7.7 Marketing Strategy and Place LEARNING OBJECTIVES Understand the role of place in the marketing mix and the importance of place to a company. Understand the different distribution strategies that a small business can follow. Explain the importance of logistics to small businesses. No matter how great a product or a service may be, customers cannot buy it unless it is made available to them onground or online or both. This… Read More »Marketing Strategy and Place

7.6 Marketing Strategy and Price LEARNING OBJECTIVES Understand the role of price in the marketing mix and to a company. Understand the different pricing strategies that a small business can follow. Understand price-quality signaling and its importance to the pricing decision. Understand that the price of a product or a service lets customers know what to expect from a business. Marketing, whether online or onground, is the only activity that generates… Read More »Marketing Strategy and Price

7.5 Marketing Strategy and Product LEARNING OBJECTIVES Understand why product is the key element in the marketing mix. Identify the multiple decisions and considerations that factor into product or service development. Describe the three product layers and explain why small businesses should pay attention to them. Explain the importance of product design to marketing strategy. Understand the role of packaging to product success. Explain what a brand is and why it… Read More »Marketing Strategy and Product

7.4 Differentiation and Positioning LEARNING OBJECTIVES Explain differentiation and positioning. Explain why differentiation and positioning are so important for an online marketing strategy and an onground marketing strategy. Understand that a successful differentiation strategy cannot be copied by competitors. Understand that there are many ways to differentiate a product or a service. Understand that successful positioning of a small business or its brand is built on a well-defined target market combined… Read More »Differentiation and Positioning

7.3 Segmentation and the Target Market LEARNING OBJECTIVES Explain segmentation and the target market. Explain why segmentation, the target market, differentiation, positioning, and website decisions are so important for a small business. Describe the marketing strategy decision areas for each element of the marketing mix. Whether market segments and target markets are selected on the basis of intuition, marketing research, or a combination of the two, they are the basis for… Read More »Segmentation and the Target Market

7.2 The Marketing Strategy Process LEARNING OBJECTIVES Describe the marketing strategy process. Explain why segmentation, target market, differentiation, positioning, and website decisions are so important for the small business. Describe the marketing strategy decision areas for each element of the marketing mix. The focus of this text is on the management of the small business that is up and running as opposed to a start-up operation. As a result, the considerations… Read More »The Marketing Strategy Process

7.1 The Importance of a Marketing Strategy LEARNING OBJECTIVES Understand how marketing for small businesses differs from marketing for big businesses. Understand the most significant risk factor facing small businesses. Explain marketing strategy and why it is so important for small businesses. Small-business marketing and big business marketing are not the same. The basic marketing principles that guide both are the same, but there are important differences with respect to scope,… Read More »The Importance of a Marketing Strategy

Chapter 7-Marketing Strategy Elegant Touch Source: Used with permission from Anita Bruscino. Anita Bruscino, the sole proprietor of Elegant Touch, began her career as a mechanical engineer. She worked in her family’s manufacturing business until she and her father left because of too many factions in the company. This provided her with the opportunity to start her own business, something she had always known in her heart that she wanted to… Read More »Marketing Strategy

6.3 Marketing Research LEARNING OBJECTIVES Understand and be able to explain what marketing research is all about. Explain why a small business should conduct marketing research and why many small businesses do not do it. Define and give examples of the two types of marketing research. Understand the marketing research process. Understand the costs of marketing research. Not everyone can be like Steve Jobs of Apple. Jobs was famous for saying… Read More »Marketing Research

6.2 The Customer LEARNING OBJECTIVES Explain the difference between a customer and a consumer. Understand the relationship between the customer/consumer and the marketing mix. Define the two types of customer markets. Understand the factors that contribute to consumer behavior. Describe the B2C and B2B buying processes. Understand the differences between B2C and B2B buying behavior. Define customer experience and explain its role in small business marketing. Explain the importance of customer… Read More »The Customer