Ent300 module08

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Ent300 module08

  1. 1. ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP MARKETING PLANMARKETING PLANMODULE 8
  2. 2. 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
  3. 3. 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
  4. 4. 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
  5. 5. ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP MARKETING PLAN Steps in Preparing a Marketing Plan1. Setting Marketing Objectives2. Determining product or service3. Identifying target market4. Analyzing market trend and size5. Assessing competition6. Forecasting sales7. Developing marketing strategy8. Planning for marketing personnel9. Preparing marketing budget
  6. 6. ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP MARKETING PLAN 1. Setting Marketing Objectives:New business:• Introduce new products/services• Estimate market acceptance and salesExisting 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
  7. 7. ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP MARKETING PLAN 2. Determining product or service• Needs & wants of customers• Marketability of a product or serviceGuide in describing product or servicesState clearly the value and benefits of product or service tocustomers. Capitalize on the uniqueness or strengths ofthe 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.
  8. 8. ENT/ETR300 – FUNDAMENTALS 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?
  9. 9. ENT/ETR300 – FUNDAMENTALS 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 few segments or niches Micromarketing: Tailoring products to suit the tastes of specific individuals and locations
  10. 10. ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP MARKETING PLAN Target Market Alternatives• Mass-Marketing- ignoring market segment differences- go after the whole market with one offer
  11. 11. ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP MARKETING PLANCommon Bases For Segmentation• Demographic Segmentation• Psychographic Segmentation• Behavioral Segmentation • Occasions • Benefits Sought • User Status • Usage Rate • Loyalty Status
  12. 12. ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP MARKETING PLAN 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.
  13. 13. ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP MARKETING PLANMarket Size:- Total potential purchase of target market- Should be translated into monetary value- Growing, remain the same or shrinkingMarket Share:- a comparative measure to assessperformance against the competition
  14. 14. ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP MARKETING PLAN 5. Assessing CompetitionIdentify Competitors• Assess their market positions and strategies i.e.; product quality, pricing, distribution and promotion• Strengths and weaknesses• Duration in market• Customers
  15. 15. 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
  16. 16. ENT/ETR300 – FUNDAMENTALS 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
  17. 17. ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP MARKETING PLAN Marketing Strategy• Product Strategy• Pricing Strategy• Place or Distribution Strategy• Promotion Strategy
  18. 18. 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 – 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
  19. 19. ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP MARKETING PLAN Product Strategy• Product attributes – Quality – Design• Trade name• Brand name• Packaging• Labeling• Warranty• After sales service
  20. 20. ENT/ETR300 – FUNDAMENTALS 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 be differentiated from the competitors• After sales services – Follow-up
  21. 21. ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP MARKETING PLAN Pricing StrategyPrice is the value exchanged betweenthe seller and the buyer in order for thebuyer to possess, use or experience theproduct or service offeredMost often, price is in the form ofmonetary value paid by the buyer toobtain the product or service
  22. 22. ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP MARKETING PLAN Pricing StrategyCommon Pricing Methods:• Based on Cost – Fixed Cost + Variable Cost + Desired Margin• Based on Perceived Value• Based on Competition
  23. 23. ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP MARKETING PLAN Pricing Tactics• Price lining• Discounting• Purchase with purchase• Psychological pricing• Captive pricing• Product bundle pricing• Segmentation pricing
  24. 24. ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP MARKETING PLAN Factors to Consider When Setting Price• Marketing objectives• Demand and supply• Competitor’s pricing
  25. 25. ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP MARKETING PLAN 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
  26. 26. ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP MARKETING PLAN Distribution Strategy Manufacturer/ProducerWholesaler Wholesaler E-Intermediaries Retailer Retailer Consumer
  27. 27. ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP MARKETING PLAN Factors to Consider When Determining Distribution Strategy• Type of product• Target market• Market coverage• Transportation ease• Product standardization
  28. 28. ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP MARKETING PLAN Promotion StrategyPromotion is any coordinated effort takento supplement the product, price andplace strategies in order to achievemarketing objectives.
  29. 29. ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP MARKETING PLAN Promotion Strategy• Advertising• Sales promotion• Personal Selling• Publicity
  30. 30. ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP MARKETING PLAN Promotion StrategyAdvertisingPaid, non personal sales effort through a medium to influence a large numberof 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
  31. 31. ENT/ETR300 – FUNDAMENTALS 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
  32. 32. ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP MARKETING PLAN Promotion StrategyPersonal 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 explanationPublicity• Efforts taken to develop and maintain good relationship with the public to ensure good favorable public image of the business.
  33. 33. ENT/ETR300 – FUNDAMENTALS 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
  34. 34. ENT/ETR300 – FUNDAMENTALS 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. It consists of 3 components.1. Investment on fixed assets2. Allocation for working capital for marketing activities3. Other marketing expenses
  35. 35. ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP MARKETING PLAN END OF MODULE 8
  36. 36. ENT/ETR300 – FUNDAMENTALS OF ENTREPRENEURSHIP MARKETING PLAN Marketing Budget Table Items Fixed Working Other Asset Capital Expenses (RM) (RM) (RM)Fixed AssetSignboard 4,000Working CapitalSalary/EPF/SOCSO- Marketing Manager 3,000- Sales Consultant 1,500- Promotion 500Lain-LainGrand Opening 5,000Total (RM) 4,000 5,000 5,000

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