Idea Generation Process- Entrepreneurship

However, a foremost component of the marketing planning process is discerning, innovative marketing strategies and plans that may well direct marketing attempts (Kotler and Keller, 2009:80). In this direction, the first and foremost task is to identify the opportunities in the market and find out the prospective segments where a firm can take opportunities to enhance its business and profitability.

Question: Outline the marketing process and explain the importance of each element of the marketing plan.

Outline your marketing strategy, mission and goals. Include financial highlights such as sales and revenue forecasts, projected growth and market share, and expected profitability. Briefly reference the current market situation as it relates to your product/service and company and outlines the opportunity. Point out key success factors and/or major pitfalls you plan to avoid. Reference major actions, changes or trends you anticipate over the next three years, and how these will impact your marketing strategy.

I. Executive Summary II. Situation Analysis o Market Summary  Target Market Demographics  Geographic  Demographics  Behavior Factors Market Needs Market Trends Market Growth o SWOT Analysis  Strengths  Weaknesses  Opportunities  Threats o Competition o Product Offering o Keys to Success o Critical Issues III. Marketing Strategy o Mission o Marketing Objectives o Financial Objectives o Target Markets o Positioning o Strategies o Marketing Mix o Marketing Research o Action Plan IV. Financials o o o V. Controls o o o VI. Summary Implementation Marketing Organization Contingency Planning Breakeven Analysis Sales Forecast Expense Forecast

This first strategy calls for the creation of more sales without changing the original product, which can achieved through the four P’s of marketing. The next strategy, market development, allows the supplier to find new markets for their current products by using demographic markets to see where the greatest revenue will be based on the target group you are selling to (seniors, teens, etc.). Product development is the next strategy which focuses on new products the modification of current products. This strategy is rather important as without evolving products to meet the ever changing needs of current and potential companies can see a loss in sales and would limit their ability to be competitive in the market. The final strategy is diversification. This strategy calls for companies to attain current or new businesses allowing them to “diversify” their offerings and break into new markets.

What is marketing strategy? The process of matching the organisation’s strengths to the customer needs, with the aim of achieving a competitive advantage in the market. The combination of product, price, distribution and promotion most suited to a particular group of consumers. • Goal: the create a sustainable competitive advantage in the market • All the elements of the marketing strategy that lead to the development of the competitive advantage require good understanding of consumer behaviour Marketing strategy process: • 1. Segment: understand consumers a. Determine the dimensions (age, geography, subculture) b. Determine the heterogeneity c. Define the needs & goals 2. Target: choose consumers a. Evaluate each segment in

For a company to create a SWOT analysis, they have to have a clear set objective so that they don’t face any serious problems such as wasting much needed time

2) What are the key components of a marketing plan? List and describe each component briefly.

The components of a marketing plan is an executive summary, 5 c’s, STP, 4 P’s and appendices. Its would be

The third table is to outline some of the activities we might find at each stage of the marketing process; this is brief summary of the importance of the different stages.

Mariotti & Glackin (2013) provide that development of marketing strategy and competitive advantage is from the "Four P's". The "Four P's" include product, price, promotion, and place. This paper further outlines each of the "Four P's". Mariotti& Glackin (2013) recommend continually referring to the mission statement and vision statement while developing the marketing strategy. This reference helps to build the marketing strategy and form the core competency for the business. The first part of the business plan, the mission and vision statements, are stated below:

Whereas the mission defines the scope of a business or business unit and the goals define its strategic performance dimensions, its business unit competencies determine the means for achieving success.

Marketing strategy is a method of focusing an organization's energies and resources on a course of action which can lead to increased sales and dominance of a targeted market niche. A marketing strategy combines product development, promotion, distribution, pricing, relationship management and other elements; identifies the firm's marketing goals, and explains how they will be achieved, ideally within a stated timeframe. Marketing strategy determines the choice of target market segments, positioning, marketing mix, and allocation of resources. It is most effective when it is an integral component of overall firm strategy, defining how the organization will successfully engage customers, prospects, and competitors in

A strategic marketing plan focuses on the goals, objectives, strategies and strategies related to the goals. Goals are comprehensive and it provides the general guidelines on how the marketing organization wants to achieve, such as an expanded market segment (Kotler et al, 2013). Objectives are tied up together with target goals and provide further specific, determinate results - for example, an increase in the market share of a specific geographical area for a particular product, with a certain amount

Marketing strategy is the goal of the increasing sales and achieving the sustainable competitive advantages. Marketing strategy includes all the basic and long-term activities in the field of the marketing that deal with the analysis of the strategic initial situation of the company and the formulation, evaluation and selection of the market-oriented strategies and therefore it contributes to the goals of the company and its marketing objectives.