Dominance In The Consumer Market

In an economy where people are trying to get more consumer satisfaction with less available money, large corporate businesses tend to dominate the market. Large companies can drive down retail prices, afford the best locations, and provide one stop shopping. How does a small business expected to compete with such dominance in the consumer market for a reasonable rate of return on goods and services? There are five different items to focus on for the best chance of survival as a small business entrepreneur just starting out or trying to keep a business from becoming a statistic. These items are customer focus, quality performance, integrity and responsibility, innovation and globalization, and finding a special niche (Longenecker, Petty, Hoy, & Palich, 2012). The goal of most business owners is to build a successful business that can be sold for a profit after many years of successful customer service or relinquish it as a family business to …show more content…
This is not a skill or quality that is taught as much as it is lived by. Consumers will buy more and return to businesses that they trust (Hawthorne, 2015). Entrepreneurs owe it to their customers to do business with integrity and make responsible decisions every day; this will flow through each manager and employee. Providing consumers with as much knowledge as they need to make an educated buying decision will help to ensure they come back in the future and trust the options presented to them as valuable information. Motivation and globalization allows small businesses to perform at the same levels as large businesses. The internet has given small business the ability to reach around the globe to provide the same customer services and products that large business can. Ensuring employee morale is high and customer satisfaction is important, helps small businesses shine over the competition regardless of