MARKETING

STRATEGY AND
MARKETPL ACE
RESEARCH
• MARKETING AND SMALL BUSINESS
• THE MARKETING CONCEPT
• MARKET STRATEGY PLANNING
• TARGET MARKETING
• THE MARKETING MIX
• TYPES OF MARKET RESEARCH
• MARKET-SHARE FORECASTING
 MARKETING AND SMALL BUSINESS
• The generation of income through sales is the primary
activity that must be undertaken by any business. This is
facilitated through marketing.
• As applied to small business, marketing means identifying
what the customers want and satisfying this want through
the right product, right price, the right location, and the
right information.
• A small business can be successful if it will be successful in
its marketing effort.
 THE MARKETING CONCEPT

The marketing concept provides a guiding

principle to small business which is making a
match between its intended customers and its
products or services.
To achieve this desired match, the following questions
must be answered.
1. Who are my customers?
2. What are products or services are required by my customers?
3. At what price are the products or services required?
4. At what place are the products or services required?
5. At what time are the products or services required?
6. How do the customers want the products or services delivered?
To be able to answer the questions, the following, as
suggested by Steinhoff and Burgess, must be undertaken:
• Devise a marketing strategy.
• Use marketing research.
• Develop a marketing mix.
• Identify the size of the geographic market area to be served.
 MARKET STRATEGY PLANNING
Market strategy planning is an activity of a small business which seeks
to find attractive opportunities and

Identify strengths and Analyze external Identify attractive market

weaknesses of business. environment opportunities.

Determine applicable Determine size of market

Identify target market.
marketing mix. area.
 TARGET MARKETING
• Target marketing refers to the activity that seeks to “identify a fairly
homogeneous (similar) group of customers to whom a company
wishes to appeal.”
• The following steps are undertaken under target marketing:
1. Identification of the target market.
2. Identification of the characteristics of the target market.
3. Measurement of the size of the target market area.
 IDENTIFICATION OF THE TARGET
MARKET
• A target market is defined as a particular market
segment the company wishes to serve. This segment is
singled out from an array of market segments the firm
has chosen to explore.
IDENTIFICATION OF THE CHARACTERISTICS OF
THE TARGET MARKET

To be able to serve the target market properly, its

characteristics must be known to the small business
operator. Relevant characteristics will refer to any of
the following: age, sex, family size, life cycle, income,
occupation, religion, race, and nationality.
 Identified with highly
Elementary Students desirable
THE TARGET MARKET
characteristics.

Identified with
High School Students moderately desirable
characteristics.

Identified with less

College Students desirable
characteristics.

Identified with less

Professionals desirable
characteristics.
MEASURING THE SIZE OF THE TARGET
MARKET AREA
• To effectively serve the target market, the small business operator must know
the following:
1. The number of potential customers.
2. The population growth trend of the market area.
• Knowing the number of potential target customers will provide the means of
ascertaining the most economical approach to reach them. This will even help
in deciding whether or not to continue adapting the target market.
• Information about the growth trend of the market area is very important for
the firm. To most companies, growing markets offer several advantages. One of
them is expanding sales potential.