write down the steps in preparing marketing plan

Write down the steps in preparing marketing plan

Answer:

Marketing plan

            A written statement of marketing objectives, strategies, and activities to be followed in business plan. It is design to provide answers to three basic question.

ü  Where we have been?

ü  Where we want to go?

ü  How do we get there?

   

Steps in preparing the marketing plan

            There are seven steps involve to prepare the market plan.

1)      Defining the business situation.

            Situation analysis describes past and present business achievements of new venture. In case of a new venture, information should related to how and why the product or service was developed. After a new venture has started up information should be related to present market condition.

2)      Defining the forget market opportunities & threats.

            The target market is specific group of potential customers toward which the venture aims its marketing plan. A market should be divided into definable & measurable groups for purposes of targeting marketing strategy

The process of segmenting and targeting customers.

ü  Decide on general market or industry to pursue.

ü  Decide on general into smaller groups

ü  Select segment to target.

ü  Develop a marketing plan integrating product, price, place & promotion.

3)      Establishing Goals & objectives.

            Theses are statements of level of performance desired by new venture. Realistic and specific marketing goals and objectives respond to the question where do we want to go? And limit the number of goals or objectives to between six and eight. Goals should represent key area to ensure marketing success.

4)      Defining marketing strategy and action programs

                               I.            Product  service:

            Product may consider more then the physical characteristics. It involves packaging, brand name, price, warranty, image, delivery time, style and even web site.

                            II.            Pricing:

Price of product based on costs – material cost, labor cost, cost of goods from supplier, labor & overhead exp, etc. its should be competitive and afordable and easy to purchase.

                         III.            Distribution

It provides utilities to the customers. It also must be consistent with other marketing mix variables.

                         IV.            Promotion     

            Promote to inform potential customers about the product’s availability or to educate the customer. Print, ratio, television advertising, internet, direct mail or newspapers are use to promote the product.

5)      Marketing strategy:

It involves tow types of market;

                                                          I.            Consumer market;

It involves selling products to households for personal consumption

                                                       II.            Business to business market

It involves selling of products or services to another business on large scale with direct channels of distributions.

6)      Budgeting and implementation;

            Budgeting costs should be reasonably clear and its assumption, if necessary, should be clearly stated. It is useful in preparing the financial plan.

The plan is meant to be a commitment by the entrepreneur to a specific strategy. Entrepreneur should ensure coordination and implementation of the plan.

7)      Monitoring the progress of marketing actions;

            It involves tracking results of the marketing effort. Entrepreneur should prepare for contingencies. Minor adjustments in the plan are normal; significant changes indicate a poorly prepared plan. Weaknesses in market planning may be due to poor analysis of the market and competitive strategy.