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.

Pricing Policy

Pricing policies and strategies examples

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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.

My Budget Project

http://larochechristianhhs.edu.glogster.com/glog/

Chapter 9: Site Selection and Layout Planning

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.

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.

Advantages disadvantages

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Market Research Analysis

Market analysis 3

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Market Research Analysis

http://www.kwiksurveys.com/?s=OIJEOK_e381f82

The purpose of this survey is to find out what my customers want and get some feedback from them. This survey will help my business and will affect how I run my business. It will help me get a headstart on my business.

Market Research

Market research is an essential part of any business that wants to offer products or services that are focused and well-targeted. Business decisions that are based on good intelligence and good market research can minimize risk and pay dividends and by making market research part of your business process. By collecting data on factors that affect your business, you already have a head start on your competition. You can also collect data on your competition, and see who’s the customer favorite and see who is in the bottom of the food chain. Ultimately, collecting data on anything can help any situation but in the business world in can be a huge difference from your business being a huge success, to it being a huge fail.  

REFLECTION ON CHAPTER 3

I have learned a ton of interesting and valuable information in Chapter 3! I learned the eight entrepreneurial trends. The eight entrepreneurial trends include, internet business, home based, strategic alliance, social responsible non-profit business, corporate ventures, services, outsourcing and focus on technology. They all differ from each other in how they are made, how they are run, where they are run, and many other ways; but together they make up the business world and they all have their own effect on the society they are in. I learned the difference between a franchisee and a franchisor. The franchisee is the buyer of the franchise, while the franchisor is the seller of a franchise. They have many similarities and difference which I learned thanks to the vin diagram. I also learned about trade magazines, trade shows and specialty magazines which are all huge parts of the business world! They are magazines based on the business world that let you know what is going on and can keep you updated. I learned that demographics are personal characteristics that describe a community. The main point I really learned is this chapter is all about the “franchise”. I never knew any of this information before taking this class. A franchise is a legal agreement to begin a new business in the name of a recognized company. It’s a quick way to start your own business without all of the other obstacles you have to deal with, when starting a business from scratch. The only down fall is that you aren’t your own boss because your just taking ownership of a store but you still have a higher power to answer too. Over all, this was one of my favorite lessons yet and I thoroughly enjoyed learning more about the business world!  

FRANCHISE VIDEO feedback

We watched a franchise video in class. It was a video to show us how to get started on buying a franchise. It showed us how many companies are sold in the U.S. as franchises. A franchise lets people own/run business without risk of a typical start up. It showed us some of the steps in purchasing a franchise. For example, step one of buying a franchise is getting a copy of the FDD. The FDD is an acronym for, Franchise Disclosure Document. The normal start-up cost is $200,000. A Franchise fee is usually varies from $10,000 to $50,000. Lenders rely on the Small Business Administration for franchise information. Item 20 helps you learn more about store openings, closings, franchisees numbers, and gives you an idea of the success you should expect from your franchise. It was a great informal video!

Link: http://www.bloomberg.com/video/74720473/

ENTREPRENEURIAL TRENDS

I think the Strategic Alliance is the most successful Entrepreneurial Trend. I say this because you work together with another successful company, to make more profit. You also attract your clientele and theirs. So you can possibly increase your sales by getting some of their buyers to buy your products. This is why I think the Strategic Alliance is the most successful entrepreneurial trend.

RELFLECTION OF CHAP. 2

I learned a ton of things in Chapter 2. I learned the rewards and risks of taking on a business and becoming an entrepreneur. I learned the difference between capital and investment. I learned that competition is everywhere, even in the business world. As an entrepreneur, you have more freedom than your employees. You can choose to work from home or from a work place. As an entrepreneur you make an economic contribution to the community. I learned the skills you need to organize a business. I learned the 12 characteristics you need to be a successful entrepreneurs. I learned a lot in chapter 2 and look forward to getting more business knowledge.

12 CHARACTERISTICS OF AN ENTREPRENEUR

I chose Risk-taking to be the most important characteristic that every entrepreneur must have. I chose this to be the best characteristic out of the 12 for many reasons. If you are scared to take risk and don’t believe it’s going to be worth it, you can never be a successful entrepreneur! Taking risks is the first step in being an entrepreneur. If you can’t comfortably take the risks of investing in your business then you can’t be a successful entrepreneur. You have to be willing to take risks that you think and truly believe is going to benefit your business, without knowing the outcome. It’s as simple as that.

Why be an entrepreneur? Post your collage on your blog. in paragraph form, explain in detail the reasoning behind the words chosen. It must relate to REWARDS, RISK, and CHARACTERISTICS.

My collage portrays some of the many risks and rewards of being an entrepreneur and taking on a business venture. Taking on a business venture is one of the most risky tasks you can take on and challenge yourself with, because your business can easily fail leaving you with debt. You never know if the population is going to take a liking to your business or if it will just flop. Although it’s a huge risk starting up a business there are also many rewards too, and in my opinion the rewards outweigh the risks. I have portrayed many rewards on my collage. I chose to put the #1 Cash Rewards Program because If your business becomes successful than so will your bank account.  In my opinion, by doing something you enjoy, doing it on your schedule, being your own boss, and making bank at the same time, it would ultimately be the #1 Cash Rewards Program.  I included the SUMMER: (now available at home) because by taking on your own business, that means you are going to be your own boss.  This means that you can choose when you want to go into work, or if you want to work from home, meaning that you could enjoy your summer at your house. I included RICHER on my collage because essentially by owning a successful business you will become richer in pocket, mind and body. I included EXPERIENCE on my board because as you go on and build your business you’re going to build experience (from mistakes and competition) and knowledge, which will help you in life and in the business world. I included the designed house, because you can build your dream house from scratch by being your own boss. You will have the money and the resources to build your own house; you will also have the times on your hands to design your house because you’re not on a schedule. I included the family cooking in the kitchen, because by running a business you may not get to spend time with your family as much as you wish. I included the nice car because you can have just about any car you want if your business is a success! If your business flops then you will not be buying this nice car but probably riding the Marta… but good try though! I included the picture of the lady doing labor in the corner because by owning your own business you won’t be doing labor; you will be hiring people to do that for you. I included the credit card to represent debt. If your business is a success then you won’t need credit cards but if it isn’t then you will be in debt and probably be dependent on credit cards. I included the beach ball to represent vacation which your family could take when they wanted, because you’re not on a certain schedule. I included FED UP because you might get fed up with the hardships of owning a business and quit doing it.

There are many rewards to taking on an Entrepreneurship and being an Entrepreneur. One of the most obvious rewards is that you can be your own boss. By being your own boss it ultimately means that you almost free to do what you want. You can set up your own schedule. If you’re not a morning person then you can go into work at night, or vice versa. You can also know where your job stands and know if your business is in trouble, opposed to waking up one morning and getting fired. Other than being your own boss, you’re going to be doing something that you enjoy and not something you dread doing. You are also making bank if your business is a success! You can also be creative and everything you do is up to you, your in control of YOUR business. That’s the best reward to me.

Chapter 1- What is Enterpreneurship? Discuss in detail what you learned from Chapter 1. New terms, etc.

Entrepreneurship is being an entrepreneur, which can be defined as a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk. I have learned a lot from Chapter 1. I learned a vast amount of new terms in Chapter 1. Most of the new terms I learned were incorporated in my game board including, Supply and Demand, Monopoly, Free Enterprise System, The Market Structure, Equilibrium, etc. I also learned about the Entrepreneurial Start-up Process which is very interesting because no steps are known be "the most important step", they are all important. I learned how the Entrepreneur affects the economy and his/her community. I’ve learned a lot in Chapter 1 and I look forward to learning more throughout the year!

WHAT IS ECONOMICS AND HOW IS IT IMPORTANT TO ENTREPRENEURS?

Economics is the branch of knowledge concerned with the production, consumption, and transfer of wealth. Entrepreneurs are innovators, they create new goods and services, they improve existing products, and they observe an opportunity. They also provide choice, they add a variety to the market place. They also provide jobs, they hire workers for their businesses. They consume resources which supplies jobs in the industry to supply those resources. Ultimately they help the economy grow and they help the community there in grow.