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This marketing plan outlines strategies for ABC SACCO to promote member and asset growth, expand its target market, introduce new services, and develop relationship marketing over the next year. ABC SACCO currently serves 3,000 members through 5 branches and offers loans and savings products. The plan identifies strengths such as skilled staff but also weaknesses like low marketing budgets. It proposes tasks and objectives to achieve the strategies, and budgets 921,000 Kshs for advertising, promotions, surveys and other activities. Progress will be monitored through monthly reports and biannual member and staff surveys.
This marketing plan outlines strategies for ABC SACCO to promote member and asset growth, expand its target market, introduce new services, and develop relationship marketing over the next year. ABC SACCO currently serves 3,000 members through 5 branches and offers loans and savings products. The plan identifies strengths such as skilled staff but also weaknesses like low marketing budgets. It proposes tasks and objectives to achieve the strategies, and budgets 921,000 Kshs for advertising, promotions, surveys and other activities. Progress will be monitored through monthly reports and biannual member and staff surveys.
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This marketing plan outlines strategies for ABC SACCO to promote member and asset growth, expand its target market, introduce new services, and develop relationship marketing over the next year. ABC SACCO currently serves 3,000 members through 5 branches and offers loans and savings products. The plan identifies strengths such as skilled staff but also weaknesses like low marketing budgets. It proposes tasks and objectives to achieve the strategies, and budgets 921,000 Kshs for advertising, promotions, surveys and other activities. Progress will be monitored through monthly reports and biannual member and staff surveys.
Hak Cipta:
Attribution Non-Commercial (BY-NC)
Format Tersedia
Unduh sebagai DOC, PDF, TXT atau baca online dari Scribd
Executive Summary This marketing plan for ABC SACCO is an outline for the direction of marketing efforts for the next year. This plan incorporates innovative strategies that will utilize opportunities and address weaknesses as outlined in the Situation Analysis. This plan is a general guideline with the following strategies: (1) To promote member and asset growth (2) To expand target market (3) To introduce new services (4) To develop a system for relationship marketing Business Profile ABC SACCO was founded in the year 2000 and is currently serving 3,000 members in the Eastern and Central parts of the country. The SACCO serves micro and small business people in these regions including farmers, shop owners, tailors, carpenters, welders and employed people. The SACCO offers a range of loan products both for consumption and development purposes. It has three branches located in three districts of the Central Province and two in the Eastern Province. Alongside these branches the SACCO also has satellite offices in four other towns. ABC SACCO has been able to continually provide its services and products competitively when compared with the competition. It has also engaged the services of consultants to conduct market research to better understand its market. 2 Situation Analysis Internal Factors Strengths Weaknesses Management Skilled staff Low staff turnover Poor organisational structure Remuneration not competitive Marketing Nearly established marketing function with one member of staff. Limited budgetary allocation to marketing Marketing staff not well trained Marketing function not well understood. Personnel Committed staff who have served for a long time Frequent turnover at management level Heavy workload for staff Technology Newly installed IT system Branches now networked Able to offer MPESA services Low IT skills Insufficient IT support from vendor Research & Development Primary data from member surveys New function within the institution, not well developed External Factors Opportunities Threats Consumer/Social Generally stable population concerning income, housing, tastes, and financial needs Predominately rural and small town, with lower income levels than average population Competitive Have niche in the region in serving small business people. Entry of commercial banks into microfinance is a real challenge Need to generate finances to expand Technology There are a variety of choices available for electronic service provision Other more capitalised organisations have been tapping into these opportunities Economic Increase small business activity as people rely less on farming. High inflation means less savings by the people. 3 Increased awareness of prices and markets for the entrepreneurs. Increased default because of the poor economy. Legal/Regulatory Enactment of the SACCO ACT There is now an opportunity to mobilise savings. Slowness in adopting to the new law 4 Marketing Tasks and Objectives Analyzing the Situation Analysis, the following tasks and objectives, applying the general strategies outlined in the Executive Summary are proposed: Strategy Task Cost Objective Promote Member and Asset Growth Train staff on all products Conduct member satisfaction survey Kshs000 Kshs000 Kshs000 To increase sales through staff cross selling products (10% usage increase) To better understand the preferences of our members and reduce exit rate to 5% annually. To expand target market Introduce loan product for salaried employees Introduce product for horticultural farmers Kshs000 Kshs000 Increase loan portfolio Reduce costs of serving members Introduce new services ATM services SMS banking Periodic account statements Kshs000 Kshs000 Keep members informed through a method that reduces costs Be competitive in service delivery Develop a system for relationship marketing Have member service desks at each branch Maintain an accurate member database with important dates Kshs000 Kshs000 Member retention Direct selling of products and services 5 Marketing Budget Projections (Kshs) Advertising 100, 000 Printing Brochures 50, 000 Public Relations 100, 000 Customer Customized Statements 5,000 Direct Mail 6,000 Market survey 200,000 Newspaper 70,000 Radio 50,000 Promotions 150,000 Member Incentives 50,000 Employee Incentives 100,000 Travel 40,000 Total proposed Expenditures 921,000 6 Monitoring In order to be able to monitor the progress made in the implementation of this plan, the following activities will be conducted over the year; a. Monthly marketing reports b. Member Satisfaction Surveys (bi annual) c. Staff Product Knowledge Survey (bi annual) At the end of the year there will be an annual review of the plan.
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