Marketing in a small business

0.0(0)
studied byStudied by 0 people
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Get a hint
Hint

What are some aims of a lecture on marketing in a small business?

Get a hint
Hint

To cover marketing in a small business, an entrepreneurial approach to marketing, market research in a small business, marketing strategies for small businesses, and promotion and advertising.

Get a hint
Hint

Who is Sara Blakely?

Get a hint
Hint

The founder of Spanx, who became one of the youngest female self-made billionaires in the world.

Card Sorting

1/41

Anonymous user
Anonymous user
flashcard set

Earn XP

Description and Tags

Flashcards about marketing in a small business

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

42 Terms

1
New cards

What are some aims of a lecture on marketing in a small business?

To cover marketing in a small business, an entrepreneurial approach to marketing, market research in a small business, marketing strategies for small businesses, and promotion and advertising.

2
New cards

Who is Sara Blakely?

The founder of Spanx, who became one of the youngest female self-made billionaires in the world.

3
New cards

What initial action did Sara Blakely take to create her product?

She cut off the feet from a pair of tights.

4
New cards

What was important to Sara Blakely's success with Spanx?

Her sales background.

5
New cards

How did Sara Blakely initially secure her first account?

She cold-called Neiman Marcus and pitched the product idea with a before and after demonstration.

6
New cards

What major event significantly boosted Spanx's sales?

A recommendation from Oprah Winfrey on her 'Favorite Things' show.

7
New cards

What is the purpose of the Sara Blakely Foundation?

To help women with entrepreneurial training.

8
New cards

How much of her own savings did Sara Blakely invest to start Spanx?

5,000 dollars.

9
New cards

What did Sara Blakely do to keep overhead costs low when starting Spanx?

She did everything herself, including marketing and designing the packaging.

10
New cards

What was Sara Blakely's approach to Spanx product development?

She invested only $5,000 of her own savings to start the business, and kept overheads low by doing everything herself including marketing.

11
New cards

What are some marketing strategies for small firms?

Innovation-oriented, bottom-up strategies, interactive marketing/word of mouth, informal networking and information gathering.

12
New cards

According to Collinson and Shaw (2001), what characterizes entrepreneurial marketing?

A quick response to changes in the market and the ability to predict changes in customer needs.

13
New cards

What does informal market research involve, according to Collinson and Shaw?

Collecting information about customer requirements on a daily basis from customers, suppliers, professional advisors, and other businesses.

14
New cards

What marketing issues might a growing business face?

An over-reliance on a small group of customers, which can adversely affect the business if some of these customers are lost.

15
New cards

According to Stokes (2000), what are common traits of entrepreneurs in marketing?

Over-reliance on a limited customer base, limited marketing expertise, variable and unplanned marketing efforts, and an intuitive interpretation of customer needs rather than formal research.

16
New cards

How do entrepreneurs often view marketing?

As an activity to attract new customers, with a focus on sales and promotion and reliance on informal techniques like word-of-mouth recommendations.

17
New cards

What is a common product development approach for entrepreneurs?

They often develop a product or service and then try to find customers.

18
New cards

What are some entrepreneurial marketing strategies?

Developing a product and then trying to find a customer, focusing on developing a small group of customers, providing a good quality of service, and relying on recommendations.

19
New cards

What are the characteristics of 'Innovation oriented' marketing?

New product introduction, high costs due to inexperience, unpredictable demand, unknown competition, no product loyalty

20
New cards

What is the basis of market opportunities in a 'bottom up strategy'?

The entrepreneurs’ gut feeling about what the customer wants rather than on any formal market research.

21
New cards

What are the advantages of a 'bottom up' approach?

It’s flexible and needs fewer resources.

22
New cards

Why is 'Word of Mouth' marketing important for small businesses?

It can have a significant influence on customers’ purchasing behavior and is a relatively low-cost approach.

23
New cards

What is the disadvantage of 'Word of Mouth' marketing?

The entrepreneur cannot control the message.

24
New cards

What is Niche Marketing?

Finding a gap in the market, creating barriers to entry through customer loyalty, identifying unique benefits of goods or service to customer

25
New cards

What are Diversification Strategies?

Diversifying into new products and diversifying into new markets

26
New cards

What are Porter’s market entry strategies?

Overall cost leadership, Differentiation, and Focus

27
New cards

What is Mission statement?

What kind of business are we in?

28
New cards

What should Mission Statements be?

Realistic, Achievable, and Brief

29
New cards

What does Market Focus imply?

Need to research particular segment and Determine the need for your own product or service

30
New cards

What was Innocent's market research?

They had two large dustbins, one had a YES and the other one had a NO on it and they asked people to put their empty bottle in the bin that they agreed with

31
New cards

What is the purpose of market research?

Build Build credibility i.e… prove that there is market for the product and Develop Develop realistic market entry strategy for new business • understanding customer needs

32
New cards

What questions should a marketing plan address?

Who are your customers, who are your competitors, should the products be tailored and what are the future developments

33
New cards

What does Market Research entail?

desk research - use published information; field research - collecting specific information e.g… questionnaires, market surveys

34
New cards

What does Market segmentation entail?

Geography, Demographics, Psychology and Behaviour

35
New cards

What does Market entry strategy start with?

Starting point - customer. customer needs - how to satisfy them

36
New cards

What should a Business Name indicate?

Who you are, What you do and How you do it

37
New cards

What are the elements of Creating a successful brand?

Quality, Excellent service, Innovation and Differentiation

38
New cards

What are the advantages to Brand extension?

Easier to launch a new product using an established brand. Customers already aware of the brand and entrepreneurs can spend less on promotion

39
New cards

Why was the name Moonpig a good choice?

Catchy and memorable, Only two syllables –easy to remember and Phonetic so it was easy to spell

40
New cards

What is important with the moonpig.com domain?

Control of domain name very important .com and .co.uk which was important; Moonpig is unique – only reference in Google is on website; Registered Moonpig as a trademark in the UK and US to stop people copying

41
New cards

What are some Marketing strategy considerations?

Customer needs , Quality of the product, Convenience to the customer, Customer service and Price to the customer, payment terms and discounts

42
New cards

What are some conclusion about the marketing strategy?

Niche or focus • Product or service features and benefits • Market research • Innovation and ‘bottom up’ approach • Word of mouth • Promotional material • Distribution and Selling methods