Date post: | 02-Jun-2018 |
Category: |
Documents |
Upload: | sharifah-zulaikha-benyahya |
View: | 290 times |
Download: | 2 times |
of 36
8/10/2019 ENT300 Chapter 8
1/36
CHAPTER 8:
BUSINESS PLAN:
MARKETING PLAN
8/10/2019 ENT300 Chapter 8
2/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
LEARNING OUTCOME
Understand the importance of
preparing a marketing plan
Describe the steps in preparing a
marketing plan
Identify components of a marketing
plan Prepare a marketing plan for a small
business
8/10/2019 ENT300 Chapter 8
3/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Module Outline
Introduction
Steps in Preparing a Marketing Plan for Small Businesses.
Marketing Objectives
Product or Service
Target Market
Market Trend and Market Size
Competition
Sales Forecast
Marketing Strategy
Marketing Personnel
Marketing Budget
8/10/2019 ENT300 Chapter 8
4/36
8/10/2019 ENT300 Chapter 8
5/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Steps in Preparing a Marketing Plan
1. Setting Marketing Objectives
2. Determining product or service
3. Identifying target market
4. Analyzing market trend and size
5. Assessing competition
6. Forecasting sales
7. Developing marketing strategy
8. Planning for marketing personnel
9. Preparing marketing budget
8/10/2019 ENT300 Chapter 8
6/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
1. Setting Marketing Objectives:
New business:
Introduce new products/services
Estimate market acceptance and sales
Existing business
Introduce new products/services
Inform market of product improvement
Enter new market Increase sales of existing products
Increase market share
Market penetration
Regain market for existing product
8/10/2019 ENT300 Chapter 8
7/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
2. Determining product or service
Needs & wants of customers
Marketability of a product or service
Guide in descr ib ing prod uct o r serv ices:
State clearly the value and benefits of product or
service to customers. Capitalize on the
uniqueness or strengths of the product or servicessuch as on its formulation, ingredients used,
safety, ease of use, life span, flexibility,
assortment, location, operation hours,
personalization, extended warranty etc.
8/10/2019 ENT300 Chapter 8
8/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
3. Identifying target market
Who is the consumer of the product or
service?
What is their common needs or wants that
would be satisfied by the product or service?
What is their common characteristics?
8/10/2019 ENT300 Chapter 8
9/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Target Market Alternatives Segmented Marketing
- target several or a particular market
segments- design separate offers for each segment
Niche Marketing:
Targeting a large share of one or a fewsegments or niches
Micromarketing:
Tailoring products to suit the tastes of
specific individuals and locations
8/10/2019 ENT300 Chapter 8
10/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Target Market Alternatives
Mass-Marketing
- ignoring market segment differences
- go after the whole market with one offer
8/10/2019 ENT300 Chapter 8
11/36
8/10/2019 ENT300 Chapter 8
12/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
4. Analyzing Market Trend andMarket Size
What is the trend in the market?
What is market potential? Size of the market - what is the RM value?
Customer profiles of relevant market
segments.
8/10/2019 ENT300 Chapter 8
13/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Market Size:- Total potential purchase of target market
- Should be translated into monetary value
- Growing, remain the same or shrinking
Market Share:
- a comparative measure to assess
performance against the competition
8/10/2019 ENT300 Chapter 8
14/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
5. Assessing Competition
Identify Competitors
Assess their market positions and
strategies i.e.; product quality, pricing,distribution and promotion
Strengths and weaknesses
Duration in market
Customers
8/10/2019 ENT300 Chapter 8
15/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
6. Forecasting Sales
Past performance
Break-evento set the minimum
Secured projects
On-going contracts
Anticipated or intended growth
8/10/2019 ENT300 Chapter 8
16/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
7. Developing Marketing Strategy
To enable business to plan for its limited
resources in order to achieve stated
marketing objectives
The key idea is to deliver customer
satisfaction yet provide business with a
competitive advantage
8/10/2019 ENT300 Chapter 8
17/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Marketing Strategy ( 4Ps)
Product Strategy
Pricing Strategy
Place or Distribution Strategy
Promotion Strategy
8/10/2019 ENT300 Chapter 8
18/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Product Strategy
Include product and service strategy Product is a physical item that can be
seen, owned, used or consumed
Ideas and creations of the minds canalso be regarded as product
Service is intangible and cannot be seen
or owned, but is useful, can beexperienced and able to satisfy customerneeds and wants
Product strategy refers to a product,
service or a combination of both
8/10/2019 ENT300 Chapter 8
19/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Product Strategy
Product attributes
Quality
Design
Trade name
Brand name
Packaging
Labeling Warranty
After sales service
8/10/2019 ENT300 Chapter 8
20/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Marketing Strategies for Services
Service quality
consistency
Service package
Combination of services at competitive price
Service differentiation
Offering that is unique and can bedifferentiated from the competitors
After sales services
Follow-up
8/10/2019 ENT300 Chapter 8
21/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Pricing Strategy
Price is the value exchanged between the
seller and the buyer in order for the buyer
to possess, use or experience the productor service offered
Most often, price is in the form of monetary
value paid by the buyer to obtain theproduct or service
8/10/2019 ENT300 Chapter 8
22/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Pricing Strategy
Common Pricing Methods:
Based on Cost
Fixed Cost + Variable Cost + Mark-up
Based on Perceived Value
Based on Competition
8/10/2019 ENT300 Chapter 8
23/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Pricing Tactics
Price lining
Discounting
Purchase with purchase
Psychological pricing
Captive pricing
Product bundle pricing
Segmentation pricing
8/10/2019 ENT300 Chapter 8
24/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Factors to Consider When SettingPrice
Marketing objectives
Demand and supply
Competitors pricing
8/10/2019 ENT300 Chapter 8
25/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Place or Distribution Strategy
Place strategy refers to the decision madeon the location of the business
Choice of location is crucial for most brickand mortar businesses
Channel of distribution is a network
developed to ensure product or servicesreach target consumers
Distribution strategy for consumer product
and industrial product may vary
8/10/2019 ENT300 Chapter 8
26/36
Manufacturer/Producer
Distribution Strategy
Wholesaler
Retailer
Retailer
Wholesaler
Consumer
E-Intermediaries
8/10/2019 ENT300 Chapter 8
27/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Factors to Consider WhenDetermining Distribution Strategy
Type of product
Target market
Market coverage
Transportation ease
Product standardization
8/10/2019 ENT300 Chapter 8
28/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Promotion Strategy
Promotion is any coordinated effort
taken to supplement the product, price
and place strategies in order to achieve
marketing objectives.
8/10/2019 ENT300 Chapter 8
29/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Promotion Strategy
Advertising
Sales promotion
Personal Selling
Publicity
8/10/2019 ENT300 Chapter 8
30/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Promotion Strategy
Channel of advertising:
Printed
Newspaper
Magazines
Yellow pages
Brochures Business cards
Electronic and Digital
Television
Radio
Internet
Sort messaging system
Advertising
Paid, non personal sales effort through a medium to influence
a large number of consumers.
Outdoor Billboards
Banners
Transportation
8/10/2019 ENT300 Chapter 8
31/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Promotion StrategySales promotion
Promotional activities or incentives carried out or offered within a
set time frame to influence purchase
Common sales promotion strategies: Rebates
Coupons
Purchase-with-purchase
Samples
Premiums
Contest
Rebates
Point-of-purchase promotion
Sweepstakes
Free delivery
Extended warranty
8/10/2019 ENT300 Chapter 8
32/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Promotion Strategy
Personal Selling
Personal sales presentation conducted by a trained sales
person to influence potential customers. It is most oftenused for products that require demonstration or explanation
Publicity
Efforts taken to develop and maintain good relationship
with the public to ensure good favorable public image of the
business.
8/10/2019 ENT300 Chapter 8
33/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
8. Planning For Marketing
Personnel
Determine number of supporting personnel
needed to undertake the marketing tasks
in-house or outsource?
Examples:
Marketing manager or executives
Sales personnel
Promotion personnel
Distribution personnel
8/10/2019 ENT300 Chapter 8
34/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
9. Preparing Marketing Budget
Marketing budget refers to expenses
incurred in planning for the marketing aspect
of the proposed business or project. Itconsists of 3 components.
1. Investment on fixed assets
2. Allocation for working capital for marketing
activities
3. Other marketing expenses
8/10/2019 ENT300 Chapter 8
35/36
ENT/ETR300FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
THE END!
8/10/2019 ENT300 Chapter 8
36/36
Marketing Budget Table
Items Fixed
Asset
(RM)
Working
Capital
(RM)
Other
Expenses
(RM)
Fixed Asset
SignboardWorking Capital
Salary/EPF/SOCSO
- Marketing Manager
- Sales Consultant
- Promotion
Lain-Lain
Grand Opening
4,000
3,000
1,500
500
5,000
Total (RM) 4,000 5,000 5,000