MNE3701 EXAM PACK 2023

MNE3701
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, Entrepreneurship and Small Business Management MNE3701 S1 2015
Study Unit 2
The Marketing Plan


Table of Contents
2.1 WHAT IS SMALL BUSINESS MARKETING? ............................................................................................................. 1
2.1.1 Marketing philosophies make a difference .................................................................................................. 1
2.1.2 A consumer orientation: the right choice ..................................................................................................... 2
2.2 THE FORMAL MARKETING PLAN ........................................................................................................................... 3
2.2.1 Market analysis ............................................................................................................................................. 3
2.2.2 The competition ............................................................................................................................................ 3
2.2.3 Marketing strategy ........................................................................................................................................ 3
2.3 MARKETING RESEARCH FOR THE SMALL BUSINESS ............................................................................................. 4
2.3.1 The nature of marketing research ................................................................................................................ 4
2.3.2 Steps in the marketing research process ...................................................................................................... 5
2.4 UNDERSTANDING POTENTIAL TARGET MARKETS ................................................................................................ 7
2.4.1 Market segmentation and its variables ........................................................................................................ 7
2.4.2 Marketing strategies based on segmentation considerations ...................................................................... 7
2.5 ESTIMATING MARKET POTENTIAL ........................................................................................................................ 9
2.5.1 The sales forecast .......................................................................................................................................... 9
2.5.2 Limitations to forecasting ........................................................................................................................... 10
2.5.3 The forecasting process .............................................................................................................................. 10



2.1 WHAT IS SMALL BUSINESS MARKETING?
 Definition: Those business activities that direct the creation, development and delivery of a bundle of
satisfaction from the creator to the targeted user.
o Identifying a target market
o Determining target market potential
o Preparing, communicating and delivering a bundle of satisfaction to the target market
 A marketing plan will not enable you to avoid all missteps involved in a startup situation, but it can
drastically reduce the number of errors by forcing you to think through available options.
 It may be helpful to view a product or service as having three levels:
o The core product/service: the fundamental benefit or solution sought by customers.
o The actual product/service: the basic physical product and/or service that delivers those benefits.
o The augmented product/service: the basic product and/or service plus any extra or unsolicited
benefits to the consumer that may prompt a purchase.

2.1.1 Marketing philosophies make a difference
 Three different marketing perspectives guide most small businesses:




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