Issues Which Impact Upon Marketing in the Small Firm

Abstract

The high failure rates of small firms are usually attributed to weaknesses in financial management and marketing. The absence of agreed upon definitions of the small firm, or what constitutes success and failure of such entities, is examined, and definitions of these terms are provided. The importance of the small firm to the economy is acknowledged, alongside the inherent weaknesses pertaining to finance and marketing in small firms. Marketing practice is reviewed in the context of small firm characteristics, since traditional marketing practices for larger firms may not apply. The role of marketing educators and owners/managers in improving the small firm's marketing practice are discussed. Recommendations are made that educators establish what small firm owners/managers need from marketing in general and from marketing education in particular. These findings will help improve customer satisfaction by identifying owner/manager needs and creating and implementing the appropriate educational product. (CBS)

Keywords: Theoretical, Success factors, Growth strategies, Strategic planning, Entrepreneurship education, Marketing, Finance, Marketing education, Customer satisfaction, Financial management, Firm management