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Ent300 Module08

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18 views36 pages

Ent300 Module08

Uploaded by

Ayu Rahim
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPT, PDF, TXT or read online on Scribd
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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
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
Introduction
A well prepared marketing plan helps
entrepreneurs to:
• evaluate market acceptance
• develop strategies to market products or
services of the business
• identify required resources to execute the
marketing strategy
• estimate marketing financial requirement
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
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
2. Determining product or service
• Needs & wants of customers
• Marketability of a product or service

Guide in describing product or services


State clearly the value and benefits of product or service to
customers. Capitalize on the uniqueness or strengths of
the product or services such as on its formulation,
ingredients used, safety, ease of use, life span, flexibility,
assortment, location, operation hours, personalization,
extended warranty etc.
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?


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 few segments or
niches
Micromarketing:
Tailoring products to suit the tastes of specific
individuals and locations
Target Market Alternatives
• Mass-Marketing
- ignoring market segment differences
- go after the whole market with one offer
Common Bases For Segmentation
• Demographic Segmentation
• Psychographic Segmentation
• Behavioral Segmentation
• Occasions
• Benefits Sought
• User Status
• Usage Rate
• Loyalty Status
4. Analyzing Market Trend
and Market 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.
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
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
6. Forecasting Sales
• Past performance
• Break-even – to set the minimum
• Secured projects
• On-going contracts
• Anticipated or intended growth
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
Marketing Strategy
• Product Strategy

• Pricing Strategy

• Place or Distribution Strategy

• Promotion Strategy
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 can also be
regarded as product

– Service is intangible and cannot be seen or owned,


but is useful, can be experienced and able to satisfy
customer needs and wants

– Product strategy refers to a product, service or a


combination of both
Product Strategy
• Product attributes
– Quality
– Design
• Trade name
• Brand name
• Packaging
• Labeling
• Warranty
• After sales service
Marketing Strategies for Services
• Service quality
– consistency
• Service package
– Combination of services at competitive price
• Service differentiation
– Offering that is unique and can be
differentiated from the competitors
• After sales services
– Follow-up
Pricing Strategy
Price is the value exchanged between
the seller and the buyer in order for the
buyer to possess, use or experience the
product or service offered
Most often, price is in the form of
monetary value paid by the buyer to
obtain the product or service
Pricing Strategy
Common Pricing Methods:

• Based on Cost
– Fixed Cost + Variable Cost + Desired Margin
• Based on Perceived Value
• Based on Competition
Pricing Tactics

• Price lining
• Discounting
• Purchase with purchase
• Psychological pricing
• Captive pricing
• Product bundle pricing
• Segmentation pricing
Factors to Consider
When Setting Price

• Marketing objectives
• Demand and supply
• Competitor’s pricing
Place or Distribution Strategy

• Place strategy refers to the decision made on


the location of the business
• Choice of location is crucial for most brick and
mortar businesses

• Channel of distribution is a network developed


to ensure product or services reach target
consumers
• Distribution strategy for consumer product and
industrial product may vary
Distribution Strategy
Manufacturer/Producer

Wholesaler Wholesaler

E-Intermediaries

Retailer Retailer

Consumer
Factors to Consider When
Determining Distribution Strategy

• Type of product
• Target market
• Market coverage
• Transportation ease
• Product standardization
Promotion Strategy

Promotion is any coordinated effort taken


to supplement the product, price and place
strategies in order to achieve marketing
objectives.
Promotion Strategy
• Advertising
• Sales promotion
• Personal Selling
• Publicity
Promotion Strategy
Advertising
Paid, non personal sales effort through a medium to influence a large number
of consumers.

• Channel of adverting: • Outdoor


• Printed • Billboards
• Newspaper • Banners
• Magazines • Transportation
• Yellow pages
• Brochures
• Business cards

• Electronic and Digital


• Television
• Radio
• Internet
• Sort messaging system
Promotion Strategy
Sales 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
Promotion Strategy
Personal Selling
• Personal sales presentation conducted by a trained sales
person to influence potential customers. It is most often used
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. 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
9. Preparing Marketing Budget
• Marketing budget refers to expenses incurred in
planning for the marketing aspect of the proposed
business or project. It consists of 3 components.

1. Investment on fixed assets


2. Allocation for working capital for marketing
activities
3. Other marketing expenses
END OF MODULE 8
Marketing Budget Table
Items Fixed Working Other
Asset Capital Expenses
(RM) (RM) (RM)
Fixed Asset
Signboard 4,000
Working Capital
Salary/EPF/SOCSO
- Marketing Manager 3,000
- Sales Consultant 1,500
- Promotion 500
Lain-Lain
Grand Opening 5,000
Total (RM) 4,000 5,000 5,000

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