Dr Noor Muhammad

noormuhammad@giki.edu.pk

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