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Competition, Small Business Financing, and Discrimination - Assignment Example

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This paper “Competition, Small Business Financing, and Discrimination” discusses the different problems facing small business with the main focus on racism, and management. These factors affect small business in different ways, but they contribute to the underdevelopment of small businesses…
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Competition, Small Business Financing, and Discrimination
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Download file to see previous pages The literature researched shows three reasons small businesses in America can have difficulty. Part of the discussion around small business difficulty is the definition of what it means to have small business success. There are several factors affecting the survival of small businesses in the United States, but the most dominant is racism, ineffective strategic planning, and poor management. In the United States, the race factor plays an important role in most of the operations and functions in the country. Small businesses require loans to boost their performance and increase income. This is because most of the small businesses have limited financial supply. However, racism has greatly affected the availability of loans to most of the entrepreneurs with small businesses. Most small business owners are African American and the race factor has hindered them access to loans and hence affected the development of small businesses. On the other hand, whites are accessing loans. However, not most of the whites are engaged in small businesses. This has affected growth if the small business industry to the expense of large scales businesses (Weinzimmer and Manmadhan, 2009, p 171). For the survival of an organization, it has to possess an effective marketing department. The marketing department is charged with ensuring public awareness of the services and the products of the organization. The department works in conjunction with the public relation department hence inform the public while maintaining a good relation and image with the public. For proper and effective marketing, an organization has to strategically plan the marketing process. For instance, before a company commences it has to determine the kinds of services or products to offer to the public. For established companies, they use marketing as a tool for determining the changes they ought to make to their products or services so as to enhance sales. Generally, companies use marketing in determining appropriate strategies to use in sales, development, and communication with the aim of increased sales and containing competition (Cavalluzzo, & Wolken, 2005, p 2158). Due to the limitation of resources, small businesses ought to strategically plan. Therefore, small businesses strategically plan the marketing process hence concentrate their limited resources to the greater opportunities available. When the process is effective, the company may realize sales increase and hence achieve a competitive advantage in the market. The strategy may enable a company to fill the needs of the market and hence reach the objectives of the market. A good strategy has to effectively scan both external and internal environments. This can be achieved via appropriate Strength, Weakness, Opportunity, and Threats (SWOT) analysis. After the analysis then a company may set a strategic plan for the market, establish goals, identify alternatives in the market, determine market mix and implement them (Bergen, 2001, p 460). Strategic marketing plan An effective, efficient and adaptable marketing plan has several components. These components help in implementation and achieving. ...Download file to see next pagesRead More
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