Marketing Is A Key Activity For The Survival And Success Of A Business

1657 Words Aug 22nd, 2015 7 Pages
Literature review
Marketing is a crucial activity for the survival and success of a business. Businesses today have more marketing opportunities than ever (Bresciani & Eppler, 2010). In small businesses, marketing relies heavily on word of mouth recommendations for customer acquisition.Today’s economy, distinguished by relationships, technology, and networks, favors some of the characteristics of SMEs (Walsh & Lipinski, 2009).
Utilizing social network sites to market is extremely inexpensive as well as effective. Social media enables small businesses to overcome the challenges of limited budget, lack of expertise, and positioning against larger competitors. Small businesses are not the same as big businesses and therefore cannot be expected to have the same marketing resources. Competitive advantage often has to be sought from other sources and by other means. Several models of marketing exist that provide guidelines for businesses to survive and grow. However, marketing theory that a large organization uses cannot be generalized to a small business which has different characteristics and requirements. As a consequence, small firms are moving from conventional marketing practices towards more affordable, interactive, and integrated marketing.
One of the most prevalent areas in which a small business has problems is marketing. This is due to the inability to employ a marketer to carry out marketing activities for the business. The owner-manager has a significant impact on…
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