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MARKETING PLAN
MARKETING PLAN
ENT/ETR300 – FUNDAMENTALS 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
ENT/ETR300 – FUNDAMENTALS 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
ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
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
ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
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
ENT/ETR300 – FUNDAMENTALS 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
ENT/ETR300 – FUNDAMENTALS 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
ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
6. Forecasting Sales
• Past performance
• Break-even – to set the minimum
• Secured projects
• On-going contracts
• Anticipated or intended growth
ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Marketing Strategy
• Product Strategy
• Pricing Strategy
• Promotion Strategy
ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Product Strategy
• Include product and service strategy
– Product is a physical item that can be seen, owned,
used or consumed
Product Strategy
• Product attributes
– Quality
– Design
• Trade name
• Brand name
• Packaging
• Labeling
• Warranty
• After sales service
ENT/ETR300 – FUNDAMENTALS 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
product or service offered
Most often, price is in the form of
monetary value paid by the buyer to
obtain the product or service
ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Pricing Strategy
Common Pricing Methods:
• Based on Cost
– Fixed Cost + Variable Cost + Desired Margin
• Based on Perceived Value
• Based on Competition
ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Pricing Tactics
• Price lining
• Discounting
• Purchase with purchase
• Psychological pricing
• Captive pricing
• Product bundle pricing
• Segmentation pricing
ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Factors to Consider
When Setting Price
• Marketing objectives
• Demand and supply
• Competitor’s pricing
ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Distribution Strategy
Manufacturer/Producer
Wholesaler Wholesaler
E-Intermediaries
Retailer Retailer
Consumer
ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
• Type of product
• Target market
• Market coverage
• Transportation ease
• Product standardization
ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Promotion Strategy
Promotion Strategy
• Advertising
• Sales promotion
• Personal Selling
• Publicity
ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Promotion Strategy
Advertising
Paid, non personal sales effort through a medium to influence a large number
of consumers.
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
ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
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.
ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
e-Marketing
Traditional e-Marketing
Television Website
Classified Search engine marketing (SEM)
Radio Podcast
Word of mouth Blog and social network
Letter (direct mail) Email and short messaging service
ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN
Benefits of e-Marketing
END OF MODULE 8
ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP
MARKETING PLAN