The National Federation of Independent Business said its index of business optimism declined to 96.7 in June from 98.5 in May. Only 9% of respondent firms said they planned to expand hiring. This is down 5% from May. The percentage of small businesses calling this a good time to expand also dropped to 13% from 18%. Even though many of…
Researchers, psychologists and sociologists find the topic of pre purchase decision making process very exciting. Each day they come across new parameters involved in the process. Decision making process typically starts with the feeling of need. For example, it is raining and you don’t have an umbrella. This is the time when the individual in question feels the need for…
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Getting your customers involved in product development has its advantages. For one, you increase your chances of developing targeted products with a greater rate of success. Secondly, you are able to strengthen existing relationships with your customers while creating mutual benefit. However, there are also potential disadvantages. Customers could be disappointed with your product and its quality. If so, be…
When you are promoting your small business through communication or promotion, it is essential to understand the characteristics of your target audience. Target audience means the set of people who are initiators or buyers or users or decision makers or influencers in the purchase process. The small business owner has to have clear understanding of the role played by each…
Once a legendary advertising expert had this to comment – I know half of my advertising money goes waste, but I don’t know which half? Here lie the beautiful and disastrous aspects of advertising. Advertising is beautiful as long as it is effective, especially for small businesses. Beautiful advertisement without effectiveness is not really a beautiful advertisement. Selection of media…
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