1. ENTREPRENEURSHIP Lecture No: 25 BY CH. SHAHZAD ANSAR

2. The Marketing Plan

3. Outline for a Marketing Plan
Situation analysis
Background of venture
Market opportunities and threats
Competitor analysis
Strength and weaknesses of venture
Marketing objectives and goals
Marketing strategies and action programs
Budgets
Controls

4. Purpose and timing of the Marketing Plan
Marketing Plan should be an annual activity
It should focus on the strategies for the first three years of the business
The first year contains comprehensive goals and strategies
The second and third year contains the market projections 4

5. Marketing Research for the new venture
Marketing research involves gathering data in order to determine information like:
Who will buy the product or service
What is the size of potential market
What price should be charged
What should be the distribution channel
What is the most effective promotion strategy

6. Marketing Research for the new venture (Contd…)
Step 1: Defining the purpose or objectives
How much potential customers would be willing to pay for the product or service
Where potential customers would prefer to purchase the product or service
Where the customer would expect to hear about or learn such product or service

7. Marketing Research for the new venture (Contd…)
Step 2: Gathering data from Secondary sources include:
Trade Magazines
Libraries
Government agencies
Universities
internet

8. Marketing Research for the new venture (Contd…)
Step 3: Gathering information from primary resources include:
Observations
Networking
Interviewing
Focus group
Experimentation

9. Marketing Research for the new venture (Contd…)
Step 4: Analyzing and interpreting the results includes:
Summarizing questions to answers
Preliminary insights
Cross tabulation of data for interpreting

10. Understanding the Marketing plan
It is designed to provide the answers to three basic questions:
Where have we been?
Where do we want to go (short term)?
How do we get there?

11. Characteristic of Marketing Plan
Provide a strategy to accomplish the company mission.
Be based on facts and valid assumptions.
Provide for the use of existing resources.
Describe an organization to implement the plan.
Provide for continuity.
Be simple and short.
Be flexible.
Specify performance criteria that can be monitored and controlled.