Small Business and the Marketing Mix

  1. Objective 11-7 Discuss the marketing mix as it applies to small business.

Many of today’s largest firms were once small businesses. Behind the success of many small firms, in turn, lies a skillful application of the marketing concept and an understanding of each element in the marketing mix.

Small-Business Products

Some new products and firms are doomed at the start because few customers want or need what they have to offer. Many fail to estimate realistic market potential, and some offer new products before they have clear pictures of their target segments. In contrast, a thorough understanding of what customers want has paid off for many small firms. Take, for example, the case of Little Earth Productions, ...

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