How is the target market important to the small business?

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How is the target market important to the small business?

6.1 Learning Outcomes:
Describe the components of a bootstrap marketing plan and explain the benefits of preparing one.
Explain how small businesses can pinpoint their target markets.
Explain how to determine customer needs through market research.
Outline the steps in the market research process.
Describe the bootstrap marketing strategies on which a small business can build a competitive edge in the marketplace.
Discuss the “four Ps” of marketing—product, place, price, and promotion—and their role in building a successful marketing strategy.
6.2 Action Required:
Watch the short video at the following link:

6.3 Test your Knowledge (Question):

How is the target market important to the small business?
7.1 Learning Outcomes:Explain the differences among promotion, publicity, personal selling, and advertising.
Explain the differences among promotion, publicity, personal selling, and advertising.
Describe the advantages and disadvantages of the various advertising media.
Identify four basic methods for preparing an advertising budget.
Explain practical methods for stretching an entrepreneur’s advertising budget.
Explain why pricing is both an art and a science.
Discuss the relationship among pricing, image, competition and value.
Describe effective pricing strategies for both new and existing products and services.
Explain the pricing techniques used by retailers, manufacturers, and service firms.
Describe the impact of credit on pricing.
7.2 Action Required: Watch the short video at the following link
https://www.youtube.com/watch?v=N6UIlptvJAc 7.3 Test your Knowledge (Question): How could an entrepreneur use the Internet to advertise his/her business?

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