Marketing plan Flashcards
Marketing plan…
systematic process of assessing opportunities and resources, determining objectives, defining strategies, and establishing guidelines for implementation and control of the marketing program (Simon,2017)
Why is it needed?
evert year billions new products are launched without careful marketing these products would fail
A Good Marketing Plan
A good Marketing Plan details what you want to accomplish and helps you meet your objectives.
Ask these critical questions…
What is unique about your business idea? What is the general need that your product or service aims to meet?
Who is your target buyer? Who buys your product or service now, and who do you really want to sell to?
Who are your competitors? How can your small business effectively compete in your chosen market?
Elements of a Good Marketing Plan
Describe Your Business
Conduct a Situation Analysis
Define Your Customer
Strategize Your Market Entry
Forecast your Sales or Demand Measurement
Identify Sales Channels
The Marketing Mix
The tools available to a business to gain the reaction it is seeking from its target market in relation to its marketing objectives
7Ps – Price, Product, Promotion, Place, People, Process, Physical Environment.
product- design, technology, usefulness, convenience, value, quality, packaging, branding, accessories, warranties
price- strategies, skimming, penetration, psychological, cost- plus, loss leader
promotion- special offers
advertising
endorsements
user trials
direct mailing
leaflets/ posters
free gifts
competitions
Joint ventures
Place- retail
wholesale
mail order
internet
direct sales
peer to peer
multi channel
people- employees, management, culture, customer service
process- especially relevant service industries
Physical environment-smart, run down, interface, comfort, facilities
developing competitive advantage
create customer value
build customer relationships
customer satisfaction
