These are questions that refrence Chapters 13 and 16 from Understanding Business

Question

These are questions that refrence Chapters 13 and 16 from Understanding Business (11th Edition)

1. Small Town Hardware is located in a county seat size town in Iowa. It has been in the community for many years and has been owned by a family in town. The second generation of the family is now running the store. Because of intense competition from the big box stores in large towns within driving distance, Small Town Hardware is suffering from reduce sales revenue and profits are down. Something needs to be done.
Go online and find at least one web site that addresses how a smaller store can increase its business. Properly cite to the source and be sure to actually incorporate information from the site into your answer.  Go beyond the predictable answers such as having a big sale or increasing advertising. What is something innovative that could be done to boost sales and build some customer loyalty? Most people would like to shop locally but often people simply cannot resist the lower prices / bigger selection of the big box stores. How do you counter that? This is not something that can be answered with a short answer. Put some thought into it and be sure to give some specific suggestions as to how the store can increase business.

2. You need to market a 6 foor tall zippo lighter. Explain who your target market will be, how you will market and promote this thing, how you will price it and, in general, how you will use marketing to make this thing profitable.  Explain who your target market will be for this 6-foot, working Zippo lighter (it is a novelty item but you have flexibility to work with it - maybe make some adjustments to it if you want). In other words, who will you try to market this product to? What kind of company or population will you attempt to attract?  Incorporate some of the basic principles to develop a marketing plan or program for this 6 foot Zippo lighter. Your answer should, at a minimum, be about about a page long (5 or 6 paragraphs). Please separate your major thoughts with paragraphs - do not submit one long, long, long (!) paragraph. Thank you.  You can have fun with this - it does not have to be overly serious. Be creative. Remember - marketing is all about being creative and having some fun.

Explanation / Answer

1. many of the small business players facing same problem with big basket firms. the only way to retain its customers and attract new customers is gaining customer loyalty, no other way helps these firms. to gain customer loyalty, they need to provide innovative and best services. they can offer online ordering to their customer, where the delivery is at free of cost. best offers must run during different time periods. for example a discount offer is there if you come and buy grocessary on working days during day time.

collecting information through different ways and focusing on them personally, like providing phone calls to them and wish on different occasions, send mails on weekends, inform about your best practices, focus on social service activities and let them know that you are performing those activities. inform them you collected some best items which meet the personal priorities and interests of customers. you need to focus on small commercial people like food chains, fast food centers, restaurants, hotels etc and make direct agreement with them to get some orders. initially, you need to focus on increasing the sales, later you can focus on increasing profits.

2. most of the people prefers to smoke in countries which are cold climatic conditions. so, selling a zipper do not become a problem here. if we plan a perfect strategy, you can gain the customers are sales.

first, you need to highlight the product. what are the different colours, what are the different sizes, the design, the size, everything will be in attractive and catchive mode. it should be design like a key chain or nail cutter, which can carry anywhere.

next aspect must focus on is price of the product. usually, most of the customers buy only one item, and the repetitive sales also very limited in nature. so, it is better to offer 1+1 products at possible best lower prices. or it is better to link by selling with some other products. or you can join with some other product sellers and offer this product in bundling with discount rates.

next availability of the product to buyers in the market. it should placed at ever store and every corner, nearest to the customers.

little promotional activities are enough to create awareness among the customers. you need to highlight the importance of security, and you can focus on this area to promote this brand in the market.

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