Small Business Development Research Paper Example | Topics and Well Written Essays - 2500 words

Small Business Development - Research Paper Example Cruiser, a small business having one fashion retail outlet in Brighton has been under pressure from larger retail establishments that have recently come up in its area. Over the last 12 month period, it has lost sales to the extent of 30% and is worried about the future. They have retained us, Win to Win Consultancy, with a mandate to suggest a strategy for revival and continuation.We have come up with a marketing strategy for Cruiser but for its appreciation, we wish to provide a background on facts as well as the Marketing Strategy Theories to enable the management to evaluate the recommendations made by us.To understand markets, we begin with understanding what a Market means. A Market is a demographic and/or geographic group or groups of buyers for products and services on offer. It may be limited to a small area or may be worldwide but that is dependant on the type of product or service on offer. Preceding the marketing exercise the organization needs to do market research to de termine its marketing strategy. This is a three stage effort in which data is required by potential customers. With this data, it is possible to segment the market and subsequently to determine the target customers for the organization’s products. Once this data is available, the serious exercise of Segmentation begins.Markets are heterogeneous and are created by reasons of different values, needs want, and incentives. Customers differ in their values and perceptions and want to purchase things that have value for them.