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Market Planning for Business: Product, Customers, and Budget, Study notes of Introduction to Business Management

A comprehensive guide for designing a market plan, covering defining your business, customers, and budget. Identify your product or service, geographic marketing area, competition, and unique selling proposition. Understand your current and prospective customers, their preferences, and habits. Determine costs, sales, and marketing budget. Explore various marketing methods and testing strategies.

Typology: Study notes

Pre 2010

Uploaded on 08/09/2009

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Helpful information for Designing a Market Plan
1: Define your business
Your product or service
Your geographic marketing area - neighborhood, regional or national
Your competition
How you differ from the competition - what makes you special
Your price
The competition's promotion methods
Your promotion methods
Your distribution methods or business location
2: Define your customers
Your current customer base: age, sex, income, neighborhood
How your customers learn about your product or service - advertising, direct mail,
word of mouth, Yellow Pages
Patterns or habits your customers and potential customers share - where they
shop, what they read, watch, listen to
Qualities your customers value most about your product or service - selection,
convenience, service, reliability, availability, affordability
Qualities your customers like least about your product or service - can they be
adjusted to serve your customers better?
Prospective customers whom you aren't currently reaching
3: Define your plan and budget
Cost compared to sales
Cost per customer
Possible future marketing methods to attract new customers
Percentage of profits you can allocate to your marketing campaign
Marketing tools you can implement within your budget - newspaper, magazine or
Yellow Pages advertising; radio or television advertising; direct mail; tele-
marketing; public relations activities such as community involvement,
sponsorship or press releases
Methods of testing your marketing ideas
Methods for measuring results of your marketing campaign

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Helpful information for Designing a Market Plan

1: Define your business

  • Your product or service
  • Your geographic marketing area - neighborhood, regional or national
  • Your competition
  • How you differ from the competition - what makes you special
  • Your price
  • The competition's promotion methods
  • Your promotion methods
  • Your distribution methods or business location

2: Define your customers

  • Your current customer base: age, sex, income, neighborhood
  • How your customers learn about your product or service - advertising, direct mail, word of mouth, Yellow Pages
  • Patterns or habits your customers and potential customers share - where they shop, what they read, watch, listen to
  • Qualities your customers value most about your product or service - selection, convenience, service, reliability, availability, affordability
  • Qualities your customers like least about your product or service - can they be adjusted to serve your customers better?
  • Prospective customers whom you aren't currently reaching

3: Define your plan and budget

  • Cost compared to sales
  • Cost per customer
  • Possible future marketing methods to attract new customers
  • Percentage of profits you can allocate to your marketing campaign
  • Marketing tools you can implement within your budget - newspaper, magazine or Yellow Pages advertising; radio or television advertising; direct mail; tele- marketing; public relations activities such as community involvement, sponsorship or press releases
  • Methods of testing your marketing ideas
  • Methods for measuring results of your marketing campaign