Marketing Management of Small Business.pptx

Its about marketing

1. Marketing Management of Small Business By Mam Bushra

2. Small and medium enterprises (SMEs) can use marketing strategies to improve their performance, brand awareness, market share, and profitability. Why Marketing For SMEs

3. Product management in a small and medium-sized enterprise (SME) involves many responsibilities, including  understanding customer needs, guiding product development, and enhancing customer satisfaction . Product forms and its Management

4. The product management life cycle has seven main stages: Idea generation and management Research and analytics Planning Prototyping Validation Delivery Launch 

5. Pricing decisions in small and medium enterprises (SMEs) involve selecting an optimal price for a product or service based on factors such as: Brand positioning:  Aligning pricing with the brand image and market positioning Target market : Understanding the target customers and tailoring pricing accordingly Pricing elasticity : Assessing how price changes affect customer demand and adjusting pricing accordingly Profit margins:  Ensuring the pricing strategy supports profitability and long-term business growth Demand:  Customer's willingness to pay Supply:  Competition Cost of production:  Competitors' pricing strategies  Pricing Management

6. Here are some pricing strategies that SMEs can consider: Value-based pricing Setting prices based on customers' perceived value of the product or service Cost-plus pricing Adding a markup to the cost of producing a product or service to determine the final price Dynamic pricing Setting flexible prices for products or services based on factors such as demand, time, and changing market conditions Penetration pricing Setting an initially low “introductory” price upon entering the market to entice customers to purchase, then gradually increasing it as the market share grows

7. A promotional plan is a strategic document that outlines a company's marketing and advertising efforts over a specific period of time. It helps businesses communicate with their target audience, increase brand visibility, and achieve marketing objectives. A well-crafted promotional plan considers various elements such as: target market, messaging, timing, budget, and desired outcomes.  P romotional Planning in SME

8. Here are some steps to plan a promotional campaign: Study different marketing communication strategies Set objectives Determine promotional materials Develop a promotional message Set a budget Determine how to measure results or success Tweak and repeat

9. Here are some ways to promote a small and medium enterprise (SME):  Media coverage, Trade shows, Direct marketing, Social media, SEO

10. Communicating clearly: Provide in-person customer service and communicate effectively so customers feel informed. Being authentic : Show some personality on social media and treat customers as human beings. Following up: Follow up after issues or purchases to check for satisfaction. Being responsive: Respond to customer feedback on social media quickly to show you care. Asking for feedback: Regularly ask for feedback and address complaints and negative feedback. Rewarding loyal customers : Keep in touch with your customers and reward loyal customers. Delivering what you promise: Work as partners, share expert knowledge, and go the extra mile. Focusing on face-to-face interactions : Keep it personal, not transactional. Small businesses can build customer relationships by: