Welcome to today’s class!!
We are thrilled to have you in our class!!
In today’s Marketing class, we will be learning about Planning For A Personal Marketing Outlet
Planning For A Personal Marketing Outlet
In life, before achieving anything great, it is recommended that we plan. There’s a saying that, “failure to plan is planning to fail.”
Overtime, humans have come to understand the significance of planning whether in business or academics.
Planning can either be strategic or tactical. Strategic planning is the process of determining an organization’s primary objectives and then adopting courses of action that will eventually achieve them while Tactical planning guides the implementations of activities specified in the strategic plan.
To run any business, you need money.
Money is usually referred to as capital in business. In planning for a personal marketing outlet, it is important to know how to get money. Let’s take a look at some of the ways you can raise money.
Sources of Fund for Establishing Personal Marketing Outlets
- Saving money with daily contributors and collectors.
- Obtaining a soft loan from community/merchant banks.
- Joining cooperative and thrift society for the purpose of collecting the loan.
- Approaching cooperative thrift society even as a non-registered member to obtain a loan.
- Seeking financial assistance from wealthy individuals and NGOs.
- Seeking assistance from the National Directorate of Employment(NDE).
- Engaging in temporary manual labor or casual work that can bring money and invest it rightly for the purpose of opening personal marketing outlets.
- Reducing unnecessary spending, rather invest idle money, gifts or funds into profitable ventures.
- Attending seminars and workshops where issues on raising money for business ventures are being discussed.
In summary, planning for a personal marketing outlet can either involve a strategic or tactical plan. And in establishing a personal marketing outlet, sourcing for funds can include soft loans, financial assistance from families and friends, Nongovernmental organizations, etc.
Explain what planning involves and the difference between a tactical and strategic plan.
List any five marketing outlets in your state.
If you were to establish a personal marketing outlet, list six sources you will consider in your plan.
We hope you enjoyed today’s class. In our next class, we will be learning about Setting Up And Operating A Marketing Outlet
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