INTRODUCTION

A well prepared marketing plan helps entrepreneurs to:

• evaluate market acceptance
• develop strategies to market products or services of the business
• identify required resources to execute the marketing strategy
• estimate marketing financial requirement

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 1

 STEPS IN PREPARING A MARKETING PLAN

1. Setting Marketing Objectives

2. Determining product or service
3. Identifying target market
4. Analyzing market trend and size
5. Assessing competition
6. Forecasting sales
7. Developing marketing strategy
8. Planning for marketing personnel
9. Preparing marketing budget

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 2

 1. SETTING MARKETING OBJECTIVES:

New business
Introduce new products/services
Estimate market acceptance and sales

Existing business
Introduce new products/services
Inform market of product improvement
Enter new market
Increase sales of existing products
Increase market share
Market penetration
Regain market for existing product

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 3

 2. DETERMINING PRODUCT OR SERVICE
Needs & wants of customers
Marketability of a product or service

Guide in describing product or services

State clearly the value and benefits of product or
service to customers. Capitalize on the uniqueness or
strengths of the product or services such as on its
formulation, ingredients used, safety, ease of use, life
span, flexibility, assortment, location, operation hours,
personalization, extended warranty etc.

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 4

 3. IDENTIFYING TARGET MARKET

Who is the consumer of the product or service?

What is their common needs or wants that would be

satisfied by the product or service?

What is their common characteristics?

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 5

 TARGET MARKET ALTERNATIVES
SEGMENTED MARKETING

Target several or a particular market segments

Design separate offers for each segment
Niche Marketing:
Targeting a large share of one or a few segments or
niches
Micromarketing:
Tailoring products to suit the tastes of specific individuals
and locations

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 6

 4. ANALYZING MARKET TREND
AND MARKET SIZE

What is the trend in the market?

What is market potential?
Size of the market - what is the RM value?
Customer profiles of relevant market segments.

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 7

 Market Size:
 Total potential purchase of target market

 Should be translated into monetary value

 Growing, remain the same or shrinking

Market Share:
 a comparative measure to assess performance
against the competition

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 8

 5. ASSESSING COMPETITION

Identify Competitors AT LEAST 3

Assess their market positions and strategies i.e.;
product quality, pricing, distribution and
promotion
Strengths and weaknesses
Duration in market
Customers

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 9

 6. FORECASTING SALES

Past performance

Break-even – to set the minimum

Secured projects

On-going contracts

Anticipated or intended growth

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 10

 7. DEVELOPING MARKETING STRATEGY

To enable business to plan for its limited resources

in order to achieve stated marketing objectives
The key idea is to deliver customer satisfaction yet
provide business with a competitive advantage

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 11

 MARKETING STRATEGY

Product Strategy

Pricing Strategy PAGE 61

Place or Distribution Strategy

Promotion Strategy

PEOPLE (PERSONNEL)
PROCESS
PHYSICAL

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 12

 PRODUCT STRATEGY

Include product and service strategy

 Product is a physical item that can be seen, owned, used or
consumed

 Ideas and creations of the minds can also be regarded as product

 Service is intangible and cannot be seen or owned, but is useful,
can be experienced and able to satisfy customer needs and
wants

 Product strategy refers to a product, service or a combination

of both

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 13

 PRODUCT STRATEGY
Product attributes
 Quality
 Design

Trade name
Brand name
Packaging
Labeling
Warranty
After sales service

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 14

 PRICING STRATEGY

Price is the value exchanged between the

seller and the buyer in order for the buyer
to possess, use or experience the product
or service offered
Most often, price is in the form of
monetary value paid by the buyer to obtain
the product or service

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 15

 PRICING STRATEGY

Common Pricing Methods:

Based on Cost
 Fixed Cost + Variable Cost + Desired Margin

Based on Perceived Value

Based on Competition

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 16

 FACTORS TO CONSIDER WHEN SETTING PRICE

Marketing objectives
Demand and supply
Competitor’s pricing

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 17

 PROMOTION STRATEGY

Promotion is any coordinated effort taken to

supplement the product, price and place strategies
in order to achieve marketing objectives.

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 18

 PROMOTION STRATEGY
Advertising
Sales promotion
Personal Selling
Publicity

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 19

 PROMOTION STRATEGY
Advertising
Paid, non personal sales effort through a medium to influence a
large number of consumers.
• Channel of adverting • Outdoor
Printed • Billboards
• Newspaper • Banners
• Magazines • Transportation
• Yellow pages
• Brochures
• Business cards

Electronic and Digital

• Television
• Radio
• Internet
• Sort messaging system

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 20

 9. PREPARING MARKETING BUDGET
Marketing budget refers to expenses incurred in planning
for the marketing aspect of the proposed business or
project.

It consists of 3 components :

1. Investment on fixed assets

2. Allocation for working capital for marketing activities
3. Other marketing expenses

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 21

 MARKETING BUDGET TABLE
Items Fixed Working Other
Asset Capital Expenses
(RM) (RM) (RM)
Fixed Asset
Signboard 4,000
Working Capital
Salary/EPF/SOCSO
- Marketing Manager 3,000
- Sales Consultant 1,500
- Promotion 500
OTHERS
Grand Opening 5,000
Total (RM) 4,000 5,000 5,000

Entrepreneurship Dept, FBM (2009) ETR/ENT300 MODULE 8 : Marketing Plan 22

END OF MODULE 8