varun sharma presentation
TRANSCRIPT
Factors Distinguishing
Marketing in Small Family Business
Varun Sharma
Agenda
Purpose
Factors
Three Circle Model
Salience vs. Awareness
Resources
Purpose
The purpose of this research was to identify the leading factors limiting the marketing potential in small family businesses.
“Before developing strategies, identify hurdles”
Factors
Time
Skills
Financial CapitalTechnology
Relationships
Marketing Potential
Time
Comparison to Corporations
Market Research
Ian Steel: Atkinson Coffee
Example: Atkinson Coffee; Lancaster Coffee and Wholesale Shop
Skills
Limited Skillsets in FBs
Catching trends NFC vs QR code
Expensive Consulting
Outsourcing for Skills
Financial Capital
Limited Capital to
Develop
Limited Capital for Marketing
Look for Leverage
Tightened Lending since 2008
Internet
85% of SME Businesses have websites
Groupon; Small Business Opportunity
Website Marketing = $$$
Groupon
Relationships
Corporations have more legitimacy
SMEs also consider corporations safer
Internal: Work/Life Balance
Lack of Credibility
3 Circle Model
Ownership
Business
Family
Salience vs. Awareness
Salience
Mars Rank: 8th
FBs try imitating corporations
FBs can benefit from salience-based advertising
Awareness
Mars Rank: 1st
Large Budgets for Brand Awareness
Awareness does not always translate to sales
Thank You for Listening
Resources
AL-allak, B., 2010. Evaluating the adoption and use of Internet-based marketing information systems to improve marketing intelligence. International Journal of Marketing Studies, 2(2), p.87-101. Available at: http://ccsenet.org/journal/index.php/ijms/article/viewFile/8114/6151.
OʼDwyer, M., Gilmore, A. & Carson, D., 2009. Innovative marketing in SMEs. , 43(1/2), p.46-61. Available at: http://www.emeraldinsight.com/10.1108/03090560910923238.
Spillan, J. & Parnell, J., 2006. Marketing Resources and Firm Performance Among SMEs. European Management Journal, 24(2-3), p.236-245. Available at: http://linkinghub.elsevier.com/retrieve/pii/S0263237306000259.