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MQM 223 Week 7 Class Notes

by: Jessie Frank

MQM 223 Week 7 Class Notes MQM 223

Jessie Frank
GPA 3.72

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About this Document

These notes contain information on the final 2 chapters we learned about in class, as well as the FILL INs for the worksheet on Chapter 11 we were handed out in class.
Intro to Small Business Management
Terry Lowe
Class Notes
MQM 223 Small business management mgmt mgt note notes chapter ch 11 12 yay jessie frank
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This 3 page Class Notes was uploaded by Jessie Frank on Saturday February 27, 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 28 views. For similar materials see Intro to Small Business Management in Business, management at Illinois State University.


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Date Created: 02/27/16
MQM 223 Lowe Tuesday, February 23, 2016 No Class today – Hybrid Day 2 Assignments on ReggieNet:  Promotional Mix for a Small Business  Customer Service Experience Thursday, February 25, 2016 Ch. 11 Worksheet (front) Examples of Guerilla Marketing: - Windshield fliers - Door hanger People patronize a business mostly based on confidence in the business. A MEME is a simple way to communicate an idea. For small business, it could be a visual sign, a verbal sign, or an action. Examples are the Green Giant, the Michelin Man, the Marlboro Cowboy Pillsbury Doughboy, Energizer Bunny, and Aunt Jemima. Note: there are not necessarily logos. Theme Lines can come from memes. For example, “You’re in Good Hands with Allstate.” “In the Valley of the Jolly Green Giant.” Businesses should be run for the convenience of the customer. The most valuable marketing for small businesses is word of mouth. Fusion marketing is when two or more small businesses advertise for each other. One says they will put your ad on their website if you will do the same for theirs. Or you will put their business cards on your tables if they will do the same for yours. Identify you’re A List customers and keep them happy. They may be 80% of your revenue. Treat them special! They send you business! The power of free. Offer things or samples free to attract customers. Ch. 11 Worksheet (back) a. Guerilla marketing b. Direct response c. Word-of-mouth d. Direct selling e. Telemarketing (cold calling) MQM 223 Lowe f. Guerilla marketing g. Direct selling h. i. j. k. Direct mail l. Direct response m. Guerilla marketing n. Direct mail o. Guerilla marketing p. Direct response q. Direct mail r. s. Word of mouth t. Direct selling Convenience trumps quality.  We are not always going somewhere because it is the best. We often go somewhere because of the location. You can pay an analyst to tell you whether or not your location would be beneficial.  On N. Main, there was a Wendy’s, a Bank and a Kroger. They would often get held up and robbed. Area in town talked “Scary Normal”.  Instead of paying analysts, go into local businesses in the area that you are looking into. Don’t ask sales people, since they will tell you what you want to hear so they can sell it. Aroma Therapy  Businesses fill store with a scent that will make people more willing to buy/shop.  Ex. Lexus dealers have their stores smell of Chocolate Chip Cookies, since people are more likely to buy cars when smelling Chocolate Chip Cookies (who knew?!) Closing Remarks:  When we come back after Spring Break, we will be forming project groups, where we will have the opportunity to adopt a small business that currently exists. rd  Exam is Thursday, March 3 , 2016. MQM 223 Lowe  Fill out Study Guide.  No class on Tuesday, 3/1 (This is a hybrid day)  Hybrid assignment: o Post 2 Small Business Interview on ReggieNet o Study for remainder of the time.


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