ENTREPRENEURSHIP

CHAPTER 5. THE MARKETING P LAN

OBJECTIVES: At the end of the lesson you are able to:

1. define what is marketing plan
2. explain the relevance of the industry analysis to the market planning process
3. identify the steps in preparing the business plan
4. determine the elements that must be considered in developing strategy for each
component of a marketing mix.

INTRODUCTION:
In the previous lesson the major sections of the business plan have been introduced, what is
the importance of a business plan in starting a business or in existing business. In this chapter,
we look more closely at the marketing plan and spell out the steps that must be taken in
preparing it. We also examine the components of the marketing mix and discuss what must be
considered in developing a marketing strategy and its accompanying action plan.

PRE-ASSESSMENT:
Let’s find out how much you already know about the lesson. Choose the letter of the correct
answer that corresponds to the questions or statement. Write your answer in your
activity/assessment notebook.

1. A document containing the marketing objectives, marketing strategies and activities.

a. Marketing Plan c. Marketing Strategies

b. Business Plan d. Marketing

2. It refers to costs of things such as facilities and equipment that do not change with the number
of units that are produced.

a. Pricing c. Variable Cost

b. Fixed Costs d. Cost-based pricing

3. It is an important consideration for many buyers, and must therefore be given appropriate
attention by the entrepreneur.

a. Pricing c. Variable Cost

b. Fixed Costs d. Cost- based pricing

4. It includes a description of the product or service that will be offered by the business.

a. Product c. Place

b. Pricing d. Promotion

5. In starting a business, it is essential for the entrepreneur to make his product known to his
potential consumers.

a. Product c. Place

b. Pricing d. Promotion

INSTRUCTION: (READING)

NOTE: FOR BETTER COMPREHENSION, CONSULT YOUR

DICTIONARY IF YOU ENCOUNTER UNFAMILIAR WORDS.

1.1 WHAT IS MARKETING PLAN?

 Marketing plan includes a statement of the marketing situation, a discussion of target
markets and company positioning and a description of the marketing mix intend to use
enable to reach the marketing goals.

(For better understanding, refer in your book Pathways to Entrepreneurship: What is a

marketing plan? on pages 43–44)
1.2 What is competitor analysis?
 Competitor analysis is an assessment of strengths and weaknesses of the existing or
potential competitors. It involves also the pricing strategies example purchasing power of
the customers and distribution strategies.

(For better understanding read your book on pages 61-63 competitor analysis.)

1.3 What are the steps in preparing the marketing plan?

Preparing the marketing plan involves the following steps:

a. Assessing the business situation

b. Defining the target market
c. Setting the marketing goals and objectives
d. Developing marketing strategy and action programs
e. Preparing the budget for action plan

(For better understanding read your book on pages 63-68 steps in preparing the marketing
plan.)

1.4 What must be considered in developing marketing strategy and action

plans?

 Marketing mix refers to the set of actions that a company uses to promote its brand or
product in the market. The marketing mix can be divided into four groups of variables
commonly known as the four Ps.

(For better understanding, read your book on pages 68-69 developing marketing strategy
and action plans.

PROCESS QUESTIONS:
 Answer the number 1 question in page 58 under questions for discussion.
1. Why is it important to define the target market when preparing a marketing plan?
PRACTICE: Let’s find out how well have you understand your readings. Answer what is
being asked in each item. Write all your answers in your activity/assessment notebook
1. In your own words, what is marketing plan?
2. Why does entrepreneur need to understand the elements of four Ps?
3. In defining the target market, why market segmentation is important?
4. Why does marketing mix important in making decisions?

ENRICHMENT: Do what is being asked:

Instructions: Copy and answer the table 5.1 (Marketing strategies of major competitors) on page
62 of your textbook. Write your answers in you activity/assessment notebook.

EVALUATION: To check your knowledge and understanding of the lesson. Read each statement
below. Choose the letter of the correct answer. Write it in your activity/assessment notebook.
1. How do you develop your product/service?
2. How do you promote your product/service to create an impact, differentiate from
competitions and further brand image?