Marketing for Entrepreneurs and SMEs

Marketing for Entrepreneurs and SMEs

A Global Perspective

Maja Konečnik Ruzzier, Mitja Ruzzier and Robert D. Hisrich

In recent years, entrepreneurs and SMEs have been forced to adapt to a rapidly changing, increasingly globalized world, an evolution that has had a profound impact on marketing strategies. This timely volume identifies the many new opportunities available to entrepreneurs and SMEs in the global marketplace, and offers tactical and strategic marketing approaches to help them succeed in the modern business world.

Chapter 3: Marketing plan

Maja Konečnik Ruzzier, Mitja Ruzzier and Robert D. Hisrich

Subjects: business and management, entrepreneurship, international business, marketing

Extract

I have a few projects in the pipeline but I urgently need some money to build momentum at my company. My company has operated for about a year now, I have spent most of the initial capital I invested and to date, I am still struggling for my business to survive. Recently, I received an open call that offered financial support for young and innovative enterprises and I decided to apply. Besides the enormous bureaucracy and paper work, I also had to prepare a business plan as well as a marketing plan. I had prepared a mini business plan draft prior to the opening of my business, but this time I needed a much more thorough plan that described the marketing aspects in much more detail. With the support of my colleague, a marketing expert, I spent ten days preparing the plan. Unfortunately, I was not selected. I was irritated that I had taken this time to do this, but at the same time I was glad this opportunity made me look into the details that would potentially allow my business to thrive. What I actually realized, which was also a concern, was that the primary target market group was too small.

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