CHAPTER 5
MARKET
YOUR
BUSINESS
Our way of making our products
reach our customer's hands
LESSON
Key takeaways:
Develop the Marketing Plan
The Marketing Mix - Products
The Marketing Mix - Price
IDEAS IN
ACTION
Turning Creative Fun into
Dollars
What do you Know?
1. Why do you think Jibbitz is so popular?
2. How important do you think the decision to market
Jibbitz on the Internet was to the success of the
company?
3. What do you think is different for the Schmelzers
since they sold Jibbits to Crocs, Inc.?
5. 1 Develop the
Marketing Plan
EXPLAIN THE
IMPORTANCE OF
MARKETING A
BUSINESS
DISCUSS HOW TO
DEVELOP A
MARKETING
STRATEGY FOR A
BUSINESS
DESCRIBE WHAT
INFORMATION IS
INCLUDED IN A
MARKETING PLAN
TERMS
marketing
marketing concept
marketing mix
marketing strategy
marketing plan
WHAT IS
MARKETING?
"Marketing is an organizational function and a set of
processes for creating, communicating, and
delivering value to customers and for managing
customer relationships in ways that benefit the
organization and its stakeholders".
-American Marketing Association
MARKETING CONCEPT
Identify what will satisfy the
customers' needs and wants
develop and market products or
services
that
customers
consider better than other
choices
Operate profitability
Marketing Mix
a blending of the product,
price, distribution, and
promotion used to reach a
target market.
MARKETING
STRATEGY
SHORT - TERM GOALS
MEDIUM-TERM GOALS
short-term goals are what you want your
business to achieve in the next year. They
can be stated in terms of number of
customers,
Medium-term goals describe what you
want your business to achieve in the next
two to five years
LONG-TERM GOALS
Long-term goals show where your
business will be 5,10, and even 20 years
from now.
Write your
Marketing Plan
Investors will expect your
marketing plan to answer the
following questions.
What product or service will I offer?
Who are my prospective customers?
Is there a constant demand for this product or
service?
How many competitors are providing the same
product or service?
Can I create a demand for the product or service I
want to offer?
Can I compete effectively in the price, quality, and
delivery of my product or service?
Write Your Marketing
Plan
TO ANSWER THE PREVIOUS QUESTIONS EFFECTIVELY, THE
MARKETING PLAN FOR YOUR BUSINESS MUST INCLUDE
INFORMATION ON THE FOLLOWING TOPICS:
1. Product or Service
2. Target market
3. Competition
4. Marketing budget
5. Business Location
6. Pricing Strategy
7. Promotional Strategy
8. Distribution Strategy
TO EXAMINE PERFORMANCE QUARTERLY
Am I meeting sales forecasts?
Is my promotional campaign reaching the
target market?
is it easy for my customers to locate my
product and is it competitively priced?
5.1
ASSESSMENT
MATH
Akeo Goto has opened a pet grooming business. He
estimates the annual sales of the pet grooming market in
his community to be about P325,000. There are two pet
grooming businesses in town already. If Akeo achieves his
five-year goal of capturing 45 percent of the market, how
much will he earn in his fifth year?
COMMUNICATION
MAKE ACADEMIC CONNECTIONS
Think of a local business with which you are familiar. Make
a list of questions you would like to ask the owner about the
marketing plan for the business. Contact the business
owner and make an appointment to discuss the questions.
Report your findings to your classmates.