MARKETINGYOURBUSINESSFORSUCCESSWORKSHOPINTRODUCTIONMARKETINGYOURBUSINESSFORSUCCESSWORKBOOKTrainingModule-3WorkshopObjectivesBytheendofthisworkshop,youshouldbeableto:*Determinethepurposeofthemarketingplan-Identifystrategiesforconductingmarketresearch-Identifyadvantagesofmarketresearch*Determinewhatthemarketingplancontains-Targetmarket-Competition-Product/service-Marketingbudget-Location-Pricingstrategy-Promotionalstrategy*List-advantagesofdevelopingamarketingplan-disadvantagesofdevelopingamarketingplan*Prepareamarketingplanoutline*Developaneffectivemarketingstrategy-Advertisingstrategy-PromotionalstrategyMARKETINGYOURBUSINESSFORSUCCESS-THEMARKETINGPLAN-UNDERSTANDINGTHEMARKETPLACEMarketingplaysavitalroleinsuccessfulbusinessventures.Howwelltheplanyoudevelopmarketsyourbusiness,alongwiththemanagementandfinancialmanagementplans,willultimatelydetermineyourdegreeofsuccessorfailure.Thekeyelementsofasuccessfulmarketingplanareto1)knowyourcustomers--theirlikes,dislikesandexpectations,and2)toknowyourcompetitors--theirstrengthsandweaknesses.Byidentifyingthesefactors,youcandevelopamarketingstrategythatwillallowyoutoarouseandfulfillcustomersneeds,betterunderstandcompetitorsandidentifychangesinthemarketplacethatcanaffectyourbottomline.Thepurposeofthemarketingplanistodefineyourmarket,i.e.,identifyyourcustomersandcompetitors,tooutlineastrategyforattractingandkeepingcustomersandtoidentifyandanticipatechange.Yourbusinesswillnotsucceedsimplybecauseyouwantittosucceed.Ittakescarefulplanningandathoroughunderstandingofthemarketplacetodevelopastrategythatwillensuresuccess.UnderstandingtheMarketplaceGenerally,thefirstandmostimportantstepinunderstandingthemarketistostudyitthroughmarketresearch.Inthecaseofafranchise,thefranchisorhasdevelopedamarketingprogram,soyouwillneedtoreviewtheprogramheorshehasprovided.Lookovertheplantodeterminewhatproduct/serviceyouwillofferandwriteadescriptionofit.Eventhoughafranchisorhasdescribedyourproductorservice,itisagoodideatodevelopandwriteyourowndescriptionbecausethisprocesshelpsyoutoknowyourproductorservice--akeyvariableinanysuccessfulmarketingplan.Whendescribingyourproductorserviceoutlinewhatyoufeelareitsuniqueaspects,andexplainhoworwhytheseaspectswillappealtocustomers.Emphasizethespecialfeaturesthatyoufeelareitssellingpoints.Thesefeaturesarewhatyouwillusetoconvincecustomerstopurchaseyourproductorservice.Nextgooversalesprojections,determiningifthereisademandfortheproductorservice.Inthecaseofafranchise,thefranchisorwillhavedevelopedtheprojections.Studythisdatatoseehowheorshearrivedattheseprojections.Thiswillhelpyoutobetterunderstandhowthemarketplaceoperatesrelativetoyourproduct/service,anditcanhelpyoudeveloptheskillsnecessarytoidentifyandanticipatechangesinthemarketplace.Startyourownfileonmarketplacetrends.Periodicallyreviewyourdata,lookingforshiftsinthemarket.Ifchangesareoccurring,youshouldmodifythemarketingplantocoincidewiththesechanges.Infranchiseoperations,itiscustomaryforthefranchisortoupdatethemarketingplanperiodicallytoreflectchangesinthemarketplaceandtokeepthemarketingprogramcurrent.Amarketingplanshouldanswerthesequestions:*Isthisproductorserviceinconstantdemand?*Howmanycompetitorsprovidethesameproductorservice?*Canyoucreateademandforyourserviceorproduct?*Canyoueffectivelycompleteinprice,qualityanddelivery?*Ifafranchise,willthefranchisorpricetheproductorservi...
