Advice for starting up a small business Free essay! Download now
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Advice for starting up a small business
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| Words: 1914 | Submitted: 15-Feb-2012
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DescriptionA report on advice for the benefits and drawbacks of things you may consider when starting a small business
In order for Steve to make his business successful he must make sure his potential customers know it exists. I will produce a report for the marketing section of his business plan in which Steve can present to the Small Business Advisor at his local bank, however as his Small Business Advisor I will verify the needs for and importance of marketing.
In this report I will also include a description of the marketing mix, the types of products and/or services the cycle shop could offer. The relationship between price and demand and how a change in one could affect profits. I will also include a description on the promotional methods appropriate for a small business e.g. advertising in the media such as in magazines and newspapers. I will present my recommendation of the suitable marketing activities for Steve’s cycles given that Steve will have a limited budget and a consideration of how important e-commerce could be to Steve’s cycles.
Section one- The marketing mix
When marketing a new product, t
he business must put together the right combination:
The right product
At the right price
In the right place
Using the best method to promote the product to meet the wants and needs of the target market.
These factors are often called the 4 P’s (product, price, place and promotion) of the marketing mix.
The business must have a product that customers want, and for which they are prepared to pay. The business may want to emphasise that the product is of a high quality.
Price is an important factor in the business. The company musty know how much the customer is prepared to pay for the product, and what any competitors charge. The prices set must also be one that enables the business to make a profit. If the prices are too low in will create a bad impact in the business and could struggle to slowly increase the price. If the products do start out to low the customers may think the products are bad quality and selling at a low standard.
The business needs to make sure that the product is being sold in the right type of retail outlet. The decision is made by working out which type of outlet the target customer will visit, and placing the product there. Some manufactures are increasingly choosing mail order and the Internet to sell their products. Busy people often do not have the time to go the shops; when buying goods the may prefer to browse through catalogues or surf the internet in the comfort of their ...
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