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Unit II: Implementing A Business Plan: Module 5: Implementation of Marketing Plans and Strategies

The document provides guidance on implementing marketing, operations, and financial plans for a business. It discusses: 1) Implementing a marketing plan through tasks like dividing activities into timelines, assigning responsibilities, and monitoring progress. 2) Implementing operations through registering the business, determining manufacturing/service elements, and sourcing materials and equipment. 3) Maintaining financial records to analyze past performance, current status, and future projections through accounting entries and financial statements.

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Rgen Al Vill
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Download as DOCX, PDF, TXT or read online on Scribd
292 views

Unit II: Implementing A Business Plan: Module 5: Implementation of Marketing Plans and Strategies

The document provides guidance on implementing marketing, operations, and financial plans for a business. It discusses: 1) Implementing a marketing plan through tasks like dividing activities into timelines, assigning responsibilities, and monitoring progress. 2) Implementing operations through registering the business, determining manufacturing/service elements, and sourcing materials and equipment. 3) Maintaining financial records to analyze past performance, current status, and future projections through accounting entries and financial statements.

Uploaded by

Rgen Al Vill
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Unit II: Implementing a Business Plan

Module 5: Implementation of Marketing Plans and Strategies

A marketing plan plays a very important role in the entrepreneur’s business


plan as discussed in Module 3. Its role is to ignite the customers to be informed, be
persuaded, and be reminded to buy a product or avail of a service. To fulfil this role,
this module will teach you how to make market concepts a reality. The
implementation of a marketing plan and strategies is the stage when the
entrepreneur put his or her marketing ideas into action. Therefore, this module will
cover the basic steps on how to implement a marketing plan and eventually sell the
product or service to the primary target market. You will be tasked to implement a
marketing plan for your selected product or service in your locality.

Implementing the Marketing Plans and Strategies

If you have an effective and efficient marketing implementation better than


your competitor, you have a competitive advantage.
Here are the ideal marketing plan implementation steps:

Step 1: Divide the marketing plan into small manageable pieces and manageable
time lines.

Examples of unique selling proposition, value proposition, marketing mix


strategies, and tactics for an online clothing business:

7 Ps marketing mix strategies:


Product - Hand-made fashionable clothes
Place – Online/Internet
Price – Penetration pricing (will start with low price until it peaks)
Promotion – Internet marketing (e-mails, social media, web sites)
People – 24/7 helpdesk
Packaging – Organic paper
Process Return policy of 10 calendar days
Gantt Chart – an important implementation tool that enumerates all the planned
marketing activities into one file and arranges the marketing activities
chronologically, together with the interrelations with each other and other
dependencies.

Step 2: Explain and delegate the marketing tasks to assigned individuals.

Step 3: Keep the communication line open.


The entrepreneur must ensure that the line of communication between him or her
and the marketing team is always open to avoid implementation issues.

Step 4: Monitor accomplishments and progress.


Each of the marketing team member’s tasks must be monitors and evaluated to see
if the deliverables were done correctly and timely.

Step 5: Open yourself to relevant ideas of your marketing team.


Because the ones in the frontline are the entrepreneur’s marketing team members,
the entrepreneur should listen carefully to all their specific insights and findings and
document them.

Step 6: Adapt to the internal and external factors that affect the marketing function.
The entrepreneur must always be a t pace with the changes happening within and
outside the environment where his or her business operates.

Step 7: Incorporate incentives and penalties for motivation.


Every milestone should be celebrated, and one of the best ways to do it is to
incentivize the marketing team.

Step 8: Analyze and interpret the results.


This final step is one of the most crucial. The entrepreneur must analyze and
interpret the overall results of the marketing plan implementation.
Actual Selling of a Product or Service

There are various selling strategies entrepreneurs use that you can also apply when
you sell your actual product or service:

1. Cold calls – This is a selling strategy whereby the seller calls a random person
who has no relationship with the business yet but is considered as a potential
customer.
2. Consultative selling – unlike cold calls, consultative selling is a dialog process
between the buyer and the seller (who acts as an expert consultant) as to how
the buyer’s problems or pain points can be addressed by the product or
service of the seller.
3. Direct selling – this is a selling strategy that is common in the Philippines. It is
where an independent direct seller goes directly to the customer’s house or
office and presents his or her products for selling.
4. Persuasive selling – this is often associated with being pushy, but persuasive
selling is different in such a way that it is selling with subtlety.

Step 1: Find prospects.


Step 2: Sell credibly to your primary target market (sales presentation).

There are four types of sales presentation as follows:


a. Stimulus response – offering the customer a compelling proposition that
triggers them to initiate purchase.
b. Formula selling – follows a standardized selling approach or based on a
formula
c. Canned presentation – is a sales presentation memorized by the presenter
d. Need presentation – is a question-and-answer presentation with the aim of
understanding the exact needs and wants of the customers.

Step 3: manage customer’s inquiries and objections.


Step 4: Close the sale.
Step 5: Develop a long-lasting relationship with customers.
Module 6: Implementation of a Business Operations Plan

Implementing the operations plan is one of the most difficult and most challenging
processes to undergo or actualize due to the details that the entrepreneur has to
consider.

Methods

The implementation of processes in the operations plan will depend on the


entrepreneur’s business type of model. The general classification of the business
type or model would be the manufacturing business or service business.

Step 1: Register the business.


Step 2: Determine the manufacturing elements or ingredients of the product.
Step 3: Decide the most practical and efficient manufacturing site and location:
home-based or rent/buy a commercial space.
Step 4: Decide whether to follow a product-based or process-based internal layout,
and then draw the manufacturing process flow.
Step 5: Decide on what distribution process and distribution channel will be most
economical for the business.

Manpower

Because the business has already been identified and set up, the next aspect of
operations to be looked into is to identify how many persons are needed and what
their qualifications are to operate the business.

Step 1: Create a table of organization to show a graphical description of the


manpower complement of the business.

Step 2: Prepare a job description for each member of the organization so that
everyone is aware of what is expected of him or her.
Step 3: List the qualifications of employees needed and decide where to source
them.
Step 4: Decide on where to source candidates (e.g., friends, relatives, employment
agencies, referrals, manpower agencies, newspapers, social media, walk-ins).

Step 5: Interview the potential candidates and ask them relevant questions about the
job.

Step 6: Choose the best candidates and provide a job offer.

Step 7: Ensure there is an employee training and development program for the
business.

Machine

Third in the list of 4 Ms to be considered is the machine. It could be the physical


equipment or technology that can help the business operate seamlessly and with
quality.

Step 1: List all the equipment and technology needed and decide whether it is
economical to purchase them or just print them.

Step 2: Understand how to use these machines properly, and apply all the necessary
safety precautions before using them. Protect these pieces of equipment for physical
and security risks.

Step 3: List alternate options in case the equipment becomes dysfunctional. The key
is for the business to continue no matter what. Know where to find repair shops
when needed.
Materials

The last M in the 4 Ms of operations is materials. The general premise for materials
is where to source these easily with a cheaper price and of good quality.

Step 1: To determine the requirements for materials, the entrepreneur must decide
on which path to choose: (1) manufacture own products or offer own services, (2)
outsource manufacturing or service activities to a third party, and (3) purchase
finished products or services from a manufacturer.

Step 2: List all the materials needed for the manufacturing or service business and
decide where to source them efficiently.

Step 3: Implement efficient logistic management – warehousing, transportation, and


inventory management.

Module 7: Financial Statement Analysis and Overall Interpretation of


Business Results

The Importance of Keeping Business Records

Before an entrepreneur can prepare accounting entries and financial statements, he


or she should appreciate why this needed in the first place. The entrepreneur must
understand that his or her personal transactions must be separate and distinct from
his or her business transactions. This is where the basic accounting concept of
“separate entity” comes in, where the business is a separate and distinct personality
from the business owner. Business records serves as a powerful analytical tool to
review the past performance of the business, to understand the current performance
of the business, and to project future business performance. Business transactions
are initially recorded in a general journal, and then, in the general ledger.
Actual Record Keeping and Bookkeeping Business

Most budding entrepreneurs do not instantly have an accountant or bookkeeper to


manage the accounting records of the business because it is costly to hire one. This,
however, does not relieve the entrepreneur of his or her responsibilities of
overseeing the accounting books of a business and making sure they are accurate
and follow the generally accepted the accounting principles. In this scenario, the
entrepreneur becomes the checker in the ”maker-checker” accounting concept,
where the checker should ensure that the maker did his or her accounting right.

Accounting equation:

Assets = liabilities + owner’s equity

And

Net income = gross income – expenses

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