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Market the Small Business
Covered in this unit -Marketing definitionMarketing MixMarket ResearchProduct StrategiesPricing StrategiesPlace StrategiesPromotional Strategies
Marketing is the ability to identify & satisfy customer needs at a profit
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Identify Customers – Segment the Market
Conduct Market Research
Competitor Research Customer Research Industry Research
Develop Marketing Strategies
Implement Marketing Strategies
Review Marketing StrategiesPage
4
ProductPricePlacePromotion
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Types of Markets Industrial – businesses Consumer – general public
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Categorise by - Location Business type
Market A
Market B
Market C
Market A = Smash Repairers in western Lake Macquarie
Market B = Smash Repairers in eastern Lake Macquarie
Market C = All Smash Repairers in Greater Newcastle Area
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Categorise by – Demographics – age, sex, income, marital status Psychographics – lifestyle, status Location – where do they live
Market A
Market B
Market C
Market A = Women aged 30-50 in Western Lake Macquarie
Market B = Women aged 30-50 in Eastern Lake Macquarie
Market C = All Women aged 30-50 in Greater Newcastle Area
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Are your customers Industrial or Consumer
Sex - % male / female
Age – range no greater than 30 years
Type of employment
Describe their lifestyle
Where do they live
What are they looking for in your product / service
How often will they use / purchase your product /
service
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Baby SubstituteDemography One small dog, no children
Higher incomeUrban
Psychological Dogs Fragile indoor animalsOwners very attached to dogsDogs are finicky eatersGreat desire to give what it wants
Result High quality, attractively packaged product at a high price with many varieties
NutritionalistDemography Multiple dog ownership
Australian UrbanHigh / Middle income
Psychological Very personally attached to the dogDog belongs to womanInterested in nutritionFood is variedCost is not the only consideration
Result Product emphasis is on variety and nutritional content
FunctionalistDemography Multiple dog ownership
Animal usually owned by the childrenPsychological Dogs—outdoor –hearty
Eat anything no botherLittle attachment to the dogWoman not involved in the dog
Result Product is marketed as ‘value for money’Page 10
Industry Competitor Customer needs / wants / expectations
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Primary – straight from horses mouth Secondary – research from another source
Research Sources◦ Library◦ Internet◦ Yellow Pages◦ Australian Bureau of Statistics◦ Local Research Companies◦ Trade Associations◦ Industry profiles◦ Government Departments◦ Professional Associations
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What changes have occurred in your industry? What changes do you think may occur in
the future? What legislative restrictions may impact
upon your business? What seasonal changes occur?
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Who your potential customers are, how many there are?
What they need, want and expect? Why they will use your product/service? When they will use and how much they will use
your product/service? What will motivate them to use your
product/service instead of your competitors? What they are prepared to pay for your
product/service?
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Who are they?
What do they sell?
Where are they located?
What are their big sales items?
What are they good and bad at when it comes to
business?
Can you work in alliance with them?
How is your business different? - this must be a
measurable difference
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