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The following article was published in our article directory on December 26, 2016.
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What is Marketing for Small Business?

Article Category: Business

Author Name: Theodore Henderson

The marketing aspect is the essential part of a small business that every entrepreneur needs to give attention to. All other aspects like the technical and financial depend largely on it. Its objective is to identify the number of products and services that can be sold at a definite price given the tight competition in the marketplace. Profitability is the center of attention in a feasibility study, the question of demand is the most basic issue.

This aspect should determine the following:

The price and description of the products and services to be sold
The factors that affect the marketplace where the items will be sold
The nature of competition
The supply situation
The appropriate marketing program for the items
The size, growth, and nature of total demand for the items
Its objective is to identify the number of products and services that can be sold at a definite price given the tight competition in the marketplace. Profitability is the center of attention in a business plan, the question of demand is the most basic issue.

This aspect should determine the following:

The price and description of the products and services to be sold
The factors that affect the marketplace where the items will be sold
The nature of competition
The supply situation
The suitable marketing program for the items
The size, growth, and nature of total demand for the items

Here are some small business marketing strategies:
Segmentation and Targeting
Target marketing recognizes market segments and enables a business to develop a product to satisfy a certain section. For example, fast food chain restaurants provide salad meals for their vegetarian customers. To achieve target marketing, the entrepreneur must learn market segmentation. It divides the market in different groups according to their needs and wants. Examples of market segmentation are:
Geographic segmentation - divided into countries, regions, towns, and neighborhoods.
Demographic segmentation - divided into nationality, gender, age, religion, education, income, and occupation.
Psychographic segmentation - divided based on lifestyle, personality, and social class.
Behavior segmentation - divided into groups based on how a person uses the product, attitude, and knowledge.

Market Positioning
Market Positioning refers to the consumers� perception of the entrepreneur�s products and services in relation to the competitors�. Here are some of the positioning strategies:
Make specific characteristics of your products
Consider and provide benefits to the customers
Classify your business depending on your target market
Make a product that is against a competitor

Developing the Marketing Plan
A marketing plan is like a mini business plan, but it is all about the market research, analysis, and strategies. An entrepreneur should follow these steps to complete the marketing plan:
Do a market research.
Make a summary of all your plans.
Describe yourself and the business you are going to build.
Describe the attributes of the product or service.
Define your target market.
Know your competitors.
Anticipate the problems and setbacks you may face.
Indicate the costs of your goods.
Determine your short and long term goals.
Update and improve your plan every now and then.

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