LSCEntrepreneurship

Assignment 1

Fariaz FahadBA - 5

ID # 0015msot0212

Table of Content

sTable of Figures.....................................................11.1 Introduction.....................................................2

1.2 Business Plan:...................................................2“AutoFIX”...........................................................2

2.1 What is entrepreneurship?.......................................32.2 What is SWOT Analysis?..........................................3

2.3 Marketing Mix (7ps):............................................3Unique selling proposition:.........................................4

Communication Mix...................................................4Market Segmentation:................................................4

Critical analysis:...................................................5SWOT analysis:.......................................................5

Marketing plan of the company:.......................................6Alternative Marketing plan:.........................................7

Communication Mix:..................................................7The Unique selling Proposition:......................................8

Market Segmentation.................................................9Porter’s Five Forces:..............................................10

Example of other successful marketing oriented company:............11Conclusion and recommendation –....................................11

Referencing:........................................................12Bibliography:.......................................................16

Appendix:...........................................................17

Table of Figures 1 SWOT Analysis......................................................52 Marketing Mix(bbc.co.uk, 2014).....................................6

1 | P a g e

3 Communication Mix (hbswk.hbs.edu, 2011)............................84 Unique selling proposition (hbr. Org, 2005)........................85 Market Segmentation (Economist.com, 2011)..........................96 FIve forces of AutoFix (Porter, 2008).............................10

1.1 Introduction: The purpose of this report is to analysis the problem about no matter how innovative the companies in UK are better they are losing market share because lack of marketing. The author is going to use a businessand going to use various marketing strategies like the SWOT analysis, Marketing mix, communication mix, Market segmentation and unique selling proposition which will help to determine the strength of the company and execute an effective marketing program.

1.2 Business Plan:The author’s business plan is mainly focused on Automobile Workshop, it will be a small medium enterprise and like all other sme’s the author plan is to start the business by taking SME loan from the bank or at least find an investor (Zaid Bakht ,thedailystar.net, 2011) . The business is going to need just one workshop which will be situatedin the Bashundhara Residential area because there is a potential market which can be covered because it’s a newly established area and the competition is low. The uniqueness of this business will be that other workshops which are situated in Dhaka are more based on manual handling and the workers are not skilled enough. Hence this causes more time consumption and the quality of the work is compromised (Duffy, Scharff, 2003, pg 129).

2 | P a g e

“AutoFIX”

2.1 What is entrepreneurship?

According to Hisrich,Peters & Shephard(2009,p 14) entrepreneurship involves a certain person whose job is to collect and use resources ina unique fashion and he will also be responsible to manage the risk and uncertainty of the business. To be a successful entrepreneur he or she must follow some key steps to enjoy success.

2.2 What is SWOT Analysis?The SWOT analysis is used to identify the strength, weakness, opportunity and threats of a business in a certain industry. This analysis determines the internal and external factors of a company which are used to achieve the goals of the business. This technique was identified by Albert Humprey [Humphrey, 2005)].

3 | P a g e

2.3 Marketing Mix (7ps):

The marketing Mix is one of the most important aspects for the marketing sector of a business. Many of the marketing plans are dependent on marketing mix which is also known as 7ps. Firstly there was only 4p but later on more 3ps were added[McCarthy, Jerome E., 1964]. And the 7ps are:

Product – (details in appendix 1) (Needham, Dave, 1996). Place – (details in appendix 2) (Tracy, 2004). Price – (details in appendix 3) (Wilson & Gilligan, 2005, pg-

520). Promotion – (details in appendix 4) (Dawar. N, 2013).

Later on more 3ps were added and they are –

Process – (details in appendix 5) (kotler. p, 2012). Physical evidence – (details in appendix 6) (kotler. p, 2012). People - (details in appendix 7) (kotler. p, 2012).

Unique selling proposition:In this strategy the business can show its uniqueness to the customersand through this they can gain a competitive edge if the product is different from one that are being provided by the competitors (Clark, 2012). This is a very effective marketing strategy, and this strategy says that this campaign is normally very successful which makes

4 | P a g e

customers switch brands very quickly (Harvard business review, 2011). Every product or service got to have a unique attribute to be an instant hit in the market otherwise it is really hard to impose this strategy (The economist, 2009).

Communication MixCommunication mix which is also known as promotional mix use 5 different strategies to promote a business to the customers and the strategies. This can be referred as the main marketing tool for a retail store or a service center (Smith and Taylor, 2004, pg - 8) –

The key elements of Communication Mix are:

Advertising - *details in appendix 8 (Harrell & Gilbert, 2008). Discount and promotion - *details in appendix 9 (Quelch, 2008). Public relation - *details in appendix 10 (Keiningham,Gupta,Aksoy

and Buoye, 2014). Direct marketing - *details in appendix 11(Aufreiter, Boudet, and

Weng, 2014). Event sponsors - *details in appendix 12 (Andrews, 2009).

Market Segmentation:Marketing segmentation is a very popular marketing strategy which divides different target markets and puts them into groups with same needs and priority of the customers. A marketing segmentation helps a business to identify the demand of customers in a particular segment much quicker and it helps to gain more market share (Nobel, 2011). Thesegmentations can be:

Geographic segmentation – *details in appendix 13 (Kotler, & Keller, 2006).

Demographic segmentation - *details in appendix 14(economist.com,2009).

Lifestyle segmentation - *details in appendix 15 (nielsen.com, 2009).

5 | P a g e

Behavioral segmentation - *details in appendix 16 (Mahoney, 2003).

Critical analysis:As the topic says that firms in UK are good at product innovation but the same cannot be said for their marketing sector. Like the author’s business they can use marketing models like the 4ps of marketing mix.

Before applying any marketing models an entrepreneur must know its strength and weakness and also its external factors too.

SWOT analysis:

6 | P a g e

1 SWOT Analysis

Marketing plan of the company:Firstly the workshop needs a proper marketing to let customers know about its identity and in order to do that the author used marketing mix:

7 | P a g e

2 Marketing Mix (bbc.co.uk, 2014)

1. Product: The companies plan is to provide unique service to the customers whom they will not get in local shops (Womack & Jones, 2008, pg.180). For example – Grameenphone has been very successful because of their unique network quality which no othercompany has been able to provide (investor-relations.grameenphone.com, 2014).

2. Place: To get maximum profitability the business needs to be set up in a perfect place, For example - Starbucks is a company whichalways set up its business in right places and they had this strategy of opening 100 new stores all over USA in one year (forbes.com, 2013).

3. Pricing: Another attraction can be the pricing of the services and parts the garage offers. Compared to renowned brand likes NAVANA and RANGS we will provide service in a much cheaper rate (Marn,Roegner, and Zawada, 2003). Like Toyota always tends to supply its customers the best possible service in reasonable price (toyota-global.com, 2003).

4. Promotion: To promote the message of the business the author can use various promotional activities like Advertising through social media, Newspapers, Magazines and through various

8 | P a g e

automobile events like car show (James F. Engel, Martin R. Warshaw, Thomas C. Kinnear, Bonnie B. Reece, 2000).For example – Recently Mark & Spenser has started an online promotion campaign through Facebook which has led to great success (annualreport.marksandspencer.com, 2013).

Alternative Marketing plan:After Appling this model there must some awareness about the workshop within the customers, but there are many other alternative marketing models which can be helpful.There are other 3 more P of marketing which can be used as alternative–

Process: Tesco have very good process of selling products like they have organized shelves and clean environment. Like that the author’s business can provide a clean and health service process (Ball, 2009).

Physical evidence: Companies like Fedex create great physical evidence with its currier service, envelops has its logo. Like that autofix is going package the auto part with the companies name on the top (forbes.com, 2014).

People: The employers who will be response to deal with customers

will be well trained, which will help to create a positive impression on the customer.

Communication Mix:With the help of the communication the author is going to use its 5 main elements which can help to promote the quality of the workshop tothe customers, and the elements are;

9 | P a g e

Advertising – Unilever is very famous for its advertising campaign, and they have always enjoyed successful advertising campaigns which increased their sales (unilever.com, 2012). Like their advertisement my business can promote its uniqueness through a TVC or billboards (Nobel, 2014).

Personal selling - As it is one of the most effective marketing in Dhaka, For example Dell has created a strategy to sell its products directly to the customers with personal selling which has boost up their profit. My business can attract clients by giving unique offers (Ferrell, Hartline, 2007, pg -299).

Discounts and promotion – in every special occasions Sony gives 20% off its product to increase sales margin and it works (sony.net, 2013). Like that I’ll provide discount offer up to 15%for a customer who visits more than 4 times (Chatterjee, 2013).

Public Relation – For an auto repair shop creating a public relation is very important and this can be very good marketing strategy for the repair shop.

Direct marketing – Companies like Herbalife selling their products on a door to door strategy, they use their sells man as marketing tool (Hicken, 2013). The authors business is going to use direct marketing through telephones by offering discount up to 10%.

Event Sponsorship – Famours auto repair shop named “Speedy auto service” sponsors car shows to promote their service to the customers. This can be a very useful strategy for my business as car shows are very popular in Dhaka. (MacCormack, Murray and Wagner, 2013).

10 | P a g e

3 Communication Mix (hbswk.hbs.edu, 2011)

The Unique selling Proposition:Companies like FedEx used term like “When your package absolutely, positively has to get there overnight” this type of slogan creates a unique selling proposition by which customers are attracted (Symonds, 2012). My business’s slogan will be “At autoFIX everything is repairable” which may create a unique view to the customers.

4 Unique selling proposition (hbr. Org, 2005)

11 | P a g e

Another Famous marketing strategy is Market Segmentation, which the workshop will use to identify their market.

Market Segmentation:

There are three steps to do market segmentation and they are –

Identifying the target market – When Microsoft launched Xbox 360 their target market was customers from age 8 to 20 because they will be the most interested about video games (Kelleher, 2014). Like that the author is going to target customers who have busy schedule so that they get attracted by the time saving concept. (Bagley, 2013).

Competition – The business must analysis the competition it mighthave to face in the particular industry. Through this analysis the business can differentiate the service from its competitors which will give them a marketing edge (Khanna. T,Palepu. K.G,& Sinha. J, 2005).

Demographic – Different type of age group have different taste incars, so the business need to analysis the demographic factor to understand the needs of the customers (Guild. T, 2009). For example customers in the age of 18 – 25 are interested in car modification so the workshop can attract those customers by providing this facility (Gandhi. A, Magar. C and Roberts. R, 2014).

Regional – After doing some analysis it has been found that thereare more automobiles in Dhaka region so establishing the auto repair shop in Dhaka was a very easy decision to make (Kaplan & Warren, 2009, pg – 72).

12 | P a g e

5 Market Segmentation (Economist.com, 2011)

Porter’s Five Forces:

6 FIve forces of AutoFix (Porter, 2008)

Competitive Rivalry – Is low because there are very few workshopslike this in Dhaka.

13 | P a g e

Market Segmentat

ion

Target

Market

Competition

Demographic

Regional

Threat of New entrants – There is no external environment barrierso anybody can start this business which means the threat is moderate.

Threat of substitute - Is high because customers can switch to local shops for low cost.

Power of suppliers – Is low because customers can easily switch Power of buyers – is moderate because of the unique service we

are offering.

Example of other successful marketing oriented company:One of great example of gain success through an effective marketing isUnilever (Dove, fair & lovely etc). They are famous for conducting huge marketing campaign for their products and this is one of the mainreasons of their success in market share. The author agrees with the problem that is included in the statement because no matter how innovative the company is if they cannot sell their product in the market they will not gain profits (Baskin, 2013).

Conclusion and recommendation – As the topic says the companies in UK are very innovative but are not up to the mark in marketing their products. Without a thorough marketing strategy every business is bound to fail as customers will

14 | P a g e

not be aware about their product, and this is exactly what SMEs in UK are facing. After doing the report the author found that a good marketing strategy can instantly enhance a company’s profitability andof the biggest examples are Coca Cola and Pepsi. The companies in UK can use the models that are used in this report to increase their market share, as they will be the main beneficiaries from this report.

Referencing:

15 | P a g e

Bakht,Z. ,2011, SME route to development,[online] Available at - http://archive.thedailystar.net/suppliments/2011/anniversary/part3/image/pg8.htm, [Accessed – 4th april 2014].

Duffy, J. E., Scharff, R., 2003, Auto Body Repair Technology, Cengage Learning.

Hisrich,R.D.,Peters, M. P. ,Shepherd, D. A. , (2009),Entrepreneurship, McGraw-Hill Education.

Humphrey, A. (2005). "SWOT Analysis for Management Consulting", [online] Available at -http://www.sri.com/sites/default/files/brochures/dec-05.pdf, [Accessed – 5th April 2014].

McCarthy, Jerome E. (1964), Basic Marketing, A Managerial Approach. Homewood, IL: Irwin

Needham, Dave (1996). Business for Higher Awards. Oxford, England: Heinemann

Wilson, R.M. S. and Gilligan, C. (2005), Strategic Marketing Management, 2nd edition, Routledge.

Dawar, N. (2013) When Marketing Is Strategy, [online] Available at - http://hbr.org/2013/12/when-marketing-is-strategy/ar/1, [Accesssed – 4th April 2014].

Kotler, P. (2012). Marketing Management. Pearson Education.

Clark, D. (2011), Reinventing Your Personal Brand, [online] Available at - http://hbr.org/2011/03/reinventing-your-personal-brand/ar/1, [Accessed – 6th April 2014].

Economist.com, (2009), Unique selling proposition, [online] Available at - http://www.economist.com/node/14301696, [Accessed – 7th April 2014].

16 | P a g e

Smith, P.R. & Taylor, J. (2004), Marketing Communications, Kogan Page Publishers.

Harrell, Gilbert D. (2008). Marketing: Connecting with Customers.Chicago Education Press. p. 28

Quelch, J. (2008), Marketing Your Way through a Recession, [online] Available at - http://hbswk.hbs.edu/item/5878.html, [Accessed – 10th April 2014].

Keiningham, T.,Gupta, S.,Aksoy, L. and Buoye, A. (2014), The HighPrice of Customer Satisfaction, [online] Available at -http://sloanreview.mit.edu/article/the-high-price-of-customer-satisfaction/, [Accessed – 18th April 2014].

Aufreiter, N., Boudet, J. and Weng, V. (2014), why marketers should keep sending you e-mails, [online] Available at -http://www.mckinsey.com/insights/marketing_sales/why_marketers_should_keep_sending_you_emails, [Accessed – 18th April 2014].

Andrews, J. (2009), Nielsen Research Shows Consumers Trust Sponsorship, [online] Available at - http://www.sponsorship.com/About-IEG/Sponsorship-Blogs/Jim-Andrews/July-2009/Nielsen-Research-Shows-Consumers-Trust-Sponsorship.aspx, [Accessed – 16th April 2014].

Kotler, P, and Keller, K. L. (2006), 'What is geographic segmentation', Marketing Management,Prentice Hall.

Nobel, C. (2011), Clay Christensen’s Milkshake Marketing, [online] Available at - http://hbswk.hbs.edu/item/6496.html, [Accessed – 18th April 2014].

17 | P a g e

economist.com, (2009), the idea of segmentation has spread beyondits consumer origins, [online] Available at - http://www.economist.com/node/14301415, [Accessed – 15th April 2014].

Nielsen.com, (2009), Segmentation and Customer Loyalty, [online] Available at - http://www.nielsen.com/content/dam/corporate/us/en/newswire/uploads/2009/06/segmentation-and-customer-loyalty-white-paper.pdf., [Accessed – 18th April 2014].

Mahoney, M. (2003), The Subconscious Mind of the Consumer (And How to Reach It), [online] Available at - http://hbswk.hbs.edu/item/3246.html, [Accessed – 17th April 2014].

Womack, J. P. & Jones, D. T. (2008), Harvard Business Review on Manufacturing Excellence at Toyota, Harvard Business Press.

Investor-relations.grameenphone.com, (2014), [online] Available at - http://investor-relations.grameenphone.com/irportal/Content/images/2013%20Press%20Release.pdf, [Accessed – 17th April 2014].

Forbes.com, 2013, Starbucks' Aggressive Expansion and Shifting Business Mix Are Keys to Earnings, [online] Available at - http://www.forbes.com/sites/greatspeculations/2013/01/23/starbucks-aggressive-expansion-and-shifting-business-mix-are-keys-to-earnings/, [Accessed – 17th April 2014].

Marn, M. V., Roegner, E.V. and Zawada, C.C. (2003), The power ofpricing, [online] Available at - http://www.mckinsey.com/insights/marketing_sales/the_power_of_pricing, [Accessed – 17th April 2014].

annualreport.marksandspencer.com, (2013), Marketplace, [online] Available at -

18 | P a g e

http://annualreport.marksandspencer.com/overview/marketplace/. [Accessed – 15th April 2014].

Toyota-global.com, (2003), Toyota’s annual report, [online] Available at - www.toyota-global.com/investors/presentation/2003/pdf/041603.pdf,[Accessed – 16th April 2014].

unilever.com, 2013, Annual report, [online] Available at - http://www.unilever.com/images/Unilever_AR13_tcm13-383757.pdf, [Accessed – 15th April 2014].

Nobel, C., 2013, advertising Symbiosis: The Key to Viral Videos, [online] Available at - http://hbswk.hbs.edu/item/7267.html, [Accesed – 16th April 2014].

Ferrell, O.C. &Hartline, M. (2007), Marketing Strategy, Cengage Learning.

sony.net, 2013, Annual Report, [online] Available at - http://www.sony.net/SonyInfo/IR/financial/ar/2013/shr/pdf/AnnualReport_E.pdf, [Accessed – 18th April].

Chatterjee, S. (2013), The Retailer’s Dilemma: Deep Discounts Make the Holidays Less Than Joyous, [online] Available at - http://www.businessweek.com/articles/2013-12-23/the-retailer-s-dilemma-deep-discounts-make-the-holidays-less-than-joyous, [Accessed – 16th April 2014].

Hicken, M. (2013), the money behind Herbalife, Mary Kay and others, [online] Available at - http://money.cnn.com/2013/01/09/pf/multilevel-marketing-industry/, [Accessed – 18th April 2014].

MacCormack, A., Murray, F. & Wagner, E. (2013), Spurring Innovation through Competitions, [online] Available at -

19 | P a g e

http://sloanreview.mit.edu/article/spurring-innovation-through-competitions/, [Accessed – 18th April 2014].

Symonds, M. (2012), The 8 Keys to Successful Branding - Why 'Mad Men' and Whisky Are Not Going To Cut It, [online] Available at - http://www.forbes.com/sites/mattsymonds/2012/05/30/the-8-keys-to-successful-branding-why-mad-men-and-bourbon-are-not-going-to-cut-it/, [Accessed – 18th April 2014].

Kelleher, K. 2014, Satya Nadella needs more than one trick to fixMicrosoft, [online] Available at - http://tech.fortune.cnn.com/tag/microsoft/, [Accessed – 18th April2014].

Bagley, R. O. 2013, How to Identify Your Market and Size up Competitors, [online] Available at - http://www.forbes.com/sites/rebeccabagley/2013/10/02/how-to-identify-your-market-size-up-competitors/, [Accessed – 10th April 2014].

Tracy, B., 2004, The 7 Ps of Marketing, [online] Available at - http://www.entrepreneur.com/article/70824, [Accessed – 2nd April].

Duffy, J. E., Scharff, R., (2003), Auto Body Repair Technology, Cengage Learning.

Kotler, P. (2012). Marketing Management, Pearson Education.

Needham, Dave (1996). Business for Higher Awards. Oxford, England: Heinemann.

Gandhi. A, Magar. C and Roberts, R. (2014), How technology can drive the next wave of mass customization, [online] Available at -http://www.mckinsey.com/insights/business_technology/how_technology_can_drive_the_next_wave_of_mass_customization, [Accessed – April 10th].

20 | P a g e

Kaplan.J.M, Warren. A. C, 2009, Patterns of Entrepreneurship Management, John Wiley & Sons.

Baskin. J. S, 2013, The Opportunity for Dove to Get Real with ItsBranding, [online] Available at - http://www.forbes.com/sites/jonathansalembaskin/2013/03/07/the-opportunity-for-dove-to-get-real-with-its-branding/, [Accessed – 15th April 2014].

Porter. M. E, 2008, The Five Competitive Forces That Shape Strategy, [online] Available at - http://hbr.org/2008/01/the-five-competitive-forces-that-shape-strategy/ar/1, [Accessed – 18th

April 2014].

Ball, J., 2009, Tesco to Launch U.S. 'Green' Grocer, [Online] Available at - http://online.wsj.com/news/articles/SB125373633030235103, [Accessed – 19th April 2014].

Forbes.com, 2014, Only the Best Will Do When It Comes to CustomerLoyalty, [Online] Available at - http://www.forbes.com/sites/mckinsey/2014/02/12/only-the-best-will-do-when-it-comes-to-customer-loyalty/, [Accessed – 19th April2014].

bbc.co.uk, 2014, Business Management Marketing mix, [online] Available at - http://www.bbc.co.uk/bitesize/higher/business_management/marketing/marketing_mix/revision/1/, [Accessed – 19th April 2014].

Bibliography:

Ettenson. R, Conrado .E, and Knowles. J, rethinking the 4 P's, URL - http://hbr.org/2013/01/rethinking-the-4-ps/ar/1, 2013, [Accessed – 5th April].

21 | P a g e

Shapiro.B.P, Rejuvenating the Marketing Mix, 1985, http://hbr.org/1985/09/rejuvenating-the-marketing-mix/ar/1, [Accessed – 5th April].

Eisenmann. T.R, Entrepreneurship: A Working Definition, 2013, URL- http://blogs.hbr.org/2013/01/what-is-entrepreneurship/, [Accessed – 4th April].

Diener, B., 2013, Six Fundamentals Every Entrepreneur Needs to Succeed,URL -http://blogs.hbr.org/2013/07/as-an-entrepreneur-who-founded/, [accessed – 4th April].

Hoch, M., 2013, We Asked, Marketing Execs Answered: If You Could Solve One Challenge in the Advertising Business, What Would It Be?, URL - http://blogs.hbr.org/2013/03/we-asked-marketing-execs-answe/, (Accessed – 18th april 2014).

Gerdeman, D. 2011. Getting the Marketing Mix Right.[Online] Available at: http://hbswk.hbs.edu/item/6828.html, [ Accessed: 18th April 2014].

Shapiro, B, P. 1984. The Marketing Mix.[Online] Available at : http://www.hbs.edu/faculty/Pages/item.aspx?num=18104. [Accessed –17th April 2014].

mckinsey.com, 2009, Marketing, [online] Available at - http://www.mckinsey.com/client_service/retail/expertise/marketing, [Accessed – 15th April 2014].

mckinsey.com, (2014), Marketing Return on Investment,[Online] Available at - http://www.mckinsey.com/client_service/marketing_and_sales/expertise/marketing_return_on_investment, [Accessed – 14th april 2014].

Court, D., Gordon, J.and Perrey, J.,(2012), Measuring marketing’s worth, [Online] Available at -

22 | P a g e

http://www.mckinsey.com/insights/marketing_sales/measuring_marketings_worth, [Accessed – 14th 2014].

Bhandari, R., Gordon, J. and Umblijs, A. 2012, How to Get beyond the Social Buzz, [online] Available at - http://www.forbes.com/sites/mckinsey/2012/07/09/getting-beyond-the-social-buzz/, [Accessed – 15th April 2014].

Schaper, M. and Volery, T. (2008) Entrepreneurship, Erwin Mc Graw-Hill.

Stokes D. and Wilson, N. (2010) Small business Management and Entrepreneurship, Cengage Learning Business Press, 6th edition.

Coulter, M (2002) Entrepreneurship in Action, Prentice Hall.

Longenecker, J.M., Moore, C.W. and Pretty, J.W. (2003), Small business Management, Thompson, South- western.

Mariotti, S (2003). The young Entrepreneur’s Guide to Starting and Running a Business, New York, NY: Random House, INC.

Scarborough, N.M. and Zimmerer T.W. (2005) Effective Small Business Management: an Entrepreneurial Approach, Pearson Education, 8th edition.

hbr.org, 2005, SWOT Analysis I: Looking Outside for Threats and Opportunities, [Online] Available at - http://hbr.org/product/swot-analysis-i-looking-outside-for-threats-and-opportunities/an/5528BC-PDF-ENG, [Accessed – 15th April 2014].

Kaplan, R.S., 2008, The Execution Premium: Linking Strategy to Operations for Competitive Advantage, [Online] Available at - http://www.hbs.edu/faculty/Pages/profile.aspx?facId=6487, [Accessed – 17th April 2014].

23 | P a g e

Aisner, J.E. 2000, Global Brands: Connecting With Consumers across Boundaries, [Online] Available at - http://hbswk.hbs.edu/item/1621.html, [Accessed – 15th April].

Magretta, J., 2011, The Most Common Strategy Mistakes, [Online] Available at - http://hbswk.hbs.edu/item/6737.html, [Accessed – 18th April 2014].

Aisner, J., 2013, what went wrong at J.C. Penney, [Online] Available at - http://hbswk.hbs.edu/item/7334.html, [Accessed – 16th April 2014].

Cullen, A., 2004, Second Acts for Old Brands,[Online] Available at - http://hbswk.hbs.edu/archive/4019.html, [Accessed – 15th April 2014].

McKee, S., 2012, Integrated Marketing: If You Knew It, You'd Do It, [Online] Available at - http://www.businessweek.com/articles/2012-05-10/integrated-marketing-if-you-knew-it-youd-do-it, [Accessed – 16th April 2014].

Weiman, J., 2013, A McKinsey View on Whether Information Technology Matters, [Online] Available at - http://www.forbes.com/sites/joeweinman/2013/05/17/mckinseys-view-on-whether-information-technology-matters/, [Accessed – 16th April2014].

Adamy, J., 2008, Starbucks Slows Expansion, Seeks New Customer Segment, [Online] Available at - http://online.wsj.com/news/articles/SB120171787350829257, [Accessed – 19th April 2014].

Moroko, L. and Uncles, M.D., (2009), Employer Branding, [Online] Available at - http://online.wsj.com/news/articles/SB123740504559375085, [Accessed – 19th April 2014].

24 | P a g e

Castonguay, G., 2014, Lamborghini Chief Looks to Expand, [Online]Available at - http://online.wsj.com/news/articles/SB10001424052702304899704579388861799022236, [Accessed – 16th April 2014].

Rust, R.T., Moorman, C. and Bhalla, G., 2010, Rethinking Marketing, [Online] Available at - http://hbr.org/2010/01/rethinking-marketing/ar/1, [Accessed – 13th

April 2014].

Porter, Michael E., and Clemens Guth, 2012. Redefining German Health Care: Moving to a Value-Based System. Springer.

Appendix:

1) Product – These are the items by which the business will try to satisfy its customers. It can be tangible good or in case of service intangible. Every product has a product life cycle; at

25 | P a g e

first it stays in the growth stage and in the end it declines forwhich a business must always differentiate [Needham, Dave, 1996].

2) Place – to run a successful business the business needs to be in the right place, the business must be in the most convenient place for its target market customers. If a business is being operated in a wrong then it will lose market share [Kerin, Hartley and Rudelius, 2001, 4th edition].

3) Price – The price of the product is one of the most important keyfor attracting customers, hence it will determine the survival ofa business. A slight change in price can play a huge role for marketing strategy [Richard,Wilson & Gilligan, 2005, pg-520].

4) Promotion – to spread awareness to the customers another key aspect of marketing mix is promotion. A good promotional campaigncan be very effective in product sales which means for profitability. (Dawar. N, 2013)

5) Process – to create customer attraction a good process system canhelp to boost up the image of the company, for example – if customer is happy with the process of serving in a restaurant then he/she is bound to come again(kotler. p, 2012).

6) Physical evidence – in this mix it is about to create a physical evidence so that it can noticeable for the customers about the company’s existence (kotler. p, 2012).

7) People - the last mix of the marketing is people, it is very important to think from the prospective of the people, because the business has to sell its product to the people (kotler. p, 2012).

8) Advertising - It’s a form of marketing communication from which the business can send its messages to the customers. An

26 | P a g e

advertisement can be made through Television, billboards and etc (Harrell & Gilbert, 2008).

9) Discount and promotion – When there is any kind of leftover stockor the product is getting enough response, a discount strategy can used to attract customers. (Quelch, 2008).

10) Public relation – Every customers looks for better performance from the company, if a business wants it customers tocome back to the shop they need create a public relationship. (Keiningham,Gupta,Aksoy and Buoye, 2014).

11) Direct marketing – this strategy has been very useful for companies like TVC sky shop and herbalife, they sell their products on a door to door basis. Company’s even uses emails to remind customers about is products (Aufreiter, Boudet, and Weng, 2014).

12) Event sponsors – in this strategy companies try to sponsor events which can be beneficial for them because it can create a good marketing image for them (Andrews, 2009).

13) Geographic segmentation – Companies can target their customers through a geographical segmentation, as a different region and have different demand (Kotler, & Keller, 2006).

27 | P a g e

28 | P a g e