The document discusses key aspects of developing a marketing plan for a new business venture. It begins by outlining the steps in preparing a marketing plan, which include analyzing the business situation and target markets, identifying strengths and weaknesses, and establishing goals and objectives. The document then covers defining marketing strategies and action programs, which involves determining the appropriate product, price, place, and promotion considerations. Finally, the document notes that ongoing monitoring and adjustment are important to ensure the success of the marketing plan.

1. 1

2. Course Instructor: Rahim Bux Soomro
Assistant Professor
Sindh University Larkana Campus
Shah Abdul Latif University, Khairpur.
Entrepreneurship
Chapter 01

3. The World of the Entrepreneur
R B S o o mro, Le cturer
De partme nto f Bus ines s Administration, S hah AbdulLatifUniversity, Khairpur 3
1
• Every year in the U.S., entrepreneurs launch
850,000 new businesses.
2
• Entrepreneurial spirit - the most significant
economic development in recent history.
3
• GEM (Global Entrepreneurship Monitor ) study: 11.3
percent of adult population in the U.S. is actively involved
in trying to start a new business.

4. The World of the Entrepreneur
R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 4

5. What Is an Entrepreneur?
R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 5

6. What Is an Entrepreneur?
R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 6
One who creates a new business in
the face of risk and uncertainty for
the purpose of achieving profit and
growth by identifying opportunities
and assembling the necessary
resources to capitalize on them.

7. What Is an Entrepreneur?
R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 7
Entrepreneurship is the process of
creating something new with value by
devoting the necessary time and effort,
assuming the accompanying financial,
psychic, and social risks, and receiving
the resulting rewards of monetary and
personal satisfaction and independence

8. Characteristics of Entrepreneurs
R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 8

9. Characteristics of Entrepreneurs
R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 9
Diversity!
One characteristic of entrepreneurs stands out:
Anyone
regardless of age, race,
gender, color, national
origin, or any other
characteristic – can
become an entrepreneur
(although not everyone
should).

10. Benefits of Entrepreneurship
R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 10
1
• Do what you enjoy and to have fun at it
2
• Create your own destiny
3
• Make a difference
4
• Reach your full potential
5
• Contribute to society and to be
recognized for your efforts
6
• Reap impressive profits

11. Drawbacks of Entrepreneurship
R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 11

12. Marketing Research for New Venture
R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 12

13. Marketing Research for New Venture
R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 13

14. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 14
Understanding the Marketing Plan
Your Go-to-Market Strategy

15. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 15
Unde rs tanding the Marke ting Plan
• Where have we been?
• Where we want to go (Short-term)?
• How do we get there?
1. Discuss the specific marketing strategy.
2. When it will occur?
3. Who will be the responsible for monitoring activities?

16. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 16
Unde rs tanding the Marke ting Plan
Outline for Marketing Plan

17. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 17
Unde rs tanding the Marke ting Plan
Defining Marketing Plan
• Written statement of marketing objective ,
strategies and activities to be followed in
business plan.
• Central instrument for directing and
coordinating the marketing effort
• A marketing plan outlines the specific
actions you intend to carry out to interest
potential customers and clients in your
product and/or service and persuade them to
buy the product and/or services you offer.

18. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 18
Unde rs tanding the Marke ting Plan

19. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 19
Marketing Mix

20. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 20
Preparing the Marketing Plan

21. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 21

22. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 22
Steps in Preparing the Marketing Plan
• Business situation
Describes past and present business
achievements of new venture.
Wherehavewebeen?

23. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 23
Steps in Preparing the Marketing Plan
• Target Markets
Specific group of potential customers
toward which venture aims its market plan.
• Market Segmentation
Process of dividing a market into
definable and measureable groups
for purpose of targeting marketing strategy.

24. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 24
Steps in Preparing the Marketing Plan
Henry Ford’s Model T

25. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 25
Steps in Preparing the Marketing Plan
Henry Ford’s Model T

26. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 26
Steps in Preparing the Marketing Plan

27. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 27
Steps in Preparing the Marketing Plan
Strengths and Weaknesses

28. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 28
Steps in Preparing the Marketing Plan
Establishing Goals and Objectives

29. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 29
Steps in Preparing the Marketing Plan
Establishing Goals and Objectives
• Goals are broad objectives are narrow.
• Goals are general intentions; objectives are
precise.
• Goals are intangible; objectives are
tangible.
• Goals are abstract; objectives are concrete.
Examples:
Goals: knows about the human body.
Objectives: LWBAT name all of the bones in the human body as
stated in the medical textbook "The Human Body".

30. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 30
Defining Marketing Strategy and Action Programs
Defining Marketing Strategy and Action
Programs
• Specific activities outlined to meet the
venture’s business plan goals and objectives.
How do we get there?

31. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 31
1. Product: Does
the organization
creates what its
intended customers
want?
•Functionality
•Quality
•Appearance
•Packaging
•Brand
•Service
•Support
•Warranty
•Website

32. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 32

33. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 33
2. Price: How much are
the intended customers
willing to pay?
• List Price
• Discounts
• Markups
• Allowances
Related Issues
• Costs
• Markups or Margins
• Competition

34. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 34
3. Place: Available
at the right place,
at the right time,
in the right quantities.
• Locations
• Logistics
• Number of
Intermediaries
• Market
Coverage
• Web
Marketing

35. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 35

36. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 36

37. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 37
4. Promotion: (How)
are the chosen target
groups informed or
educated about the
organization and its
products?
• Advertising
• Public
Relations
• Message
• Direct sales
• Sales
• Media
• Budget

38. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 38

39. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 39

40. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 40
Reasons of failure of Marketing Plan

41. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 41

42. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 42

43. R B Soomro, Lecturer
Department of Business Administration, Shah Abdul Latif University, Khairpur 43