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BZUPAGES.COM ALIA ASHRAF(07-19) SAIMA ASGHAR(07-20) SHAFAQUE MAHMOOD(07-02) BZUPAGES.COM PRESENTED TO: SIR GHULAM ABBAS GROUP MEMBERS: Chapter ENREPRENEURSHIP 8 McGraw-Hill/Irwin Entrepreneurship, 7/e Copyright © 2008 The McGraw-Hill Companies, Inc. All rights reserved. BZUPAGES.COM Entrepreneurship 8th edition Author: Robert D Hisrich, Micheal P. Peters Dean a Shepherd BZUPAGES.COM Written Statement Of Marketing objectives, strategies and Activities to be followed in Business Plan MP responds to three Q’s have we been ? Where are we going ? How do we get there ? ‘E’ conduct market research to respond to these Q’s Research involves Secondary / Primary data process BZUPAGES.COM Where Who Market Research involves gathering of data in order to determine such information: BZUPAGES.COM 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 ? What is the most effective promotional strategy to reach and inform potential customers ? Step Two: Gathering Data from Secondary Sources Step Three: Gathering Information from Primary Sources Step Four: Analyzing and Interpreting the Results BZUPAGES.COM Step One: Defining the Purpose or Objectives Sit down & Make a list of the information that will be needed to prepare the marketing plan. So ask people what they think of the product or service and if they would buy it & background demographics How much potential customers would be willing to pay for the product or service Where the potential customers would prefer to purchase the product or service Where the customer would expect to hear about or learn about such a product or service BZUPAGES.COM Ex: ‘E’ may think there is a market for his product but is not sure who the customers will be Newspaper articles Libraries: Government agencies Trade magazines: dept & Chamber of commerce Internet Local Media BZUPAGES.COM Dept & Chamber of Commerce Local Banks/ Dept of Labor Data collection procedures interviewing: focus telephone- Mail- personal groups: 10-12 potential customers Questionnaire: sample questionnaire BZUPAGES.COM Observation: record customers buying behaviors Can be hand-tabulated or entered on a computer should be evaluated and interpreted in response to the research objectives Data can be cross-tabulated in order to provide more focused results. Example: Entrepreneur compare results of Q’ by different Age, Occupation, Location- fine tuning can provide valuable insights particularly regarding the segmentation of the market BZUPAGES.COM Results BZUPAGES.COM SAIMA ASGHAR(07-20) to provide answers to three basic questions: Where have we been?(operational plan) History of marketplace Marketing Strengths & Weaknesses of the firm Market Opportunities & Threats Where do we want to go (in the short term)? ‘Q’ addresses marketing Objectives & Goals- in next 12 months How do we get there? Q discusses Marketing strategy implementation- when it will occur- who will be responsible for monitoring BZUPAGES.COM Designed A Provide a strategy. Be based on facts/assumptions Be simple and short. Be flexible. Specify criteria for control. Assignment “Exams” BZUPAGES.COM marketing plan should: Marketing Mix Variable Critical Decisions Product Quality of components or materials, style, features, options, brand name, packaging, sizes, service availability, and warranties. Price Quality image, list price, quantity, discounts, allowances for quick payment, credit terms, and payment period. Channels of distribution Use of wholesalers and/or retailers, type of wholesalers or retailers, how many, length of channel, geographic coverage, inventory, and transportation. Promotion Media alternatives, message, media budget, role of personal selling, sales promotion (displays, coupons, etc.), and media interest in publicity. BZUPAGES.COM Combination of product, price, promotion, and distribution and other marketing activities needed to meet marketing objectives. Define BZUPAGES.COM the business situation. Define the target market: opportunities and threats. Consider strengths and weaknesses. Establish goals and objectives. Define marketing strategy. Describe how the product or service was developed. Why it was developed.(satisfy consumers needs) Information for a new venture: after a new venture has started up: Present market conditions. Performance of the company’s goods and services. Future opportunities or prospects. BZUPAGES.COM Information Target Knowledge of this provides a basis for determining the appropriate marketing action strategy. Market segmentation: process of dividing a market into definable and measurable groups for purposes of targeting marketing strategy Otherwise ‘E’ have to identify a product or service that would meet the needs of everyone in the marketplace Allows the entrepreneur to more effectively respond to the needs of more homogeneous consumers. BZUPAGES.COM market: specific group of potential customers toward which venture aims its marketing plan. Decide on general market or industry to pursue. Henry ford manufactured a single product(one color, Divide Characteristics of the customer market into smaller groups based on: Geographic Demographic Psychographic Buying situation Desired benefits (e.g., product features) Usage (e.g., rate of use) Buying conditions Awareness of buying intention BZUPAGES.COM one style, one size, etc) Reebok Discovered that many customers who bought running shoes were not athletes (comfort & Style) BZUPAGES.COM Select segment or segments to target. Develop a marketing plan integrating product, pric distribution, and promotion. Restaurant market is segmented by state, type of restaurant (fast food, family) R part of hospital, school, company etc Establish Marketing goals and objectives respond to the question: “Where do we want to go?”. ( market share, profits, sales, number of distributors, new product launch, pricing policy, sales promotion & advertising support). Number of goals or objectives can be limited to between six and eight. BZUPAGES.COM realistic and specific goals and objectives. BZUPAGES.COM SHAFAQUE MAHMOOD (07-02) Specific Product or service May consider more than the physical characteristics. Packaging, brand name, price, warranty, image, service, delivery time, features, style, and even the Web site. BZUPAGES.COM activities outlined to meet the venture’s business plan goals and objectives. Costs Competition Margins or markups BZUPAGES.COM Pricing Provides utility to the consumer. Must also be consistent with other marketing mix variables. BZUPAGES.COM Distribution Entrepreneur needs to inform potential consumers about the product’s availability or to educate the consumer Methods include: print, radio, or television, Internet, direct mail, trade magazines, or newspapers. BZUPAGES.COM Promotion BZUPAGES.COM