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  • BUS305: Small Business Management
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  • Selecting Target Markets and Target-Market Strategies
    Course Introduction
    Course Syllabus
    Course Textbooks
    Unit 1: Elements of Entrepreneurship
    1.1: The History of Small Business and Entrepreneurship
    What is Entrepreneurship?
    The Definition of Entrepreneurship
    Entrepreneur Assessment Survey
    1.1.1: Small Business Development in America
    Small Business in US History
    1.1.2 Microeconomics and Entrepreneurship
    The Drive of an Entrepreneur
    1.1.3: Economists
    Introduction to Entrepreneurship
    1.1.4: Types of Entrepreneurs
    Entrepreneurship Is...
    1.1.4.1: Entrepreneurs vs. Intrapreneurs
    Entrepreneurs vs. Intrapreneurs
    1.1.4.2: Small Business vs. High-Growth Enterprises
    Entrepreneurial Thought Leaders Seminar
    1.2: The Planning Process
    Creating a Business Plan
    1.2.1: Characteristics of a Successful Entrepreneur
    What Makes Someone an Entrepreneur?
    Why Become an Entrepreneur?
    Principles of Entrepreneurship
    1.2.2: Phases of the Entrepreneurial Process
    Nine Key Frameworks for Entrepreneurship
    An Entrepreneurial Model
    1.2.3: Business Evaluation Checklist
    Due Diligence
    1.2.4.1: Legal Forms of Business
    What Legal Entity is Right for Your Business?
    1.2.4.2: Intellectual Property Rights
    Did You Say "Intellectual Property"? It's a Seductive Mirage
    1.2.5: Business Ethics
    Business Ethics in a Nutshell
    1.2.6: Entrepreneurship Myths
    Entrepreneurship Myths
    Unit 1 Assessment
    Unit 1 Assessment
    Unit 2: Building the Right Team
    2.1: The Management Team
    Building a Team
    2.1.1: Managers vs. Leaders
    Who Are Managers?
    Leadership, Entrepreneurship, and Strategy
    2.1.2: Leadership Styles
    Leading People and Organizations
    2.1.3: Emotional Intelligence
    Emotions at Work
    2.1.4: Succession Planning
    Designing a High-Performance Work System
    2.2: Board of Advisors
    Making the Team Work: Executives, Board, and Partners
    2.3: Hiring A-Players
    Hiring Your First Employee
    Small Business Hiring Tips
    2.3.1: Recruitment and Selection
    Recruiting Workers
    2.3.2: Staff Development
    Selecting and Managing Your Team: Employee Training
    2.3.3: Team Building and Group Dynamics
    Managing Groups and Teams
    Team-Building
    2.3.4: Conflict Resolution
    Conflict and Negotiations
    Unit 2 Assessment
    Unit 2 Assessment
    Unit 3: The Business Plan
    3.1: Business Planning
    Developing a Business Plan
    3.1.1: How to Write a Great Business Plan
    How to Write a Business Plan
    3.1.2: The Do's and Don'ts of the Writing Process
    Ten Dos and Don'ts of Writing a Business Plan
    3.2: The Outline for a Business Plan
    Small Business Plan Outline
    Operations
    Business Plan Template
    3.2.1: Executive Summary
    How to Write an Executive Summary
    3.2.2: Company Mission and Description
    How to Write a Mission Statement for Your Business
    Simple Mission Statements
    3.2.3: Products and Services
    Product or Service Descriptions
    3.2.4: Marketing Strategy
    Marketing Plan, Strategies, Distribution, and Channels
    3.2.5: Operations Management
    Selecting and Managing Your Team
    Operations Management
    3.2.6: Management and Leadership
    Developing a Management Plan
    3.2.7: Financial Statements
    Startup Business Plans: Finance and Operations Section
    3.2.8: Expenses and Capitalization
    Can You Afford to Start Up?
    Calculating Startup Costs
    3.2.9: Financial Plan
    Entrepreneurship 101: Financial Planning
    Planning and Managing Your Business
    Template Startup Financial Model
    3.2.10: The Franchise Route
    Franchising
    Disadvantages of Franchises
    Advantages of Franchises
    Investing Wisely Through Franchising
    Unit 3 Assessment
    Unit 3 Assessment
    Unit 4: Marketing Strategy
    4.1: Market Research
    What is Marketing?
    Marketing on a Global Scale
    Is Your Business Doing Effective Market Research?
    4.1.1: Primary Research
    Primary Market Research
    4.1.2: Secondary Research
    Primary and Secondary Research
    4.1.3: Marketing Data
    Marketing Research and Market Intelligence
    4.1.4: Market Demands
    General Economic Conditions
    Consumer Income, Purchasing Power, and Confidence
    The Political Environment
    Applicable Legislation
    Cultural Values
    Demographics
    4.1.4.1: Growth Potential
    The Product Life Cycle
    4.1.4.2: Trends
    External Factors and Trends
    4.1.4.3: Barriers
    Selecting Target Markets and Target-Market Strategies
    4.1.4.4: Technology
    Leveraging Information Technology
    4.2: Products and Services
    Identifying the Target Market
    4.2.1: Features and Benefits
    Adding Products and Services
    4.2.2: Customers
    Developing a Market Segmentation
    4.2.3: Competition
    Competition
    4.3: Competitive Analysis
    Competitive Perceptual Positioning and Perceptual Mapping
    4.3.1: Niche
    Selecting a Target Market
    4.3.2: Promotional Strategy
    Defining Promotion
    The Many Goals of Persuasion
    4.4.1: Pricing Strategy
    Pricing
    4.4.2: Distribution Channels
    Marketing Channel Strategies
    4.5: The Marketing Plan
    The Marketing Plan
    Elements of a Marketing Plan
    The Purpose of a Marketing Plan
    4.5.1: Executive Summary
    The Marketing Plan
    More on the Marketing Plan
    4.5.2: Situational Analysis
    Conducting a Situational Analysis
    4.5.3: Customer Analysis
    Defining the Target Market
    4.5.4: Competitor Analysis
    Competition Based on Value
    4.5.5: Strategic Partners
    Customer Relationships and Selling Strategies
    4.5.6: Marketing Climate
    Scanning and Analysis
    4.5.7: Segmentation
    Market Segmenting, Targeting, and Positioning
    4.5.8: Strategies
    Strategic Planning
    4.5.9: Pricing
    Marketing Budgets
    4.5.10: Promotion
    Integrated Marketing Communication
    Marketing and Promotion
    4.5.11: Distribution
    Functions Performed by Channel Partners
    Marketing Plan Discussion Questions and Activities
    Unit 4 Assessment
    Unit 4 Assessment
    Unit 5: Financing the New Venture
    5.1: The Financial Plan
    Financing Your Organization
    5.1.1: Start-Up Costs
    Can You Afford to Start Up?
    5.1.2: Personal Financial Statements
    Financial Statements
    5.1.3: Profit and Loss Statements
    Standardizing Financial Statements
    5.1.4: Projections
    Finance and Forecasting
    5.1.5: Break-Even Analysis
    Break-Even Analysis
    5.2: Investment/Lending Segments
    Funding the Company
    Sources of Financing
    Financing Company Operations
    Starting a Small Business – Optional Quiz
    5.2.1: Types of Lenders
    Small Business Financing
    5.2.2: Banks
    The Advantages of a Business Loan
    5.2.3: Venture Capital
    Venture Capital
    5.2.4: Government Funding
    Facts about Government Grants
    5.2.5: Barter
    How to Barter, Give, and Get Stuff
    5.2.6: Customer Financing
    Customer Financing for Your Business
    Crowdfunding
    5.2.7: SBIR
    Starting Out with Government Funding: SBIR and STTR Grants
    5.2.8: Asset-Based Lenders
    Asset-Based Loans
    5.2.9: Angel Investors
    Angel Investors and Your Business
    5.3: Managing Growth
    How to Organize and Lead an Entrepreneurial Venture and Growth Strategies for Startups
    5.4: Exit Strategy
    How Does a VC Think About Exit Strategy?
    Exit Strategies
    How Do You Determine the Value of a Private Company?
    Getting Out
    Unit 5 Assessment
    Unit 5 Assessment
    Study Guide
    BUS305 Study Guide
    Course Feedback Survey
    Course Feedback Survey
    Certificate Final Exam
    BUS305: Certificate Final Exam
    Archived Materials
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  1. BUS305: Small Business Management
  2. Unit 4: Marketing Strategy
  3. 4.1: Market Research
  4. 4.1.4: Market Demands
  5. 4.1.4.3: Barriers
  6. Selecting Target Markets and Target-Market Strategies

Selecting Target Markets and Target-Market Strategies

Completion requirements

This section discusses marketing trends and potential barriers. This chapter also covers niche marketing, which you will learn more about later.

Click on Selecting Target Markets and Target-Market Strategies to open the resource.
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Saylor Academy © 2010-2025 except as otherwise noted. Excluding course final exams, content authored by Saylor Academy is available under a Creative Commons Attribution 3.0 Unported license. Third-party materials are the copyright of their respective owners and shared under various licenses. See detailed licensing information. Saylor Academy®, Saylor.org®, and Harnessing Technology to Make Education Free® are trade names of the Constitution Foundation, a 501(c)(3) organization through which our educational activities are conducted.