WHAT IS A MARKETING PLAN
Marketing Plan – it is a document containing the marketing
objectives,marketing strategies,and the
activities that will be undertaken to execute
these strategies.The plan must consider the
overall goals of the enterprise,which must
take precedence over the specific marketing
Steps in Preparing the Marketing Plan
Assessing the Business Situation – if the market plan is being written
after the business has already started, it should
describe present market conditions and how the
company’s goods and services fare against
those of its competitors.
Defining the Target Market – gone are the days when a company
can offer a single product to everyone .
Businessmen now recognize the value of
focusing on a particular segment of the
market, given that people have different
needs, wants, preference, and expectations.
Setting the Market Goals and Objectives – before strategies can be
formulated, the entrepreneur must know where
he intends to bring the business. Thus answers
to the question “Where do we want to go?” This is
were SMART goals come into play. SMART
means that marketing object must be: S–Specific
, M–Measurable, A–Attainable, R– Realistic, and T–
Developing Marketing Strategy and Action Programs
- once the marketing goals and objectives have been set, the
entrepreneur can proceed with developing his maketing
strategy and accompanying action plan. Thus, in answering the
question “How do we get there?” strategies should be
formulated for each element of the marketing mix.
*Product – this must include a description of the product
or service that will be offered by the business.
*Pricing – price is an important consideration for many buyers,
and must therefore be given appropriate attention by the
*Place – what is the best way of getting the product to the
consumer? When deciding on a channel for distributing
one’s product, the entrepreneur must consider the following
(a) the channel’s directness
(b) the customer’s convience
(c) cost – effectiveness
*Promotion – for start-up business, it is essential for the entrepreneur
make his product known to his potential consumers.