ECON 1 Lecture Notes - Lecture 9: Target Market, Focus Group, Educational Entertainment
Document Summary
Chapter 9 building a powerful bootstrap marketing plan. This chapter focuses on 2 major components of every business plan: the marketing plan & the financial plan. In the business plan, description of what entrepreneurs intend to accomplish & the strategies to achieve those targets. Marketing= the process of creating and delivering desired goods and services to consumers; it involves all the activities associated with winning and retaining loyal customers. Strategy used by small businesses: bootstrap marketing strategies= unconventional, low-cost, creative marketing strategies designed to give small companies an edge over their larger, richer, more powerful rivals. It reflect a company"s understanding of its consumers. Target market= the specific group of consumers at whom a company aims it goods or services: when a small business fails to recognize its target market= trying to boil the ocean . Pinpointing the target market has been more important than ever as us markets are getting more fragmented:
