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.
Who is Sara Blakely?
The founder of Spanx, who became one of the youngest female self-made billionaires in the world.
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Flashcards about marketing in a small business
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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.
Who is Sara Blakely?
The founder of Spanx, who became one of the youngest female self-made billionaires in the world.
What initial action did Sara Blakely take to create her product?
She cut off the feet from a pair of tights.
What was important to Sara Blakely's success with Spanx?
Her sales background.
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.
What major event significantly boosted Spanx's sales?
A recommendation from Oprah Winfrey on her 'Favorite Things' show.
What is the purpose of the Sara Blakely Foundation?
To help women with entrepreneurial training.
How much of her own savings did Sara Blakely invest to start Spanx?
5,000 dollars.
What did Sara Blakely do to keep overhead costs low when starting Spanx?
She did everything herself, including marketing and designing the packaging.
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.
What are some marketing strategies for small firms?
Innovation-oriented, bottom-up strategies, interactive marketing/word of mouth, informal networking and information gathering.
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.
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.
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.
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.
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.
What is a common product development approach for entrepreneurs?
They often develop a product or service and then try to find customers.
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.
What are the characteristics of 'Innovation oriented' marketing?
New product introduction, high costs due to inexperience, unpredictable demand, unknown competition, no product loyalty
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.
What are the advantages of a 'bottom up' approach?
It’s flexible and needs fewer resources.
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.
What is the disadvantage of 'Word of Mouth' marketing?
The entrepreneur cannot control the message.
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
What are Diversification Strategies?
Diversifying into new products and diversifying into new markets
What are Porter’s market entry strategies?
Overall cost leadership, Differentiation, and Focus
What is Mission statement?
What kind of business are we in?
What should Mission Statements be?
Realistic, Achievable, and Brief
What does Market Focus imply?
Need to research particular segment and Determine the need for your own product or service
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
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
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
What does Market Research entail?
desk research - use published information; field research - collecting specific information e.g… questionnaires, market surveys
What does Market segmentation entail?
Geography, Demographics, Psychology and Behaviour
What does Market entry strategy start with?
Starting point - customer. customer needs - how to satisfy them
What should a Business Name indicate?
Who you are, What you do and How you do it
What are the elements of Creating a successful brand?
Quality, Excellent service, Innovation and Differentiation
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
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
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
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
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