Dynamic Strategy - Practitioner - Market Strategy for Small Business

Small business marketing has been a problem with almost half of new businesses closing within five years. As a small business owner, marketing has been a problem for the company, but have continued to do well because of the word by mouth. There are two reasons, according to the article, that have contributed to the high amount of closings: inadequate marketing or poorly focused and executed marketing. A small business is what drives the economy today.

The purpose of this article is to examine how small business owners conduct marketing, try to understand why these decisions are made, how decisions relate to marketing strategy of the company, and how these decisions affect their small business. Small businesses are important to the economy, not only because they hire about one-fourth of the working economy, but because they create more new ideas than large businesses. Small businesses are needed by large corporations to sell their products. Small firms who later grow into mid-size to large companies employ about three-fourths of new jobs. Creating better opportunity for small firms to have better access to marketing strategies would benefit many people.

Many small business owners are willing to be trained when it comes to marketing strategies. But many of these owners do not know how knowledgeable these trainers are. Many of the owners who were interview only plan marketing strategies six-months ahead. The article suggests small business owners should include networking with other companies as part of their long-term marketing strategy. But owning a small business is very risky and these owners are not willing to “financially dependent” upon other companies.

Managers of small businesses should be proactive when it comes to market strategies. They should seek help from qualified professionals. Keeping an open mind will pay dividends in the future. As a small business owner, I did not have enough money to market my firm. I had to depend on the people who used my services to spread the word for me. I believed in my service and the customer service we provide.

Reference:
Cronin-Gilmore, Julia. "Exploring Marketing Strategies in Small Businesses." Journal of Marketing
    Development and Competitiveness 6.1 (2012): 96-107. Business Source Complete. Web. June 2012