Week 10 Article Assignment

802 words - 4 pages

The blog in the Oregon Business magazine, 4 strategies to keep from losing out to chains is a shortened guide to effectively marketing a small business despite large chain businesses being in direct competition. One misconception about why small businesses fail is the idea that lower prices offered by chains, is one of the reasons they succeed and small businesses fail. He used an example of a successful Oregon business, “Voodoo Donuts” to demonstrate that a small business can build a strong customer base and become profitable, despite having higher prices than chain competitors. (Beck. Nov. 2013) some people think that small businesses are doomed to fail and believe the use of price dropping by chains as the reason for their failure. Instead, Beck offers another perspective, that, “people choose where they shop based on value, quality, variety, and the experience the business provides.” (Beck. Nov. 2013) this is actually in agreement with the “Psychological Variables of Buying Power” as, perception, motivation, learning, attitude, and personality are all factors that shape what a consumer will or will not buy. (Ferrell, Hirt, Ferrell. 2014. Pg. 358)
The four strategies that Beck talks about are actually sound marketing steps any small business could benefit from. The first of the four strategies Beck lists is, “Elevate Value.” Here he points out that, “Value isn’t something you “provide” as much as it is something our customers and clients feel you provide,” that, “the feeling of value is created by much more than price and quality.” (Beck. Nov. 2013) According to Beck, a company can improve its quality and add variety to make its product/s more desirable. I think this strategy is important for a business in order to present to the consumer a product or service they want vs. need.
This logically leads to the next strategy, strategy 2 is, “Exceed Expectations.” “The key to exceeding expectations therefore, is to determine what your market expects, and then exceed it.” (Beck) In this step you need to enhance not only the quality of your product, but also your service as it shapes how the consumer views your overall business. In addition, as he points out, “expectations are somewhat subjective.” (Beck) and, like many people, I can attest to the fact that if I get poor service at a business, it is highly unlikely that I will go back again.
Strategy 3 is, “Expand Variety” Of...

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