table of contents


Marketing for a new venture

Mastering Marketing Essentials

Understanding Marketing

Marketing is more than an activity; it’s a strategy employed to bring products to customers while ensuring profitability. The core of marketing lies in presenting your sales message to potential customers consistently.

Marketing Model Importance

In the journey from business idea to a successful company, your marketing model is crucial. A top-notch product or service doesn’t guarantee purchases. Statistics reveal that repeating your sales message is vital for customer awareness. Your marketing model strategizes how to convey your message effectively.

The Essence of Marketing

In essence, marketing encapsulates all efforts to place your product or service in potential customers’ hands. If business revolves around people, money, and persuasion, marketing finds the right audience to persuade.

Marketing Plan Insight

A marketing plan isn’t just a success blueprint; it’s a process that maps your path to potential customers. A well-crafted plan accomplishes six key goals:

  • Demonstrates industry understanding beyond your product.
  • Identifies the target market, the potential buyers.
  • Profiles competitors and analyses their strategies.
  • Establishes pricing, distribution, and product positioning.
  • Attracts investors with a clear plan.
  • Focuses on a singular strong marketing concept.

Effective Marketing Strategies

A fruitful marketing plan roots itself in research and analysis. While data offers insight, the importance of imagination, as Edward de Bono states, cannot be understated.

Implementing Marketing in a New Venture

The marketing landscape offers vast opportunities across various business sectors. Marketing a new venture involves writing promotional briefs, presenting, monitoring campaigns, and formulating strategies. It necessitates travel, client meetings, and flexibility in work locations.

Skills for Successful Marketing

Proficiency in marketing demands a diverse skill set:

  • Excellent communication and numerical skills.
  • Business acumen and organisational prowess.
  • Team collaboration and leadership abilities.
  • Creative thinking and enthusiasm for campaigns.
  • Adherence to deadlines and self-confidence in idea selling.
  • Negotiation skills and commercial awareness.

Mastering these skills empowers marketers to analyse data effectively and manage pricing strategies.

Developing a Pricing Strategy: Key Considerations

Customer Sensitivity to Price Changes

When structuring your pricing strategy, consider how sensitive your customers are to alterations in prices.

Break-Even Revenue

Determining the revenue required to reach the break-even point is crucial in setting your pricing strategy.

Product Price Significance

Analyse what your product’s price communicates about its value, quality, and prestige.

Overview of Pricing Strategy

Impact of Pricing

Among the components of your marketing mix, pricing exerts the most substantial influence on your overall profit margins.

Strategic Importance

Crafting an effective pricing strategy is pivotal in marketing as pricing is the sole aspect generating sales revenue, while other elements incur costs and affect sales volume.

Objectives of a Pricing Strategy

An effective pricing strategy aims to fulfil various objectives:

  • Meeting profit targets
  • Competing favourably in terms of prices
  • Sustaining or enhancing market share
  • Aligning with the image and reputation of your business
  • Adapting to market demand

Determining Your Product’s Price

Cost Analysis

To arrive at an appropriate price, ascertain the expenses involved in offering and delivering your products. Understanding costs is essential to ensure profitability.

Market Research

Conduct thorough market research to gauge both competitors’ pricing and customers’ willingness to pay for your product.

Finding the Optimal Price

The ideal price lies between a point too low to yield profit and a price so high that it deters demand.

Structuring Your Pricing

Components of Pricing Structure

A pricing structure typically comprises:

  • Quantity discounts
  • Settlement discounts
  • Promotional discounts
  • Seasonal discounts
  • Cash rebates
  • Ranging and promotional allowances
  • Delivery and credit card fees

Factors Influencing Pricing

Customer Value

Consider how your product fulfils customers’ needs, offers benefits, and carries utility or prestige.

Cost Considerations

Factor in your cost structure, break-even point, and desired profit margins when determining prices.

Competitive Landscape

Analyse competitors’ pricing strategies for similar products or services.

Competitive Edge

Assess whether your offerings provide unique advantages that justify higher pricing.

Market Dynamics

Evaluate the level of demand prevalent in your industry and its impact on pricing strategies.

Developing a Product Strategy: Essential Factors

Product Quality and Consistency

Evaluate the level of quality and consistency your product maintains.

Features and Adaptability

Assess the number of features and their adaptability within your product.

Design and Customer Value

Analyse if the design or service aligns with customer values.

Product Strategy Overview

Definition of a Product

In marketing, a product refers to anything offered to fulfil a market need or want, encompassing both physical items and services.

Components of a Product

A product consists of three components:

  • Core Product: The ultimate benefit for the buyer.
  • Formal Product: Physical or perceived characteristics including quality, features, styling, and packaging.
  • Augmented Product: Support elements completing the overall product offering like after-sales service and warranty.

Key Characteristics of Products

Product Attributes

Product attributes encompass:

  • Quality: Encompassing its production and consistency.
  • Features: Intrinsic characteristics contributing to its benefits.
  • Design: The combination of appearance and performance.

Branding, through a name, symbol, or design, identifies the maker or seller, influencing perceived value and consumer decisions.


Packaging protects the product and conveys brand personality and essential information.


Labelling provides written information about the product, usually in the form of adhesive stickers or printed packaging.

Product Positioning

Definition and Importance

Product positioning refers to how consumers perceive a product concerning its attributes compared to competitors’.

Strategy Implementation

Choosing and implementing a product positioning strategy requires understanding competitive advantages and market positioning based on quality, features, design, branding, packaging, labelling, and service.

Service Importance in Product Strategy

Customer Service Significance

Quality customer service is crucial in a product strategy due to heightened consumer awareness and demands.

Service Policy Considerations

When establishing a customer service policy, consider:

  • Impact of Dissatisfaction: Dissatisfied customers share negative experiences more widely.
  • Complaints as Opportunities: Treat complaints as chances to build positive relationships and loyalty.

Understanding the Place Strategy

Definition of Place Strategy

It involves the method of getting a product or service to the consumer through distribution channels, determining how and where consumers make their purchases.

Importance and Focus

The place strategy is crucial, focusing on:

  • Business location
  • Target market location
  • Reaching the target market
  • Warehousing and transportation

Business Location Considerations

Factors to Assess

Considerations for business location include:

  • Direct retail or intermediary involvement
  • Customer convenience
  • Proximity to target market
  • Exposure importance
  • Competitors’ locations
  • Occupancy costs

Distribution Channels

Available Options

Distribution options encompass:

  • Selling to wholesalers
  • Direct sales through websites or shops
  • Sales through representatives or agents
  • Expanding to other territories
Structuring Decisions

Choosing the best structure involves questions about:

  • Customer convenience in obtaining products/services
  • Required customer service standards
  • Cost-efficient accessibility and service
  • Customer base, location, and average transaction value
  • Efficiency of competitors’ structures

Logistics Management

Understanding Logistics

Logistics involves planning, implementing, and controlling the physical flow of materials or services from the source to the end-user, encompassing information management.

Considerations in Logistics

Key considerations include:

  • Production planning and scheduling
  • Procurement and receiving procedures
  • Inventory management and re-order points
  • Storage to ensure product readiness
  • Efficient product delivery methods
  • Systems for stock control, invoicing, and transportation administration

Significance of Place in Marketing

Place, or distribution, is a fundamental aspect of marketing, ensuring the right product reaches the right place, in the right quantity, and at the right time.

Exploring Advertising Strategies

Understanding Advertising

Advertising aims to persuade potential consumers to choose your product or service over competitors’. It involves strategic communication to positively establish your offerings.

Objectives of Advertising

Key Goals

The primary objectives of advertising are to:

  • Foster familiarity with your business and products
  • Build goodwill and a positive brand image
  • Educate and inform the public about your offerings
  • Encourage interest in specific products/services
  • Prompt potential customers to seek more information

Rules in Advertising


When planning any advertising activity, consider these four rules:

  • Aim: Define the primary purpose of the advertisement.
  • Target: Identify the specific sector of the public you aim to reach.
  • Media: Choose suitable media channels based on your aim and target.
  • Competitors: Analyse competitors’ strategies and media channels for improvement.

Effective Advertising Responses

Responses Elicited

Successful advertising typically results in:

  • Attention: Standing out among competing ads.
  • Interest: Generating curiosity and impact.
  • Desire: Creating a longing for more information or ownership.
  • Action: Prompting potential customers to purchase or utilise your product or service.

Legal Considerations in Advertising

Compliance Requirements

Ensure your advertisement adheres to legal regulations and avoids misleading or deceiving consumers. Assess the overall message and potential impact on the intended audience.

Media Options for Advertising

Diverse Media Platforms

Various media options include:

  • Stationery: Projects business image through quality presentation.
  • Window Display: Establishes an attractive exterior for businesses.
  • Press Advertising: Suitable for information dissemination and sales campaigns.
  • Radio: Reaches specific target groups effectively.
  • Television: Creates impactful ads but can be costly.
  • Direct Mail: Engages directly with consumers.
  • Outdoor Advertising: Utilises static or mobile outdoor spaces.
  • Ambient Advertising: Utilises non-standard mediums for creative outreach.
  • Cinema Advertising: Available through cinema screens or packages.
  • Point of Sale: Targets consumers at the purchase decision point.
  • Online Advertising: Rapidly growing options including websites, social networks, and forums.
  • Directory Listings: Utilised by consumers seeking specific suppliers.

Assessing Advertising Effectiveness

Evaluation Methods

Evaluate effectiveness through methods like asking new customers about advertisement sources or inquiring about responses to advertised specials. Determine which media channels yield the best results for optimal advertising ROI.

Diverse Marketing Approaches

Aggressive Approach

Strategy Focus

Aggressive Marketing aims to swiftly present products to customers at the point of purchase, reducing the time between discovery and purchase. It relies on impactful and extensive advertisements for immediate customer impact.

Strategy Nature

Aggressive strategies can seem confrontational as brands vie to seize market share, often through sheer volume in marketing efforts.


Commonly employed by new companies competing for market share, transitioning later to a more strategic marketing approach based on gathered information.


Examples of aggressive marketing include Remarketing, display marketing, and sponsorship initiatives.

Defensive Approach

Strategy Scope

Defensive marketing strategies involve actions by market leaders to protect market share, profitability, and brand positioning against emerging competitors.

Target Audience

Primarily targeted towards existing customers to retain their loyalty, especially for frequently purchased items. For less frequent purchases, both existing and potential customers are engaged to maintain mindshare.

Strategy Examples

Customer loyalty initiatives and community-building efforts are examples of defensive marketing approaches.

Innovative Approach

Concept Overview

The innovative approach, also known as the “blue ocean” strategy, involves creating demand for a completely new product or service rather than competing in existing markets.

Strategy Framework

It proposes questioning existing industry standards and offering new value propositions by raising, reducing, eliminating, and creating factors.

Strategic Emphasis

Emphasises generating awareness through diverse channels, particularly online platforms, along with PR coverage and tactical advertising campaigns.

Understanding Market Research

Importance of Market Research

Purpose and Continuity

Market research is a continuous necessity for any business. Whether establishing or expanding, ongoing research helps in comprehending market trends and maintaining a competitive edge.

Identification and Understanding

It aids in identifying and understanding customer preferences and aids in setting meaningful targets.

Setting Research Objectives

Scope Determination

The extent of research depends on your objectives and decision-making requirements.

Utilising Existing Information

Data Sources

Prior to conducting new research, consider existing secondary data like census statistics to save time and resources.

Conducting Surveys

Survey Types

Surveys can be observation or interview-based, seeking qualitative or quantitative information through various methods such as face-to-face, focus groups, or phone interviews.

Analysing Results

Response Analysis

Post-survey, analyse responses objectively to obtain insights that align with your initial questions. Avoid bias-confirming research.

Designing Questionnaires

Objectives Alignment

The questionnaire design should align with your research objectives, structuring questions logically and effectively.

Audience Relevance

Tailor questions to suit your audience by considering demographics like age, culture, gender, education, and language proficiency.

Question Writing

Clarity and Precision

Craft clear, concise, and unambiguous questions, avoiding jargon or complicated phrases to ensure respondent comprehension.

Format and Order

Ensure logical order and brevity in questions, starting with general queries and progressing to specific, more complex ones.

Piloting and Testing

Validation Process

Test the questionnaire with friends or family and then a small sample representing your target audience to refine and re-order questions as necessary.

Analysis and Implementation

Objective Interpretation

Interpret responses objectively, avoiding biased interpretations and using well-structured research to inform business decisions.

Integrity of Findings

Flawed questions yield flawed results; recognise personal biases and maintain honesty in interpretation.


Utilise market research findings to refine strengths, rectify weaknesses, and seize new opportunities for business growth.

Evaluating Business Feasibility

Assessing Your Idea

Objective Analysis

Objectivity is crucial when assessing your business idea’s profitability. Factors to consider:

  • Market size assessment
  • Competitive edge evaluation
  • Independent validation of the idea
  • Capital requirements scrutiny
  • Management capabilities assessment
  • Learn from past attempts in your industry.

Market Analysis

Demand & Supply

Determine demand type (consumer or distributor) and market size. Evaluate industry life cycle and structure, considering the industry’s timing and structure.

Relationships & Industry Dynamics

Analyse industry interactions, bargaining power of buyers and suppliers, and potential threats from substitutes or new entrants.

Competitive Advantage

Uniqueness & Customer Attraction

Identify what sets your product/service apart from competitors. Question:

  • Differentiating factors
  • Customer preference for your offering
  • Market entry barriers
  • Competitors’ successful strategies

Financial Feasibility

Financial Assessment

Address the financial feasibility through:

  • Sales forecasting
  • Estimating startup and working capital requirements
  • Profitability projection
  • Financial viability evaluation

Understanding Working Capital

Working Capital’s Significance

Understand the importance of working capital to maintain day-to-day operations and manage debts during the start-up phase.

Working Capital Cycle

Manage the working capital cycle effectively by controlling cash, creditors, inventory, and debtors to increase liquidity.

Appropriate Working Capital Levels

Determining Ideal Levels

Ideal working capital levels vary by industry and business circumstances:

  • Service-oriented businesses need lower working capital.
  • Product-oriented businesses demand higher working capital.
Impact of Levels

High levels indicate surplus funds, while low levels may imply financial strain. Striking the right balance is crucial.

Financial Metrics for Business Plans

Gross Profit Margin Ratio

Expresses gross profit as a percentage of sales. Higher percentages signify efficient resource use and better financial health.

Net Profit Calculation

Calculated by subtracting expenses from gross profit, providing insight into earned profits after accounting for costs and expenses.

These financial metrics offer vital insights into business performance and financial health, aiding in strategic decision-making.

Implementing a Marketing Plan

Understanding Marketing Concepts

Defining Marketing

Marketing involves identifying and fulfilling customer needs profitably, creating desire for products or services.

Strategic Approach

Strategy is essential, devising a plan to achieve set goals, especially while developing or implementing marketing strategies.

Marketing Concept

An overall approach to induce consumer desire and purchase of a product or service.

Marketing Mix Plan

Incorporates the Four Ps – Product, Place, Price, and Promotion – for effective market positioning.

Marketing Process

Essential Steps

A comprehensive marketing process includes:

  • Market research for strategy
  • A marketing mix plan
  • Implementation and ongoing evaluation to ensure profitability.

Implementing Techniques

Building a Blueprint

A robust marketing plan is a detailed, practical document that guides your marketing strategy, identifying activities, budgets, deadlines, and staff allocations.

Benefits of a Marketing Plan

It helps:

  • Identify specific activities and budgets
  • Set and meet objectives
  • Actualize a marketing strategy.
Ongoing Approach

Marketing plans are continuous. Your business should be engaged in:

  • Plan development
  • Strategy implementation
  • Evaluating and refining for better outcomes.

Effective Execution

Prioritising Resources

Ensure sufficient resources and expertise for implementation. Seek guidance if necessary and invest in staff development.

Engaging Your Team

Involve your staff in the marketing plan to boost their commitment and confidence in executing the strategies.

Strategic Communication

Explain the plan’s alignment with business goals, evaluate staff capabilities, provide skill development opportunities, and consider recruitment if needed.

Consistent Focus

Unique Selling Proposition (USP)

Your USP distinguishes you from competitors. Keep your marketing centred around this proposition.

Monitoring and Adaptation

Regular Evaluation

Treat your marketing plan as dynamic. Regularly review its progress, asking critical questions to gauge performance.

Flexibility and Adaptation

Adjust the plan based on technology, market changes, competition, customer responses, and other external factors.

Contingency and Expertise

Preparedness for Change

Acknowledge that not all plans work. Develop contingency strategies, adjust timeframes, refine objectives as needed.

Seeking Expert Advice

Consider consulting professional marketers for guidance if you lack skills or experience in marketing activities.

Crafting Effective Marketing Plans

Understanding the Marketing Mix

Core Elements

Marketing plans revolve around four key elements: products, pricing, promotion, and distribution channels.

Diverse Promotion Methods

Methods for promoting products/services encompass:

  • Advertising
  • Launches
  • Informal and formal selling
  • Content marketing via digital channels

Evolution: From Four Ps to Four Cs


The traditional four Ps (price, product, promotion, and place) have shifted towards the four C’s theory:

  • Products/Consumer
  • Price/Cost
  • Promotion/Communication
  • Place(distribution)Channel(marketing channel)
Adapting Strategies

Align promotional activities with the marketing plan encompassing advertising, public relations, direct selling, and sales promotion.

Initiating Awareness Activities

Budget Allocation

Allocate a specific budget per quarter or year, aiming for optimal returns on your marketing investments.

Evaluating Decisions

Evaluate the effectiveness of marketing decisions like yellow pages advertising or PR programs based on their business impact.

Tracking Progress

Continuously track and assess the success and failure of each marketing initiative.

Strategic Marketing Approach

Choosing Tools

Identify strategic tools to convey your message effectively to the target audience.

Unleashing Creativity

Brainstorm diverse ideas to connect with the target market, encompassing paid, non-paid, and non-traditional media.

Implementing Tactics

Detailed Action Steps

List specific steps and deadlines for executing marketing activities.

Timing Strategies

Create a precise timetable for implementing each tactic within your marketing plan.

Branding Considerations

Logo and Messaging

When advertising your business, consider creating a logo and determining key messages about your brand.

Multifaceted Advertising Methods

Varied Advertising Avenues

Utilize diverse advertising platforms including print media, radio, TV, social media, SMS campaigns, in-store promotions, and more.

Focused Sourcing

Targeted Approach

Target specific populations needing your product or service and efficiently cater to their needs.

Measuring and Evaluating

Continuous Evaluation

Continuously track marketing results using tools like ad codes, call-in logs, and reply cards.

Yearly Assessment

Conduct a yearly evaluation to compare achieved results with your predefined marketing goals.

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