Assets of small business can be classified into tangible and intangible assets. The intangible assets include among others “customers” of the business. Customers relate to Market i.e. their meaning in the business context are synonymous. Customers are perhaps the most tangible of the intangible assets of a small business. They can be observed and are often organized into a list or appear in a schedule of debtors.

Their loyalty and commitment to the business makes them a vital asset for any small business. The basic purpose of any small business is to innovate and sell, if there are no customers to buy, the innovations are wasted efforts. An effective market management is necessary for growth and development of small business.

The pivot on which all marketing activities rotates is basically implemented as the 4 P’s of the marketing Mix: namely, product, pricing, place (distribution) and promotion.

The decision on what to produce and offer to the marketing, the most appropriate price, the best channel of distribution to employ in getting the product to the final consumer, and the best applicable promotion to use are the issues involve in market management.

“Marketing” as a concept, involves identifying the needs of customers and providing services to fill those needs”- Phillip Kotler (1995). It is therefore imperative that a small business should identify the product that the customer wants, the price he is willing to part with for it, the place he wants the product to be and how best he acquires the Knowledge of it. Planning, implementation and control of this issue sum up market management.

Effective market management increases customers confident and loyalty to the organization. This in turn will increase patronage, sales and profit.

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sunnywilliam

This author is a writer on business managent and related topic. More information on small business management should be viewed on his blog.