Cost/Benefit Analysis:

As plans and objectives are developed, statements should be produced which should say what the marketing strategy is to accomplish. There are two ways of evaluating the actual performance of these plans, these are sales analysis and cost analysis.

1. Sales Analysis: Sales is usually the best way to measure the performance of a marketing plan. This analysis should be broken down into:

·   Marketing area (geographical)

·   Company decision

·   Individual/Groups of sales representatives (Quota of sales Vs Individual/Group's sale)

2. Cost Analysis: This is a detailed study of the business' operating section of the organization's profit and loss statement. With cost analysis costs which occurred as a result of the marketing sector of a business are declared as profitable or unprofitable. This can be broken down into:

• Research costs
• Order-getting costs (Promotional costs)
• Order-filling costs (Distribution and insurance costs)

Strategies to achieve objectives:

Marketing strategies are the way marketing objectives are achieved. Development of a strategy involves:

            - Selecting and analyzing a target market

            - Creating and maintaining a marketing mix

            - Creation of advertising and promotional ideas

   When properly implemented, the firm achieves objectives.

1. Selection and analyzing of Target market: This area must be separated into three areas, as different areas have different needs, these areas are: 

• Retail market 
• Wholesale market 
• Industrial market

2. Creating and maintaining of Marketing Mix:This broken down into the four P's, they are:

                 

  Marketing Mix - Breakdown:

      PRODUCT:           PRICE:                          PROMOTION:                    PLACE:

      Quality                R.R.P. (List Price)             Advertising                           Transport

      Features              Bulk Discounts                 Personal/DirectSelling            Channels

      Options              Other Discounts/Offers?    Sales Promotions                   Coverage

      Style                   Allowances                       Publicity                                Locations

      Brand Name       Payment Period                                                             Inventory

      Packaging          Credit Terms                 

      Sizes                                         

      Service                                       

      Warranties                                   

      Returns                                      

      Positioning                                  

An additional part of the marketing mix now exists, it is called  'Service'. Factors here include:

• Customer Needs  
• Installation, Maintenance, and repairs
• Guarantees/Warranty period   
• After-sales Service
• Complaints & returns procedures 
• Comparison to competitors
• Credit offered

3. Creation of Advertising and Promotions: Once the marketing mix has been established, the company’s promotional aspects have now to be completed; these can be made up of plans to do:

• Advertising
• Personal or direct selling
• Sales Promotion
• Publicity (Public relations)
• Packaging and design

4. Staff Motivation: The effectiveness of the companies market will depend heavily upon the staff, and their degree of motivation.

Specific Objectives:

            Establishing objectives it is usually thought of as the most important feature in the planning process. The success and failure of a marketing plan are determined by how well the marketing objective reflects the organisations needs. Therefore it is vital objectives are set based around the companies overall goals. This is reflected in the diagram below:

        

                      Goals

                        |

     Opportunities      |         Resources

          |________ Marketing ________|

                    Objectives

           ____________ | ____________    Diagram of the

           |   Marketing Strategies   |    Objectives of a

           |    (Marketing program)   |          Business

           |--------------------------|

           | Selection  | Development |

           | & analysis | of Marketing|

           | of target  | Mixes       |

           |   market   |             |

           |____________|_____________|      

- Essential marketing objectives include the following:

Increasing market share   

Expanding product range

Targeting the geographical representation

And expansion of marketing opportunities

1. Market share: An increase in a companies market share shows how the company is gaining on competitors. To attain greater market share, the following strategies, which are generally thought of as sure winners include:

More aggressive pricing (lowering price or providing discounts)

Search for new outlets to distribute your products to

A change in some features of your products, to open up to a possibly wider market

2. Product Range: By expansion of a company’s product range, a company can attract a wider market than it's initial market, and maybe also expand into other markets

3. Geographical Representation: Some geographical markets offer greater market potential than others, and is in the interests of the firm to invest there to reach these markets whether they be regional, national or international. This allows a company to maximise on it's  profits.

4. Expansion: (I) Through exporting

                        (II) Maximizing customer service

The Entrepreneurship Development Institute of India (EDI):

An autonomous body and not-for-profit institution, set up in 1983, is sponsored by apex financial institutions, namely the IDBI Bank Ltd, IFCI Ltd. ICICI Ltd and State Bank of India (SBI). The Institute is registered under the Societies Registration Act 1860 and the Public Trust Act 1950. The Government of Gujarat pledged twenty-three acres of land on which stands the majestic and sprawling EDI campus.

In consonance with this belief, EDI aims at :

• creating a multiplier effect on opportunities for self-employment,
• augmenting the supply of competent entrepreneurs through training,
• augmenting the supply of entrepreneur trainer-motivators,
• participating in institution building efforts,
• inculcating the spirit of 'Entrepreneurship' in youth,
• promoting micro enterprises at rural level,
• developing and disseminating new knowledge and insights in entrepreneurial theory and practice through research,
• facilitating corporate excellence through creating intrapreneurs (entrepreneurial managers),
• improving managerial capabilities of small scale industries,
• sensitising the support system to facilitate potential and existing entrepreneurs establish and manage their enterprises,
• collaborating with similar organisations in India and other developing countries to accomplish the above objectives.

Salient Features of the National Training Policy

• Training for all- training to be imparted to all rungs of the civil service starting from the lowest and the cutting edge to the highest in policy making. All categories of civil servants shall receive (i) Induction Training - at time of entry (ii) In service Training- suitable intervals in their career

• Concept of 'once a trainer, always a trainer' shall be developed under which expertise developed as a trainer shall be used even after he/she returns to his/her department

• Systematic approach to training- put in place a system suitably grounded in training theory for development of a training process

• Training should focus on bringing right attitudinal change amongst the civil service

• A National Training Council, headed by the Minister-in0-Charge of Personnel shall be set up for advising the Government of India on matters related to training policy, training design and programmes as well as issues concerning their implementation.

• All organisations will designate training managers at appropriate level to develop and coordinate training programmes and monitor them.

• All cadre Controlling Authorities shall endeavour to develop suitable infrastructure for induction and in-service training at the cutting edge and middle levels.

SME (Small and Medium Enterprise)

The Institute acts as a catalyst for entrepreneurship development by creating an environment for entrepreneurship. It formulates support systems and devise new entrepreneurship development programmes which will assist the present and prospective entrepreneurs in their business growth.

“SME Training Institute of India” was formally launched at the hands of Mr. Dinesh Rai, IAS - Secretary, Ministry of MSME, Government of India during the “7th Global SME Partnership Summit”  held on 21st February, 2009 at Mumbai. In picture (from left to right) Mr. K. R. Sharma - Director, MSME Development Institute of India, Mumbai, Mr. T. R. Bajalia - Executive Director, IDBI Bank, Mr. Chandrakant Salunkhe - President, SME Chamber of India & IITC- INDIA.

Objectives

• Identification of training needs
• Organising and managing relevant programmes to impart knowledge and skills
• Evolving effective training strategies and methodologies for different target groups and locations
• Organize seminars, workshops and conferences for providing fora for interaction and exchange of views by various agencies and entrepreneurs
• Undertake R & D activities on entrepreneurship development
• Documenting and disseminating information needed for policy formulation and implementation on self-employment and entrepreneurship.
• To organize and conduct training for entrepreneurship development
• To evolve strategies & methodologies for different target groups & locations & conduct field tests
• To identify training needs and offer training programmers to Government and non-Government organizations engaged in promoting and supporting entrepreneurship
• To document and disseminate information needed for policy formulation and implementation related to self-employment
• To identify, design and conduct training programmers for existing entrepreneurs
• To prepare and publish literature related to entrepreneurship and industrial development.
• To organize seminars, workshops and conferences for providing a forum for interaction and exchange of views by various agencies and entrepreneurs.
• To conduct research for generating knowledge to accelerate the process of entrepreneurship development.
• To act as a catalyst for development of elf-employment/entrepreneurship, industry/business.
• To evolve, design and help in the utilization of various media for creating entrepreneurship.

Activities

• Induce and develop young qualified entrepreneurs for creating opportunities and motivating for self-employment by exposing them to training and development models of entrepreneurship and management
• To provide them inputs for setting up enterprise and manage them for results
• To help existing SMEs to refresh and expose to latest and modern opportunities, inputs, enterprise deliberations on strategic and technical methodologies to become more effective and competitive for growth and profits
• To upgrade SMEs entrepreneurial skills
• To expose SMEs for global export opportunities and procedures for more turnover and profits

The activities of the Institute include identification of training needs, designing and organizing programmers both for development functionaries and entrepreneurs; evolving effective training strategies and methodologies for different target groups and locations; organize seminars, workshops and conferences for providing fora for interaction and exchange of views by various agencies and entrepreneurs; undertaking research on entrepreneurship development, documenting and disseminating information needed for policy formulation and implementation on self-employment and entrepreneurship.

The Institute Organizes Seminars & Workshops

• For sharing experiences on implementation of programmes of self-employment and entrepreneurship.
• On current topics such as WTO and its impact on SME sector, Promoting First Generation Entrepreneurs through PMRY, Promoting women Entrepreneurship etc.
• On creating awareness about the prospects of developing entrepreneurship in certain line of activity such as on Handmade Paper Industry, Food Processing Industry etc.
• Entrepreneurs Meet to understand and appreciate their problems in launching projects and managing them successfully.
• Interactive meet on Entrepreneurship Education to discuss about the need and importance of entrepreneurship element in academic curriculum.

Functions

• The Forum will Organise all activities necessary to achieve its objectives
• To devise special training courses to suit the target candidates
• Publish periodicals and magazines to impart knowledge
• Recognition of exceptional talents and confer awards
• Assistance to set up new enterprise
• Marketing assistance
• Market development
• Conduct market surveys and reports
• Assistance to obtain channelise finance
• Consultancy services on all functions of business
• To provide platform for interaction with Government officials, experts and industrialists

Need for training in India:

• Optimum Utilization of Human Resources – Training and Development helps in optimizing the utilization of human resource that further helps the employee to achieve the organizational goals as well as their individual goals.
• Development of Human Resources – Training and Development helps to provide an opportunity and broad structure for the development of human resources’ technical and behavioral skills in an organization. It also helps the employees in attaining personal growth.
• Development of skills of employees – Training and Development helps in increasing the job knowledge and skills of employees at each level. It helps to expand the horizons of human intellect and an overall personality of the employees.
• Productivity – Training and Development helps in increasing the productivity of the employees that helps the organization further to achieve its long-term goal.
• Team spirit – Training and Development helps in inculcating the sense of team work, team spirit, and inter-team collaborations. It helps in inculcating the zeal to learn within the employees.
• Organization Culture – Training and Development helps to develop and improve the organizational health culture and effectiveness. It helps in creating the learning culture within the organization.
• Organization Climate – Training and Development helps building the positive perception and feeling about the organization. The employees get these feelings from leaders, subordinates, and peers.
• Quality – Training and Development helps in improving upon the quality of work and work-life.
• Healthy work environment – Training and Development helps in creating the healthy working environment. It helps to build good employee, relationship so that individual goals aligns with organizational goal.
• Health and Safety – Training and Development helps in improving the health and safety of the organization thus preventing obsolescence.
• Morale – Training and Development helps in improving the morale of the work force.
• Image – Training and Development helps in creating a better corporate image.
• Profitability – Training and Development leads to improved profitability and more positive attitudes towards profit orientation.
• Training and Development aids in organizational development i.e. Organization gets more effective decision making and problem solving. It helps in understanding and carrying out organisational policies.
• Training and Development helps in developing leadership skills, motivation, loyalty, better attitudes, and other aspects that successful workers and managers usually display.

Important components identified in MDP are:

The 13 important components identified in MDP are

• Selection: To identify potential or managerial abilities of executives. 
• Intellectual conditioning: To educate executives on different managerial tools & techniques. 
• Supervised training: To guide executives on application & use knowledge in the course of day to day activities. 
•  Explicitly test candidates in three dimensions: ability, engagement and aspiration. 
• Emphasize future competencies: rather than current performance. 
• Manage the quantity and quality: see talent as a scarce portfolio of growth assets.
• Forget rote functional or business unit rotation: rather focus on intense assignments with development challenges.
• Identify the riskiest, most challenging positions: assign them to rising stars. 
• Create individual development plans: linking personal objectives to corporate plans for growth. 
• Reevaluate top talent annually: on changes in ability, engagement and aspiration. 
• Offer significantly differentiated compensation: and recognition to star employees. 
• Hold regular, open dialogues: between high potentials and program managers. 
• Replace broadcast communications: about strategy with individualized messages from emerging leaders.

MDP objectives for top mgt. intends to develop better comprehension & decision-making power, while for middle level it is meant to develop their intellectual faculty besides awareness of mgt. problems. For specialists MDP is to increase functional knowledge in specific fields & proficiency in various mgt. techniques.