance goals
you set in your marketing plan.

9. Types
Product
Market
SegmentRegion

10. Sales targets by product
• Setting specific goals for each product is a simple and effective way to meet
your monthly sales budget.
• Product sales targets usually list the number of products you need to sell, as
well as the targeted average sale price you need to get, to achieve a
budgeted profit.
• Sales targets set by product also include other important business
information, such as stock and storage requirements.

11. Example sales targets table
• Set out your sales goals by product or service, identifying the profit you
need to make from each product sale and the volume of sales you
anticipate.

12. Sales targets by market segment
• Customer researchers often choose to group market segments by:
• Geographic (based on location such as home addresses)
• Demographics (based on measurable statistics, such as income, age, gender, family size,
income, occupation, education, socio-economic status, religion, nationality)
• Psychographics (based on lifestyle preferences, such as being urban dwellers or pet lovers,
personality, lifestyle, values, attitudes)
• Behavioral segmentation (occasions, degree of loyalty)
• Using your marketing plan as a guide will help you to achieve your sales targets
by pitching your products and services to these characteristics of your market
segments.

13. Sales targets by region
• Businesses with area or travelling sales representatives most commonly set
sales targets by region - removing the difficulty and frustration of setting
and monitoring individual targets for large numbers of products.
• These businesses find it easier to set a dollar figure target per region,
covering the whole product range and all the customers in that region.
• Regional targets are 'big picture' targets. Because they cover large customer
numbers and don't specify product sales, you need to keep them simple -
one figure per area.

14. Marketing Strategy
• Marketing is the process of planning and executing the conception, pricing, promotion, and
distribution of ideas, goods, and services. A marketing strategy is composed of several
interrelated components called the marketing mix.
• An organization's strategy that combines all of its marketing goals into
one comprehensive plan.A good marketing strategy should be drawn from market
research and focus on the right product mix in order to achieve the maximum profit
potential and sustain the business.The marketing strategy is the foundation of a marketing
plan.
Read more: http://www.businessdictionary.com/definition/marketing-
strategy.html#ixzz2fddR8hZc

15. Why do you need a marketing strategy?
• An effective marketing strategy will help you to define the overall direction and goals for
your marketing. Moreover, it will articulate how you are going to deliver your products and
services in ways that will satisfy your customers (the golden rule of business).
What about the marketing plan?
• If your marketing strategy represents where you are
going, then your marketing plan represents how you
are going to get there. It details the specific actions
required to achieve your marketing objectives.

16. Your marketing objectives
• Your marketing objectives are where you would like your marketing strategy to
take you.Think of them as your marketing goals. In the past, they were articulated
via general terms, such as:
• Increasing the average size of the sale per client (Market Penetration)
• Selling a new or improved product/service to existing clients (Product Development)
• The ‘SMART’ acronym (Specific, Measurable, Achievable, Realistic andTimely) .
Examples:-
• To achieve a 20% return on capital employed by April 2014 (Profitability Objective)
• To gain 15% of the market for sports socks by November 2018 (Market Share Objective)
• To make X brand of juice the preferred brand of 21-29 year old females in Australia by
August 2019 (Branding Objective).

17. Identify your target market
• Gathering information about your market is vital when creating
your marketing strategy. Identifying the key characteristics of
your target market will help you to find the most effective way
to reach your target clients. Ask questions such as:
• What’s the size and growth potential of your market?
• What are the social trends?
• What are the key demographics? (Statistics such as age, gender, income
level etc)
• Keep revisiting this process regularly to ensure that your
strategy remains relevant and targeted.

18. Target
Market
Current
customers
Know your
competitors
Profile
potential
customers

19. 7 ComponentsBefore Decide Marketing Mix
1.
• Who & what application does the
product plan to serve?
2. • What is the payoff they are looking for?
3.
• How ready are the customers to accept
what we plan to offer?
4.
• What are the needs, which are
unfulfilled and which really matter?

20. 5. • Who are you competing against ?
6. • What is our source of growth ?
7. • What is the product / story we offer ?
8.
• How is it better than whom we are
competing with ?
7 ComponentsBefore Decide Marketing Mix(cont)

21. Elements ofthe marketing mixthat comprisea cohesive
marketing program

22. Pricing Strategies
Cost based pricing
• the most popular method. Based on total cost of the product/service + a standard mark-up (%) according to margin in the industry
Value based pricing
• based on customer perception of the value.
Competition based pricing
• Most common method.

23. Distribution strategy
Direct to customer
Selling through retailers
Selling through wholesale
Selling through retailers or agent.

24. Promotionstrategy
Advertising
• printed media, broadcast media, internet, outdoor advertisement
Sales promotion
• short term incentive given to the customers (discount, coupons,
rebates, etc)
Public relations and publicity
• Corporate Social Responsibility (CSR) activity

25. Marketing Budget
ELEMENTS
*Fixed assets expenses
*Monthly expenses
*Other expenses

26. Exampleof marketing budget

27. Setting the Marketing Budget
Affordability
• Set at a level
that a
company can
afford
Percentage of
Sales
• Past or
forecasted
sales may be
used
Competitive
Parity
• Budget
matches
competitors
outlays

28. Setting the PromotionalBudget and Mix
• OBJECTIVE ANDTASK METHOD
• Has specific objectives
• Costs of performing tasks are estimated then
summed to create the promotional budget
Total
Promotional
Budget
• Determined by the nature of each
promotional tool
• Selected promotion mix strategy
Overall
Promotion Mix

29. Conclusion
• At the heart of any business strategy is a marketing strategy. Businesses
exist to deliver products that satisfy customers.