Introduction to Entrepreneurship Develop the Marketing Plan

Introduction to Entrepreneurship

Develop the Marketing Plan

Entrepreneurship

American Marketing Association

“…the activity, set of instructions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.”

Entrepreneurship

Marketing

All of the processes – planning, promoting, pricing, distributing and selling – used to determine and satisfy the needs of customers and the company.

Entrepreneurship

Marketing Concept

Using the needs of the customer as the primary focus during the planning, production, distribution

and promotion of a product or service

Entrepreneurship

To use a marketing concept successfully, businesses must:• Identify what will satisfy the customers’ wants and

needs•Develop and market products or services that

customers consider better than other choices•Operate profitably

Entrepreneurship

Marketing Mix:

A blending of the product, price, promotion and placement (distribution) used to reach a target

market

Entrepreneurship

Marketing Strategy

A plan that identifies how your goals will be achieved

Entrepreneurship

Marketing Strategy

In your startup marketing plan, your marketing strategy should include:

• Product introduction or innovation• Pricing• Promotion• Placement (Distribution)• Sales or market share• Projected profitability

Entrepreneurship

Short-term Goals (SMART)

What you want your business to achieve in the next year (12 months).

Entrepreneurship

Medium-Term Goals (SMART)

What you want your business to achieve in the next 2 – 5 years.

Entrepreneurship

Long-term Goals (SMART)

Where you want your business to be 5, 10 or even 20 years from now.

Entrepreneurship

Questions that must be answered in your Marketing Plan:

1. What product or service will I offer?

Entrepreneurship

Questions that must be answered in your Marketing Plan:

2. Who are my prospective customers?

Entrepreneurship

Questions that must be answered in your Marketing Plan:

3. Is there a constant demand for this product or service?

Entrepreneurship

Questions that must be answered in your Marketing Plan:

4. How many competitors are providing the same product or service?

Entrepreneurship

Questions that must be answered in your Marketing Plan:

5. Can I create a demand for the product or service I want to offer?

Entrepreneurship

Questions that must be answered in your Marketing Plan:

6. Can I compete effectively in price, quality and delivery of my product or service?

Entrepreneurship

Well-written Marketing Plan

• Information on Your Product or Service

Entrepreneurship

Well-written Marketing Plan

• Information on Your Target Market

Entrepreneurship

Well-written Marketing Plan

• Information on Your Competition

Entrepreneurship

Well-written Marketing Plan

• Information on Your Marketing Budget

Entrepreneurship

Well-written Marketing Plan

• Information on Your Business Location

Entrepreneurship

Well-written Marketing Plan

• Information on Your Pricing Strategy

Entrepreneurship

Well-written Marketing Plan

• Information on Your Promotional Strategy

Entrepreneurship

Well-written Marketing Plan

• Information on Your Placement (Distribution) Strategy