The document outlines the key concepts and steps involved in developing an effective marketing plan for a new venture, including conducting market research, analyzing customer needs and competitors, and determining marketing strategies. It discusses gathering secondary and primary data, defining goals and target markets, and establishing a marketing mix of product, price, placement, and promotion. The marketing plan aims to guide implementation of short-term marketing decisions over the first three years of business.
The document outlines the key concepts and steps involved in developing an effective marketing plan for a new venture, including conducting market research, analyzing customer needs and competitors, and determining marketing strategies. It discusses gathering secondary and primary data, defining goals and target markets, and establishing a marketing mix of product, price, placement, and promotion. The marketing plan aims to guide implementation of short-term marketing decisions over the first three years of business.
The document outlines the key concepts and steps involved in developing an effective marketing plan for a new venture, including conducting market research, analyzing customer needs and competitors, and determining marketing strategies. It discusses gathering secondary and primary data, defining goals and target markets, and establishing a marketing mix of product, price, placement, and promotion. The marketing plan aims to guide implementation of short-term marketing decisions over the first three years of business.
The document outlines the key concepts and steps involved in developing an effective marketing plan for a new venture, including conducting market research, analyzing customer needs and competitors, and determining marketing strategies. It discusses gathering secondary and primary data, defining goals and target markets, and establishing a marketing mix of product, price, placement, and promotion. The marketing plan aims to guide implementation of short-term marketing decisions over the first three years of business.
Entrepreneurship Instructor Engr. Waheed Gul MSc. Mechanical Engineering (Dynamics & Control) PhD (Automation & Control) in progress Cell # +923008363243,+923481359349 Email: waheedciel@gmail.com Learning Objectives Department of Mechanical Engineering
1. To Understand the Marketing Plan.
2. To describe the role of marketing research in determining
market strategy for the marketing plan.
3. To illustrate an effective and feasible procedure for the
entrepreneur to follow in engaging in a market research study.
4. To define the steps in preparing the marketing plan.
5. To explain the marketing system and its key components.
6. To illustrate different creative strategies that may be used to
differentiate or position the new venture’s products or services. Marketing Plan Purpose and Timing of the Marketing Plan Department of Mechanical Engineering
❑ The marketing plan establishes how the entrepreneur will
effectively compete and operate in the marketplace. ❑Marketing planning should be an annual activity focusing on decisions related to the marketing mix variables. ❑ Marketing plan section should focus on strategies for the first three years of the venture. ❑For the first year, goals and strategies should be projected monthly. ❑For years two and three, market results should be projected based on longer-term goals. ❑Preparing an annual marketing plan becomes the basis for planning other aspects of the business. Understanding the Marketing Department of Mechanical Engineering plan The marketing plan should answer three basic questions: 1. Where have we been? -The history of the marketplace, marketing strengths and weaknesses, and market opportunities (SWOT Analysis).
Where do we want to go (short term)?
- Marketing objectives and goals in the next twelve months.
How do we get there?
-Specific marketing strategy that will be implemented. The marketing plan should be a guide for implementing marketing decision-making and not a superficial document. The mere organization of the thinking process involved in preparing a marketing plan can be helpful in understanding and recognizing critical issues. Market Research for the Department of Mechanical Engineering new venture Information for developing the marketing plan may require some marketing research. Marketing research involves the gathering of data in order to determine such information as who will buy the product, what price should be charged, and what is the most effective promotion strategy. Marketing research may be conducted by the entrepreneur or by an external supplier or consultant. Market research begins with definition of objectives. Many entrepreneurs don’t know what they want to accomplish from a research study. Gathering Data from Secondary Sources Department of Mechanical Engineering
An obvious source is data that already exists, or secondary data, found in trade magazines, libraries, government agencies, and the Internet. The Internet can provide information on competitors and the industry, plus can be used for primary research. Commercial data may also be available, but the cost may be prohibitive. Free secondary information is available through: The U.S. Bureau of Census and the Department of Commerce. State departments of commerce, chambers of commerce, and local banks. Private sources of data, such as Predicasts, the Business Index, and the SBA’s Directory of Business Development Publications, can be found in a good business library. A local business library can also provide access to reference sources and articles about competitors and the industry. The entrepreneur should exhaust all possible secondary data sources, observation, and networking before beginning costly primary data research. Gathering Information from Primary Sources Department of Mechanical Engineering
Information that is new is primary data.
Observation is the simplest approach. Networking is an informal method to gather primary data from experts in the field, can be a valuable low-cost research method. A recent study found that the most successful ventures were focused on information about competitors, the customer, and the industry. Less successful ventures were more focused on gathering information on general economic and demographic trends. Interviewing or surveying is the most common approach, but is more expensive. The questionnaire used by the entrepreneur should include questions designed to fulfill one or more of the objectives. Questions should be designed so they are clear and concise, without bias, and easy to answer. If the entrepreneur lacks experience, he or she should seek help in developing the questionnaire through Small Business Development Centers or a local education institution. Focus Groups Department of Mechanical Engineering
A focus group is a sample of 10 or 12 potential customers who participate in a discussion.
Groups discuss issues in an informal, open format.
These groups should be led by an experienced monitor.
Experimentation involves control over specific variables in the research process.
Analyzing and Interpreting the Results Department of Mechanical Engineering
The entrepreneur can enter the results on a computer or hand-tabulate the results.
Summarizing the answers to questions will give preliminary insights.
Data can then be cross-tabulated to provide more focused results.
Characteristics of a Marketing Department of Mechanical Engineering Plan An effective marketing plan should:
1. Provide a strategy to accomplish the company mission.
2. Be based on facts and valid assumptions.
3. Provide for the use of existing resources.
4. Describe an organization to implement the plan.
5. Provide for continuity.
6. Be simple and short.
7. Be flexible.
8. Specify performance criteria that can be monitored and controlled.
The Marketing Mix Department of Mechanical Engineering
The actual short-term marketing decisions in the marketing plan will consist of four important marketing variables, called the marketing mix:
1. Product or service.
2. Pricing.
3. Distribution.
4. Promotion. Steps in Preparing Marketing Department of Mechanical Engineering Plan Step 1: Defining the Business Situation
Step 2: Defining Target Market/Opportunities and Threats (Market Segments)
Step7: Designing Responsibility for Implementation
Step8: Budgeting the Marketing Strategy
Step9: Implementation of the Marketing Plan
Step10: Monitoring Progress of Marketing Actions
Case Study / Research Papers 20 % Marks Department of Mechanical Engineering
1. Modeling of Digital Entrepreneurship Structure for the
Development of Pakistan economy 2. Modeling of Entrepreneurship education & Training in Pakistan / Entrepreneurship education and training needs to be developed in Pakistan 3. The Social, Physiological and economic dimensions of entrepreneurship in Pakistan 4. The Current status and Future development of entrepreneurship in Pakistan Department of Mechanical Engineering
