Marketing plan for business


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Marketing plan for business

  2. 2. Marketing plan: A marketing plan may be part of an overall business plan. Solid marketing strategy is the foundation of a well-written marketing plan. While a marketing plan contains a list of actions, a marketing plan without a sound strategic foundation is of little use. A marketing plan is a comprehensive blueprint which outlines an organization's overall marketing efforts.
  3. 3. Marketing plan to start up a business:  It’s not just large companies that need marketing plans; your startup needs one, too. Like a business plan, a marketing plan will help you focus and decide where and how to spend your resources.  A marketing plan won’t guarantee success, but what it will do is give you a guide that details how, when, and why you’ll carry out certain efforts.  This is extremely important because it increases your chance for success. Not only that, the work you put into developing such a plan will help you better understand your business and industry.
  4. 4. The 7 marketing p’s are:        Price — The amount of money needed to buy products Product — The actual product Promotion (advertising)- Getting the product known Placement — Where the product is sold People — Represent the business Physical environment — The ambiance, mood, or tone of the environment Process — The Value-added services that differentiate the product from the competition (e.g. after-sales service, warranties)
  5. 5. One of the things that will help make your business a success is an effective marketing plan. The plan needs to include some or all of these elements:     Getting more customers Increasing sales revenue Getting customers to buy from you more often Customer retention.
  6. 6. Ideally, your plan needs to be short and clear. THE STEPS TO BE FOLLOWED FOR SUCCESSFUL BUSINESS
  7. 7. 1) Define your market.         You’ll need to consider the following: Who is your target customer? Are there any gaps in the market? Are these gaps sizable enough to make money from? How much of the market do you need to break even? Is the market saturated, too many competitors? Do your competitors have any weak points and can you exploit them? Does your target customer really want what you have to offer?
  8. 8. 2) Define your Customer type.       You will need to know: Who your customers are – age, gender, etc. who buys? Their needs. You could do a market research plan and find out what they want, e.g. older customers may need different products to younger people. What will persuade them to buy from you? Are their emotional or lifestyle factors involved? Are you selling to individuals or businesses? Individuals may not be predictable and can have limited budgets. Businesses usually have a bigger budget and greater stability. However, in times of economic downturn both sets can have tighter budgets.
  9. 9. 3) Identify your niche? It’s better to sell a lot to a small audience than a little to a big audience. So, you’ll end up with less competition and a greater share of that audience.
  10. 10. 4) Define your message?  Explain what you’re selling and persuade people to buy it.  There are two sorts of message. One short and to the point (usually called “the elevator pitch”), which is about 30 seconds long.  The second is a lengthier complete plan, including such things as your target customer's problem and how you can solve it, customer testimonials, your pricing and payment policy and your guarantee.
  11. 11. 5) Identify what media you will use to sell your product? How will you sell your product? Use the best way for the lowest cost. Examples are: social media, TV and radio adverts, trade shows, leaflets, press articles, e-mail and website links.
  12. 12. 6) Decide on your routes to market How are you going to distribute or get your product to the buyer? Mail order, e-commerce, sales agents or other distributors?
  13. 13. 7) Set sales targets They should S.M.A.R.T. Specific (i.e. setting a target of getting 10 new customers) Measurable (you can check to see if your targets been reached) Achievable (you need the resources of people and money) Realistic (targets should motivate and not be so unattainable that they de-motivate) Time –defined (i.e. 10 customers in the next year) They can also be reviewed and adjusted.
  14. 14. 8) Decide on a marketing budget. Define a marketing budget - how much to spend, when and what on?
  15. 15. 9) Carry out Market Research Look at other companies doing the same thing as you, how do they operate? Are they making a profit? What are their costs? This gives you an idea of the potential market and profitability of your area. Business and Learning offer a range of market research tools, both printed and online, including Keynote and Mintel market research reports.
  16. 16. 10) Carry out a SWOT / PEST analysis. SWOT is Strengths, Weaknesses, Opportunities and Threats. (i.e.: strengths-people, weaknesses –limited cash flow). PEST is Political, legal changes (new laws), Economics (i.e.interest rates), Social Factors (i.e.-changing attitudes, lifestyles), Technology (internet use). All these need to be taken into consideration.
  17. 17. Strengths:  List your advantages.  What’s your selling point? What’s the thing you think you do better than anyone else?  What resources do you have that give you an edge over your competition?  Do you already have a loyal customer base? Weaknesses:  Are there things you can improve upon?  Do you have low customer retention?  Do you lack financial resources or staff? Opportunities:  What trends can you capitalize upon?  Is there a new market you can tap?  Do your competitors have weaknesses that you don’t? Threats:  Do you lack financial resources?  Is there new technology that might threaten your business position?  Do your customers or potential customers have tastes/interests that continually evolve?
  18. 18. 11) Identify your business aims and objectives. Remind yourself of what your busines s does, your key targets, your strategy to achieve those targets. Ensure that your marketing plan fits in with your business strategy as laid down in your business plan.