Day 4 we talked a lot about chapter 5, which looked at the
marketing mix and plan. Though I already
discussed the four P’s of a marketing mix, I will talk about them a little more
today. The four P’s are product, place,
price, and promotion. There are basically
two different types of businesses, product and service. Product is an object that people buy. A service is an intangible action that is
often done in exchange for a fee. We
also talked about how to successfully create and maintain a brand. This can be done in many different ways, but
to condense it, you want to always provide the customer with the best service
or product on a consistent basis. You
can also do things such as advertise to put your name out there.
One of the most important facets of any new business is the
place. When it comes to place, the key
is location, location, location. On the
other hand, the invention of the internet has made this a little less important
because now you can find new product or services all around the world with the
click of a button. However, where you
are located at is still very important, especially if you are a service
business. Judy gave us the example of
the cool building that has been around seven different restaurants in the past
ten years simply because it was located a block off Hamilton Avenue. It might have had delicious food, but because
people did not see it all the time, out of sight, out of mind, they did not
think of going to eat there.
We moved a little bit into chapter 6 before the end of
class. Chapter 6 really focused on the
selling of your new product or service.
There are many different ways to try to help your business sell
itself. You can advertise and wait for
customers to come to you, but the squeaky wheel gets the grease. You are only going to be truly successful at
selling your product if you get up and go out and try to sell your
product. Go talk to managers of big
stores and set up meeting with owners of companies. Even if they are not thrilled about your new
product, they will love that you got up and took action to make your business
successful. Even if they do not want to
buy your product, you can still learn from your failure. Maybe ask them why they don’t want you
product, or what improvements they think you should make.
I thought the two videos we watched were very interesting. I think a food truck is a great idea. But, I believe that the most important
concept I learned from this video was that even though the owners had to work
really hard, they still enjoyed their work because it was their own. They owned their own business and that made
the long hours and hard work worth it.
The second video about the microlending was very interesting as
well. I had never heard of microlending
before this, but it sounds like a good idea to me. I believe that giving loans to immigrants and
helping them start their own business is not only righteous, but also truly
embraces the American spirit. This
country was founded by immigrants and we wanted to be free, not only from other
countries, but also free do what we want, even on work. I believe that this is an amazing concept
that is not only good for the immigrants and women it directly helps, but also
good for the country as a whole. I love
the United States and I am extremely glad to see this kind of entrepreneurship
and kindness take place in the greatest country on the planet!
God Bless the U.S.A.!!!!!
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