Small business management - Assignment Example

Comments (0) Cite this document
Startups can be challenging ventures, especially if the owner raises capital on their own without raising any funds. It is important to adopt bootstrapped marketing strategies to…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER93.7% of users find it useful
Small business management
Read TextPreview

Extract of sample "Small business management"

Small Business Management Small Business Management Business experts have highlighted that promoting the sales of a startup requires careful planning. Startups can be challenging ventures, especially if the owner raises capital on their own without raising any funds. It is important to adopt bootstrapped marketing strategies to increase sales. Notably, startups run on a small budget and the marketing strategies selected should not be costly. However, they should have the potential to register an increased percentage of sales. Effective marketing can serve to maximize a bootstrap budget, especially for many startups. I am the owner of a small business that focuses on baking cakes for events such as birthdays, weddings, anniversaries, and for other customers on request. In the recent past, the sales have not hit the expected percentage a factor that has made me brainstorm some of the most effective bootstrapped marketing strategies that I can rely on to boost my sales. This paper will discuss some of the marketing strategies identified (Schaupp & Bélanger, 2014).
I realize the potential of using social media in an era where digital marketing is becoming very common. Utilizing the social media such as Facebook, Twitter, and starting a blog page for my products can serve to boost my sales. Through Facebook and Twitter, I can create awareness of the products of specialization. Most importantly, using social media can help me connect with my clients who can refer me to other people especially if they were satisfied. Facebook and Twitter pages can prove to be highly interactive factors that will help me recognize the emerging needs of my clients and be able to meet them. Social media offers numerous opportunities for me to identify opportunities such as weddings, birthdays, as well as anniversaries. With such knowledge, it can be easier for approach potential clients and market my products. Using social media can also help me tell my brand story so that potential customers can recognize what is unique with my products and what inspires me (Geho & Dangelo, 2012). Additionally, the use of the social media can help me design events of reaching out to the community while marketing my baked products. Social media can open up opportunities for client testimonials and does not require huge costs. Therefore, social media is one of the effective marketing strategies that I can adopt.
Adopting a customer relationship management strategy can also serve as an effective marketing strategy. Modern businesses rely on existing relationships with different stakeholders. Customers form the most important group of stakeholders. Therefore, adopting a customer relationship management approach can serve to bring in customer input a factor that will help me be in a better position to gather feedback and improve my products. Establishing a customer relationship strategy will also present me with an opportunity to listen to customers. Email marketing can also serve as an effective strategy since it involved limited costs. Therefore, I will be able to send regular emails to potential and existing customers (Schaupp & Bélanger, 2014). Forging networks and connections can also help me identify more potential customers as well as new opportunities. Without the relevant associations, startups can prove to be highly distressing because of small percentages of sales. However, with the right connections, it becomes easier to establish a strong customer base.
Geho, P. R., & Dangelo, J. (2012). The Evolution of Social Media as A Marketing Tool For Entrepreneurs. Entrepreneurial Executive, 1761-68.
Schaupp, L. C., & Bélanger, F. (2014). The Value of Social Media for Small Businesses. Journal of Information Systems, 28(1), 187-207. doi:10.2308/isys-50674. Read More
Cite this document
  • APA
  • MLA
(“Small business management Assignment Example | Topics and Well Written Essays - 500 words - 1”, n.d.)
Retrieved from
(Small Business Management Assignment Example | Topics and Well Written Essays - 500 Words - 1)
“Small Business Management Assignment Example | Topics and Well Written Essays - 500 Words - 1”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Small business management

Small Business Management

...undertakings. Transparency International rated it second together with Finland after Iceland. This is as per 2005’s study of 159 countries using CPI- Corruption Perceptions Index. New Zealand was also considered stable, open as well as competitive economically, has a business oriented governance, and cost competitive structures with low policy in inflation, flexible labour market and low rates of corporate tax. (, 2011) According to Oliver and English, in their book, a small business refers to a business that is personally owned or managed. It may also be taken to be that entity which is void of managerial staffs that are specialists or...
8 Pages(2000 words)Scholarship Essay

Small Business Management

...Small Business Management Answers The research to be done before the marketing strategy of the online clothing store should ideally include intensive trend analysis of the kind of apparel the store will deal in along with the segmentation information to correctly target the core market for the store. While the forecasted spending of the whole population of the country can provide you with the ‘big picture’ of the economy and an idea about the sector is set for growth or not; for the online store to perform well the initial planning has to be done based on the analysis of the online market; traffic trends; marketing vehicles; promotional activities and most importantly the preferences of...
3 Pages(750 words)Assignment

Small Business Management players as well as other franchises (Henry, 2008, p.51). Competitive Landscape The café and restaurant industry of Australia can be tagged as highly competitive. The main reasons can be presumed as very low barriers to entry. Add to that the industry is believed to be highly fragmented. According to reports the major players hold less than ten percent of the total market share. The small players enjoy a fair share of success as the 91% of the food chain businesses have less than fifty employees. There exists strong presence of franchisee model or any equivalent business strategy. Companies like McCafe, Coffee club, Hudsons Coffee, out back Jacks, etc. have set up strong...
8 Pages(2000 words)Assignment

Small Business Management Evaluation

Small business management entails precise analysis of how an entrepreneur provides the goods and services of his business in the market. It involves identifying the strengths and weaknesses of the business to be able to handle them in the production stage and ensure competitive advantage. An efficient management of a small enterprise requires an efficient marketing plan strategy that indicates the approach of the venture operation. The owner should establish the structures of the business that can effectively define the qualified professionals for the job. Operation of the small enterprise entails control of marketing strategies, sales, and advertising of the enterprise (Zimmerer & Scarborough, 2005, p. 12). Experts agree t...

6 Pages(1500 words)Essay

Small Business Management Issues

...Investment Readiness of Small-Medium Enterprises Introduction: Investment readiness is a factor of development preparation and quickening in Small and Medium Sized Enterprises (SMEs) and any failure to properly evaluate it leads to many SMEs failing to realize their prospects. The issue of finance is very crucial to any business organization no matter how much readiness they may assert to be and financial managers should be able to make decisions that are viable and can lead to achievement of set objectives. The respective managers should understand the aspect of financial management in order to succeed in their day to day operations....
4 Pages(1000 words)Essay

Small Business Management

...Small Business Management: Impact of Globalization on marketing strategy of Hauri and Section # of > 1. Introduction Competition rather fierce competition is the precise term that defines the business that exists in the world today; especially with phenomena such as globalization coming up and settling into our economy, it is essentially important to re-define the way things are done and thought. This paper is an analytical review of how competition has been increasing over the past few years. 2. Background In Korea during the year 1998, five young programmers met at a local gathering and felt the need for a local computer vaccine i.e. an anti virus. These five...
6 Pages(1500 words)Case Study

Small Business Management

...Information Strategy for Virtual Transport Introduction Small Business operations have played a crucial role in the world economy since ancient history and provide the foundation for developing businesses in to large-scale operations. Despite the importance of small business enterprises to the economy, almost 80% of small businesses fail during its first 5 years (Allen 2000). Among the key factors contributing to such failure lies the lack of proper information systems and monitoring strategy of the business operations and financial aspects (Venter, Eden & King 2004). This results in poor...
3 Pages(750 words)Essay

Entrepreneurship & Small Business Management

...A MODEL OF RETIREMENT PLAN I will not be retiring any time soon but will be retiring after a year. I would be graduating with a business degree andwith my majors as marketing and advertising. My career would be in marketing and along the lines of a Marketing Manager. I plan on starting off as Management Trainee at an MNC with an average annual salary of one lakh dollars. For this it will be very important that I pass with good grades in college, so that I have all the necessary documents to land me my desired job. I plan on pursuing my career on employment for the next two years after which I will switch jobs to the company that would be willing to pay me the highest. I am hopeful that...
6 Pages(1500 words)Essay

Small Business Management

...Small Business Management College: What are the primary points of emphasis in a start-up business plan? How might this plan evolve as it changes from a start-up plan to an ongoing business plan that will be used by the company? The primary points of emphasis in a start-up business plan include elements of business concept, financial features, financial requirements of the proposed business, business goals and objectives, product and services as well as management ownership and not forgetting market research. All these elements of a business plan have a...
3 Pages(750 words)Assignment

Small business management

...In developing a business model for a mobile vending kiosk of homemade ice cream, the business model canvas can be utilized. The steps that can be followed are discussed below. First and foremost, it is imperative to identify the key suppliers and in this case, these involve the companies that supply the ingredients used in making ice cream. The next step is to define the key activities that will be carried out. This includes preparing the ice cream and marketing it to different customers through a mobile vending kiosk. Value proposition-mainly deals with creating value of the product offered. Effort will be made to try to appeal to the interests of the customers so that they can perceive this...
2 Pages(500 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Assignment on topic Small business management for FREE!

Contact Us