1. The Marketing Plan Vishnu Parmar, IBA, University of Sindh, Jamshoro

2. Steps in Preparing the Marketing Plan 1.Defining the Business Situation 1.Where we have been? 2.Where do we want to go (in the short term)? 3.How do we get there Management must understand that the marketing plan is a guide for implementing marketing decision making and not a generalized, superficial document

3. A marketing plan is the blueprint or the map you intend to follow in order to achieve your goals. If you are planning for existing programs, the plan will incorporate the strengths of your current effort with needed changes and improvements. If the plan is for a brand new product or service, it will pull all the elements together for an effective start on marketing. What is a Marketing Plan ?

4. What is Marketing Plan? The marketing plan must be linked to the overall goals and objectives of your organization…..your business plan customerscirculationboth

5. INDUSTRY ANALYSIS The primary focus of the Industry Analysis is to provide sufficient knowledge of the environment (national and local Market) that can affect marketing strategy decision making. It begins with the broadest based assessment of environment and Industry trends than proceed to local market environmental and industry trend, competition

6. Competitor Analysis The information on competitors can be gathered initially by using as much public Information as possible and then complementing this with a marketing research project. Newspaper articles, websites, catalogs, promotions, interviews with distributors and customers and any other marketing strategy or company information available should be reviewed. Table 8.1

7. Marketing Research For the New Venture Marketing research involves the gathering of data in order to determine such information as who will buy the product or service? What is the size of the potential market? What price should be charged? What is the most appropriate distribution channel? And what is the most effective promotion strategy to inform and reach potential customers?

8. Steps of Marketing Research 1.Defining the Purpose or Objectives -How much would potential customers be willing to pay for the product or service? -Where would potential customers prefer to purchase the product or service -Where would the customers expect to hear about or learn about such a product or service?

9. 2. Gathering Data from Secondary Sources Before considering either primary sources or commercial sources of information the entrepreneurship should exhaust all free secondary sources Trade magazines, newspaper articles, Libraries government agencies and the internet are biggest sources to obtain secondary data

10. 3. Gathering Information from Primary Sources Gathering primary data involves a data collection procedure such as observation, networking, interviewing, focus groups, or experimentation and usually data collection instrument like questionnaire Table 8.4

11. 4. Analyzing the interpreting results At this stage the result should be evaluated and interpreted in response to the research objectives that were specified in the first step of the research process. The data should be cross tabulated in order to provide more focused results

12. Understanding the Marketing Plan After gathering the necessary information entrepreneur can prepare the marketing plan MP helps an entrepreneur to compete effectively and operates in the market place to meet the objectives and goals of this new venture

13. Understanding the Marketing Plan MP designs to provide the answers of the following three questions 1.Where have we been? 2.Where do we want to go? 3.How do we get there?

14. Outline for a Marketing Plan 1.Situation Analysis -Background of the Venture -Strength and Weaknesses of Venture -Market Opportunities and Threats 2.Competitor Analysis 3.Marketing Objectives and Goals 4.Marketing Strategies and Action Plans 5.Budgets 6.Controls

15. CHARACTERISTICS OF A MARKETING PLAN It should provide a strategy for accomplishing the company mission or goal It should based upon facts and valid assumptions (Table 8.6) Allocation of resources must be well described It should provide continuity as long term plans can be built upon them

16. CHARACTERISTICS OF A MARKETING PLAN It should be simple or short but not too short as detail of goals are excluded It should be simple or short but not too short as detail of goals are excluded It must be flexible It must specify performance criteria that will be monitored and controlled

17. Difference between Marketing Plan and Marketing System Marketing Plan means written statement of marketing objectives, strategies, and activities to be followed in business plan Marketing System means interacting internal and external factors that affect venture’s ability to provide goods and services to meet customer needs

18. External Environment Economy Culture Technology Demand Legal Consideration Raw Material Competition Internal Environment Financial Resources Suppliers Goals & Objectives Management Team EntrepreneurMarketing Planning Decisions Marketing Strategies for Customers Purchase Decision Of Customers Feed Back Figure 8.1, The Marketing System