Terms in this set (30)
document containing the marketing objectives, marketing strategies, and the activities that will be undertaken to execute these strategies
the marketing strategies that the entrepreneur will execute must be based on an intelligent assessment of the business environment
must consider the purchasing power of the customers as well as the price levels of similar products available in the market
must consider transportation costs or the costs of operating a retail outlet
promotion (marketing mix)
4Ps of marketing
provides useful way of identifying unmet or unsatisfied customer needs and expectations
meaning of MADI
Dr. Ned Roberto
who created MADI questions?
a) assessing the business situation
b) defining the target market
c) setting the marketing goals and objectives
d) developing marketing strategy and action programs
e) preparing the budget for the action plan
preparing the marketing plan involves the ff steps:
assessing the business situation
reiterate some key elements to help provide the context for decisions concerning the target market and the strategies that will be employed to address the needs and expectations of this segment of the market
defining the target market
businessmen now recognize the value of focusing on a particular segment of the market, given that the people have different needs, wants, preferences and expectations.
process of dividing the market into small groups that have similar characteristics
setting the marketing goals and objectives
before strategies can be formulated, the entrepreneur must know where he intends to bring the business
what does SMART mean?
can be expressed in terms of market share, market penetration, revenue by territory, new products launched, number of distributors, customer service responsiveness, sales promotion, and advertising expenditures
developing marketing strategy and action programs
once the marketing goals and objectives have been set, the entrepreneur can proceed with developing his marketing strategy and accompanying action plan
this must include a description of the product or service that will be offered by the business
is an important consideration for many buyers, and must therefore be given appropriate attention by the entrepreneur
entrepreneurs must be sure that they calculate both variable costs and fixed costs
those incurred on each unit that is produced, such as direct labor, raw material, commission given to a salesperson, or the cost of packaging
fixed (overhead) cost
costs of things such as facilities an equipment that do not change with the number of units that are produced
entrepreneurs must be aware of the value attached by customers to products or services
deciding on a channel for distributing one's product
when deciding on a channel for distributing one's product, the entrepreneur must consider the following interrelated factors (3)
for start-up businesses, it is essential for the entrepreneur to make his product known to his potential consumers, he can do this by utilizing traditional media such as print, radio, tv etc.
preparing the budget for the action plan
the budget needed to execute the marketing strategies and activities can be included in the Marketing Plan when prepared as a stand alone document
product features, style, options, brand name...
quality image, list price, quantity discounts, allowances for quick payment..
setting up of own distribution outlet,use of wholesalers and retailers, number of distributors...
media alternatives, message, advertising budget, sales promotion, use of social networking...