Do consumers really base their purchasing decisions on price? That's a common question I'm often asked. Truth is that price plays a part in the consumer evaluation of a purchase, but it is not the end all be all. Consumers evaluate experience, quality and price.
You must create an experience that makes a consumer want to purchase from you. You can draw some consumers strictly on price, but the problem with that is they will leave you if someone offers them a lower price, is that really the loyalty that you want to attract?
When you create an experience and you give consumers exceptional service you will gain committed loyalty from consumers. This is the loyalty that will keep consumers coming back to you, even if you don't have the lowest price.
With that being said, I know that many companies struggle with price setting. How do you know if you've set the right price for your product? Great question, in this week's article we discuss the promise of price and how you can set and get the right price for your product or service.
-very interesting because i think that poeple do bese their purchasing decision on Price
March 31, 2009
March 30, 2009
Discounts
1. Will these discounts work?
-yes it could, all the people coming could make up for loss of revenue
2. Is the economy that bad as to where people will not travel on vacation?
-some people may not have enough money to, but other people might so it all depends.
3. Does it hurt in state residents decision to travel to in state vacation areas?
-i dont think so.
4. Would it hurt the economy more to offer these discounts?
-i dont think so, the discounts dont have to be that much
-yes it could, all the people coming could make up for loss of revenue
2. Is the economy that bad as to where people will not travel on vacation?
-some people may not have enough money to, but other people might so it all depends.
3. Does it hurt in state residents decision to travel to in state vacation areas?
-i dont think so.
4. Would it hurt the economy more to offer these discounts?
-i dont think so, the discounts dont have to be that much
March 24, 2009
summa campp!
1. What are your thoughts on summer camps?
-i think they are a good thing. They can get your kids out of the house and interacting with other kids, instead of being a couch potato.
2. Are they worth the money in this economy?
-No, I think we have better things to spend our money on. like paying bills and things..
3. What are some alternatives to summer camp that you can think of
- Day care, weekend at a friends house, week at grandmas?
-i think they are a good thing. They can get your kids out of the house and interacting with other kids, instead of being a couch potato.
2. Are they worth the money in this economy?
-No, I think we have better things to spend our money on. like paying bills and things..
3. What are some alternatives to summer camp that you can think of
- Day care, weekend at a friends house, week at grandmas?
March 23, 2009
UInemployed...
1. Are these people doing the right thing to gain a job?
-yes, i believe they are, though as there is not much they can do. They are old, and unemployed....what now.
2. What could they do to make themselves more appealing to prospective employers?
- i really dont know anything else they could have done that they didnt do.
3. If you became unemployed, how would you go about finding a job?
-just look online, newspaper, call the job helpline. There is alot of agencies out there that will help you find a job.
4. Are those with degrees more able to get a job or is the economy so bad that it doesn't matter?
-degrees would be the first to get jobs if there were job openings.
-yes, i believe they are, though as there is not much they can do. They are old, and unemployed....what now.
2. What could they do to make themselves more appealing to prospective employers?
- i really dont know anything else they could have done that they didnt do.
3. If you became unemployed, how would you go about finding a job?
-just look online, newspaper, call the job helpline. There is alot of agencies out there that will help you find a job.
4. Are those with degrees more able to get a job or is the economy so bad that it doesn't matter?
-degrees would be the first to get jobs if there were job openings.
March 16, 2009
Marketing
Basically, you might look at marketing as the wide range of activities involved in making sure that you're continuing to meet the needs of your customers and are getting appropriate value in return. Think about marketing as "inbound" and "outbound" marketing. (In the following, consider "product" to be either a tangible product or a service -- nonprofits often refer to these as "programs".)
Inbound Marketing Includes Market Research to Find Out:
What specific groups of potential customers/clients (markets) might have which specific needs (nonprofits often already have a very clear community need in mind when starting out with a new program -- however, the emerging practice of nonprofit business development, or earned income development, often starts by researching a broad group of clients to identify new opportunities for programs)
How those needs might be met for each group (or target market), which suggests how a product might be designed to meet the need (nonprofits might think in terms of outcomes, or changes, to accomplish among the groups of clients in order to meet the needs)
How each of the target markets might choose to access the product, etc. (its "packaging")
How much the customers/clients might be willing pay and how (pricing analysis)
Who the competitors are (competitor analysis)
How to design and describe the product such that customers/clients will buy from the organization, rather than from its competitors (its unique value proposition)
How the product should be identified -- its personality -- to be most identifiable (its naming and branding)
Outbound Marketing Includes:
Advertising and promotions (focused on the product)
Sales
Public and media relations (focused on the entire organization)
Customer service
Customer satisfaction
Too often, people jump right to the outbound marketing. As a result, they often end up trying to push products onto people who really don't want the products at all. Effective inbound marketing often results in much more effective -- and less difficult -- outbound marketing and sales.
________
i find this fairly interesting because it explains how the term Marketing is commonly misused
Inbound Marketing Includes Market Research to Find Out:
What specific groups of potential customers/clients (markets) might have which specific needs (nonprofits often already have a very clear community need in mind when starting out with a new program -- however, the emerging practice of nonprofit business development, or earned income development, often starts by researching a broad group of clients to identify new opportunities for programs)
How those needs might be met for each group (or target market), which suggests how a product might be designed to meet the need (nonprofits might think in terms of outcomes, or changes, to accomplish among the groups of clients in order to meet the needs)
How each of the target markets might choose to access the product, etc. (its "packaging")
How much the customers/clients might be willing pay and how (pricing analysis)
Who the competitors are (competitor analysis)
How to design and describe the product such that customers/clients will buy from the organization, rather than from its competitors (its unique value proposition)
How the product should be identified -- its personality -- to be most identifiable (its naming and branding)
Outbound Marketing Includes:
Advertising and promotions (focused on the product)
Sales
Public and media relations (focused on the entire organization)
Customer service
Customer satisfaction
Too often, people jump right to the outbound marketing. As a result, they often end up trying to push products onto people who really don't want the products at all. Effective inbound marketing often results in much more effective -- and less difficult -- outbound marketing and sales.
________
i find this fairly interesting because it explains how the term Marketing is commonly misused
March 13, 2009
savin money
1. Is this too extreme at this time in the recession?
- no i dont, i think it is a really good idea. I think that putting away money and saving
things, is a really good thing.
2. Do you or your family do any saving to this extreme? If so, What?
-no we dont.
3. Do you think that eventually we will all have to save 50% or more of our income each month?
-no, but we might. we will have to wait
and seee!
4. What are other methods that you may know of to save more money?
- not buy things that you dont need. save money, dont go out! dont eat at
fast food resteraunts!
- no i dont, i think it is a really good idea. I think that putting away money and saving
things, is a really good thing.
2. Do you or your family do any saving to this extreme? If so, What?
-no we dont.
3. Do you think that eventually we will all have to save 50% or more of our income each month?
-no, but we might. we will have to wait
and seee!
4. What are other methods that you may know of to save more money?
- not buy things that you dont need. save money, dont go out! dont eat at
fast food resteraunts!
March 12, 2009
Myrtle Beachh!
1. Could this be a good idea?
- i do think this will work, it's a really good idea. I know when i go to the beach i want to have a blast. Nd' with there ideas i know i would.
2. Did it hurt Myrtle Beach that they are going away from students and bikers and push more toward families? Why?
-yea, i know during spring break and summer alot of students like to go to the beach. and that is alot of tourism right there. Nd' during bike week there is an uncountable amount of ppl there. It really will hurt them.
3. What would you do to encourage tourists to MB during this recession??
-Make this more fun, have more tourist attraction. bring bike week backk.!
4. Are free activities what MB needs to do to gain tourists?
-that would be great, expecially during this recession!
- i do think this will work, it's a really good idea. I know when i go to the beach i want to have a blast. Nd' with there ideas i know i would.
2. Did it hurt Myrtle Beach that they are going away from students and bikers and push more toward families? Why?
-yea, i know during spring break and summer alot of students like to go to the beach. and that is alot of tourism right there. Nd' during bike week there is an uncountable amount of ppl there. It really will hurt them.
3. What would you do to encourage tourists to MB during this recession??
-Make this more fun, have more tourist attraction. bring bike week backk.!
4. Are free activities what MB needs to do to gain tourists?
-that would be great, expecially during this recession!
March 9, 2009
businessssss.
It was really hard for me to know what they were talking about. I really didnt understand it and i couldnt really tell you any thoughts about it. I think the two types of entrepreuners are very realistic. I think this guy really knows what he is doing! There are up's and down's to owning your own business but as long as you make the RIGHT choices, you can go wrong.
March 6, 2009
risk//industry//Friday!
1. Research the three types of risk (economic, natural, and human) Writing down what each part represents and give an example.
*an economic risk Is the danger that an economy could against your investment., and example would be a real estate company in a preiod of high intrest rates.
*a natural risk is probablitly of harm to human health, property, or the invironment posed by an aspect of the physical world other than any human, and an example would be living in the bahamas knowing there will be huricans, your taking a "Natural being the hurican" risk.
*a human risk is the degree of likelihood that one or more exposures to a hazardous substance may have damaged or will damage the health of the exposed person(s) and an example would be going to "The Hood" knowing you could get shot") haha,
2. How do they protect against each risk from the aspect of a business owner or entrepreneur.
*economicaly you could make sure the economy dosn't or couldn't affect you in any way, so you could change that if you knew it could before hand. Naturaly make sure your business is not in a place that it could get harmed make sure its safe, and humanicaly make sure your employees are trained on the equipment so they dont get hurt.
3. Have them find the website for About Retail Industry. It is part of the About.com network.
And answer the specific questions here:
a. How much money per year do businesses lose through theft and employee error
* 10 to 150 billion dollars a year
b. What is the majority age of shoplifters
* 17 and younger
c. What is the average theft amount per incident
*$200.00
d. What is source tagging
*Source tagging is the embedding of disposable RF security labels at either the point of manufacture or packaging.
e. What are the three major retailers that are using source tagging
*Pep boys, Food Lion, and ADT
f. Find another article on retail theft and name it. Also, write a short paragraph summary of the article illustrating the main points.
* "
LAKELAND Law enforcement arrest teams throughout Central Florida today served five search warrants and arrested up to 18 people related to a multi-million dollar retail theft ring and fencing operation involving health, beauty and cosmetic products and over-the-counter medicines, according to the Polk County Sheriff's Office.
Each of the suspects is being charged with one count of felony racketeering, which carries a maximum penalty of 30 years in prison, and one count of felony conspiracy to commit racketeering, which carries a maximum penalty of 15 years in prison.
“What started as a simple shoplifting investigation turned into the discovery of a far flung criminal conspiracy that counted on common street criminals to steal millions of dollars of merchandise to supply other criminals selling on the Internet and in flea markets. Because of our talented investigators and team work with multiple agencies, these thieves and criminal resellers will be going away to prison for a long, long time,” Sheriff Grady Judd said.
The arrests come at the end of a seven-month long investigation that began June 26 when Rita Maddox, currently in the Hillsborough County Jail, and Elisha Cordle of Dover were arrested by Polk County Sheriff’s Office deputies for stealing about $4,500 in merchandise, mainly Oil of Olay products, from the Shepherd Road Publix in Lakeland, according to the Sheriff's Office.
The initial investigation into the retail theft revealed that the suspects were part of a larger organized criminal enterprise that operated in multiple jurisdictions.
The investigation further uncovered that the theft and fencing operation had been operating for about five years and is linked to retail loss statewide, the Sheriff's Office said. "
g. Why do you think people shoplift?
* because they dont have enough money to buy it so they have to steal it, the way i look at it tho is if you dont have enough money to buy it then you dont need it.
h. What are the advantages for a retailers using source tagging?
* Retailers, who represented 97 percent of the chain drug store market, and leading consumer packaged goods manufacturers met to collaborate on source-tagging solutions that will enable them to ensure solid in-stock positions, maximize inventory turns and reduce shoplifting losses. The day-long interactive workshop included presentations by representatives from CVS, Rite Aid, GlaxoSmithKline and Gillette. Discussions covered a wide range of topics, from addressing pseudoephedrine legislation to maximizing EAS alarm information to making the transition to EPC/RFID.
i. Do you think About retail industry would be a good source for information for a business owner. Who or why not?
no, because i couldnt really find anything on it.
*an economic risk Is the danger that an economy could against your investment., and example would be a real estate company in a preiod of high intrest rates.
*a natural risk is probablitly of harm to human health, property, or the invironment posed by an aspect of the physical world other than any human, and an example would be living in the bahamas knowing there will be huricans, your taking a "Natural being the hurican" risk.
*a human risk is the degree of likelihood that one or more exposures to a hazardous substance may have damaged or will damage the health of the exposed person(s) and an example would be going to "The Hood" knowing you could get shot") haha,
2. How do they protect against each risk from the aspect of a business owner or entrepreneur.
*economicaly you could make sure the economy dosn't or couldn't affect you in any way, so you could change that if you knew it could before hand. Naturaly make sure your business is not in a place that it could get harmed make sure its safe, and humanicaly make sure your employees are trained on the equipment so they dont get hurt.
3. Have them find the website for About Retail Industry. It is part of the About.com network.
And answer the specific questions here:
a. How much money per year do businesses lose through theft and employee error
* 10 to 150 billion dollars a year
b. What is the majority age of shoplifters
* 17 and younger
c. What is the average theft amount per incident
*$200.00
d. What is source tagging
*Source tagging is the embedding of disposable RF security labels at either the point of manufacture or packaging.
e. What are the three major retailers that are using source tagging
*Pep boys, Food Lion, and ADT
f. Find another article on retail theft and name it. Also, write a short paragraph summary of the article illustrating the main points.
* "
LAKELAND Law enforcement arrest teams throughout Central Florida today served five search warrants and arrested up to 18 people related to a multi-million dollar retail theft ring and fencing operation involving health, beauty and cosmetic products and over-the-counter medicines, according to the Polk County Sheriff's Office.
Each of the suspects is being charged with one count of felony racketeering, which carries a maximum penalty of 30 years in prison, and one count of felony conspiracy to commit racketeering, which carries a maximum penalty of 15 years in prison.
“What started as a simple shoplifting investigation turned into the discovery of a far flung criminal conspiracy that counted on common street criminals to steal millions of dollars of merchandise to supply other criminals selling on the Internet and in flea markets. Because of our talented investigators and team work with multiple agencies, these thieves and criminal resellers will be going away to prison for a long, long time,” Sheriff Grady Judd said.
The arrests come at the end of a seven-month long investigation that began June 26 when Rita Maddox, currently in the Hillsborough County Jail, and Elisha Cordle of Dover were arrested by Polk County Sheriff’s Office deputies for stealing about $4,500 in merchandise, mainly Oil of Olay products, from the Shepherd Road Publix in Lakeland, according to the Sheriff's Office.
The initial investigation into the retail theft revealed that the suspects were part of a larger organized criminal enterprise that operated in multiple jurisdictions.
The investigation further uncovered that the theft and fencing operation had been operating for about five years and is linked to retail loss statewide, the Sheriff's Office said. "
g. Why do you think people shoplift?
* because they dont have enough money to buy it so they have to steal it, the way i look at it tho is if you dont have enough money to buy it then you dont need it.
h. What are the advantages for a retailers using source tagging?
* Retailers, who represented 97 percent of the chain drug store market, and leading consumer packaged goods manufacturers met to collaborate on source-tagging solutions that will enable them to ensure solid in-stock positions, maximize inventory turns and reduce shoplifting losses. The day-long interactive workshop included presentations by representatives from CVS, Rite Aid, GlaxoSmithKline and Gillette. Discussions covered a wide range of topics, from addressing pseudoephedrine legislation to maximizing EAS alarm information to making the transition to EPC/RFID.
i. Do you think About retail industry would be a good source for information for a business owner. Who or why not?
no, because i couldnt really find anything on it.
March 5, 2009
1. What do you know of Virgin?
-it is a record company founded by richard branson,
2. What are your thoughts on beginning a business from scratch and making it into a multi-billion dollar corporation?
- i think that if you have the will power and patience to do so then more power to ya. If you think that you can than go for it.
3. What kind of marketing techniques did he use?
- they expanded into more of a variety, better way to get your name out there.
4. Do you think that you are born to be an entrepreneur or become one through schooling and learning?
-sure dont, i am not that kind of person and i sure dont have the pateince for that.(spelling is probly wrong)
-it is a record company founded by richard branson,
2. What are your thoughts on beginning a business from scratch and making it into a multi-billion dollar corporation?
- i think that if you have the will power and patience to do so then more power to ya. If you think that you can than go for it.
3. What kind of marketing techniques did he use?
- they expanded into more of a variety, better way to get your name out there.
4. Do you think that you are born to be an entrepreneur or become one through schooling and learning?
-sure dont, i am not that kind of person and i sure dont have the pateince for that.(spelling is probly wrong)
March 3, 2009
entrepreneurship
If i were to open my own business it would have to be a clothing company. Something for teenagers, not too trashy and not too grandma-ish. Something for the nowaday fashion. My target market would be teenagers to early twenties, both boys and girls. Probably ranging in age from 14-24. I would Sale School Cloths since most teenagers and twenties are in school/college. I would also sale like weekend cloths. Something you could go party in or go to the club in. We all know teenagers like to do that! I would use a really good market plan. Make fliars, or higher someone to make them for you. It all depends on the time of year, whether its springs, summer, winter, or fall. Depending on how i would make them. I would Probably do a fashion show. At the store to save money and invite people to come see what we have to offer.
Subscribe to:
Comments (Atom)
