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how to start a small business
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| Words: 1243 | Submitted: 28-Sep-2011
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Descriptiondiscusses ways to start a small business based on location, local market, and demographics
Question for Review and Discussion
Pg. 309 Question 4: Why is Segmenting a niche market so crucial for a small business?
Niche marketing is an attractive opportunity available to small businesses forced to compete against the economy that larger competitors are able to achieve. The choice to pursue niche-marketing strategy is critical to any small business. Exploring niche markets is representative of the set of management choices every business faces. Niche marketing provides creative managers with a means to use new and untapped resources while creating new revenue opportunities ( entrepreneur.com). Doing so requires significantly different management skills and marketing strategy. Important components of a niche-marketing plan are as follows:
Know your customers. Segmenting the overall market allows the business manager to target what the business venture can offer
Set clear goals and objectives for what the business hopes to achieve by following a niche marketing approach: Reach new customer segments, lower marketing costs, and secure premium pricing.
Does niche marketing match up with the resources, capabilities and preferences of the ventures?
Niche markets consist of groups of consumers (market segments) within the large marketplace who have similar demographic, buying behavior and lifestyle characteristics. Even consumers with the same buying behavior may have different motives. Understanding target consumers segment is a crucial factor in determining whether a small business has the resources, interests and business elements necessary to meet the needs of prospective consumers. After niche marketing is identified the business owner should find the buying public and grab their attention. This takes planning and communicating with potential buyers. Entrepreneur.com indicates these three rules should be taken into consideration:
Meet the market’s unique needs: this may require consumers and/or market research
Say the right thing : develop promotional materials targeted at the motivations and interest of consumers segment
Test market: start small with minimal capital investment, which may require partnering with established business owners
Consider niche marketing as a business opportunity. Niche markets are decisions about the future direction of the business operation. A potential decision may be to grow the size of the business. Goal for growth involve increased sales, a diversity and number of enterprises integrated into the business. The desire for growth is driven ...
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