Marketing Plan

Date : 24.April.2020
Sub  : Entrepreneurship
Day  : 4
Time : 10am -10:45
Period : 4
Class    : 12

Learning Outcomes

• What is a Marketing Plan
• Three basic questions to be answered while making a Business Plan
• Steps in preparing a Marketing Plan

A very good morning students 

Thank you for logging in

Today we will be learning the last component of Business Plan.

Marketing is basically how an entrepreneur promotes his product so that he can capture the attention of the consumer to buy the product.

This Plan describes the market conditions and stratergies related to how : 

• Product or service will be distributed
• Priced
• Promoted

How a business plan makes a place for itself in a competitive market by providing answers to three basic questions

1. Where have we been ? Focus is on :

              i) some history of the market place

              ii) marketing strengths and weaknesses of the venture

              iii) market oppurtunities and strengths

2. Where do we want to go ? : This addresses the marketing objectives and goals of the                                                                     enterprise in the next 12 months.

3. How do we get there ? This question discusses

               i) the specific marketing stratergy that will be implemented

              ii) when will it occur

              iii) who will be responsible for monitoring the activities

Normally , each year the Entrepreneur should prepare an annual marketing plan so as to gel well with the changing business environment and its forces.

STEPS IN PREPARING A MARKETING PLAN

Investors give a lot of stress on preperation of marketing plan.So entrepreneurs should prepare a comprehensive detailed marketing plan.

The steps are.

1. Business Situation Analysis : It starts with addressing the question 'where we have been'.

                                                       In case of an already existing business , a review of past                                                                      performance and achievement of the enterprise are stated in                                                            this part 

                                                       In case the venture is new , then the following issues are                                                                      addressed:

                                                        i) personal profile of entrepreneur

                                                        ii) emphasis on products development

                                                        iii) what 'needs' it satisfies

                                                        iv) any other enterprise/ experience of the entrepreneur

                                                         v) any marketing segmentation, if planned

2. Identify the Target Market :  Identification of target consumers involve

                                                         i) deciding what the general market or industry entrpreneur                                                                 wishes to buy on the basis of market research or industry                                                                 analysis

                                                         ii) dividing the market into smaller groups  based on 

                                                                 Consumers characteristics

                                                                  Buying conditions

                                                         iii) select segments to target

                                                          iv) develop a marketing plan integrating to the 4 P's                                                                               ( Product, Price, Place and Promotion)

3. Conduct SWOT analysis: It is important for the entrepreneur to consider 

                                                  Strengths, Weaknesses, Oppurtunities and Threats

4. Establish goals : ' where do we want to go'? is answered well by establishing:

                                   i) Realistic, attainable and well defined goals and objectives for the                                                     enterprise

                                   ii) Quantifying the goals so that they can be measured for control purpose

                                   iii) Selecting standards to measure these goals which are qualitative in                                                  nature

                                   iv) Limiting , goals to a specific number so that there are no chaos,                                                         confusion or overlapping.

5. Define marketing stratergy: 'how do we get there'? this demands specific activities to be outlined to meet the enterprise's goal and objective .It basically has to follow the 4P's

6 Implementation and monitoring of the plan : It is important for the entrepreneur to be flexible and be prepared to make adjustments if necessary in the plan

I WOULD NOW LIKE YOU TO GO THROUGH THE VIDEO LINK SENT

https://www.youtube.com/watch?v=aXuwbFUSb5A


Your assignment 
1)  A Market Plan answers three basic questions . Name them
2) In case of an existing enterprise, what is an entrepreneur in his Business plan required to do?
3) Discuss the issues addressed in Business Situation Analysis
4) In identifying the Target market what do you mean by dividing the market into smaller groups on the basis of Consumer's characteristics
5) Write the acronym for SWOT