What is a small business? The government has introduced certain criteria including the number of employees, annual receipts, affiliates and other applicable factors to identify a small business. It can be quickly determined by using SBA’s NAICS (North American Industry Classification System) Lookup. Enter the business description; NAICS will locate the business type in the resulting table.
What is marketing? Marketing refers to the commercial processes involved in promoting, selling and distributing a product or service.
What does marketing involve? Marketing is an organizing tool. The four basic aspects of marketing include the four Ps such as product, price, promote and provide. It involves market research, formulating strategy and selling based on two important principles. The first principle states that all company policies and activities should be directed toward satisfying customer needs. The second is that profitable sales volume is more important than maximum sales volume.
What is marketing strategy? Marketing strategy is the summary of the marketing goals. It is the formulation of the methods used to achieve the marketing objective.
What are the major constraints for small business marketing? The major constraints for small business marketing include budget limitations, lack of adequate resources and tough competition.
What are the important collateral marketing materials? Collateral marketing materials consist of printed marketing materials. They include brochures, business cards and news letters.
What is the importance of advertising in small business marketing? Advertising plays an important role in small business marketing. It helps to influence people with attractive marketing materials such as banners, sign boards, magazine and directory ads as well as trade booth displays.