Marketing and the Small Business
5 important questions on Marketing and the Small Business
How can a typical entrepreneur (DIFFERENT THEN LE) carry out his marketing process (4I + 4I)
- Innovation: adapt, instead of a radical new idea
- Identification: target markets
- Interactive Marketing Methods: Influence of word of mouth, Image building, Involvement, Incentives
- Information gathering through networking
Principal reasons for business angels to not invest
- Lack of experience of entrepreneur
- de-efficiencies in marketing
- incomplete or unrealistic financial projections
There is a tendency that marketing is associated with LE rather then SE.
But, also very important for SE because
- SE interfaces with fast changing environment
- Its a key management skill that differentiate between failure or survival
- Higher grades + faster learning
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Characteristics of SE that leads to marketing problems
- Relative small in sector: Limited customer base (small number and area)
- Resource constraints: Limited marketing activity (lack of financial and HR)
- Uncertainty: Little formalized marketing planning (changing environment needs continuous adaption)
- Develop niche: Innovation (niches hard to defend)
- Personalized management style: dependency on owner's marketing competencies
Marketing is important in early years, because
- It provides a vital interface between org. and its external environment
- for SE more uncontrollable, becuase of lack of market power and their dependency on a small customer base
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The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
