Entrepreneurial

Marketing
WEEK 10
By: Saifullah Abbasi
 Understanding the Basics of Marketing
● What is Marketing?:
● Definition: Marketing is the process of promoting, selling, and distributing a
product or service. It encompasses a range of activities aimed at
understanding customer needs, creating value, and fostering strong customer
relationships.
● Key Points:
● Marketing is not just advertising; it includes research, product development,
pricing, distribution, and promotion.
● It is essential for identifying customer needs and aligning products/services to
meet those needs.
The Importance of Marketing for Startups:
● Customer Understanding: Marketing helps startups understand their target
audience, enabling them to tailor their offerings to meet customer needs.
● Brand Awareness: Effective marketing strategies increase brand visibility and
recognition, crucial for attracting customers.
● Competitive Advantage: Differentiating a startup from competitors through
unique value propositions.
● Revenue Generation: Drives sales and growth by reaching potential customers
and converting them into paying customers.
 Key Marketing Concepts and Terms:
1. Market Research
● Definition: The process of gathering, analyzing, and interpreting information
about a market, including information about the target market, consumers, and
competitors.
● Types:
● Primary Research: Direct data collection from sources such as surveys,
interviews, and focus groups.
● Secondary Research: Analysis of existing data from sources like market
reports, academic studies, and industry publications.
 Key Marketing Concepts and Terms:
2. Target Audience
● Definition: A specific group of consumers identified as the intended recipient
of a marketing message or campaign.
● Characteristics:
● Demographics: Age, gender, income, education, etc.
● Psychographics: Lifestyle, values, interests, and attitudes.
● Behavioral: Purchasing behavior, brand loyalty, usage rate, etc.
 Key Marketing Concepts and Terms:
3. Value Proposition
● Definition: A statement that explains how a product or service solves a
problem, delivers benefits, and why it is better than the alternatives.
● Components:
● Benefit: What the customer gains.
● Differentiation: How the product or service is unique.
 Key Marketing Concepts and Terms:
4. Branding
● Definition: The process of creating a unique image and identity for a product or
service in the consumer's mind.
● Elements:
● Brand Name: The name of the product or service.
● Logo: A symbol or design that represents the brand.
● Tagline: A memorable phrase associated with the brand.
● Brand Message: The overarching message communicated by the brand.
 Key Marketing Concepts and Terms:
4. Branding
● Definition: The process of creating a unique image and identity for a product or
service in the consumer's mind.
● Elements:
● Brand Name: The name of the product or service.
● Logo: A symbol or design that represents the brand.
● Tagline: A memorable phrase associated with the brand.
● Brand Message: The overarching message communicated by the brand.
 Key Marketing Concepts and Terms:
The 4 Ps of Marketing
● Product:
● The goods or services offered to meet customer needs.
● Features: Characteristics of the product.
● Benefits: Advantages or value provided by the product.
● Design: The look and feel of the product.
● Quality: The standard of the product.
 Key Marketing Concepts and Terms:
● Price:
● The amount of money customers must pay to obtain the product.
● Pricing Strategy: Methods to set the price (e.g., cost-plus, value-based,
competitive).
● Discounts: Price reductions to stimulate sales.
● Payment Terms: Options for paying for the product.
 Key Marketing Concepts and Terms:
● Price:
● The amount of money customers must pay to obtain the product.
● Pricing Strategy: Methods to set the price (e.g., cost-plus, value-based,
competitive).
● Discounts: Price reductions to stimulate sales.
● Payment Terms: Options for paying for the product.
 Key Marketing Concepts and Terms:
● Place:
● The distribution channels used to make the product available to customers.
● Channels: Pathways to market (e.g., retail, online, direct sales).
● Distribution Strategy: How the product is delivered to the customer.
● Logistics: The management of the flow of goods.
 Key Marketing Concepts and Terms:
● Place:
● The distribution channels used to make the product available to customers.
● Channels: Pathways to market (e.g., retail, online, direct sales).
● Distribution Strategy: How the product is delivered to the customer.
● Logistics: The management of the flow of goods.
 Key Marketing Concepts and Terms:
● Promotion:
● The activities that communicate the product’s features and benefits and
persuade customers to purchase.
● Advertising: Paid promotions through various media.
● Public Relations: Managing the public image and media relations.
● Sales Promotions: Short-term incentives to boost sales (e.g., discounts,
coupons).
● Personal Selling: Direct interaction between salespeople and customers.
● Digital Marketing: Online marketing strategies including social media, email
marketing, SEO, and content marketing.
 Key Marketing Concepts and Terms:
● Promotion:
● The activities that communicate the product’s features and benefits and
persuade customers to purchase.
● Advertising: Paid promotions through various media.
● Public Relations: Managing the public image and media relations.
● Sales Promotions: Short-term incentives to boost sales (e.g., discounts,
coupons).
● Personal Selling: Direct interaction between salespeople and customers.
● Digital Marketing: Online marketing strategies including social media, email
marketing, SEO, and content marketing.
 Key Marketing Concepts and Terms:
7. Customer Segmentation
● Definition: The practice of dividing a broad consumer or business market into
sub-groups of consumers based on some type of shared characteristics.
● Types:
● Demographic Segmentation: Age, gender, income, etc.
● Geographic Segmentation: Location-based segments.
● Psychographic Segmentation: Lifestyle and personality traits.
● Behavioral Segmentation: Based on behavior, usage, and decision-making
patterns.
 Key Marketing Concepts and Terms:
7. Customer Segmentation
● Definition: The practice of dividing a broad consumer or business market into
sub-groups of consumers based on some type of shared characteristics.
● Types:
● Demographic Segmentation: Age, gender, income, etc.
● Geographic Segmentation: Location-based segments.
● Psychographic Segmentation: Lifestyle and personality traits.
● Behavioral Segmentation: Based on behavior, usage, and decision-making
patterns.
 Key Marketing Concepts and Terms:
8. Positioning
● Definition: The process of establishing a brand or product in the mind of
consumers relative to competitors.
● Strategies:
● Differentiation: Making the product stand out.
● Cost Leadership: Offering the best price.
● Focus: Targeting a specific market niche.
 Key Marketing Concepts and Terms:
9. Customer Relationship Management (CRM)
● Definition: A strategy for managing a company’s interactions with current and
potential customers.
● Tools:
● CRM Software: Platforms that help manage customer data, track interactions,
and streamline processes.
 Key Marketing Concepts and Terms:
10. Branding
● Definition: The act of designing and communicating a name, symbol, or design
that identifies and differentiates a product from other products.
● Elements:
● Brand Identity: How the brand wants to be perceived.
● Brand Image: How the brand is actually perceived.
● Brand Equity: The value of the brand based on consumer perception.
 Key Marketing Concepts and Terms:
12. Sales Funnel
● Definition: The process that a customer goes through from being a prospect to
becoming a customer.
● Stages:
● Awareness: Customer becomes aware of the product.
● Interest: Customer shows interest in the product.
● Consideration: Customer evaluates the product.
● Intent: Customer shows intent to buy.
● Purchase: Customer buys the product.
● Loyalty: Customer continues to purchase and promotes the product.
Thank you