Before carrying out marketing and sales activities, an entrepreneur must make orderly preparations. Good preparation makes sure the marketing effort matches customers' wants and does not waste resources.
Preparation steps
- Market research — gathering information about customers' wants and competitors.
- Identifying the target market — deciding which group of customers to win over.
- Setting marketing objectives — for example, increasing sales by 20% in a year.
- Preparing a marketing budget — allocating funds for promotion and distribution.
Preparing materials and the sales force
- Choosing the promotion mix — deciding the combination of advertising, sales promotion and others.
- Preparing sales materials — brochures, samples and product catalogues.
- Training the sales force — so that salespeople can explain products well.
Example
A craft business does market research, finds university students to be its target market, sets aside RM2,000 for social media promotion, prepares free samples, and trains two salespeople before launching the product.
Remember
After the activities are carried out, the entrepreneur must evaluate sales performance by comparing actual results with the objectives that were set.
Preparation also involves choosing the right sales location and channels, whether a physical shop, a stall or an online platform, according to where the target market is. The entrepreneur must also set a price that covers costs yet stays attractive against competitors. All these preparations are arranged in a short marketing plan so that each activity is carried out on schedule and within the allocated budget.
Complete preparation — from market research to performance evaluation — helps an entrepreneur carry out marketing effectively, satisfy customers and reach sales targets.