Preparing a Marketing Plan
Preparing a Marketing Plan
Marketing is the movement of your product or services from one place to another or from your side to that of the consumer's side. It differs from selling in the sense that marketing is getting people to want your product and services, then, selling and delivering your product to them.
In marketing, first, you need to conduct a market study to find out the condition of the product. You also need to know your customers' preferences.
Steps in Preparing a Marketing Plan:
1. Know your market and find out what they want.
The following questions may help a would-be entrepreneur to succeed:
a. Who am I trying to sell to?
b. What color, design, and size do they want? How many?
c. Where do they live?
d. To what age bracket do they belong?
e. When do they buy? (rainy season, Christmas season, special occasions)
2. Target your market.
Take note of the following approaches:
a. Focus on a particular geographical area. Can you expand internationally or
will you just operate within the nearby towns?
b. Know the best-selling product.
c. Tap those who are most likely to buy your product.
3. Know your competitors.
Identify as much as possible your competitors. In what way do they excel? Set criterias so that you may overcome the weaknesses of your product.
4. Cost and price your product or services.
Determine the cost of your product. Use the cost-plus method which means costl plus mark-up. Divide the total cost by the number of products to get the unit cost Apply a certain mark-up.
5. Promote and advertise your product.
There are some factors that trigger the sale of the product. Sometimes when people are satisfied with a certain product, they tell other people about it. You call it word-of-mouth advertising. There are 2 general types of promotion: the personal selling and advertising.
Kinds of inexpensive advertising:
a. Direct mail and direct advertising
Direct advertising is usually used when you market in a
subdivision. You call it a house-to-house selling.
Direct mail is done through the use of leaflets if you are serving a bigger
b. Print Ads
Placing information advertisement in local publications, newspapers or tabloids.
c. Radio advertising
This is a little less expensive and could possibly reach rural areas.
d. Advertising Specialties
Advertising messages can appear on T-shirts, pencils, notebooks, calendars, etc.
e. Outdoor advertising
This is most effective near stores where people usually go from time to time to get their needs.
f. Transit Advertising.
Also called moving billboards, like the ones printed on cars, taxicabs, and buses.
g. Web Online Advertising
6. In making a plan for the distribution of your product, consider the following factors:
1. The cost of selling