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OBJECTIVES:
1. Enumerate the content of a Marketing Plan2. Identify the most crucial part of the Marketing Plan, Why?3. Discuss where the total demand will be based from the statistics of your report to make it reliable when: 3.1. The business had zero-in its finances/ market 3.2. The business had existed in the past three years4. Explain the share or percentage of your market that will be
captured by the enterprise5. Evaluate how selling price of your product(s) will be most safe to use if your business has: 5.1. just starting an enterprise 5.2. started in the past three years6. Present at least 2 examples of sales forecasts. Explain it.
What did we discussed in our previous lesson about the Parts of a Marketing Plan?
PRODUCT
COMPARISON
LOCATION
The Other parts of a Marketing Plan:
1.4. Market Area. What geographical areas will be covered by your enterprise?
- Coverage, size in the locality, size of market in other localities, strong competitors in the area, willingness to travel for purposes of establishing channels of distribution for selling
The Other parts of a Marketing Plan:
1.4. Market Area. What geographical areas will be covered by your enterprise?
- Coverage, size in the locality, size of market in other localities, strong competitors in the area, willingness to travel for purposes of establishing channels of distribution for selling
What are the specific target groups of your product?
The target group of the “Marita’s Wonder Oil” will be the owners of beauty parlors, SPA, and end users in Santiago City with a monthly income bracket of Ph 15,000 and above, regardless of culture and religion, sex and age with a regular consumption pattern of weekly and monthly bases. Wholesaling and retailing will be the mode of selling this product.
MAIN CUSTOMERS WITHIN THE MARKET AREA
TOTAL DEMAND
How many of the enterprises with the same product range are currently existing?
- Exactly how many enterprises with the same product range are existing in the area?
- Are they selling practically the same product lines as you have?
- If you are distributing locally, what are the estimated(If possible, it is imperative to check some statistics; or make a low-cost sample survey; make an estimation of their total sales)
Sample of a Market Guide Survey
1. How much do you sell in a daily basis2. What day in a week has the highest number of items do you sell this product?3. What day in a week do you sell the least
number of items do you sell this product?4. How much is the highest and least price
do you offer this product?5. Do you know someone who also sell this
product? How many of them?
ESTIMATION OF MARKET SHARE
Product Line No. of Competitors Their Share Their Product(s)Features
Market Share
Product A Many Large Similar 0- 2.5
Product B Few Small Dissimilar 0-5
Product C One Small Similar 10-15
Product D Few Large Dissimilar 20-30
Product E No competitor None None 100
Assign a range then get the mid point: 1. 1.25 4. 25 2. 2.5 5. 50 3. 12.5
What is the Selling Price of the product?
SELLING PRICE
1. COST PLUS METHOD Add reasonable profit margin to the Final cost of Product
2. COMPARATIVE METHOD Base on Product Quality and other features, Fix your Price lower/higher or the same as competitors
3. MARKET-BEAR METHOD Base on Supply and Demand Factor- Increase Profit Margin when Product is in Demand, Reduce when there is over supply
How much of the product(s) will be sold?
SALES FORECAST
1. Every month for the first year
Generally a fraction of estimated market share from 60% to 80%
2. Peak and lean periods The highest during peak and the lowest during lean periods
3. Yearly for the next 5 years Based on your assumptions given in the comparison of your product with competitors, the estimated demand, and your strategy in costing used.
What promotional measures will be used to sell the product(s)?
PROMOTIONAL MEASURES
1. Advertisement
2. Handbills Distribution, billboards, press releases3. Volume incentive (lower prices when buying in bulk)4. Prompt, regular, courteous and efficient service to customers5. Good merchandising/proper disposition of the product6. Sponsorship of local shows, festivals, trade fairs, exhibits7. Personal Selling
What marketing strategy will be employed?
PRODUCT- defining, planning, balancing, integratingPRICING- charging the right pricePLACE- picking up the products(s) and delivering them from and to the right place making sure the product is available when neededPROMOTION- making sure that the existence of the product is knownNote: Learning to manage the 4 P’s is necessary in effective implementation of Marketing Strategy
Marketing Strategy
How much do you need to promote and distribute your product(s)?
MARKETING BUDGET
Account Title Year 1 Year 2 Year 3 Year 4 Year 5
Salaries/Wages (Marketing Officer)
AdvertisementPromotionCommissionOthers (Specify)Total Marketing Budget
WHAT IS THE MOST CRUCIAL PART OF YOUR MARKETING PLAN? WHY?
ACTIVITYDirection:Think of a problem that you mostly encounter in making your marketing plan and answer the below question:
ASSIGNMENT:
1. ENCODE THE PARTS OF YOUR MARKETING PLAN AND SEND TO MY FACEBOOK ACCOUNT/
3. DEADLINE OF SUBMISSION OF THIS ASSINGNMENT WILL BE ON FRIDAY (JANUARY 17, 2014)
