MARKETING THE SMALL BUSINESS MARKETING
- Is that function concerned with planning and implementing the conception, pricing promotion, and distribution of products and
services that will satisfy the firm's objectives.
MARKETING CONCEPT
-Provides a guide to small business.
-It indicates that a match must be made between its intended customers and the firm's product or services.
-Who are my customers?
-What products or services are needed by my customers?
-At what price are the products or services required?
-At what place are the identified products or services required?
-At what time are the identified products or services required?
-At what mode of delivery are the identified products or services required?
To provide answer to the cited questions the firm must undertake the following:
1. Device a marketing strategy
2. Engage in marketing research
3. Develop a marketing mix
4. Identify the size of the target market
DEVISE A MARKETING STRATEGY
MARKETING STRATEGY
-Is the general guide the sbo small business operator will use to achieve the firm's marketing goal.
-It is a plan of getting products and services into the hands of customers in a timely, cost efective and appropriate manner.
-An applicable marketing strategy can be devised ater a systematic market strategy planning is undertaken.
MARKET STRATEGY PLANNING
-Is a small business activity which seeks to find attractive opportunities and develop profitable marketing strategies.
MARKET STRATEGY contains the following :
-Target Market
-Marketing Mix
-Size of the market area
TARGET MARKET
-Refers to the activity of selecting well-defined groups of potential customers and tailor a marketing mix to the needs and preferences.
TARGET MARKETING STEPS:
1. Identification of the target market
2. Identification of the characteristics of the target market
3. Measurement of the size of the target market area
1. IDENTIFICATION OF THE TARGET MARKET
TARGET MARKET
-Is defined as the particular market segment the firm wishes to serve
-Include interest., lifestyle, age,gender etc.
SEGMENT
-Thanks as the best market out of the many options
For example, a children's toy may have boys ages 9 to 11 as the target market and the boy's parents as the target audience.
NUMBER OF SEGMENT
1. MASS MARKET COMPANY
-Sells goods and services to a broad spectrum of buyers
-Is the advertising or promotion of a product good or service to a wide variety of audiences with expectation of appealing to as many as
possible.
-If nobody knows your product exists then no one will purchase the product or service.
For example there are two clothing companies who have decided to launch their clothing line.We shall namethe clothing company a
and clothing company b.Clothing company a has developed a creative and eye-catchingmarketing plan to advertise its clothing line to
