Monday, May 7, 2012

5 P's of Marketing

All of these are very important to the marketing plan. The one I find most important is Pricing highlighted in red. I say this because prices are constantly flucuating and your prices have to be just right to keep customers. You also have to keep an eye on your competitions prices to see what items they have on sale and which ones they have higher. Pricing also is what mainly attracts customers and if yours are to high they will go to your competitors and if they are to low they might think its to cheap. I picked product as the least important because other people have the same products as you. Its not like customers can only get your product at your place they can drive down the block and find. Its all the other factors that affect the attraction of customers to your business.

Thursday, March 15, 2012

Factors Affecting Price

I believe that Government Regulations affects the way you set your prices the least. I say this because from the time we were born we were taught to abide by laws and rules. We are used to abiding by laws, thats how our society has been taught, so why would you stop abiding by laws once you got your own business? I think that Competition affects your price the most. I say this because no matter how much any other factor affects your price, you have to set your prices around your competition. In order to keep your customers you have to have prices competing with your competition or you will end up losing your business.

Friday, March 9, 2012

Friday, January 13, 2012

Trademark History

My favorite brand is Ralph Lauren Polo because it can be casual and formal. Ralph Lauren Polo was founded and trademarked 1967, in New York. He started his business with a brand of mens ties in the catergory mens apparell. The logo he chose was a man on a horse playing the sport polo, and in the middle of swinging his polo stick. What makes this brand so unique is that you can wear it casually or to a businesss meeting as formal wear. Also if you are wearing this brand of clothing, anyone and everyone knows what your wearing and where it came from.
Polo Ralph Lauren logo.png

Thursday, January 5, 2012

THE BIG IDEA SERIES #1

All of the entrepreneurs we learned about today had many things in common. They all had a drive to make money and be a successful independent entrepreneur. All of them also stuck to things they loved to do, which helps a lot when it comes to running a business. Most of them started off by picking something they were missing in life or a problem. I think there are many disadvantages of becoming a young entrepreneur. The people we learned about in the video started in a different day and age, then we have now. It would be a lot harder to start a business at a young age now then it used to be. I think just by the simple fact of being younger, people look down on you and look at you as more naive. For Ryan Blair and Cameron Johnson this was a much different case, they were wiser than many older people and knew what they wanted in life. Another disadvantage is getting the money to support your idea or to get your business started. I found Series #4 more interesting because he started at such a young age and knew what he wanted. I could never imagine a kid at 5 years old starting there own business and making money. By 12 years old he was making over $50,000, that is amazing! As a young kid he had an amazing drive and knew what he wanted, that is what made him stick out to me the most. I think that P. Diddy's business will last the longest out of all of them. I say this for many reasons. P Diddy has the biggest empire out of all of them. He is also very famous and known by many people worldwide. Also in this day and age music is so big that the kind of business he has chosen isn't going anywhere! There's plenty of people he can find to continue his legacy. I would've gone with the pretzel company, but because in that kind of business you can have so many knock-offs. Knock-offs are cheaper versions of there product, which in the long run will cut down the money there making because people are more inclined to buy the cheaper product in this economy.