ben2010 -marketing plan
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MARKETING PLAN
[BEN 2010] introduction to cyberpreneurship
DEFINITION MARKET? (1st Lecture)
MARKETING A process to identify, anticipates and
satisfying commercial customers community
MARKETING PLAN A detailed system describing a specific
action to persuade the commercial customer to buy the goods and/or services you offer.
FUNCTIONS
A SPECIFIC S.O.P.(Manual) to compete in the marketplace
• What is the best way to penetrate students market?
A MEASURABLE predicted outcome [calculated risk]• At the end of the day, how much sales you are targeting?
An ATTAINABLE marketing effort• If we sells the same product like the rival, what is the chances we
can sell more? Identify your REALISTIC target market
• Student market vs. Staffs market? What is the best price?
A TIMELY plan to generate revenues for your business• How long to deliver 1 order? How long to close 1 sales?
OUTLINES
PAST Where have we been?• Perform
Market SWOT Analysis
PRESENT Where do we want to go?
• Marketing Objectives for the next business window
FUTURE How do we get there?• Specific
Marketing Strategies that will be implemented
TIMELINE
The challenge for an entrepreneur isto find a RIGHT customer
@ a RIGHT time @ a RIGHT place
EXAMPLE: The challenge for
sport-tees.com is to find:- a RIGHT customer
(sport t-shirt fan) @ a RIGHT time
( When Customer feel like want to buy)
@ a RIGHT place (Online E-Commerce
Website)
STEPS OF MARKETING PLAN
Defining Business Situation • Week 10-12 Business Venture Project
Defining Target Market• Market Segmentation e.g. staffs, students, visitors
Analyzing SWOT
Establish Marketing Goals
Defining MP Mix
Implementing MP
Monitoring & Controlling MP
MARKETING MIX COMPONENTS
Product Place
Price Promotion
PRODUCT•Value
Proposition•Uniquen
ess – Special /Limited Edition/2 in 1
•Features – High Quality/ Reliable
•Benefits –Easy to use / Healthy
•Technology - Latest Innovation
Product Strengths & Weaknesse
s
•New / Unknown -Its new and trendy
•Existing / Known – Its classic and proven
Brand Name / Image
EXAMPLE 1:
PLACE
What type of
business activity
B2B / B2C
Specific/NicheMass
Location & Logistics
Physical Kiosk• Misri Plaza• Central Plaza• Hostel• Library
Online • Web portal• Blogsites• Facebook
EXAMPLE 2:
MASS MARKET
PRO MARKET
PRICE
•Basic cost
•Variable cost
Know your product cost
•In percentage [%]
Profit Margin
•Direct competitors (Same product Vs Same product)
•Indirect ( Product Different but in same Product Group)
Competitors price
•Skimming or Penetrating
Pricing Strategy
•Per unit
•Across the products offering ( package)
Price tag to your product
EXAMPLE 3:
Vs
RM 2.20
RM 2.00
PROMOTION
Brand & Business Tagline• Emotionally connected with customers.
Sales Promotion• Individual Discount (%)
• Buy 1 Free 1• Buy More, Discount More e.g. 1 unit = RM 3.50, buy 3 = RM 10
Personal Selling• Talk 1 to 1 to customer
Advertising • Word of Mouth
• Brochures/Pamphlets• Online
Viral Marketing• SMS, video clips (YouTube), applications (iApps), facebook etc
EXAMPLE 4:
RECAP: MARKETING PLAN
http://www.seo-package.co.uk/marketing-for-consumers/
PAST
CURRENT
Quote to ponder………
“You now have to decide what 'image' you want for your
brand. Image means personality. Products, like
people, have personalities, and they can make or break them in the market place."
David Ogilvy (1911-1999) : Father of Advertising