Marketing & business plan

MARKETING &

BUSINESS PLAN

GROUP NO. 01

PROF. ASHWIN KHER

NAME ROLL NO.

LAXMI CHALKE 1167 KALPAN GOUDA 1177 SWATI IYER 1181 SAURABH PARASHAR 1197 MEGHAVI SWALI 1213

GROUP MEMBERS

BUSINESS PLAN

Opportunity is a business concept which if turn into a tangible product or service, by the enterprise, will result into profit.

So, a business plan is a road map of where you and your business intend to go.

It is the ultimate tool for communication and marketing to all the investors, in a new ventures.

A business plan gives a clear picture of your business and helps to make a decision based on the information we have supplied.

It must articulate the strength of the business as well as long term goal for the business.

CONCEPT

If you are starting a new business you will require a plan to clearly assess every aspect of the business and show how it will succeed.

If you are buying an already established business you will need to identify the strengths and weaknesses of the business to decide if you will be able to make it a success.

If you are already up and running and in need of extra finance you will need a plan to convince those putting capital into your business that you can and will succeed.

If you are applying for any of the grants available.

WHY TO MAKE A BUSINESS PLAN ?

Business plans are dynamic in nature. They are documents which needs constant modifications and continuously revaluate your strategy. The business plan must tell a story about business, and audience can clearly understand it. It should be written in professional manner.

So here are the main section headings to compile your business plan :-

Executive summary. General information regarding the business. Project Description. The Market and Competitors. The Marketing Plan. Capital Cost and Sources of Finance. The Operation Plan. Benefits of the business to the Society.

HOW TO FORMULATE A BUSINESS PLAN ?

Executive Summary :-

It is the first part of your business plan and the key element of the document. It must be crisp and concise, must summarize all the key sections of the business plan and must convey a clear and powerful message. The Executive Summary should describe the following :-

Vision and Mission. The current position of business. Short term and long term objectives and how to

achieve it. A Summary of financial forecasts.

General information regarding the business:-

This section tell about basic information of the business. The points covered are as follows :-

Business name, address and contact number. Details of key members of staff. Legal status of trader. Past production trends Future demands.

Project Description :-

This section briefly describe about the project undertaken and it contains :-

Mention the site, indicate the town, street or industrial estate.

Whether the land is owned or leased. Location of industry. Details about physical infrastructure facilities. Machinery requirement for manufacturing

process.

The Market and Competitors :-

This section of the business plan would tell us about the market you are in to and your competitors. It highlights followings :

Identifying your clients. Client’s expectations from your product and

services. Details about your competitors. Do your competitor’s SWOT analysis and compare

it with your business’s SWOT analysis.

Marketing Plan :-

It should clearly describe the customer and the market size. It should focus on sales strategy and the no of people you need to execute strategy. It should also focus on preparing your product attractive. It should also specify sales channels and partnership. In short it includes details of

Market Research. Your Target Market. The Competition. Marketing Methods.

Capital Cost and Sources Of Finance :-

The most important aspect of finance is preparing financial forecast and financial analysis. It outline :-

Develop financial projection How much capital you need to raise How will you use the proceeds How you intend to finance your business

Following are the other financial aspect that must be included in business plan

Projected balance sheet Projected profit and loss account Projected cash flow statement Break even point of sales

The Operation Plan :-

The operation plan is nuts and bolts of your business

It illustrates the steps taken to operate the business successfully and profitably

It is the action plan along the time period to carried out the operation.

Benefits of the Business to the Society :-

This section can be classified as Impact of the business on the economy Contribution of the business to the society. Promoting employment

MARKETING PLAN

WHAT IS MARKETING?

Marketing deals with identifying & meeting human and social needs.

-Philip Kotler.Marketing is an organizational function and a set

of processes for creating, and delivering value to customers and for managing customer relationships in way that benefit the organization and its stakeholders.

-American Marketing Association.

Marketing plan is a business document written for the purpose of describing the current market position of a business and its marketing strategy for the period covered by the marketing plan. The purpose of creating a market plan is to clearly show what steps will be undertaken to achieve the business marketing objectives. The marketing planning process is summarize in the diagram below.

CONCEPT

1.Current business situation:- Financial results Sale figures and trends Market share Customer satisfaction Level of repeat business

2. Marketing environment :-

STAGE 1:- RESEARCH & PLANNING

MACRO-ENVIRONME

NT

• Political environmental(Trading Agreements, tax rules,employemnt regulation, environmental registration)

• Economic environmental (Recession,intrest rates, exchange rates, rate of inflation, Population wealth)

• Social environmental factors(GREEN behaviour,Eating Habits, Shifts in attitude, population demographics)

• Technological factors(emergence of new communication channels, improved production processes, advances in computing and the internet).

MICRO-ENVIRONM

ENT

• STAKEHOLDERS• COMPETITORS• SUPPLIERS• INTERMEDIARIES• CONSUMERS

INTERNAL ENVIRONM

ENT

• EMPLOYEES• CASH FLOWS• CAPITAL ASSETS• MATERIALS• STRUCTURE

5. Identifying opportunities in the marketing environment

4.Competitors analysis

5. Identifying opportunities in the marketing environment

Mission Vision Objectives Selecting a suitable strategy:-

STAGE 2: MARKETING STRATEGY

Selecting a pricing strategy:-

Penetration: A good quality product at a lower

price than the competitors, aims to gain market share by penetrating in the market.

Skimming: skimming refers to a firms desire to skim the market by selling the product or providing service at a premium price.

Differential strategy: A product or service which is perceived as unique within a particular market.

Geographic Pricing strategy:Price is at premium in one market and discounted in other.

Psychological Pricing Strategy:

TACTICS - THE MARKETING MIX

The Marketing Mix is a selection of customer focused business elements which work together as a tool kit to market your product or service. The tactical section of a marketing plan summarizes how you intent to use each element of marketing mix, which can be summarized in 7 P’s.

Developing an action plan  Measurements, controls and reporting Continuous analysis Project delegation & timing

STAGE 3: ACTIONS, MEASUREMENT AND CONTROLS

BUSINESS PLAN V/S MARKETING PLAN

PARTICULARS BUSINESS PLAN MARKETING PLAN

MEANING Business plan focuses on the business operations as a whole. Factors relating to accounting, economics, finance, management and marketing are present in business plan.

Marketing plan is just a one element of a large or even a small business which mainly focuses on increase of sales, research and development of a particular product of a business

PURPOSE The Business plan helps an organization meet the specifications of a successful business with the main focus on its operations and objectives following growth strategies and plans in the long run.

The Marketing plan focuses on the increment of sales of a business product. Strategies and careful plans and are devised in order to increase sales of a product to earn profits and revenues

PARTICULARS BUSINESS PLAN MARKETNG PLAN

COMPONENTS A Business plan comprises of accounting, managerial, economical, marketing and financial aspects of the business operations.

A Marketing plan is one of the element of a business plan focusing on research and development of products according t the needs and demands of target market. 

CAPITAL A Business plan is important for funding. It requires a five year plan to project into the future.

A Marketing plan requires one year period for planning the strategies.

INDIANOUR RELIGION

CONCEPT OF OUR SERVICE

“RITUAL EVENTS”

SERVICES PROVIDED

HINDU• Weddings rituals & pooja’s of different castes and

other events like Haldi, Sangeet, Mehendi• Naming ceremony• Baby shower (Godh-Bharai)• Satya-narayan pooja• House warming ceremony ( Griha- pravesh)• Nav-graha pooja• Bhagwat katha• Durga pooja• Mahamrutyunjaya jaap.

ISLAM :- Ramzan Id-ul-fitr Id-ul-zoha Moharam Nikaah Mangni Walima

CHRISTIANITY :- Christmas carol Prayers

SIKKHISM :- Sikh shastra pooja Baisakhi Lohri

JAINISM :- Paryushan Samaik Pratikaman Snatra pooja

RESEARCH DONE

SWOT ANALYSISSTRENGTHS

WEAKNESS

THREATS

OPPORTUNITIES

SWOT

7 P’s

PRODUCT

PRICE

PLACEPROM

OTION

PROCESS

PEOPLE

PHYSICAL EVIDENC

E

MARKETING MIX

TARGET MARKET :- UPPER-MIDDLE CLASS NUCLEAR FAMILIES

FUTURE PLANS :-• To attract Indians who stay abroad.