Business English Course – 4. Marketing
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Business English Course – 4. Marketing

Welcome to part 4 of our business planning
series – Marketing. As part of your business plan, you need to
develop a marketing plan that sets out how you plan to market your business’s products
and services. It documents key points about your marketplace
and the people and businesses in it so that someone (including yourself) can read through
it, see the data and assumptions supporting your plans, check the conclusions it draws
and the actions it contains. This means you’re able to review it, reflect
on it, alter it and adjust it – before you’ve spent a cent of marketing dollars. Let’s look at the five steps to developing
a marketing plan. Step 1- Summarise your market research results,
this should include a description of your target market and why there will be a demand
for what you’re selling. You should also document your present marketing
position, including strengths, weaknesses, opportunities and threats. Step 2 – Document the marketing objectives
you wish to achieve and your measures of achievement, that is, the way you’ll define and measure
the success of your marketing efforts. Step 3 – Identify your marketing strategy
and tactics for achieving your marketing objectives. These can be expressed in terms of the seven
Ps – Product, Price, Place, Promotion, People, Process and Physical. Step 4 – Develop an action plan for achieving
your objectives, including the specific actions necessary, the people who will be responsible
for implementing your marketing activities, the cost of each activity and a schedule for
the implementation. Step 5 – Prepare a marketing budget detailing
the funds you plan to spend and the marketing activities you plan to spend on them.

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