One large problem that small businesses face is getting the word out about their company. Who care about it, right? If it is not a top name commonly known, what is its significance to me? That is the thought of many consumers. One woman from Phoenix expressed her hardships with getting her name out there via the internet. She had trouble advertising on various search engines and was not able to be successful on any avenue she pursued.
Small businesses should concentrate on defining their market and knowing who it is they need to advertise to. Larger corporations are able to extend their market over a larger region. It is important for small businesses to use their recourses wisely and ensure that they are directing their products or services to the right market. Small businesses can not afford to make the mistake of advertising to the wrong market. This would lead to a loss in expenses and thus a loss in profits with no customers wanting their product. Building demand for your small business is essential.
Chapter 11 in the textbook describes the different levels of decision making that individuals, companies, etc. must go through. They can be strategical in deciding if their product or service is the best option for them,tactical in deciding who the target market should be, and operational in deciding how to maintain their relationship with their consumers. Making the right decisions is extremely important for a small business's longevity.
article :http://www.businessweek.com/smallbiz/content/apr2011/sb2011045_253677.htm
by: Danielle Trasatti
With the market they way it is now, it is more difficult for smaller companies to get their name out there due to the international nature of the global economy. I think that it's important for small businesses to really use social networking sites in order to start out because they are inexpensive and can reach a large of amount of people at once. Even if it's as simple as a Twitter account, or getting people to "Like" your page on Facebook, it can help spread the word about the business.
ReplyDeletePosted by: Jenny Liechti, Team 6
Social networking is a great way to start, but I think that is where many small businesses struggle. I think they rely too much on it and they need to invest in other advertising in order to gain more credibility. This blog definitely explains that they need to be specific and focus on a specific market, which is definitely true for small businesses. It is hard, but they have to be more creative than a large business when it comes to advertising.
ReplyDelete-Team 4
Kelsey Van Gieson