The eleventh session began with a discussion on factors that
influence a business’s internal and external marketing environment. Following a
quick recap of key marketing terms that the students had learned in their
mandatory first-year marketing module (market segmentation, targeting,
positioning, the marketing mix, etc.), the lecture covered the characteristics
of small business marketing. The class discussed the ‘Four Is’ (innovation,
identification of target markets, interactive marketing methods, and informal
information gathering) and the ‘Four Ps’ (product, place, promotion, and price)
of marketing from a small business marketing perspective as well as the differences
in identification of target markets in small businesses (top-down verses
bottom-up approach).
The lecturers then went over interactive and stealth
marketing in a small-business and event-promotion context and talked about the
forms that these marketing techniques can take, the strategies behind their
use, and the benefits of each approach.
The students divided into their assignment groups and were asked
to consider what marketing practices they would use for their upcoming event
and how they would develop an integrated marketing plan. Groups discussed how
their marketing strategies would fit into the time frame of their business plan
for their second assignment.
The overall aim of the session was to have students
understand the key aspects that influence the marketing of small businesses and how the small business marketing
process is different from a large enterprise.
Click here for more information about the project.
Click here to view the lecture slides.
