Small Business Management 1

Small Business Management
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Every enterprise whether big, medium or small faces new challenges when expanding into new markets. The risks are enormous, and so are the potential returns and gains. Therefore extension into a global network requires a lot of support and assistance. A small firm should first research by exploring the sources of information to decide going global. U.S government provides publications on how to go global, Small Business Administration (SBA) also give support to small firms expanding. The government has its trade counselors attached to its diplomatic posts abroad like the embassies who present important markets to small business growing internationally. Another source is SBA-sponsored in the title Take your Business Global. It provides a synopsis of exporting which is useful for both new and old exporters. Other sources include Financial Times, The Economist, The Wall Street Journal, Private organizations, and States. Importance of these sources is that the companies can be able to expand without too much cost of collecting primary data and other risks involved.
Marketing Research for Small Businesses
Small business owners should first collect and assess marketing information before writing a marketing plan, which will be stronger than one with a basis of intuition and individual observations (Longenecker et al., 2013). The nature of marketing research is defined as processing, gathering, interpreting, and recording of market data.

Due to high expense, big companies are likely to conduct stronger research than the small firms.
Marketing research is a process that takes several steps (Longenecker et al., 2013). First, there is identifying the informational need and defining what you need. The marketing plan should fit with entire business strategy, and one should understand how his or her business works. Secondly one searches for secondary data; these are readily compiled data which are very cheap compared to primary data. Entrepreneurs should exhaust available data before embarking on the research process. Software programs and websites can be of help to business persons since they can research on customers. The most convenient source of data is Small Business Administration; it publishes info on several topics. Unfortunately, the data available might be out of date.
Collecting primary data is done when secondary data are not sufficient. There are two ways of obtaining data; using questionnaires and observation methods. Questioning involves communication with respondents while observation avoids personal contact between researcher and respondent. The collected data is then interpreted. Data remains isolated facts until understood. Charts, tables, and graphics are used here. Descriptive statistics are also vital in research; they include excel which is cheap computer software.
The Formal Marketing Plan
After feasibility study one can create a formal marketing plan. It should be unique and cloned versions of others should be avoided. There are three significant subjects; completion, market analysis, and marketing strategy (Longenecker et al., 2013).In the market analysis, a customer profile is constructed from the data collected and used to identify the psychological and critical demographic characteristics of qualified purchasers.
In the completion phase, the available competitors should be noted, and their management personnel is known to figure out their next action. The firm should also identify their weaknesses and strengths; threats in the market and available market opportunities. Finally, the company must address its different competitors and learn how they react to their competitors. Marketing strategy is essential for a marketing plan. It should entail product decision, a place for distribution, pricing decisions, and promotional activities. Small firms should be very keen on each of the areas.
In conclusion, for a company’s success, a well-detailed plan should be developed in the course of actions regarding expansion and growth. A depth evaluation and assessment of the areas considered for development will be of great help to companies. Proper marketing research should be well done.
Reference
Longenecker, J., Petty, J., Palich, L., & Hoy, F. (2013). Small business management. Nelson Education.