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SMALL BUSINESS MANAGEMENT

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  1. SMALL BUSINESS MANAGEMENT Chapter 8 Marketing Management

  2. How do we make a Buck?

  3. The Role of Marketing Management in the Small Business • Defining the target customer, characteristics and wants and needs • Understanding the environmentals that affect operations • Developing the product and/or service • Developing the channels of distribution • Setting price levels of the product and/service • Promoting the product and/or service to those influential in its purchase

  4. Target Customer • Consumer Market • Organization market • Export market • How do find out info about the target customer> ________

  5. The Consumer Market • Demographics • ________ • Lifestyle characteristics • Activities, interests opinions • Purchase characteristics • What when _________ much of product • Purchase motivations • Why ?

  6. The Organization Market • Companies and government agencies that purchase from small businesses • Influences on industrial demand • the _________ , • government legislation and regulations, • potential competition • agencies that exert _________ on purchasers • The Bidding-Tendering Process

  7. The Export Market • Government Assistance for Exporting • Unique _________ of the Foreign Market • Mechanisms of Exporting • Documentation, credit offered, distribution, Security

  8. Influences External to the Market • The Economy • Competition • Legal _________ • Social and _________ Environment • Technology

  9. Influences External to the Market (Fig 8-6) • Management of External Influences • The Influences • Economy, competition, legal, socio/cultural, technology • The Possible Characteristics • System to Monitor • Possible Internal Adjustments

  10. Developing the Product or Service • Develop Product and/or Service Policies • Decide how the product will be manufactured • Understand the _________ life cycle

  11. Developing the Product or Service (cont) • Determine Factors that Accelerate Adoption • relative _________ • complexity • divisibility • communicability of results

  12. How the Consumer Classifies the Product and/or Service • convenience products • _________ • shopping products • appliances, stereos, cameras • specialty products • Mercedes • Unsought • Funeral plots

  13. How the Organizations Classifies the Product and/or Service • Production Goods • Raw Materials: • Component parts: becomes part of the physical product • Process materials: not readily identifiable part of the production of other products • Support Goods • Major Equipment: • Accessory Equipment: Type writers and tools • Consumable Supplies: IE Paper, pencils or oils • Business to Business services: Financial, legal marketing research etc.

  14. Developing the Distribution System (Fig 8-9) • Channel Options • Manufacturer to Consumer (Short-Direct) • Manufacturer to Wholesaler to retailer to consumer (Long-Indirect) • Channel _________ • Channel _________

  15. Setting the Price for the Good and/or Service • Cost- _________ Pricing • Demand- _________ Pricing • elasticity • Competition- _________ Pricing Movement & Shift of demand curve

  16. Promotion • Types of Promotion • Advertising • types, advantages, disadvantages, suitability, costs • Sales Promotion • Public Relations • Personal Selling

  17. Steps in a Promotional Campaign • 1. Set Promotional Objectives (NUMBERS) • 2. Determine the Promotional Target • 3. Understand the Target’s Needs and Perceptions of the Product/Service • 4. Develop the Relevant Theme • 5. Determine the Method or Media to Use

  18. Steps in a Promotional Campaign (cont) • 6. Develop a Specific Promotional Message • 7. Set the Promotional Budget • 8. Implement the Program • 9. Evaluate the Effectiveness of the Promotion

  19. Concept Checks • 1. What is marketing ? • 2. What are the three target markets in which a small business can segment ? • 3. What three areas should be investigated before developing an export market ? • 4. What are the most common external influences that can affect a small business ?

  20. Concept Checks • 5. What steps should an owner-manager follow in working with external influences ? • 6. Explain the significance of the Product Life Cycle. • 7. When would a small business have another company manufacture its product ? • 8. What factors can assist speeding up the adoption rate of new products ?

  21. Concept Checks • 9. What are the consumer goods classifications ? • 10. What are the three main decisions in developing the distribution system ? • 11. What characteristics help determine the length of the distribution channel ? • 12. What characteristics require a more intensive channel ?

  22. Concept Checks • 13. What are the three methods of price setting ? • 14. Define price elasticity. • 15. What are the four methods of promoting a product or service ? • 16. Identify the steps in developing a promotional campaign.

  23. Appendices • A. Agencies Providing Export Assistance • B. Advertising as Practised by Small Business • C. Directories of Trade Shows and Exhibitions • D. Checklist for a Marketing Plan