Page 161 - DMGT310_ENTREPRENEURSHIP_AND_SMALL_BUSINESS_MANAGEMENT

Entrepreneurship and Small Business Management

Notes
Today, AdWords accounts for 70% of its web traffic and for 90% of its business, proving to
be a key ingredient in the success formula for Aryan Florist.
Question
What is the business idea of Google Adwords?

Source: Janakiram.B, (2010), Role and Challenges of Entrepreneurship Development, Excel Books Pvt. Ltd.

10.5 Summary

Target market represents a group of individuals who have similar needs, perceptions and
interests.

Target market includes individuals who have almost similar expectations from the
organizations or marketers.
Target marketing allows a small business to develop a product and a marketing mix that
fit a relatively homogenous part of the total market.
Small business enterprises are also encouraged to continually examine their marketing
efforts to make sure that they keep pace with changing business realities.

Beyond online and offline networking, another avenue for marketing in both venues is
promoting your business through ads.
A set of strategies found quite commonly in smaller businesses are growth strategies. One
way to look at strategies to grow your business is through the way you will use products
and markets.
Pricing is an important function of marketing. Price is the exchange value of a product. It
is the amount of money or other products needed to acquire a product.
Pricing to promote a product is a very common application. There are many examples of
promotional pricing including approaches such as BOGOF (Buy One Get One Free), money
off vouchers and discounts.
Value price means that you get great value for money i.e. the price that you pay makes
you feel that you are getting a lot of product.

A good part of the business sector, with its airlines, banks, computer-service bureaus,
hotels, insurance companies, law firms, management-consulting firms, medical practices,
motion-picture companies, plumbing-repair companies, and real-estate firms, is in the
service business.
In the production and marketing of physical products, companies have increasingly paid
special attention to ensuring consistency in quality, feature, packaging, and so on.

Export marketing is more complicated to domestic marketing due to international
restrictions, global competition, lengthy procedures and formalities and so on. Moreover,
when a business crossed the borders of a nation, it becomes infinitely more complex.

10.6 Keywords

Competitive Advantage: An advantage that a firm has over its competitors, allowing it to
generate greater sales or margins and/or retain more customers than its competition.
Cost Decisions: The decision in relation to the total budget that the company wants to keep for
promotion is called Budget or Cost decision.

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