The paper "Marketing of Small Business" is a great example of a marketing assignment. Marketing holds a special place in all type of business whether the business is big or small as it determines the strategy which the business will be adopting for its products and services. The importance of marketing increases for small business as the business is geographically, financially and in all other sense smaller than a big business which will require special efforts and ways to ensure that the overall effectiveness is gained and customers are attracted and retained. 2.
What is the value of market research to the small business owner? How can he/she use it? Very small business doesn’ t look to engage in market research on a very large scale due to the high cost associated with the product or services. Conducting market research is vital for the business as it helps to reduce the risk for the business and helps to identify the requirements of the society through which better needs of the customers can be met. A small business can look at using past research and look towards gathering different and relevant information which is vital for the business. 3.
How is the target market important to the small business? What does this concept signify about changes in marketing? Target marketing is important for business as it helps to identify the potential customers to whom the business will aim at selling their products or services. Targeting the correct market will also ensure that the business will be able to understand the requirements of the customers and will be able to bring the required transformation through which better results will be achieved. 4.
What is relationship marketing? What characterizes each of the four levels of customer involvement that is part of relationship marketing? Relationship marketing is developing positive relations with customers, employees, government, suppliers, society and others associated with the business so that the business is able to carry out the different functions without any problems. 5. What can an entrepreneur do to be more effective at innovation? An entrepreneur while looking to be innovative has to consider the external and internal environment and have to develop new ways based on all the internal and external factors. 6.
Describe the product life cycle, naming and explaining what characterizes each stage? The product life cycle determines the different phases through which a product or a service passes and is as The product life cycle starts from a development phase where an idea is generated or a concept is developed. This is followed by the introduction phase where the product is launched in the market. The growth phase follows it when the return from the product or services is very high. This is followed by the maturity phase where the product has reached the highest point and the growth rate is slow and starts to decrease.
Finally, is the decline phase where the product slowly loses market giving space to other product or services.