Marketing process and strategy
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This document discusses different marketing strategies and outlines the steps involved in conducting a feasibility study for a new business project. It describes four main marketing strategies: overall cost leadership, differentiation, focus, and personal selling. It then provides a detailed outline for a feasibility study, including sections on market strategy, technical study, socio-economic study, organization and management study, and recommendations. The feasibility study evaluates whether a business idea is realistic and determines customer needs to assess the viability of a new project.
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Marketing process and strategy
- 1. Marketing Process Vincent D. Deocampo IV-A BSITE Entrepreneurship
- 2. Overall Cost Leadership Market is price-elastic, and therefore, the firm that can offer the lowest-priced product shall become the dominant product in the market. This requires a heavy emphasis on cost-cutting techniques, the implementation of quality circles in the manufacturing process, and the ability to operate on a tight profit margin. Marketing Strategies
- 3. Differentiation The firm must have a product that stands out through strong positioning strategy that the market has a positive response to. Such a product will have a high perceived value, allowing the firm to charge a premium for this product. Marketing Strategies
- 4. Focus Seek to focus on the needs of a specific niche in the market. Firms that specializes in the needs of minorities. Focuses on specific sector in order to gain dominance by providing a benefit that appeals to the wide market. Marketing Strategies
- 5. Personal Selling Concerns itself with a two-way flow of communication between a buyer and a seller, often a face to face encounter designed to influence a person's or group's purchase decision. Forms of Selling
- 6. Relationship Selling process of building ties with the customers based on their needs over time. Forms of Selling
- 7. Conference Selling involves a sales person and the other company resource people meeting with the buyers to discuss problems and opportunities. Forms of Selling
- 8. Seminar Selling the company team conducting an educational programme for the customer's technical staff, describing the state of the art developments in the company. Forms of Selling
- 9. Is the business will materialize? Is it realistic? What is the need? Importance of Feasibility Study
- 10. I. Project Summary A. Name of Enterprise B. Location C. Descriptive Definition of the Project D. Project Objectives E. Feasibility Criteria F. Highlights of the Project G. Major Assumptions and Summary of Findings H. Conclusion of the Study Outline of Feasibility Study (Detailed)
- 11. II. Market Strategy A. Product Description B. Demand-Supply Analysis C. 4 P’s Study D. Factors Affecting the Market E. Survey Results F. Analysis of Data Gathered G. Conclusions and Recommendation
- 12. III. Technical Study A. The Product/Service B. Manufacturing Process C. Plant Size (Capacity) and Production Schedule D. Machinery and Equipment E. Plant Location F. Plant Layout G. Building Facilities H. Raw Materials and Supplies I. Utilities J. Waste Disposal K. Production Cost i. Direct Materials ii. Direct Labor iii. Manufacturing Chemical L. Plant Organization M. Appendices i. Plant Layout/Equipment ii. Equipment Flow Sheet iii. Equipment listing and cost iv. Utilities Calculation v. Plant Facilities breakdown of Cost vi. Projected cost of Production
- 13. IV. Socio Economic Study (Normally Used for Government Projects) A. Socio-Economic Benefits in terms of: i. Employment and Income ii. Taxes iii. Supply of Commodities iv. Demand for Materials
- 14. V. Organization and Management Study A. Formulation of Cost and Objectives B. Basic Considerations C. Form of Ownership D. Organizational Chart E. Officers and Key Personnel F. Project Schedule
- 15. VI. Organizational Impact Analysis VII. Recommendation