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Week 6: Interactive Learning Activity

6.1 Learning Outcomes:

Describe the components of a bootstrap marketing plan and explain the benefits of preparing one.

Explain how small businesses can pinpoint their target markets.

Explain how to determine customer needs through market research.

Outline the steps in the market research process.

Describe the bootstrap marketing strategies on which a small business can build a competitive edge in the marketplace.

Discuss the ?four Ps? of marketing?product, place, price, and promotion?and their role in building a successful marketing strategy.

6.2 Action Required:

Watch the short video at the following link:

https://www.youtube.com/watch?v=fluSAYgnLasbe

• 6.3 Test your Knowledge (Question):
• What is the value of market research to the small business owner?