| A lot has been written about market planning and | | | | formulation (i.e., creating a blueprint for conducting |
| strategizing, and to put it fairly, there is so much out | | | | further research), fieldwork and data collection, data |
| there that it can be mighty confusing for entrepreneurs | | | | preparation/ analysis and finally, report preparation and |
| to zero in on a plan that would suit their business to the | | | | presentation. |
| T. | | | | Your research should be carried out to help you |
| From Philip Walton and Sam Knight to the marketing | | | | generate your future marketing actions and monitor |
| guru Philip Kotler, the world has seen a bunch of | | | | your performance in accordance with current market |
| marketing behemoths share their genius and wisdom, | | | | trends. |
| but it all boils down to the common thread running | | | | - Post research market and sales strategy: Your |
| through their plans, strategies and ideas for better | | | | research should now give you an avenue to pinpoint |
| marketing. | | | | those facets of your small business offerings that are |
| It isn't that hard really, as long as you know that of all | | | | most likely to generate consumer interest. Look to build |
| the trillion marketing theses and write-ups that are out | | | | upon the advantages you seem to be having over |
| there, the following are the commandments for | | | | your competitors and chart out a crystal clear definition |
| developing a good market planning: | | | | of what your product could do to satisfy consumer |
| - The 5 "W's" and 1 'H': Ask yourself those essential | | | | wants; no one will want to buy your product if there |
| questions - what, where, when, why, who, and how.i. | | | | are a gazillion others giving them the same thing. |
| Who forms my core target group/ audience?ii. What is | | | | Once you are done with this, concentrate on your |
| my product function and USP?iii. When is the best time | | | | sales strategy which should include the 4 P's of |
| for me to roll out my product? Does time play an | | | | marketing- pricing, promotion, placement and last but |
| imperative role here?iv. Where can I get the best deals | | | | not least, the product itself. |
| for procuring bulk raw materials?v. Why would my | | | | - Keep revising your plan: Do this by making the most |
| finished offering sell better than the others out there?vi. | | | | of your imagination, effort and time and adding inputs |
| How much should I invest in direct marketing? | | | | wherever you can. Outline your plan by elaborating on |
| Bombard yourself with questions, because that is the | | | | the questions in point 1, and ask yourself if there is any |
| way to getting your plan push off and become a bible | | | | more research work you still need to do. |
| to help you obtain your desired result. Like the old | | | | Prioritize your marketing goals and make a 'to do list' if |
| Chinese proverb says: "One who asks a question is a | | | | you feel there is a lot more that can be done. Be alert |
| fool for five minutes; but the one who does not ask a | | | | and gauge the economic environment around you; |
| question remains a fool forever." | | | | would it be feasible to spend as much on print |
| - Do your research: Perhaps the most crucial step in | | | | advertising or should you tighten up the budget a bit |
| making a marketing plan, market research is an in | | | | and tap the internet instead? Be a smart cookie. |
| depth process that consists of identifying a market | | | | Change is constant; so make sure that your plan |
| opportunity/ problem, developing an approach to the | | | | reflects the dynamics of '09-'10, not '08-'09. |
| opportunity/ problem, research & design | | | | |