The literature on small business pricing and advertising practices is nearly nonexistant. Most articles are quite prescriptive in nature. Yet, without an understanding of actual practice, it is difficult to know what specifically to prescribe, particularly in an educational context. The study reported here focused on one form of truly small business — the tourist oriented gift or souvenir shop. A statewide mail survey found that approximately 86 percent of the sample ignored or deemphasized demand factors in setting prices. Additionally, while 88 percent of the respondents used some form of advertising, no single medium was overwhelmingly preferred.
Get full access to this article
View all access options for this article.
References
1.
AnthonyEdward L., “Pricing and Profits in Small Stores” in Small Marketers Aids Annual No. 2. (Washington, D. C.: Small Business Administration, 1960).
2.
AshmenRoy, “A Caveat on Advertising for the Small Business Manager”, Journal of Small Business Management6 (July, 1968). 3–8.
3.
BeardenWilliam O., TeelJesse T.Jr. and DurandRichard M., “Guidelines for Advertising Media Management,”Journal of Small Business Management16 (No. 1, January, 1978). 34–40.
4.
CookHarvey R., Selecting Advertising Media: A Guide for Small Business. (Washington, D. C.: Small Business Administration, Small Business Management, Series No. 34, 1969).
5.
DandridgeThomas C., and SewallMurphy A., “A Priority Analysis of the Problems of Small Business Managers”, American Journal of Small Business3 (No. 2, October, 1978). 28–36.
6.
GrocottCarter, “Newspaper Advertising and the Small Retail Store's Image”, Journal of Small Business Management12 (No. 2, April, 1974). 7–15.
7.
HaynesW. Warren, Pricing Decisions in Small Business.Lexington, KY: University of Kentucky Press, 1962.
8.
KarpRobert E., “On Developing Good Advertising Practices”, Journal of Small Business Management12 (No. 2, April, 1974). 1–6.
9.
KennedyJames, LoutzenhiserJanice, and ChaneyJohn, “Problems of Small Business Firms: An Analysis of the SBI Consulting Program”, Journal of Small Business Management17 (No. 1, January, 1979). 7–14).
10.
LarkinErnest F., and GrottaGerald L., “Consumer Attitudes Toward and Use of Advertising Content in a Small Daily Newspaper”, Journal of Advertising5 (No. 1, Winter, 1976). 28–31.
11.
LennonVictor A., “What is the Best Selling Price?” (Washington, D. C.: Small Business Administration, Management Aid No. 193).
12.
McCarthyE. Jerome, Basic Marketing. Fifth Edition. Homewood, IL: Richard D. Irwin, Inc., 1975. Chapters 23–25.
13.
O'BrienJoseph D., “A Pricing Checklist for Managers” (Washington, D. C.: Small Business Administration, Small Marketers Aids No. 105).
14.
OxenfeldtAlfred R., “A Decision-making Structure for Price Decisions”, Journal of Marketing37 (January, 1973). pp. 48–49.
15.
PetrofJohn V., CarusonePeter S., and McDavidJohn E.Small Business Management: Concepts and Techniques for Improving Decisions.New York: McGraw-Hill Publishing Co., 1972.
16.
StegallDonald P., SteinmetzLaurence L., and KlineJohn B.Managing the Small Business. Revised Edition. Homewood, IL: Richard D. Irwin, Inc., 1976. Chapter 23.
17.
SteinhoffDan. Small Business Management Fundamentals. Second Edition. New York: McGraw-Hill Book Company, 1978.
18.
Wyoming Made Gifts Directory.Cheyenne, Wyoming: Department of Economic Planning and Development, 1976.
