Planning for a Personal Marketing Outlet – SS3 Marketing Lesson Note (Second Term)

Planning for a personal marketing outlet is the process of deciding in advance what to sell, to whom, where and how, and where the start-up money will come from.

Behavioural objectives

By the end of the lesson, students should be able to:

1. Define a personal marketing outlet and state why planning for it matters.
2. Discuss the two forms of planning: strategic and tactical.
3. Distinguish between strategic planning and tactical planning.
4. Discuss the sources of funds for establishing personal marketing outlets.
5. Choose suitable sources of funds for a given outlet.

What is a personal marketing outlet?

A personal marketing outlet is a small business owned and run by an individual to sell goods or services to customers.

• Provision store: sells daily household items such as sugar, tea and soap.
• Market stall or kiosk: sells goods like foodstuff, clothes or phone accessories.
• Roadside or street trading: sells items such as sachet water, snacks and recharge cards.
• Online shop: sells goods through social media or a website.

Why is planning important for a personal marketing outlet?

Planning gives the owner a clear direction before money and time are spent.

• Clear goals: the owner knows what the outlet wants to achieve.
• Better use of money: funds go to the items that matter most.
• Fewer mistakes: problems are expected and handled early.
• Easier funding: lenders and helpers trust an owner who has a plan.

What are the two forms of planning for personal marketing outlets?

There are two forms of planning for a personal marketing outlet: strategic planning and tactical planning.

What is strategic planning?

Strategic planning is the process of determining an organisation’s primary objectives and then adopting courses of action that will eventually achieve them.

• Focus: the long-term direction of the outlet.
• Example: a trader decides to open a provision store and later expand to a second shop.
• Who does it: the owner, since the outlet is personal.

What is tactical planning?

Tactical planning guides the implementation of activities specified in the strategic plan.

• Focus: the short-term actions that carry out the strategy.
• Example: deciding which goods to buy this month, what prices to set and how to display them.
• Link to strategy: every tactic must support the strategic objective.

What is the difference between strategic and tactical planning?

What are the steps in planning a personal marketing outlet?

The owner plans an outlet by following these steps in order.

1. Decide the goods or services to sell.
2. Set the objectives of the outlet.
3. Choose a suitable location with enough customers.
4. Estimate the money needed for stock, rent and equipment.
5. Identify the sources of funds.
6. Plan the day-to-day activities, such as buying, pricing and selling.
7. Review the plan from time to time and correct weaknesses.

What are the sources of funds for establishing personal marketing outlets?

Sources of funds are the places or ways an owner can get the money needed to start an outlet.

Own efforts

• Daily contributors and collectors: saving money with them until the amount is enough to start.
• Casual work: temporary manual labour that brings in money, which is then invested well to open the outlet.
• Reduced spending: cutting unnecessary expenses and investing idle money, gifts or funds in profitable ventures.

Cooperative and thrift societies

• Joining a cooperative or thrift society: members contribute regularly and collect a loan.
• Approaching a thrift society as a non-registered member: a loan may still be obtained.

Banks

• Soft loan: obtained from community or merchant banks.

Other people, agencies and training

• Wealthy individuals and NGOs: financial assistance sought from them.
• National Directorate of Employment (NDE): assistance sought from this government agency.
• Seminars and workshops: attending those where raising money for business ventures is discussed.

Instructional techniques and materials

Instructional techniques

• Identification
• Explanation
• Questions and answers
• Demonstration
• Videos from source

Instructional materials

• Videos
• Loudspeaker
• Textbook
• Pictures

Evaluation

1. Define a personal marketing outlet.
2. Discuss the two forms of planning.
3. State three differences between strategic and tactical planning.
4. Discuss the various sources of funds for establishing personal marketing outlets.

Classwork: As in the evaluation questions.

Assignment

List five sources of funds for establishing a personal marketing outlet and explain any two of them.