Introduction
Factors to consider when doing marketing
Creation of the marketing strategies
The action, measures and controls to take when doing marketing
Marketing within the SME’s
Best methods and techniques of SME marketing
Introduction to the entrepreneurial theory
Relationship between the SME marketing and the entrepreneurial theory
Analysis of the small business marketing environments
Introduction to the standard marketing theory
Comparison between the standard marketing theory and the small business marketing strategies
Major marketing problems faced by small businesses
Conclusion
Introduction
A) Creation of a Marketing Plan
Marketing is the process by which goods and services are made available to the consumer. In marketing, various factors should be put in place, so as to achieve the set goals and objectives. The first step is the creation of a business plan. For any business to thrive, whether small or big, the creation of a business plan is very essential in determining its success (Kotler & Armstrong, c. 2010).
A marketing plan is very important, and it involves the following three steps: the basic research, which is usually based on the customer orientation, the environmental appraisal, the business status, as well as the competition study. The second step in the creation of a marketing plan is the planning process itself, which employs the use of the mission statements, the nature of the goals and objectives for the business, the development strategies, as well as the creation of the marketing mix. The last step is the action stage, which employs the use of the project management tactics, the use of the marketing, mix, the creation of the budgeting and the reporting procedures, and lastly the use of the continuous business and marketing analysis.
B) Factors to Consider When Doing Marketing
There are various factors to consider when doing marketing. These factors range from the general understanding of the business environment, the internal, the external and the micro- business environment. The marketing process should be able to adopt the three strategies that help to analyze the business environment so as to make the set goals a reality. Understanding the business competitors, customers, suppliers, the business stakeholders, as well as the middlemen is important in the development of any business (Demishkevich, 2015). The other factors to consider in business marketing planning is the technological understanding and advancements needed in the firm, the political stability and situation in the firm, the environmental and the social factors in the area.
C) Creation Of The Marketing Strategies
Creation of the marketing strategies is paramount for the attainment of the business goals. Setting the marketing strategies enables the company to have enough power to venture into the market and take over the business activities. The marketing strategy is generated through three steps, which include the drafting of the mission statement, the setting of the vision statement, the drafting of the required goals and objectives within the set time frame. The business should be able to establish a growth strategy that employs the use of situation such as the market penetration strategy, and market development. The process also uses strategies such as the product development and diversification, and the process of developing a pricing strategy (Strain, 2016).
The Action, Measures, And Controls To Take When Doing Marketing
There are various actions and even precaution measures to be taken when doing marketing. These actions include the creation of SMART goals and objectives (goals that are unique, manageable, attainable, and realistic and time conscious). The other action to take is the ability to have a regular analysis and evaluation of the business progress. The business should also be able to have set the criterion for success analysis, based on the set goals and the time frame (Pîndiche & Ionita, 2013).
Marketing Within The SME’s
Marketing for the entrepreneurs and small to medium‐sized enterprises (SMEs) involves a strategy that aims at maximizing profits for the people with small or midsize businesses. There are various components that go into the process of marketing, the strategies employed, the challenges faced, as well as the opportunities for the SMES’s. The aim of this research is to establish a literature review, which mostly employs the use of the information provided on the SME’s, and the whole process of marketing (Gilmore, 2011). The research aims at establishing the purpose of SMEs in the economy, how they are managed and the challenges that the owners face in the process of managing the businesses.
The research also aims at establishing how the SME businesses, adapt to their environment, how the owners use the connections they have to build a corporate strategy, by employing the standard marketing strategies. The research also looks into all the steps and procedures utilized in the creation of an innovative business environment and strategies (Knight, 2000).
The SMEs are major providers of jobs globally. Many people have been employed by the owners of small and medium- sized business all over the world. The SMEs do not adopt the same marketing strategies as the large businesses, based on their ability to make capital and profits by adopting the less sophisticated strategies. The SMEs adopt strategies that are variable and situational specific, regarding the levels of complexity and efficacy (O’Dwyer, 2009).
The marketing process in the SME s is however made difficult due to various aspects such as the problems associated with customer relations, which make it so hard for the customers and the owners to have a positive business relationship. The other problem is the inadequate capital and cash flow. This problem makes it so hard for the businesses to expand and even develop. The inadequate knowledge of the marketing process is a major issue that drags the businesses down. Despite all these challenges, the SMEs use the innovative and the standard marketing strategies to enhance their activities. The companies focus on the business frameworks and the market patterns and organization to maximize on their business (Gorica & Buhaljoti, 2016).
Best Methods And Techniques Of SME Marketing
The SME marketing employs the use of two distinguished strategies in its process of attaining its set goals and objectives. The SMEs have adopted the two strategies known as the entrepreneurial marketing strategy (EM) and innovative marketing strategy (IM). These two strategies help the small and medium-sized businesses, to enhance their business activities in many ways (Maritz et al., 2011).
The two plans pay a lot of attention to the relationships between the customers, and the stakeholders in the business organization. The strategy does not only concentrates on the products quality and quantity, but rather pays the greater attention to the activities and the decisions made in the business about the set goals and the customer, and the stakeholder’s satisfaction. The two strategies do not concentrate their attention on the new technological developments and the products development (Carson et al., 2009).
Introduction To The Entrepreneurial Theory
The entrepreneurial theory is a comprehensive study that looks into four major areas in a business organization. The method addresses the issue of firms jurisdiction, the internal firm's team, the formulations of the growth and development strategies within the enterprise, and the functions of the entrepreneurs themselves (Casson, 1998).
The entrepreneurial theory looks into the flow of physical goods and the capital, rather than the movement of information. The method pays a lot of attention to the market structures, as well as the material objects in the business. The theory explains on the for rationales of the business which are based on the technological foundation and advancements within the firms, the distinction between the firms and the market structure, and the isolation of the companies from the market structures so as to evade the costs incurred. The rationale is also based on the creation of the business rent, by either individuals or the business organizations (Sautet, 2000).
Relationship Between The SME Marketing And The Entrepreneurial Theory
The SME marketing has a lot of relationships with the entrepreneurial theory. The two borrow concepts from each other which small businesses can adopt and use to advance their business activities (Ramirez et al., 2014). The small and medium-sized businesses can use the various concepts used by the entrepreneurs, as based on the entrepreneurial theory to develop their marketing strategies, as well as advancing their businesses.
Analysis Of The Small Business Marketing Environments
There are various factors that businesses need to stake into consideration when marketing their products. Companies should give attention to the detail of their environment in the process of analyzing its activities. There are various factors that determine the success of the business which can be identified through the SWOT analysis.
The SWOT analysis looks into the various components that might do business either fail or even make it through. The SWOT analysis looks into the strengths, the weaknesses, the opportunities as well as the threats that a company faces, and needs to attend to for a business to be successful. Business should be able to analyze its strengths through the availability of capital, availability of the technological know-how, availability of adequate staff, with the knowledge of what they are expected to do, as well as the ability to increase production with the set resources.
The weaknesses of a business can be analyzed through the inadequacy of capital and the required resources, the failure to secure proper personnel who can lead in the business production, the problem of mismanagement among other issues (Ioniţă, 2012). The business opportunities can be assessed through the availability of government grants and loans, the reduction in taxes, and the expansion in the country’s economy as well as the infrastructural development. The threats that businesses face include the slow economic growth, high competitions from the big companies and even the business competitors, the technological failure among other factors.
Introduction To The Standard Marketing Theory
The standard marketing is a comprehensive strategy, aimed at enhancing the business major goals and objectives, of making sure that goods and services are sold. The business also aims at provision of companies with good terms and conditions for trading. The standard marketing ensures that there is a clear and good relationship between the clients and the business operators. The business also ensures that there is a robust and stable recruitment agency, which ensures there is a smooth flow of capital, cash, and communication. The theory also ensures that there is a strong relationship between the production and the market, where goods and services end up (Shelby, 2000).
Comparison between the standard marketing theory and the small business marketing strategies
There are various common issues between the strategies used in the standard marketing and the small businesses. Both businesses employ the use of the innovative strategies to ensure that the products keep moving in the market and that there is a quick flow of the tangible products. The products are based on the market orientation and the innovation strategies, which base their foundations on the entrepreneurial marketing strategy (EM) and innovative marketing strategy (IM). The business activities in these two theories are also based on the SME Innovative Marketing, whose main ideologies are based on the enhancement of the products, the market organization, the organizational visions and missions, the market mix and distribution channels.
The strategies are also based on the customer satisfaction, the creation of profits, and the amalgamation of the marketing strategies. The market is also based on the innovative marketing which ensures that there is an adequate and comprehensive market exploitation through the creation of unique products, the creation of advanced technological solution based strategies to meet the market demands.
Major marketing problems faced by small businesses
There are various challenges that small and medium-sized businesses face. These challenges are usually based on the capital flow, technological advancements among others. Businesses face a lot of challenges in the process of penetrating the market. These challenges are usually based on the tough competition that the SMEs face from the big businesses. The large organizations usually have adequate capital, personnels and even the technological advancements. The small and the medium sized businesses find it so hard to compete with the large businesses because they cannot afford as much wealth as the large businesses (Withey, 2010).
SMEs and other businesses also face the challenges of poor technological advancement and knowhow, which usually leads to poor advertisements, hence poor results. People do not get to know about the small and medium-sized businesses because of the high costs of advertisements. Most SMEs do not have a good marketing plan which results to poor marketing and also management issues. Due to poor marketing plans, the SMEs face the challenges of selling less if their products and hence having difficulties in penetrating the market (Debra, 2015).
Other challenges that SMEs face include the inadequate resources the lack of good management, which usually leads to the business failures, the problem of production and distribution of the goods and services. Other challenges include the inability to keep up with the technological advancements and revolutions in the world. Inability to choose the correct clients, which usually is determined by the poor relationships between the customers and the producers makes SMEs face a lot of challenges.
Conclusion
This research has been able to establish various components that face the SME businesses, the credibility and their ability to compete in the market. The SME businesses are very important in any country because they generate to a great deal of the economic development. The SMEs provide a great deal of capital and cash flows in the economy, because they enhance the transaction of small business activities, which everyone in the economy can be able to afford. The SMEs provide a lot of employment opportunities in the economy.
There has been a tremendous and a a great revolution in the economy on the various strategies’ of business marketing. The SMEs have been able to adopt various strategies that enable them to compete with other businesses in the economy. The most effective strategies adopted by the SME businesses are the entrepreneurial marketing strategy (EM) and innovative marketing strategy (IM). These two strategies have enabled the SME businesses to develop and even advance, by paying detail to the customer satisfaction and the enhancement in the development of the stakeholders.
In the research, I have been able to establish that; the SME businesses face a lot of challenges, which once dealt with can enhance the development of such small businesses. There are various inputs and roles that the governments can play to enhance the development of the SME businesses. The governments can provide technological assistance; give aid to the people who want to start small businesses, regarding loans and grants. The governments can also provide a fiscal and monetary policy, which establishes a reduction in the taxes and an increase in the government expenditure to ensure that there is a continuous flow of money in the economy. With the provision of the required assistance, there are high chances of development in the SME and enhancement in the marketing as well as the economic development.
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