Dominance In The Consumer Market

In an economy where people are trying to get more consumer satisfaction with less available money, large corporate businesses tend to dominate the market. Large companies can drive down retail prices, afford the best locations, and provide one stop shopping. How does a small business expected to compete with such dominance in the consumer market for a reasonable rate of return on goods and services? There are five different items to focus on for the best chance of survival as a small business entrepreneur just starting out or trying to keep a business from becoming a statistic. These items are customer focus, quality performance, integrity and responsibility, innovation and globalization, and finding a special niche (Longenecker, Petty, Hoy, & Palich, 2012). The goal of most business owners is to build a successful business that can be sold for a profit after many years of successful customer service or relinquish it as a family business to continue the legacy and allow family and friends to gain financial benefits of being a business owner. While very few small businesses will ever become the next Walmart, Home Depot, or Microsoft there is no shortage of entrepreneurial dreams that drive business owners toward the one in a million chances of infinite success and wealth. Customer focus can drive a small business to be as successful as or even more successful than larger competition. Providing services and products that consumer’s desire and providing them consistently is paramount to customer retention. Ensuring that the products and services being provided are what the consumers want or need through customer interactions will greatly improve business success. Social media allows consumers to evaluate business performance and quality of goods or services instantaneously, this information is invaluable to business owners who want to grow and stay on track with consumer desires. Larger businesses can struggle to keep the multiple layers of employees interested in customer service like a small, well managed business. The farther the business owner gets from the consumer the harder it seems to keep a feel for customer satisfaction. Quality Performance will maximize customer retention as well as lower the expense of marketing through word of mouth sales. Customers expect nothing but the best once they have made the decision to purchase, giving them one hundred percent every time will ensure they are getting what they pay for every time. Providing quality performance is not a service only large companies can provide, any business that is well managed should be …show more content…
This is not a skill or quality that is taught as much as it is lived by. Consumers will buy more and return to businesses that they trust (Hawthorne, 2015). Entrepreneurs owe it to their customers to do business with integrity and make responsible decisions every day; this will flow through each manager and employee. Providing consumers with as much knowledge as they need to make an educated buying decision will help to ensure they come back in the future and trust the options presented to them as valuable information. Motivation and globalization allows small businesses to perform at the same levels as large businesses. The internet has given small business the ability to reach around the globe to provide the same customer services and products that large business can. Ensuring employee morale is high and customer satisfaction is important, helps small businesses shine over the competition regardless of