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MQM 223 - Week 6 Class Notes

by: Jessie Frank

MQM 223 - Week 6 Class Notes MQM 223

Jessie Frank
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About this Document

These notes cover Thursday, Feb. 18's class.
Intro to Small Business Management
Terry Lowe
Class Notes
class management mqm 223 business small business intro class notes note




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This 5 page Class Notes was uploaded by Jessie Frank on Thursday February 18, 2016. The Class Notes belongs to MQM 223 at Illinois State University taught by Terry Lowe in Spring 2016. Since its upload, it has received 15 views. For similar materials see Intro to Small Business Management in Business, management at Illinois State University.


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Date Created: 02/18/16
Thursday, February 18, 2016 Pg. 308 – Figure 10.1  One friend did a broad exposure, hanging thousands of door hangers to potential customers.  He  got a total of 3 customers, but has not had to advertise since then, and currently has a waitlist.   This demonstrates the power of word­of­mouth Pg. 310 – Value Proposition, Skills Model 10.1  For (target customer)   Who (statement of the need or opportunity)   The (retail business name) is a (product or service category)   That (statement of key benefit–that is, compelling reason to buy/purchase)   Unlike (primary competitive alternative)   Our business (statement of primary differentiation)   Is available (where)  Avanti’s is for college students and families who are looking for a dining experience beyond fast food at a reasonable price.  It is an Italian restaurant that provides high quality Italian food that is in walking distance to campus. Unlike most food chains in the area, Avanti’s is able to offer quality food for a low price in a homely sit­down environment. Our business is different from most food places in the area because it allows students to have a break from fatty and greasy fast food, and have a quality Italian meal for a similar price of fast food restaurant. Avanti’s is available just off campus, but is walking distance from all campus buildings.  Segmenting your market.  ­ Segmentation: the process of dividing the market into smaller portions of people who have common characteristics. ­ Target market: the segment or segments selected for concentrated marketing efforts.  If you have a mass market, you are marketing to everybody.  Many small business use market segmentation to target a specific market.  Promotional Mix.  The O (Oprah) Effect  When Oprah had her talk show, she had episodes of her “favorite things”.  She would mention her products on her program, and viewers would go crazy and want  the products too.  The small businesses that were being promoted had a HUGE increase  in sales because of The O Effect.   Cake Business: “We Take the Cake”  o Got name recognition through Oprah.   o Mailed Keylime cake from Florida anywhere.  o Typically made 100 cakes a day. o After 3 or 4 days of being mentioned, she got in 10,000 orders for the cake.  o This was not possible.  For this single bake shop. The cook was burned out.   We can’t all know Oprah Winfrey, BUT, there are old people in every community,  suburb, city, etc.  Who can you get to endorse your product or service in your community with lots of contacts to build your business? Who are these influencers? Give them a free  sample of your business or service to get them to spread the word about what you have to offer.  o Local grocery store owners o CEOs  o Local musicians o Celebrities (weather people, TV reporters)  o Athletes, coaches, The little things we do out of kindness and not for money, are often the things that will  spark the most positive publicity.    Johnny worked at a grocery store, and discretely put a positive note in each customer’s  bag as they checked out. People would wait in a longer line to get a happy note from  Johnny, rather than go in a different line with a different check out boy.  The local radio  station got word of this, and did a segment on Johnny, ultimately gaining positive  publicity for the grocery store.   Advertising.   Sticker to go on newspaper. Easily comes off, and has a coupon on the bag.  Is it worth it  to you?  Are your potential customers reading the newspaper?   Companies will have better luck with colored paper ads and coupons rather than plain  white paper.  Good idea to match the color of the paper to the season.   Customer Service.   A business cannot open with average customer service today; the business must open  with exceptional customer service.  What are examples of customer service? Ex. Doctors appointment is coming late. Receptionist keeps coming to apologize,  but a customer is having a problem.   We have to stop robotic customer talk.  “Have a good one”… good what? Are we too bored of saying have a good day?  “No problem” … when was there ever a problem? Bad connotation.   SERVICE RECOVERY: A business never gives a customer a change of leaving  unhappy.  Best tactic for service recovery:  o Don’t let the customer get mad enough to leave mad.  o Coupon for next time – hopes that customer will come back and get a better  experience next time.  o Ask unsatisfied customer, What can we do?  This lets the customer be a part of  the solution.  o Under Promise and Over Deliver: have a promised deadline… but deliver  sooner if possible, so customer will say, Wow! That was such great and fast  service… but you are also giving yourself a cushion if you cannot deliver until  promised date.  o Can’t rule: Don’t tell the customer what you cannot do, but always talk about  what you can do.  o Don’t just acknowledge that you are sorry for inconveniencing the customer, do  something to demonstrate your apologies.  There are about 1­3% of the consuming public that you do not want, since they thrive on  complaining.  “It is probably better that you do not do business with us in the future because we  cannot accommodate you.”  Final Remarks:  ­ No class on Tuesday: this is a hybrid day. Check email that will help explain the  assignment. o There will be 2 different assignments under HYBRID LESSON 3.  o There is no preparation needed.  o Find your second interviewee, ask them 4 questions.  o Feb 28 – post your answers from your interview  ­ We received a Customer Service Survey handout at the end of class to fill out for next week. 


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