lecture 12 - promoting the business.pdf
TRANSCRIPT
Dr Noor Muhammad
Marketing deals with identifying and meeting human and social needs. One of the shortest definitions of marketing is “meeting needs profitably”.
Kotler and Keller (2006)
Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.
Chartered Institute of Marketing
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MARKETING = UNDERSTANDING AND SATISFYING CUSTOMER NEED
FOUNDATIONS OF MARKETING THEORY BUILT BY MAJOR U.S. FIRMS (COCA COLA; PROCTER & GAMBLE)
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Current Internal Compentencies
The Current Market
SWOT Future Objectives
Marketing Strategy
Marketing Plan
Plan Implementation
Evaluation and Performance Control
THE CLASSIC MARKETING STRATEGY PLANNING PROCESS
Strengths and Weaknesses
Opportunities and Threats
EXTERNAL ANALYSIS
INTERNAL ANALYSIS
Set of arrangements
Group of buyers and sellers
Zone of customer choice
Goods can be thought of as bundles of characteristics
1. What business are we in? (Sector)
2. Where do we want to go? (Objectives)
3. How do we get there? (Marketing strategy)
The Marketing Mix: The major elements of a marketing strategy are the four Ps of marketing.
1. Product
2. Price
3. Place
4. Promotion
In addition to these more common traditional 4Ps, there are other Ps added to the list.
5. People
6. Process
7. Physical evidence (testimonials)
Incremental INNOVATION
and adjustment
INFORMATION gathering through
networking
‘Bottom-up’ IDENTIFICATION
of target markets
INTERACTIVE marketing methods
INFLUENCE of word-of-mouth IMAGE building
INCENTIVES INVOLVEMENT
Carter and Jones-Evans (2006)
1. Target market
2. Marketing message
3. Marketing media
4. Marketing route
5. Marketing goals
6. Marketing resources
◦ Focus all business decisions on the customer ◦ Marketing mix ◦ Proximity ◦ Benefits v attributes ◦ User ◦ Early promotion ◦ Direct mail ◦ Literature
Using a ‘Stage Model of Finance’ approach,
please explain various sources of finance for an
entrepreneur to start a new venture?
Time: 15 Mints
Total Marks: 10
Explain your arguments in the light of your knowledge, understanding, ideas,
experience and observation of the entrepreneurs and entrepreneurship
and their businesses.
Words Limit : 4000 excluding references
Submission deadline : 23/04/2014
Group Assignment