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07:_Marketing_Strategy
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<p class="lt-biz-22505"></p><div id="fac89a38-a99d-42de-bf6f-c64825a915c9" class="mt-guide-content"><div class="noindex"><ul class="mt-topic-hierarchy-listings mt-guide-listings"><li data-page-id="22499" class="mt-list-topics"><dl class="mt-listing-detailed"><dt class="mt-listing-detailed-title"><a title="7.1: Chapter Introduction" class="internal" href="/https://biz.libretexts.org/Bookshelves/Management/Small_Business_Management_in_the_21st_Century/07:_Marketing_Strategy/7.01:_Chapter_Introduction"><span class="mt-icon-article-topic"></span>7.1: Chapter Introduction</a></dt><dd class="mt-listing-detailed-overview">This page highlights Anita Bruscino, a former mechanical engineer who started Elegant Touch, a handcrafted gift shop, in 1994 after leaving her family's manufacturing business. Now celebrating 18 years, the shop focuses on unique American gifts for women aged 30-70, relying on word-of-mouth and local advertising while avoiding online sales. Despite economic difficulties, Anita's passion sustains the business without layoffs.</dd></dl></li><li data-page-id="22500" class="mt-list-topics"><dl class="mt-listing-detailed"><dt class="mt-listing-detailed-title"><a title="7.2: The Importance of a Marketing Strategy" class="internal" href="/https://biz.libretexts.org/Bookshelves/Management/Small_Business_Management_in_the_21st_Century/07:_Marketing_Strategy/7.02:_The_Importance_of_a_Marketing_Strategy"><span class="mt-icon-article-topic"></span>7.2: The Importance of a Marketing Strategy</a></dt><dd class="mt-listing-detailed-overview">This page discusses the crucial differences in marketing between small businesses and large corporations, emphasizing the unique challenges and advantages faced by small enterprises. Key points include the necessity for targeted marketing strategies due to competition and limited budgets, the benefits of leveraging niche markets and personal connections, and the importance of having a clear marketing plan to navigate risks and achieve success.</dd></dl></li><li data-page-id="22501" class="mt-list-topics"><dl class="mt-listing-detailed"><dt class="mt-listing-detailed-title"><a title="7.3: The Marketing Strategy Process" class="internal" href="/https://biz.libretexts.org/Bookshelves/Management/Small_Business_Management_in_the_21st_Century/07:_Marketing_Strategy/7.03:_The_Marketing_Strategy_Process"><span class="mt-icon-article-topic"></span>7.3: The Marketing Strategy Process</a></dt><dd class="mt-listing-detailed-overview">This page discusses the marketing strategy process for established small businesses, emphasizing the need to adapt current strategies and innovate with new products. It details essential components like vision and mission statements, SMART objectives, market segmentation, target selection, differentiation, positioning, and the marketing mix, advocating for a blend of e-marketing with traditional techniques for a unified strategy.</dd></dl></li><li data-page-id="22502" class="mt-list-topics"><dl class="mt-listing-detailed"><dt class="mt-listing-detailed-title"><a title="7.4: Segmentation and the Target Market" class="internal" href="/https://biz.libretexts.org/Bookshelves/Management/Small_Business_Management_in_the_21st_Century/07:_Marketing_Strategy/7.04:_Segmentation_and_the_Target_Market"><span class="mt-icon-article-topic"></span>7.4: Segmentation and the Target Market</a></dt><dd class="mt-listing-detailed-overview">This page emphasizes the significance of market segmentation and target market selection for small businesses as essential for an effective marketing mix. It outlines criteria for successful segmentation, such as measurability and differential response, and advocates for targeting high-profit potential segments. The text also highlights the advantages of niche markets, where small businesses can succeed with less competition.</dd></dl></li><li data-page-id="22503" class="mt-list-topics"><dl class="mt-listing-detailed"><dt class="mt-listing-detailed-title"><a title="7.5: Differentiation and Positioning" class="internal" href="/https://biz.libretexts.org/Bookshelves/Management/Small_Business_Management_in_the_21st_Century/07:_Marketing_Strategy/7.05:_Differentiation_and_Positioning"><span class="mt-icon-article-topic"></span>7.5: Differentiation and Positioning</a></dt><dd class="mt-listing-detailed-overview">This page emphasizes the crucial role of differentiation and positioning in the marketing strategies of small businesses. Differentiation enables a company to stand out through unique qualities, while positioning shapes consumer perception relative to competitors. Joe's Redhots exemplifies effective differentiation with clean carts and fresh products, allowing for premium pricing.</dd></dl></li><li data-page-id="22504" class="mt-list-topics"><dl class="mt-listing-detailed"><dt class="mt-listing-detailed-title"><a title="7.6: Marketing Strategy and Product" class="internal" href="/https://biz.libretexts.org/Bookshelves/Management/Small_Business_Management_in_the_21st_Century/07:_Marketing_Strategy/7.06:_Marketing_Strategy_and_Product"><span class="mt-icon-article-topic"></span>7.6: Marketing Strategy and Product</a></dt><dd class="mt-listing-detailed-overview">This page emphasizes the critical role of effective product and web design in enhancing marketing strategies for small businesses. It highlights the importance of understanding product layers, the Product Life Cycle, and the influence of packaging and design on consumer connections. Key web design elements like layout, navigation, and content quality are vital for user experience and engagement.</dd></dl></li><li data-page-id="34808" class="mt-list-topics"><dl class="mt-listing-detailed"><dt class="mt-listing-detailed-title"><a title="7.7: Marketing Strategy and Price" class="internal" href="/https://biz.libretexts.org/Bookshelves/Management/Small_Business_Management_in_the_21st_Century/07:_Marketing_Strategy/7.07:_Marketing_Strategy_and_Price"><span class="mt-icon-article-topic"></span>7.7: Marketing Strategy and Price</a></dt><dd class="mt-listing-detailed-overview">This page examines the critical role of pricing in small business marketing strategies, detailing how price reflects value and is shaped by competition and target markets. It covers various strategies such as prestige, discount, even-odd, and geographic pricing, each impacting brand identity and consumer perception.</dd></dl></li><li data-page-id="34807" class="mt-list-topics"><dl class="mt-listing-detailed"><dt class="mt-listing-detailed-title"><a title="7.8: Marketing Strategy and Place" class="internal" href="/https://biz.libretexts.org/Bookshelves/Management/Small_Business_Management_in_the_21st_Century/07:_Marketing_Strategy/7.08:_Marketing_Strategy_and_Place"><span class="mt-icon-article-topic"></span>7.8: Marketing Strategy and Place</a></dt><dd class="mt-listing-detailed-overview">This page emphasizes the critical role of "place" in the marketing mix, focusing on distribution strategies for small businesses, including direct, retail, wholesale, and multichannel approaches. It highlights logistics functions—transportation, warehousing, inventory control, and order processing—as vital for effective distribution and customer satisfaction.</dd></dl></li><li data-page-id="34809" class="mt-list-topics"><dl class="mt-listing-detailed"><dt class="mt-listing-detailed-title"><a title="7.9: Marketing Strategy and Promotion" class="internal" href="/https://biz.libretexts.org/Bookshelves/Management/Small_Business_Management_in_the_21st_Century/07:_Marketing_Strategy/7.09:_Marketing_Strategy_and_Promotion"><span class="mt-icon-article-topic"></span>7.9: Marketing Strategy and Promotion</a></dt><dd class="mt-listing-detailed-overview">This page emphasizes the critical role of promotion and integrated marketing communications (IMC) in the marketing mix for businesses of all sizes. It outlines the advantages of sales promotions and direct marketing, highlighting their ability to attract and retain customers. Social media's significance in lead generation and customer engagement is discussed, alongside personal selling's role in B2B contexts.</dd></dl></li><li data-page-id="34810" class="mt-list-topics"><dl class="mt-listing-detailed"><dt class="mt-listing-detailed-title"><a title="7.10: The Three Threads" class="internal" href="/https://biz.libretexts.org/Bookshelves/Management/Small_Business_Management_in_the_21st_Century/07:_Marketing_Strategy/7.10:_The_Three_Threads"><span class="mt-icon-article-topic"></span>7.10: The Three Threads</a></dt><dd class="mt-listing-detailed-overview">This page highlights the importance of a robust marketing strategy in delivering customer value and managing cash flow, emphasizing the role of digital technology and mobile commerce. It warns against hasty price reductions that could undermine perceived value. Additionally, it narrates Robert's challenges in running his online business, which initially struggled but improved after launching a website.</dd></dl></li></ul></div></div><script type="application/json" id="mt-localizations-guide-tabs-settings">/*<![CDATA[*/{"MindTouch.IDF3.label.guide.settings.classifications":"Classification settings","MindTouch.IDF3.label.guide.settings.learningpath":"Path settings","MindTouch.IDF3.label.overview.max.count":"{0} characters remaining.","MindTouch.IDF3.label.overview.max.count.over":"Warning. {0} characters will be truncated.","MindTouch.LearningPath.dialog.remove.cancel":"Cancel","MindTouch.LearningPath.dialog.remove.confirm":"OK","MindTouch.LearningPath.dialog.remove.header":"Remove path","MindTouch.LearningPath.dialog.remove.message":"You are about to remove this path from this guide."}/*]]>*/</script>
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