SMALL BUSINESS MANAGEMENT – CHAPTER 6 – SMALL BUSINESS MARKETING
Three distinct marketing philosophies are the production-oriented, sales-oriented, & consumer-oriented philosophies.
A small business should adopt a consumer orientation to marketing.
Markets usually have to be segmented based on differences or “segmentation variables.” Variable categories include benefit, geographic, demographic, & psychographic.
The marketing plan should include sections on market analysis, the competition, & marketing strategy.
Four areas of marketing strategy that should be discussed in the marketing plan are decisions affecting the total product or service, pricing decisions, promotional decisions, & distribution decisions.
There are six major product strategy alternatives; they are based on the nature of the firm’s product offering & the number of target markets.
Packaging is a significant tool for increasing total product value.
A warranty can be valuable for achieving customer satisfaction.
When setting a price, a firm should examine the relationship of price and quality demanded.
Markup pricing is a generalized cost-plus system of pricing used by intermediaries with many products.
Follow-the-leader, variable, & flexible pricing are special strategies that reflect the nature of the competition’s pricing & concessions to customers.
A price-lining strategy simplifies choices for customers by offering a range of several distinct prices.
A price-quality grid can be created to illustrate the relative competitive position of your product to your competitors.
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