VUSSC/Content/Entrepreneurship/Marketing the Business/Considering the Strength and Weaknesses

Considering the Weak and Strength

The next steps in the development of a marketing plan is to consider the strengths and weaknesses of the firm.

Establishing Goals and Objectives

It is very important for a firm to establish the goals and objectives that it wishes to achieve. It is these goals and objectives that will answer the second question of a marketing plan, that is, where do we want to go? These goals should specify the market share, profit, sales, market penetration, pricing and promotion policies. It is recommended that a enterprise should limit the number of goals to between six and eight. It is also worth noting that although the goals should ideally be quantifiable, some may not be.

Defining Marketing Strategy and Action Programmes

At this stage, the entrepreneur must ask himself the question - How are we going to get there? This involves setting strategies and action plans. This stage entails designing strategies to address all the four elements of the marketing mix popularly known as the 4P's of marketing. Let us look at each of them.

1. Product or Services This basically means the entrepreneur must describe the product or services he is going to offer. It involves packaging, brand name, warranty, image service, features and style.
2. Pricing The entrepreneur also has to come up with a pricing strategy. It is worth noting, however, that determining the price of a product is difficult. The entrepreneur must consider the costs of providing the product, discounts, freight and mark up. A good source of this information would be the marketing research.
3. Place It is also important for the entrepreneur to make sure that the product is available for purchase at a convinient place. At this stage, the entrepreneur should consider the type of channel to use, number of intermediaries and the location of the channel members. Some enterprises nowadays use direct mail marketing because it is simple and less costly. However, the entrepreneur should evaluate all possible options of distribution.
4. Promotion One of the tasks of the entrepreneur is to inform customers about the product. They can use advertising media such as print, radio or television. Some enterprises use magazines and publicity.

Corordination of the Planning Process

Another important step in the development of marketing plan is to coordinate the planning process. It is worth noting that the entrepreneur may lack the experience necessary in preparing the plan because he is the only person involved. However, he may seek assistance from other bodies that help small businesses like the Small Business Enterprises Unit in the Ministry of Enterprise and Employment.

Designing Responsibility for Implementation

It is important that the marketing plan to be implemented effectively so that it meets the goals and objectives of the firm. It is important that someone be assigned the responsibility for implementing all the decisions in the marketing plan.

Budgeting the Marketing Strategy

It is important in planning to consider all the costs involved in the implementation of the decisions. The marketing budget also helps in the preparation of the financial plan.

Implementing the marketing plan

The marketing plan has to be implemented so that it achieves the desired goals and objectives. It is important at this stage to be committed to make adjustments as guided by the marketing environment.

Monitoring Process and Marketing Actions

This is the last step in the development

Corordination of the Planning Process

Another important step in the development of marketing plan is to coordinate the planning process. It is worth noting that the entrepreneur may lack the experience necessary in preparing the plan because he is the only person involved. However, he may seek assistance from other bodies that help small businesses like the Small Business Enterprises Unit in the Ministry of Enterprise and Employment.

Designing Responsibility for Implementation

It is important that the marketing plan to be implemented effectively so that it meets the goals and objectives of the firm. It is important that someone be assigned the responsibility for implementing all the decisions in the marketing plan.

Budgeting the Marketing Strategy

It is important in planning to consider all the costs involved in the implementation of the decisions. The marketing budget also helps in the preparation of the financial plan.

Implementing the marketing plan

The marketing plan has to be implemented so that it achieves the desired goals and objectives. It is important at this stage to be committed to make adjustments as guided by the marketing environment.

Monitoring Process and Marketing Actions

This is the last step in the development of the marketing plan. It involves checking results versus efforts. The results are based on the goals and objectives. If the entrepreneur fails to meet some of the goals, he/she must be flexible and be prepared to make adjustments.