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14 Cards in this Set
- Front
- Back
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are privately owned corporations, partnerships, or sole proprietorships that have fewer employees and/or less annual revenue than a regular-sized business or corporation |
Small businesses |
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employing nine people or fewer, and having a balance sheet or turnover less than a certain amount (e.g. C2 million or PhP 3 million) |
Minute/Microenterprise |
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in the stock market, most stocks trade in a lot size of 100 shares, although some higher priced stocks may trade in lots of 10 shares. Each market has its own lot size |
Trading Units |
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are businesses that maintain revenues, assets or a number of employees below a certain threshold. It has less than 250 employees. |
Small and mid-size enterprises (SMEs) |
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has an annual turnover greater than 1Billion euros. It has at least 100 to 490 employees |
Medium Enterprise |
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checks at least one of the following two conditions: has at least 50 to 1000 employees. |
Large Enterprise |
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STRATEGIC PLANNING FOR SMALL BUSINESS |
1. Eliminate distractions 2. Involve your team members 3. Know who you are 4. Understand your current situation - SWOT (strengths, weaknesses, opportunities, threats) 5. Set both long- and short-term goals 6. Create a plan to achieve your goals 7. Focus on execution 8. Keep your plan flexible |
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is a subset of the total market for a product or service. |
target market |
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How to Define Your Target Market? |
1. Look at your current customer base 2. Check out your competition 3. Analyze your product/service 4. Choose specific demographics to target. 5. Consider the psychographics of your target. 6. Evaluate your decision. |
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A small group of consumers can offer the firm a large opportunity to grow sales. |
Target Marketing Finds Growth Potential |
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importance of a target audience is that consumers in a target market share various characteristics that make them more likely than other consumers to show interest in the firm's offering. |
Target Marketing Builds Interest |
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Promotional resources can be concentrated on a target market, while the advertising message is designed specifically to resonate with consumers in that group. |
Target Marketing Creates Brand Loyalty |
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the company can establish itself as an expert on the wants and needs of that group. It is able to react quickly to changes in their interests or opinions, and keep a careful eye on attempts by other firms to lure those customers away. |
Target Marketing Keeps Firms Competitive |
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is a group of customers within a business's serviceable available market at which a business aims its marketing efforts and resources |
target market |
