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1、Small Business ManagementProfessor HornadayLecture 5SMALL BUSINESS MANAGEMENTTYPES OF COMPETITION1.Monopoly2.Oligopoly3.Monopolistic Competition4.Pure CompetitionOverhead 50BSMALL BUSINESS MANAGEMENTTHE MARKETING DISTRIBUTION CHANNELPRODUCERPROCESSORMANUFACTURERDISTRIBUTORRETAILERCONSUMERLOW VALUEHI
2、GH VALUESMALL BUSINESS MANAGEMENTMARKET NICHE1.Group of Customers with Similar Purchasing Patterns2.Relevant Price Range Produces Profit3.Defensible against All ComersOverhead 50ASMALL BUSINESS MANAGEMENTSEGMENTING THE MARKET1.Demographics:Age,Sex,Race,Income,Location,Transportation,Etc.2.Shopping H
3、abits:When,Where,Impulse,Planned Purchases,Etc.3.Method of Payment:Cash or Charge.Overhead 50CSMALL BUSINESS MANAGEMENTMARKETING RESEARCH1.Secondary Sources:Library,SBA,Trade Associations,Chamber of Commerce,Suppliers,Banks,Etc.2.Primary Sources:Interviews,Questionnaires,Mail and Telephone,Demonstra
4、tions,Etc.3.Collect and Collate the Information.What is the Data Telling You?4.Need to Know:How Many Units can You Sell at What Price?Overhead 51Small Business ManagementThe Four Ps1.Product2.Place3.Price4.PromotionSMALL BUSINESS MANAGEMENTPRICING1.Strategy:Skim or Long Term?2.Cover Costs3.Meet Comp
5、etition4.Satisfy Demand Curve5.Relevant RangeOverhead 52Relevant Price RangeABRelevantPrice RangeLowest Priceto Cover Costs$350$275$2000Price too Highfor CustomersPrice too Lowfor CustomersSMALL BUSINESS MANAGEMENTSETTING THE PRICE1.Markup=Gross Margin Percentage of Cost2.Markon=Increase over Markup
6、 to allow for Markdown3.Multiplier Approach for Service Firms4.Job Cost EstimatesOverhead 52ASMALL BUSINESS MANAGEMENTADVERTISING1.Product or Institutional2.The Message3.The Media4.Getting Assistance5.The Cost versus the BenefitOverhead 53SMALL BUSINESS MANAGEMENTSELLING1.Get Organized to Sell2.The
7、Four Ps3.Sales PeopleOverhead 54SMALL BUSINESS MANAGEMENTSALES TRAINING1.Know Yourself2.Know Your Company3.Know Your Product4.Know Your CustomerOverhead 54ASMALL BUSINESS MANAGEMENTBUYING MOTIVES1.Packaging&Image2.Brand Name3.Store Location4.Price5.Treatment by SalespeopleOverhead 54BSMALL BUSINESS
8、MANAGEMENTCUSTOMER CREDIT1.Retailers use Cash&Carry or Credit Cards2.Service Firms sometimes must Offer Credit to Major Customers3.Distributors,Wholesalers,and Manufacturers use Credit as a Sales Tool4.Large Customers are Sometimes Difficult,Slow PayersOverhead 55SMALL BUSINESS MANAGEMENTLOCATION SE
9、LECTION1.General Factors a.Personal b.Economics c.Competition d.Geographic e.Local Laws2.Retail Locations a.Consumer Driven b.Cost versus Foot Traffic3.Wholesale Locations a.Access b.Zoning and Space4.Service Locations a.Customers Come to You b.You go to the Customer5.Manufacturing Locations a.Acces
10、s b.Labor Force c.Utilities d.ZoningSMALL BUSINESS MANAGEMENTOTHER CONSIDERATIONS1.Lease Buildings&Equipment a.Low Initial Investment b.Lease Payments Tax Deductible2.Buy Buildings&Equipment a.Capital Appreciation b.Creates Assets3.Fixtures and Facilities a.Retail b.Wholesale c.Service d.Manufacturi
11、ngSmall Business ManagementCustomer Draw1.Traffic Study2.Transportation Methods3.License Plate Check4.InterviewsSmall Business ManagementService Businesses1.Services Intangible2.Buyers and Sellers Interdependent3.Service and Seller Inseparable4.Services are Perishable5.Quality Standardization Diffic
12、ultSmall Business ManagementService Buyers1.Personal Attention2.Subjective Impressions3.Marketing Time Saving4.Customer Wants Increase5.Small Things CountSmall Business ManagementValuing Service1.Life Style Changes2.High Price Strategy3.Volume Purchases4.Pricing ElementsSmall Business ManagementPromoting Services1.Promote Benefits and Image2.Advertising3.Personal Selling4.Free Publicity