WEEK-2

Topic:- Planning for a personal marketing outlet.

Sub-topic:- Setting up and operating a market outlet.
Being a small business owner comes with challenges unique to the size and function of the
business. Managing a marketing outlet effectively is important because your clients
(Companies) rely on you to promote their image.
Here are basic steps that must be taken when setting up personal marketing outlet:-
Securing of fund:- Money is a key element that must be given a place of importance in
the preparation for the setting up of a personal marketing outlet. Money is a source of a
personal marketing outlet. Major sources of funding for personal marketing outlet include
personal savings, financial assistance from friends and relatives and any other sources.
Opening of a bank account:- The amount secured is deposited in a bank account meant
for the firm. The lodgement of the money or loan in the bank is to operate a better
accounting system for the business. All the income from sales should also be paid into the
bank account.
Identification of precise location for the marketing outlet:- Good location should be
selected for the business. The money or amount secured will determine whether to build or
renovate existing structure for the business.
Business registration:- Marketing outlet after securing the location, then apply for the
registration of the business so as to operate with identity. For example; Bright International
Nigeria Limited or Mustapha D. Africa Bookshop.
Procurement of tools and equipment:- It is necessary for a firm to acquire some assets
in the marketing of the goods. For example barbers, cyber cafe operators who provide
services.
Identification of suppliers of goods:- The quality of goods and reliability of suppliers are
vital, particularly in the case of consumer product. Better deals should be made between
the producer and suppliers to allow speedy and continues delivery of goods needed for
marketing.
Staffing:- It involves filling the various positions in the organizational hierarchy. The firm
should employ the best possible staff it can serve and afford.
Developing marketing and sales strategies:- This involves the development of marketing
and sales strategies that will help to sell the firm's product or service to the target markets.
The personal marketing outlets should adopt strategies such as use of polite words,
welcoming the customers into the shop, better appearance of the employees and offering
thank you words. Large business outlet may sometimes employ the use of radio or
television advertisements if necessary.