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BUSINESS PLANNING

ENT550

MODULE 3 :
MARKETING PLAN

Entrepreneurship Dept, FBM


(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

LEARNING OUTCOME
Understand the importance of preparing a
marketing plan
Describe the steps in preparing a marketing plan
Identify components of a marketing plan
Prepare a marketing plan for a small business

Entrepreneurship Dept, FBM


(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

MODULE OUTLINE
Introduction
Steps in Preparing a Marketing Plan for Small
Businesses.
Marketing Objectives
Product or Service
Target Market
Market Trend and Market Size
Competition
Sales Forecast
Marketing Strategy
Marketing Personnel
Marketing Budget

Entrepreneurship Dept, FBM


(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

INTRODUCTION
A well prepared marketing plan helps entrepreneurs to:
evaluate market acceptance
develop strategies to market products or services of
the business
identify required resources to execute the marketing
strategy
estimate marketing financial requirement

Entrepreneurship Dept, FBM


(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

STEPS IN PREPARING A MARKETING PLAN


1.
2.
3.
4.
5.
6.
7.
8.
9.

Setting Marketing Objectives


Determining product or service
Identifying target market
Analyzing market trend and size
Assessing competition
Forecasting sales
Developing marketing strategy
Planning for marketing personnel
Preparing marketing budget

Entrepreneurship Dept, FBM


(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

1. SETTING MARKETING OBJECTIVES:


New business
Introduce new products/services
Estimate market acceptance and sales
Existing business
Introduce new products/services
Inform market of product improvement
Enter new market
Increase sales of existing products
Increase market share
Market penetration
Regain market for existing product

Entrepreneurship Dept, FBM


(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

2. DETERMINING PRODUCT OR SERVICE


Needs & wants of customers
Marketability of a product or service
Guide in describing product or services
State clearly the value and benefits of product or service to
customers. Capitalize on the uniqueness or strengths of
the product or services such as on its formulation,
ingredients used, safety, ease of use, life span, flexibility,
assortment, location, operation hours, personalization,
extended warranty etc.

Entrepreneurship Dept, FBM


(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

3. IDENTIFYING TARGET MARKET


Who is the consumer of the product or service?
What is their common needs or wants that would
be satisfied by the product or service?
What is their common characteristics?

Entrepreneurship Dept, FBM


(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

Target Market Alternatives


SEGMENTED MARKETING
Target several or a particular market segments
Design separate offers for each segment
Niche Marketing:
Targeting a large share of one or a few segments or
niches
Micromarketing:
Tailoring products to suit the tastes of specific individuals
and locations

Entrepreneurship Dept, FBM


(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

TARGET MARKET ALTERNATIVES


Mass-Marketing
ignoring market segment differences
go after the whole market with one offer

Entrepreneurship Dept, FBM


(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

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COMMON BASES FOR SEGMENTATION


Demographic Segmentation
Psychographic Segmentation
Behavioral Segmentation
Occasions
Benefits Sought
User Status
Usage Rate
Loyalty Status

Entrepreneurship Dept, FBM


(2009)

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11

4. ANALYZING MARKET TREND


AND MARKET SIZE

What is the trend in the market?


What is market potential?
Size of the market - what is the RM value?
Customer profiles of relevant market segments.

Entrepreneurship Dept, FBM


(2009)

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Market Size:
Total potential purchase of target market
Should be translated into monetary value
Growing, remain the same or shrinking
Market Share:
a comparative measure to assess performance
against the competition

Entrepreneurship Dept, FBM


(2009)

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13

5. ASSESSING COMPETITION
Identify Competitors
Assess their market positions and strategies i.e.;
product quality, pricing, distribution and
promotion
Strengths and weaknesses
Duration in market
Customers

Entrepreneurship Dept, FBM


(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

14

6. FORECASTING SALES
Past performance

Break-even to set the minimum


Secured projects
On-going contracts
Anticipated or intended growth

Entrepreneurship Dept, FBM


(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

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7. DEVELOPING MARKETING STRATEGY


To enable business to plan for its limited
resources in order to achieve stated marketing
objectives
The key idea is to deliver customer satisfaction
yet provide business with a competitive
advantage

Entrepreneurship Dept, FBM


(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

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MARKETING STRATEGY
Product Strategy
Pricing Strategy
Place or Distribution Strategy
Promotion Strategy

Entrepreneurship Dept, FBM


(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

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PRODUCT STRATEGY
Include product and service strategy
Product is a physical item that can be seen, owned,
used or consumed
Ideas and creations of the minds can also be
regarded as product
Service is intangible and cannot be seen or owned,
but is useful, can be experienced and able to satisfy
customer needs and wants
Product strategy refers to a product,
combination of both
Entrepreneurship Dept, FBM
(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

service or a

18

PRODUCT STRATEGY
Product attributes
Quality
Design
Trade name
Brand name
Packaging
Labeling
Warranty
After sales service
Entrepreneurship Dept, FBM
(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

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MARKETING STRATEGIES FOR SERVICES


Service quality
consistency
Service package
Combination of services at competitive price
Service differentiation
Offering that is unique and can be
differentiated from the competitors
After sales services
Follow-up

Entrepreneurship Dept, FBM


(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

20

PRICING STRATEGY
Price is the value exchanged between the
seller and the buyer in order for the buyer to
possess, use or experience the product or
service offered
Most often, price is in the form of monetary
value paid by the buyer to obtain the product
or service

Entrepreneurship Dept, FBM


(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

21

PRICING STRATEGY
Common Pricing Methods:
Based on Cost
Fixed Cost + Variable Cost + Desired Margin
Based on Perceived Value
Based on Competition

Entrepreneurship Dept, FBM


(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

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PRICING TACTICS

Price lining
Discounting
Purchase with purchase
Psychological pricing
Captive pricing
Product bundle pricing
Segmentation pricing

Entrepreneurship Dept, FBM


(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

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FACTORS TO CONSIDER WHEN SETTING PRICE

Marketing objectives
Demand and supply
Competitors pricing

Entrepreneurship Dept, FBM


(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

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PLACE OR DISTRIBUTION STRATEGY


Place strategy refers to the decision made on the
location of the business
Choice of location is crucial for most brick and mortar
businesses
Channel of distribution is a network developed to
ensure product or services reach target consumers
Distribution strategy for consumer product and
industrial product may vary

Entrepreneurship Dept, FBM


(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

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DISTRIBUTION STRATEGY
Manufacturer/Producer

Wholesaler

Wholesaler
E-Intermediaries

Retailer

Retailer

Consumer
Entrepreneurship Dept, FBM
(2009)

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26

FACTORS TO CONSIDER WHEN


DETERMINING DISTRIBUTION STRATEGY
Type of product
Target market
Market coverage
Transportation ease
Product standardization

Entrepreneurship Dept, FBM


(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

27

PROMOTION STRATEGY
Promotion is any coordinated effort taken to
supplement the product, price and place
strategies in order to achieve marketing
objectives.

Entrepreneurship Dept, FBM


(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

28

PROMOTION STRATEGY

Advertising
Sales promotion
Personal Selling
Publicity

Entrepreneurship Dept, FBM


(2009)

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29

PROMOTION STRATEGY
Advertising
Paid, non personal sales effort through a medium to influence a
large number of consumers.

Channel of adverting
Printed
Newspaper
Magazines
Yellow pages
Brochures
Business cards

Electronic and Digital


Television
Radio
Internet
Sort messaging
system

Entrepreneurship Dept, FBM


(2009)

Outdoor
Billboards
Banners
Transportation

ETR/ENT300 MODULE 8 : Marketing Plan

30

PROMOTION STRATEGY
Sales promotion
Promotional activities or incentives carried out or offered
within a set time frame to influence purchase
Common sales promotion strategies:
Rebates
Coupons
Purchase-with-purchase
Samples
Premiums
Contest
Rebates
Point-of-purchase promotion
Sweepstakes
Free delivery
Extended warranty
Entrepreneurship Dept, FBM
(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

31

Promotion Strategy
Personal Selling
Personal sales presentation conducted by a trained
sales person to influence potential customers. It is most
often used for products that require demonstration or
explanation
Publicity
Efforts taken to develop and maintain good relationship
with the public to ensure good favorable public image of
the business.

Entrepreneurship Dept, FBM


(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

32

8. PLANNING FOR MARKETING PERSONNEL


Determine number of supporting personnel
needed to undertake the marketing tasks - inhouse or outsource?
Examples:
Marketing manager or executives
Sales personnel
Promotion personnel
Distribution personnel
Entrepreneurship Dept, FBM
(2009)

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33

9. PREPARING MARKETING BUDGET


Marketing budget refers to expenses incurred in planning
for the marketing aspect of the proposed business or
project.
It consists of 3 components :
1. Investment on fixed assets
2. Allocation for working capital for marketing activities
3. Other marketing expenses

Entrepreneurship Dept, FBM


(2009)

ETR/ENT300 MODULE 8 : Marketing Plan

34

MARKETING BUDGET TABLE


Items

Fixed Asset
Signboard
Working Capital
Salary/EPF/SOCSO
- Marketing Manager
- Sales Consultant
- Promotion
Lain-Lain
Grand Opening
Total (RM)
Entrepreneurship Dept, FBM
(2009)

Fixed
Asset
(RM)

Working
Capital
(RM)

Other
Expenses
(RM)

4,000

3,000
1,500
500
5,000
4,000

5,000

ETR/ENT300 MODULE 8 : Marketing Plan

5,000
35

END OF MODULE 3