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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
