Kovtun, K.M.

Prishchepa, A.

English

Kovtun, K. M.

eLibrary National Mining University

Prishchepa A.K.M. Kovtun, research supervisorNational Mining UniversityMARKETING BASICS FOR THE SMALL BUSINESSThe essence of marketing is to understand customers' needs and develop aplan that surrounds those needs. Let's say if one  has a business one has a desire togrow it. The most effective way to grow and expand business is by focusing onorganic growth.Four different ways to increase organic growth include:- Acquiring more customers;- Persuading each customer to buy more products;- Persuading each customer to buy more expensive products or up selling eachcustomer;- Persuading each customer to buy more profitable products.All four of these increase revenue and profit. The first is to acquire morecustomers, because it acquires more customers and revenues than come from alarger base.Marketing to acquire more customers includes:- Spending time researching and creating a strategic marketing plan.- Guiding of product development to attract customers.- Pricing products and services competitively.- Developing of message and materials based on solution marketing.The Importance of a Target Market in Small BusinessWhen it comes to customers keep in mind the importance of target marketing.The important reason is that only a proportion of the population is likely topurchase any products or service. By taking time pitch sales and marketing effortsto the correct niche market will be more productive and not a waste of efforts ortime.It's important to consider virtual segmentation by selecting particular verticalsto present offerings. Those verticals will have the particular likelihood ofpurchasing products and services. Again, this saves from wasting valuable timeand money.Small Business Marketing and Large Business Marketing are DifferentA small business has limited marketing budget. The most effective way tomarket a small business is to create a well rounded program that combines salesactivities with marketing tactics. Sales activities will not only decrease out-of-pocket marketing expense but it also adds the value of interacting with prospectivecustomers and clients. This interaction will provide with research that is priceless.Small businesses typically have a limited marketing budget if any at all. It justmeans such business must be a little more creative. For launching a marketingcampaign a boss must:- Call vendors or associates and ask them to participate in co-op advertising.- Take some time to send existing customers' referrals and buying incentives.- Use free media services. It positions the boss as an expert in some field.Invite people into the place of business by piggybacking onto an event.Getting Started with Small Business MarketingBy being diligent in marketing and creating an easy strategy such as holdingaccountable to contact ten customers or potential customers daily five days a weekbusiness grow at an exceptional rate. The great thing is it will not take a largemarketing budget to make it happen.

MARKETING BASICS FOR THE SMALL BUSINESS

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MARKETING BASICS FOR THE SMALL BUSINESS

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