marketing1 - Marketing Developing a marketing plan is one...

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Marketing Developing a marketing plan is one of the most important things you can do to ensure that your business will make a profit. This guide is intended to provide an overview of the importance of market research and analysis, product development, pricing, advertising, promotions, publicity, sales and customer service. Contents: Market Research Developing a Marketing Plan Mission Statement Identify products and/or services The market Competition Pricing Promotion mix Advertising Advertising Budget and Schedule Location, location, location Sales Forecasting Action Plan Production Sample Marketing Plan Outline © 20 1 0 Curators of the University of Missouri http://www.missouribusiness.net/ J anuary 20 1 0
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Marketing 2 Introduction Marketing touches every aspect of your business’s operation. It is a series of activities designed to identify customer needs and wants, and satisfy these while making a reasonable profit on a quality product or service. These activities include market research and analysis, product development, pricing, advertising, promotions, publicity, sales and customer service. Developing a marketing plan is one of the most important things you can do to ensure that your business will make a profit. There are six basic reasons for developing a marketing plan: g It forces you to identify your target market. g It forces you to think about both short and long-term marketing strategies. g It looks at your business as a whole and ties together market objectives. g It allocates limited resources to create the greatest return. g It provides a guide to measure progress and outcome. g It gives clarity to who does what, when, with what marketing tools. Market Research Marketing research is defined as a series of activities designed to identify customer needs and wants, and satisfy these while making a reasonable profit on a quality product or service. These activities include market research and analysis. Most entrepreneurs believe that market research and analysis is something that only marketing professionals and statisticians are able to do. This is not the case. Marketing research is simply an orderly, objective way of learning about your potential customers and your competition. Marketing research doesn't have to be complex and expensive. Moreover, it is not a perfect science; it deals with people and their constantly changing likes and dislikes which can be affected by hundreds of influences, many of which simply cannot be identified.
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Marketing 3 Two types of market research Secondary research Secondary research involves going to already published surveys, books, magazines, etc. and analyzing the information in them in terms of your proposed business. It is called secondary research because you are using information others have developed, but it is usually performed before developing a primary research project. There are many sources of secondary research material. You can find it in libraries, universities and colleges, trade and general business
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This note was uploaded on 05/21/2010 for the course MARKETING 107 taught by Professor Vivian during the Spring '10 term at SCA NC.

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marketing1 - Marketing Developing a marketing plan is one...

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