As this semester comes to an end, I have to say that I enjoyed this class. I loved learning new things about entrepreneurship and creating the marketing plan. I have learned so much since the beginning, and I only hope that it pays off for my future. Each chapter of this book has taught me something interesting. From marketing, understanding customers and competitors to getting a better idea of what branding really means. And to Mr. White, thank you for all the feedback! You have helped me get a better understanding of what I needed to do, and I can't tell you how much I appreciated that! When my new adventure starts at Alabama, all that I have learned will definitely not be put to waste! I'm looking forward to learning more in Entrepreneur Finance! As I continue this journey, I can honestly say that all my Entrepreneurship classes have made me very excited for my future and my future plans of creating a homely boutique one day!
http://www.entrepreneur.com/article/250852
The article above was a very interesting read about the myths of entrepreneurship. The author, Steve Tobak, had some very interesting things to say. In which they all make sense to me. For example, myth number 4 reads that entrepreneurs have more free time, less stress, and no bosses. I agree with the fact that if you own your own business, you are more than likely working all the time. And it's highly possible that stress comes along with it because you are having to conduct sales, profits, and paying other employees. Also, just because you don't seem to have your own boss as a entrepreneur, you still have to answer to someone else like customers and investors. I also like how the last myth states technology ruined all the jobs. When in truth, it's done nothing more than increase sales and profits. With all this technology, we are able to promote our advertisements and products on social media sites like facebook, twitter, and instagram. This article was well written and a great insight on the myths of entrepreneurship. Just recently I have learned that I've been accepted to the University of Alabama for the Fall 2016 Semester! I have been so excited and beyond ready to begin this new journey in my life! I will be majoring in Apparel and Textiles with a minor in Fashion Retail. Along with my Business Management degree from Wallace, I hope to one day open up a cute little fashion boutique. It's been a dream of both me and my best friend who will be starting college in the Spring! I cannot wait to expand all of my knowledge and skills that I have been so fortunate to learn from Wallace State. Although these college years have been stressful, the journey has been worth it. I never thought it would be possible to attend a school like Alabama. I'll be the first person in my family do such a thing. And that is something to truly be proud of. I hope the readings, videos, and assignments from this class continue to stick with me as I continue on down the road! It has been very interesting learning about entrepreneurship and creating a marketing plan! It's been a challenge, but in the end, it's worth all the hard work and late nights!
I know I often talk about my work a lot on this blog, but today made me realize that my customers often ask the same question about online ordering. When we look something up in our systems, it will tell us if the item is available to order or which nearest store has the item. When the item itself is indeed available to order, it comes straight from our warehouse and arrives with our weekly shipment. However, when it is not available to order, we tell our customer the nearest store. Then we get asked if they could ship it to us. We have to tell them no because it would mess with our inventory. I think it would be a brilliant idea for the company to figure out how to ship store-to-store. Not only would this help satisfy our customers, but would also help increase store sales. This would broaden what we already offer and expand it from just our warehouse stock. Some major retail stores already offer store-to-store shipping, so why not bump up the competition among our competitors?
The other day my best friend and I went to the Galleria to do some browsing and shopping. While we were in the there, you always see those "mini shops" that take place in the middle of the mall. From Alabama/Auburn gear, boutique like clothing, jewelry, you name it, it has a spot in the mall! However, we met this one particular girl who designed phone cases, car decals, cups, and lots of other cute things. She had an adorable little cart and had it perfectly displayed so you could see different designs. She also had her computer and special printer handy for on the spot designs. She has been there for awhile, and she clearly makes good business. The phone cases she offers ranges from the snap on backs to protective ones. All at a reasonable price, and it even includes your own personal design. We were clearly impressed, and my best friend ended up purchasing one of her cases. We watched the whole process and was truly amazed at how easy it looked. She was very sweet and kind. She explained what she did and how she was doing it-which is rare because now a days no one really cares to share information like that to you. She does offer a online shop too which helps draw in more customers if they can't make a trip to the mall. Overall, we were amazed at how the whole process was done, and how well she seems to do with her customers!
The business signage of what I'm going to be talking about is where I am currently working. Every few months or so, we receive new window signage that advertises our new clothing and accessories. The problem? It's far from new. It usually items we've had in for weeks and have already sold out of. We have customers coming by all the time asking if we have the items in the posters, and we unfortunately have to tell them we don't but we'd be more than happy to see if it was available to order. (Which sometimes it isn't because they are still working on online ordering) Most of the time, the customer will say no because they are wanting to see it in person and how it would fit. They don't want to risk ordering it and not see it in their hand before they go and make any kind of decisions. So my thing is, why not send signage with what we are currently getting in our shipment? Why wait and send something out that we may no longer have? And that's hurting our sales when we could have had a potential one. Also, if we do happen to sale out of it, make it available so it IS able to order from our online systems. Sending current signage with our products could increase our sales from the amount of questions we are always getting from curious customers! I hope they come to understand this issue, as much as we have pushed for it!
Entrepreneurial Pricing is when you are trying to determine the right price for your product. In chapter 8 of Marketing for Entrepreneurs, the author states that a young lady was following the guidance of her accounting teacher and going for cost-plus pricing. This means that she was going to be recommending a price that would cover her costs, but only making a small profit. The author stated that she should use competition-based pricing. This allowed her to sell her product at a higher price and she ended up making enough to cover her costs while making profits. Entrepreneurial pricing can be used by many businesses. This allows them time to research the market place and compare with other companies. Just because your competition is offering lower set prices, doesn't mean you have too. How is your quality? How is the value? How is the customer service that comes along with selling? Most people will pay more for a better, long lasting product! And no, you don't always have to price match. Discounting can harm you if you do it often. Only when you see fit, should you offer price matching. How you build your brand will ultimately see how well your product does and how well you've done at pricing it. While there are many more pricing methods out there to follow, these two were just a few to name! When you add value to your product and your company, you are guaranteed to succeed!
Marilyn Monroe inspires women all around the world even though her death was over 52 years ago. She is an icon to today's youth. Marilyn has products everywhere you go. To portraits, art quotes, and a very successful clothing line at Macy's. Back in 2011, Authentic Brand Group bought the rights to everything dealing with her image. This would later bring a line of Monroe Lingerie. With her death back on August 5, 1962 from an overdose, she has continued to fascinate and amaze dozen of fans. This year so far, Marilyn has brought in $17 million dollars from her many products and accessories.
What is it when you go to checkout, and you see that delicious candy bar you've been dreaming about all day? Checkout lanes really know how to satisfy that last impulse purchase. Candy, lip products, gum, and drinks are things that we usually go for at the last possible second when hitting that checkout time. This is a huge marketing setup, and it seems to work extremely well! I know from lots of experience that I usually eye some chocolate, and I have to have it at the last second. To me, there's is nothing more you could add to a checkout lane to cause more of an impulse buy because it's already all there. There are even those entertaining magazines to keep you busy if the line happens to be long or you just want to keep up on the latest celebrity gossip! So the next time you get ready to checkout, and your eyeing all that delicious chocolate or candy, or maybe you're even thirsty, just go for it! A little impulse buy doesn't hurt anyone!
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AuthorMarina Matthews. 21. WSCC Business Management Student. Archives
December 2015
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