Marketing Management in a New enterprise

08/03/2020 1 By indiafreenotes

A marketing plan for a new venture is not the same as a plan for an existing business as it begins with distinguishing
business planning through the vision, strategy, tactics and standards, as well as from a business plan including several sub-plans such as a financial plan, a marketing plan, and other plans when relevant: human resources, logistics, legal, and others.

Consequently, marketing planning of a new venture, often called strategic planning, is only a part of any new venture marketing plan.

When starting a small business and in any business start-up, entrepreneurs have to rely more on subjective assumptions and qualitative marketing research by interviewing potential customers, relevant business partners and other stakeholders.

The following information can be collected to some extent and analyzed effectively by using “realistic” assumptions all in order to lower the level of uncertainty when launching a new venture and perhaps increasing the self-confidence of the entrepreneur:

  • Current macro environment: influential business trends as well as innovative trends.
  • introduction of the prime market in questions and possibly a secondary market.
  • Basic competitive trends: NOT your upcoming competition!
  • basic consumer behaviour trends: NOT your upcoming segmentation!
    opportunities and threats that do not depend on your venture – only a partial SWOT.