Assignment (primary research required) Essay Example | Topics and Well Written Essays - 3000 words

Assignment (primary research required) - Essay Example This report explores the application of theoretical concepts of small business management in particular the issues surrounding marketing aspects of small businesses and the strategies that need to be adopted with particular reference to the restaurant industry. A primary study was conducted involving a family restaurant. The purpose of the research was to explore how successful small business entrepreneurs apply theoretical concepts of small business management such as marketing to their businesses. The findings suggest indicate that marketing is perceived as a means to build customer awareness about the enterprises and offerings. It was also found that application of marketing thoughts and practices are useful for profitability of the firm, but are constrained by lack of resources. Contents Abstract ii Contents iii Table of Figures iv Photo credit iv Managing Small Business Marketing 1 1. Introduction 1 1.1 Significance 1 1.2 Aims and objectives 2 2. Literature Review 2 2.1 Definiti on of small business 3 2.2 Marketing and business orientation 3 2.3 Marketing mixes and approach to marketing 4 2.4 Customer acquisition in small businesses 5 2.5 Customer relationship management in small businesses 6 2.6 Summary of critical review 8 3. Primary Research 8 3.1 Interview with owner manager 9 3.2 Findings 11 4. Discussion 11 5. Conclusion and Recommendations 12 5.1 Recommendations 12 The researcher also recommends that further studies may be undertaken to reveal the difference in the levels of success of small businesses in terms market share and profitability caused due to implementation of marketing principles and techniques. 12 References 13 Table of Figures Figure 1: EU Classification of enterprises 3 Figure 2: Small businesses usually follow the bottom-up marketing approach 5 Figure 3: Observations from literature review 8 Photo credit Cover page photo: http://www.oxfordrestaurantguide.com/gees/ Managing Small Business Marketing 1. Introduction The small business sector is a major contributor to the economy in many parts of the world. In the year 2000 the sector in the UK comprised approximately 3.7 million small firms, majority of which were micro businesses, of which 66 per cent were either run solo or self-employed people (Fraser & Thompson, 2011). Twenty-five per cent of these had less than 10 employees. These figures are growing steadily. The UK government believes that â€Å"the health of the economy requires the birth of new enterprises in substantial numbers. We cannot assume that the ordinary working of market forces will necessarily preserve a small firm sector† (Fraser & Thompson, 2011, p. 29); and considers it to appropriate to intervene in proliferation of small business. There are however other reasons for phenomenal growth of small business as, (1) free market economy; (2) control by large firms; (3) spirit of individualism; (4) growth of IT; (5) growth of niche marketing; (6) growth in service sector; and (7) unemploym ent. 1.1 Significance In the UK small businesses contributed a significant 25 per cent of total private sector employment. Their combined turnover represented almost 20 per cent of the total turnover of the private sector. Small business firms employing fewer than 50 people accounted for 9.5 million jobs