MARKETING PLAN

Marketing plan is a process of creating and attracting customers to the company.

a)         Description of products or services

Describes product or services offered by the company in detail.

b)        Target market

Identify the different market segments that exist in the same market. Demographic factors are often used by marketers to segment a target market such as age, occupation, gender and etc

c)         Market size

Usually estimated in unit of goods or sales

d)        Competitors

Entrepreneur should list at least three competitors in the same target market, together with their strengths and weaknesses.

e)        Market share

The market share is computed as a percentage of the market size. Information on the product or services, customers needs and wants as well as competition within the market must be explained

f)         Marketing strategy

Stage to determine whether the business is able to enter the market or compete with other competitors in the market and in the same business sectors

ü  Product/Service strategy

-Brand, quality, packaging

ü  Pricing strategy

-Cost based pricing

ü  Distribution strategy

-Direct to customer or sales

ü  Promotion strategy

-Advertising, sales promotion