Innovation & Technology Management Chapter 5.pdf - THE MARKETING SALES PLAN Successful salesmanship is 90 percent preparation and 10 percent

Innovation & Technology Management Chapter 5.pdf - THE...

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EE8061 P5-1 DR M Y SIYAL Successful salesmanship is 90 percent preparation and 10 percent presentation. Bertrand R. Canfield What is the best way to attract, serve, and retain customers? Any new firm needs to build a marketing plan that describes how it will attract, serve, and retain the customers targeted for its products. SUMMARY THE MARKETING & SALES PLAN
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EE8061 P5-2 DR M Y SIYAL Marketing is a set of activities with the objective of securing , serving , and retaining customers for the firm’s product offerings. Marketing and sales are critical to the success of a new firm since the firm normally starts without any customers. A new business must create a marketing and sales plan , which describes its target customers for its product offering. Gaining recognition and acceptance in a target market requires the following steps in sequence: Describe the product offering. Describe the target customer. State the marketing objectives. Gather information through market research. Create a marketing plan. Create a sales plan. Build a marketing and sales staff. THE MARKETING & SALES PLAN
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EE8061 P5-3 DR M Y SIYAL THE SIX ELEMENTS OF THE MARKETING PLAN 1. Marketing Objectives. 2. Customer Target Segments. 3. Product Offering Description. 4. Marketing Research and Strategy. 5. Marketing Mix. 6. Customer Relationship Management . THE MARKETING & SALES PLAN
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EE8061 P5-5 DR M Y SIYAL A market segment consists of a group with similar needs or wants and may include geographical location, purchasing power, and buying attitudes. Market segmentation divides markets into segments that have different buying needs, wants, and habits. Different segments will require different marketing strategies. Often a new venture identifies one target segment for its initial marketing effort, carefully describing the customer in that segment in terms of geographic, demographic, psychographic, and other variables. Geographic variables include city, region , and type, such as "urban.“ Demographic variables include age, gender, income, education, religion, and social class. Psychographic variables include lifestyle and personality variables that influence a customer's wants and needs. MARKET SEGMENT
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EE8061 P5-6 DR M Y SIYAL Four crucial questions to ask about target markets 1. Is there a target segment where the company can enter the market and provide customer benefits at a price the customer is willing to pay? 2. Do customers perceive that these benefits are superior to other solutions/options? 3. How large is the target market segment and how fast is it growing? 4. Will entry into the target market segment serve as a springboard for entry into other segments?
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