Podcast
Questions and Answers
What is the first step in marketing research for a new venture?
What is the first step in marketing research for a new venture?
- Analyzing competitors' strengths and weaknesses
- Conducting interviews with potential customers
- Defining the purpose or objectives (correct)
- Determining the price of the product
What is the primary purpose of gathering data from secondary sources in marketing research?
What is the primary purpose of gathering data from secondary sources in marketing research?
- To evaluate the performance of past marketing strategies
- To gather detailed financial data from competitors
- To create a marketing plan from scratch
- To assess opportunities and threats in the market (correct)
Which of the following is NOT a potential objective of marketing research?
Which of the following is NOT a potential objective of marketing research?
- Identify the best manufacturing process (correct)
- Determine customer purchase preferences
- Find out how much customers would pay
- Determine what people think of the product/service
Which method is considered the simplest approach to gathering primary data?
Which method is considered the simplest approach to gathering primary data?
What advantage does the upside down pyramid approach provide in competitor analysis?
What advantage does the upside down pyramid approach provide in competitor analysis?
What role does cross-tabulation of data play in market research?
What role does cross-tabulation of data play in market research?
What is the purpose of conducting competitor analysis?
What is the purpose of conducting competitor analysis?
What distinguishes a marketing plan from a business plan?
What distinguishes a marketing plan from a business plan?
What type of data does marketing research aim to gather?
What type of data does marketing research aim to gather?
Which method is recommended for gathering data on competitors?
Which method is recommended for gathering data on competitors?
Which of the following is NOT a common data collection instrument mentioned for primary data gathering?
Which of the following is NOT a common data collection instrument mentioned for primary data gathering?
Why should a marketing plan be regularly updated?
Why should a marketing plan be regularly updated?
Identifying customer expectations about product promotion can help determine what?
Identifying customer expectations about product promotion can help determine what?
What is a benefit of utilizing networking as a research method?
What is a benefit of utilizing networking as a research method?
What should be summarized in the competitor analysis as the first step?
What should be summarized in the competitor analysis as the first step?
What basic questions should a marketing plan aim to answer?
What basic questions should a marketing plan aim to answer?
What is the primary purpose of a situation analysis in a marketing plan?
What is the primary purpose of a situation analysis in a marketing plan?
Which element is NOT typically included in the characteristics of an effective marketing plan?
Which element is NOT typically included in the characteristics of an effective marketing plan?
What aspect of the marketing mix does 'Place' primarily refer to?
What aspect of the marketing mix does 'Place' primarily refer to?
Which of the following best defines the term 'marketing objectives'?
Which of the following best defines the term 'marketing objectives'?
Which of the following is essential for providing feedback on a marketing plan’s effectiveness?
Which of the following is essential for providing feedback on a marketing plan’s effectiveness?
What is a critical decision related to the 'Promotion' element of the marketing mix?
What is a critical decision related to the 'Promotion' element of the marketing mix?
Which factor is NOT considered in the internal analysis of a marketing plan?
Which factor is NOT considered in the internal analysis of a marketing plan?
In defining the business situation, what does a situation analysis take into account?
In defining the business situation, what does a situation analysis take into account?
What is the first step in preparing an effective social media marketing plan?
What is the first step in preparing an effective social media marketing plan?
Why is monitoring the marketing plan essential?
Why is monitoring the marketing plan essential?
What should be avoided when creating social media content?
What should be avoided when creating social media content?
What role does contingency planning play in implementing a marketing plan?
What role does contingency planning play in implementing a marketing plan?
Which of the following is NOT a benefit of a well-executed social media marketing plan?
Which of the following is NOT a benefit of a well-executed social media marketing plan?
What is the primary purpose of market segmentation?
What is the primary purpose of market segmentation?
Which of the following should be emphasized when establishing goals and objectives?
Which of the following should be emphasized when establishing goals and objectives?
What does the marketing strategy develop in relation to the marketing mix?
What does the marketing strategy develop in relation to the marketing mix?
What differentiates business-to-business (B2B) marketing from consumer marketing?
What differentiates business-to-business (B2B) marketing from consumer marketing?
When budgeting the marketing strategy, what is critical for start-ups regarding their forecasted sales?
When budgeting the marketing strategy, what is critical for start-ups regarding their forecasted sales?
How should an entrepreneur evaluate the effectiveness of marketing costs?
How should an entrepreneur evaluate the effectiveness of marketing costs?
Which aspect is part of the pricing strategy within the marketing mix?
Which aspect is part of the pricing strategy within the marketing mix?
What aspect should be considered when defining the target market?
What aspect should be considered when defining the target market?
Flashcards
Competitor Analysis
Competitor Analysis
Analyzing the current strategies, strengths, and weaknesses of competitors in your industry to gain an advantage.
Industry Analysis
Industry Analysis
Understanding the external factors affecting your business, identifying threats and opportunities.
Marketing Research
Marketing Research
Gathering information about the potential market for your product or service, including customer demographics, preferences, and purchasing habits.
Defining Objectives in Marketing Research
Defining Objectives in Marketing Research
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Pricing Research
Pricing Research
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Distribution Strategy Research
Distribution Strategy Research
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Promotion Strategy Research
Promotion Strategy Research
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Distribution Channel Research
Distribution Channel Research
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Secondary Data Research
Secondary Data Research
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Primary Data Research
Primary Data Research
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Survey Research
Survey Research
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Focus Group Research
Focus Group Research
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Observation Research
Observation Research
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Data Analysis
Data Analysis
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Marketing Plan
Marketing Plan
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Business Plan
Business Plan
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What is a Marketing Plan?
What is a Marketing Plan?
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What is a Situation Analysis?
What is a Situation Analysis?
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What are Market Opportunities?
What are Market Opportunities?
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What are Market Threats?
What are Market Threats?
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What is Competitor Analysis?
What is Competitor Analysis?
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What are Marketing Objectives?
What are Marketing Objectives?
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What is Marketing Strategy?
What is Marketing Strategy?
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What is the Marketing Mix?
What is the Marketing Mix?
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Monitoring the Plan
Monitoring the Plan
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Social Media Marketing Plan
Social Media Marketing Plan
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Selecting the Right Platform
Selecting the Right Platform
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Identifying Influencers
Identifying Influencers
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Assessing and Analyzing
Assessing and Analyzing
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Market Segmentation
Market Segmentation
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Target Market
Target Market
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Marketing Mix
Marketing Mix
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Strengths & Weaknesses Analysis
Strengths & Weaknesses Analysis
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Marketing Goals & Objectives
Marketing Goals & Objectives
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Marketing Strategy & Action Plan
Marketing Strategy & Action Plan
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Business-to-Business Marketing
Business-to-Business Marketing
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Budgeting the Marketing Strategy
Budgeting the Marketing Strategy
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Study Notes
Business Administration - Entrepreneurial Organization
- Course: Business Administration
- Chapter: 5
- Topic: Entrepreneurial Organization
- Semester: Fall 2024
- Year: 2024-2025
- Instructor: Dr. Rana M. Zaki
The Marketing Plan
- Topic: Entrepreneurship
- Textbook: Robert D. Hisrich, Michael P. Peters, Dean A. Shepherd, Entrepreneurship, Twelfth Edition
- Chapter: 5
- Focus: The Marketing Plan
Industry Analysis
- Goal: Understanding the environment affecting marketing decisions
- Methods:
- SWOT analysis
- Upside-down pyramid approach
- Tools: Search engines, library databases, and competitor social media
- Process: Summarizing competitor strategies, identifying strengths and weaknesses
- Application: Formulating market positioning for new ventures
- Key frameworks: Porter's 5 forces, PEST analysis, SWOT analysis, BCG's growth share, perceptual mapping, strategic group analysis
How to do Industry Analysis
- Key factors: technology, social demographics, competitor analysis, risks and limitations, price sensitivity
- Essential elements: suppliers, buyers, industry forecast, government regulations, political influences
Marketing Research for the New Venture
- Purpose: Gathering data for informed decisions
- Key questions:
- Who will buy the product?
- What is the potential market size?
- What price should be charged?
- What is the optimal distribution strategy?
- What is the most effective promotion strategy?
- Approach: entrepreneur-led or outsourced
- Initial step: Defining objectives/purpose
Marketing Research Step 1: Defining the Purpose or Objectives
- Goal: Identify information needs for a marketing plan
- Examples:
- Customer perceptions of the product
- Customer willingness to pay
- Preferred purchase locations
- Expected channels for product information
Marketing Research Step 2: Gathering Data From Secondary Sources
- Source: Industry, market, competitors
- Tools:
- Competitor websites and social media
- National and state government websites
- Purpose: early assessment of opportunities/threats
- Next step: Primary data collection if needed
Marketing Research Step 3: Gathering Information From Primary Sources
- Data collection methods:
- Observation
- Networking
- Interviews/Surveys
- Questionnaires tailored to business objectives
- Focus groups (informal discussions)
Marketing Research Step 4: Analyzing and Interpreting the Results
- Methods: Entering data (computer or manually), summarizing answers, cross-tabulating for focused results
- Outcomes: In-depth market insights, especially segmentations
Plan Differences: Marketing Plan vs. Business Plan
- Marketing Plan:
- Focus: marketing activities (1 year or more)
- Scope: varies by industry, market, firm size
- Integration: integral to the business plan, but independent
- Timeframe: short-term management
- Business Plan:
- Focus: entire organization over time
- Scope: includes multiple facets beyond marketing
- Integration: comprehensive organizational roadmap
- Timeframe: updated regularly to keep management focused
Understanding the Marketing Plan
- Goal: Determine how to compete and operate
- Steps:
- Establish strategies
- Assign costs to each strategy
- Fundamental questions: Where have we been? Where do we want to go (short-term)? How do we get there?
- Frequency: Annual preparation
Outline for a Marketing Plan
- Components:
- Situation analysis
- Background of venture strengths/weaknesses
- Market opportunities/threats
- Competitor analysis
- Objectives/goals
- Strategies/action programs
- Budgets
- Controls
Characteristics of a Marketing Plan
- Needed elements:
- Strategy for accomplishing the mission
- Valid assumptions based on facts
- Organization description for plan implementation
- Continuity and flexibility
- Performance criteria for monitoring
- Feedback mechanisms
- Context: Understanding the system, external and internal factors, and the mix affecting marketing decisions
The Marketing System
- Components: External environment (economy, culture, technology, demand, raw materials, competition), Internal environment (financial resources, suppliers, goals, management team), Entrepreneur, Market planning decisions, Marketing mix decisions, Marketing strategies directed to customers, customer purchase decisions
- Source: R. Kerin, S. Hartley, and W. Rudelius, Marketing, 12th ed. (New York: McGraw Hill/Irwin, 2015), 40–47
Critical Decisions for Marketing Mix
- Variables:
- Product: Materials, style, features, brand name, packaging
- Price: Quality image, list price, discounts, payment terms
- Place (Channels): Wholesalers, retailers, channel length, geographic coverage, inventory, transportation, electronic channels
- Promotion: Media alternatives, message, budget, personal selling, sales promotion, social media, website
Preparing the Marketing Plan
- Steps:
- Review business situation
- Define target market
- Segment and target customers (homogeneous groups)
- Describe customer characteristics or buying situations
- Select target segments
- Develop a marketing plan that integrates the marketing mix
Considering Strengths and Weaknesses and Establishing Goals and Objectives
- Importance: Recognizing internal factors in relation to the targeted market
- Goal setting: Defining realistic marketing goals—where to go—in terms of market share, profits, sales, etc.
- All goals must be quantifiable; limit goals to 6–8
Defining Marketing Strategy and Action Plan
- Goal: Implementing strategies, defining objectives—how to get there
- Elements:
- Product/service description (tangible and intangible characteristics)
- Pricing strategies (considering total costs, markups, competition)
- Distribution channels (middlemen, manufacturer reps, brokers)
- Promotion methods (informing customers)
Marketing Strategy: Business-to-Business Versus Consumer Markets
- Differences: varying strategies for business vs. consumer products
- Consumer focus: personal consumption sales to households
- B2B focus: more direct distribution channels
- Mix: same marketing mix, but significant differences in techniques and strategies
Budgeting the Marketing Strategy
- Consideration of costs: Integral to planning
- Budgeting as percentage of forecasted sales (12–20 percent)
- Cost breakdowns: Essential for effective allocation
Implementing and Monitoring the Marketing Plan
- Commitment: Consistent implementation and willingness to modify
- Responsibilities: Assignment of a coordinator
- Monitoring: Track results based on objectives
- Contingency planning: Preparedness for unexpected events
Appendix 8A: The Social Media Plan
- Benefits: Building awareness, connecting with customers, boosting SEO, growing mailing lists, increasing revenue
- Steps: Set goals, select platforms/approach, identify influencers, link to company website, assess/analyze effectiveness
Appendix 8A: Pitfalls of Social Media
- Patience: Relationship cultivation takes time
- Strategy: Essential for effective branding
- Avoiding over-reliance on a single brand message
- Analytics: Tracking effectiveness is crucial
- Integration: Tie social media to company website
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