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MGT601 - SME Management - Lecture Handout 33

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ROLE OF MARKETING IN SME – II

Marketing Decision Variables

  1. Marketing Controllable Variable
    • Target Market Segment
      • Location
      • Target customers
      • Timing
    • Products offered
      • Type of product
      • Range of product
      • Design features
      • Quality
    • Price
      • Price level
      • Price variables (discount)
      • Maintenance
    • Advertisement & Promotion
      • Advertising level
      • Advertising media
      • Sales promotion
    • Distrbution.
      • Channels
      • Number of sales outlets
      • Warehousing facility
    • Servicng

    Read more: MGT601 - SME Management - Lecture Handout 33

MGT602 - Entrepreneurship - Lecture Handout 39

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PREPARING FOR THE NEW VENTURE LAUNCH: EARLY MANAGEMENT
DECISIONS (Continued….)

RECRUITING AND HIRING NEW EMPLOYEES

The entrepreneur will generally need to establish procedures and criteria for hiring new employees.

Advertising in local newspapers and referrals from friends and associates is most effective for entry-level positions. For senior management the most effective strategy is networking with friends and business associates. Personnel agencies may also be considered if there are no other effective options.

Once resumes have been collected some basis of determining each candidate’s strengths should be made.

Some criteria must be used in the resume evaluation. Factors such as education, prior experience, entrepreneurial activities, and interests can be used to assess candidates. From the initial screening of resumes, a few candidates can be invited in for an interview. Most firms use an interview form with critical factors listed for evaluating the interview candidates. The goal should be to hire not only the best candidate but also someone who will perform well in the entrepreneurial environment and provide a long-term solution to the available position.

Read more: MGT602 - Entrepreneurship - Lecture Handout 39