mktg plan-7

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A marketing plan outlines the specific

actions you intend to carry out to interest

potential customers and clients in your product and/or service and persuade them to

buy the product and/or services you offer.



For successful business marketing, you need to develop a

proper business marketing plan, and then gauge its

performance for your business growth. There are many

things that your business marketing plan needs to address

and these points may include some of the following:

-What are your business marketing goals ?

-What is your target audience ?

-Deciding business marketing system



SWO T Analysis

A basic marketing plan begins with SWOT

analysis about your company and the SWOT

should be : A summary of the key elements in your business

Brief, concise and interesting, without being too

abbreviated

Focused on the real issues facing your company

Action-oriented, so that positive proposals can beenvisaged



Scope of Marketing Research

Identifying Target Market

Identifying Market Characteristics

Measurement of Marketing Potential

Competitors Analysis

Sales Analysis Identify and forecast Business Trends

Sales Forecasting

New Product/Service Acceptance and Potential

Long Range Forecasting of Marketing Mix Variables

Pricing Strategies and Studies



Market Research How to collect certain information about your

customers, market and competitors. Thisinformation tells you about your potential market,prices, trends, competition, target customer, itspreferences, income, habits, accessibility,convenient time and plans. This informationshould be accurate, and reliable to help you makethe right business decision.



Market Research

Step Two: Gathering Data from SecondarySources

Data that already exists i.e information from

Trade magazines

Libraries

Government Agencies

Universities

Internet

The entrepreneur should exhaust all possible secondary data

sources, observation, and networking before beginning any more

costly primary data research.



Market Research

Step Three: Gathering Information fromPrimary Sources Information that is new is Primary data and

involves data collection procedures like

Observation Networking

Interviewing

Focus Groups

Experimentation

Data collection is done with the help of Data Instruments like Questionnaire.



FOCUS Groups: They are more informal method of gathering in-

depth information. A focus group is a sample of 10-12 potential

customers who are invited to participate in a discussion relating to theEntrepreneurs¶ research objectives.

Step Four: Analyzing & Interpreting the results

The results should be evaluated and interpreted in

response to the research objectives. The data can then becross tabulated to give better insights and interpretations

regarding the segmentation of the market.



Marketing Research ² Analyse Complexity

of Buying Behaviour

CULTURALBELIEFS &

VALUES, LIFE

STYLES

SOCIOLOGICALSOCIAL CLASS,

STRUCTURE

FAMILY/GROUP

INFLUENCE,LIFE

CYCLE, OPINION

LEADERSHIP

ECONOMICPRICE, DELIVERY,

PAYMENT TERMS,

SALES SERVICE

INDIVIDUAL PSYCHOL-

OGICALFACTORSCOGNITION, LEARNING PROCESSES,

INTERPERSONAL RESPONSE, ATTITUDESMOTIVATION, PERSONALITY THEORIES

BUYING PROPOSITION PRODUCT OR SERVICE



Understanding Consumer Characteristics

CHARA

CTERIST

ICS

Innovators2-3%

EarlyAdopters

12-15%

EarlyMajority

33%

LateMajority

34%

Laggards

12-15%

PERSONAL

Social,

Income, Occupation,Education,

Housing,

Family Influence,

Time orientation

PSYCHOLOGICAL

Nature of needs,

Perceptions,

Self-concept,

Aspiration Groups,

Reference Groups



Changing PrioritiesStage Priorities Major Purchases

Fledging : Teens & early 20s Self,Socialising, Education Appearance Products,

Clothing, Automobiles,

Recreation,Hobbies, Travel

Courting :20s Self & Other, Pair

bonding,Career

Furniture & Furnishing,

Entertainment, Savings

Nest Building:20s &early 30s Babies & Career Home, Garden,,Baby Care

products, insurnce

Full Nest 30-50s Children, Career, Midlife crisis Children Food, clothing,

education, transportation, life

counseling

Empty Nest 50-70 Self & others, relaxation Furniture, Entertainment,

Travel, Hobbies, Luxury

Automobiles, Investments

Sole survivor 70-90 Self, health,loneliness Health care , Diet, Security,

Comfort, TV, Books, Long

distance telephone services



Analyse Target Market

OCCUPANTS WHO

SERVIC

ES WHA

TOCCASION WHEN

ORGANISATION WHO IS INVOLVED

OBJECTIVES WHY

OPER ATIO HOW



Marketing Strategy to be Based on

WHO MAKES THE BUYING DECISIONS

DECIDER

INF

LUENCER BUYER

USER

GATE KEEPER



Characteristics of a Marketing Plan

Should provide a strategy for accomplishingcompany goals and missions

Should be based on facts and valid assumptions

Should provide for continuity so that future planscan be built on it for long-term goals

Should be simple and short

Should be flexible i.e. should provide scope for

inclusion of ³what if´ scenarios Should specify performance criteria that will be

monitored and controlled



Marketing Plan- The Algorithm

Defining the Business Situation ±

Describe the past and present business

achievements of the new venture.

Defining the Target market ± Market Segmentation- Dividing a market into

definable and measurable groups for the

purpose of targeting market strategy.



Market Segmentation- The process of segmenting &

targeting the market should process in the follow ing w ay

Decide what general market or industry

you wish to pursue

Divide the market into smaller groupsbased on

Characteristics of the customer

Geographic

Demographic Psychographic



Buying situation

Desired benefits (e.g. Product features) Usage (e.g. frequency of usage)

Buying conditions (e.g. time available & product

purpose)

Awareness of buying intention (e.g. familiarity of product

& willingness to buy)

Select segment or segments to Target

Develop a marketing plan integratingproduct, price, distribution & promotion

(together called THE MARKETING MIX)




Contd«. Considering the Strengths and

Weaknesses ± The SWOT analysis which was

discussed earlier.

Establishing Goals & Objectives ± Askingoneself ³Where do we want to go?´ in terms of

Market share, profits, sales, market penetration, new

products launching etc. All such goals n objectives

should be quantifiable and could be measured for control purposes.



Price ± Pricing of a product or service has to be done very carefully

considering numerous things like quality, prospective demand,

margins, competitor¶s prices, discounts, market segmentation etc..

Promotion ± The promotion plan itself a mini-marketing plan.

Advertising is an effective as well as an expensive way & has to be

taken care of. The procedure to be followed includes :

Set specific campaign objectives (building sales, market share)

Decide your strategy (budget, media choice, geographical profile)

Target the Audience (market segment, demographic profile)

Decide the advertising content (specific product/service benefits tohighlight)

Decide the execution and style



Place (Distribution Plan)- The distribution plan mustmatch the other elements of the Marketing MIX to

maintain the differentiation and focus of theCompany.

If your product is of highest quality, with price &promotion to match, it must be available in the

major quality stores.The choice of distribution channel, therefore canmake an important contribution to both your company differentiation & to reaching your targetgroup of customers.



People ± The final ingredient in the marketing plan

jigsaw must be quality salespeople who can

consistently maintain your marketing

differentiation.

A well remunerated & motivated staff will act asenthusiastic sales promoters and act as eyes and

ears of the company in the competitive market

place.




Contd«. Coordination of the planning process

Designating responsibility for implementation

Budgeting the Marketing Strategy

Implementation of the Market Plan

Monitoring Progress of Market Actions



Why some Plans f ail ?

Lack of a real plan (particularly regarding goals &objectives)

Inadequate situational analysis ± There is no point in

deciding where you want to go if you do not know ³where

you are?´ and ³where you have been?´ Lack of Goal Clarity and Unrealistic Goals ± This

generally happens due to lack of understanding of the

situation.

Unexpected competitive moves, product deficiencies,Delay in Getting Finance, and acts of God.

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