Question

Are small business owners at a disadvantage if they lack the marketing research resources large companies have? Why or why not?​

Answer 1

Explanation:

Market research is one of the most useful tools that a business can use to further develop the way it understands customers and maximise the potential for profit and growth.

Answer 2

Answer:

Small business owners are at a disadvantage if they lack the marketing research resources.

Explanation:

• A small business is a challenge for many entrepreneurs.
• They focus on creating quality services and products that will add value to the target consumers.
• Focus on a niche: Small businesses can take an advantage of niche marketing to reach their target customers. Niche markets provide small business owners with a competitive advantage. This might not fulfil the target of the business. Business always aims for expansion which is not possible in the Niche market.  
• Limited staff and promotions: A small business has less staff than a larger business, the owners have a limited number of staff with the skills and abilities necessary to market their products. As a result, small businesses are unable to execute promotions and large-scale events without exhausting their resources and overworking their staff.
• Stuck with Time: The owners spend so much time running the day-to-day aspects of the business. They don't have time to develop marketing strategies. The owners lack time to implement their plans. Their ideas are untouched.      

Hence, small business owners are at a disadvantage if they lack marketing research resources.