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Archive for September, 2010|Monthly archive page

Marketing Plan for a New Small Business

In everyday life on September 24, 2010 at 3:17 am

Hello all,

I recived a great comment today “how would someone create one (SWOT) with a start-up company? How can we be sure that what we put down is correct? Who can we go to, to discuss are SWOT with?”

Let me answer a question with the basics.

First, create a mission statement about your company or service.

Mission Statement about myself: Young, hardworking entrepreneur with experience in marketing, advertising, design, website administration, programming and human resources.

Then the company should set strategies: Do a deep analysis of company strengths, weaknesses, opportunities, and threats. Which is the SWOT Analysis.

4 Ps of Marketing

Everyone should know the the 4 P’s of business.

Product,

Price,

Promotion,

Place.

These revolve around the consumer needs.

So now you have your prduct and youre ready to market it to the world (or local community)

Marketing Research, we have 2 kinds

Primary Data – Usually more expensive.
– Focus group, questionnaire.
– Survey, test the product
– Observation
– Research Objective.
– Bradley Effect
Secondary Data- existing sources of info. US Census, property records, birth records.

Also, Segmentation
Sorting potential buyers into groups that have common needs and will respond similarly to marketing actions.
– Categories- age, gender, ethnic groups, married-single, economic, social status, religious groups, lifestyle,
– Local Advertising- example, Brooklyn College- commercials, subway, bus, school fairs, HS recruitment, advertise abroad and internet, build dorms, college counselors, open different branches.

Its also very important to know who you are marketing to.

Cultural and Social Environment.
– Core Values- beliefs.
– Family Values, pro life, anti abortion. Typical family, sexual, abstinence, religion.

Overall a marketing plan should consist of the follwing:

Marketing Plan
1.    Executive Summary- usually written last.
2.    Environmental analysis.
–    External Factors- MARKETING.
–    Internal Factors- ENVIRONMENT
3.    SWOT Analysis- Strengths, weakness, opportunities, threats.
–    Strengths- what does the business do well.
–    Weakness- what your weaknesses is.
4.    Marketing Objectives. Sales Volume.

Have a great day!