Advantages And Disadvantages Of Creating A New Business

The 7 P’s helps the business to create an effective marketing mix which brings profits for the business. The 7 P’s include: people, place, price, process, physical environment, promotion and product.

If you start your own business there are many benefits but if you do not know what you are doing, you will fail. You must have a motif, a passion and be willing to sacrifice in order to do what you have to do. Having a business has many benefits like having the ability to fluctuate your hours, building relationships, sharing your knowledge or products. But managing a business is not easy it takes a lot of hard work, dedication, and consistency. A business could make millions one year then be bankrupt the next because the economy is not always the same. You must be able to manage your money well because you must have capital to buy inventory whenever needed, while maintaining a budget to support your family, and to put money away for retirement. Because you could have one really good month but then next month could have no consumers. So your business must be your

In this assignment I will be looking at how product and services are marketed and look at how a marketing mix is developed using the four P 's: Product, Price, Place, and Promotion.

Entrepreneurs are America’s best resource for economic prosperity and growth (Hall, A.) The creation of new products and services start with an idea to create a new product or an innovative product that already exists. The way a product or service is marketed to the consumers is the life or death of a product. Even the best product can fail if it is not presented in such a way that consumers are drawn to purchase it; which is ultimately the goal of any business that plans to make money off a manufactured goods or service. The Four P’s of marketing a product is the outline in which this can be done and what needs to be taken into consideration before the launch of a product. An effective strategy is essential to the growth of any business.

Nowadays, for a company to be successful in the business world one must have a good marketing plan to be successful. One way to accomplish a successful business plan is to use something known as the marketing mix or the four P’s of marketing. These four P’s of marketing are known as the product, place, price, and promotion. If one uses these four P’s one will notice that each of these cover their own part in marketing, which will help make a successful marketing plan. In this paper one will see what each of these four P’s are in marketing. Also one will see how each of these four P’s is used in the marketing plan for Dutch Bros Coffee.

Another way to focus on the companies marketing strategies would be the four P 's (Product, Place, Price, and Promotion). There is an importance of understanding the marketing mix to sell more products as well. Developing an effective and successful marketing mix takes more of an experimentation and following up the process to determine the most effective method of marketing of a product or service for the customers.

It is seldom the case that a new business begins to make money from day one. You will need to build up a customer base, and then work to get repeat customers. This usually takes time, so

Being able to know our customers and their characteristics is very important to having a successful business. To know how to reach the greatest amount of people and be as cost efficient as possible, we need to know which target markets to reach. By knowing our customer characteristics we can find the markets we want to advertise to. We have also laid out the groundwork to our market-product focus, marketing and product objectives, and points of difference and positioning. By knowing these helps us to know who we want to be as a company. Knowing where to advertise our company and our new product is very important. We set up a marketing program, product strategy, price strategy, promotion and place strategy, otherwise known as the four P’s of the marketing mix. By knowing what product we want to sell, how much we want to sell it for, where to promote it, and where to place the product helps us to create the most revenue as possible. Finally we established our financial projections and our three year projections. In the end, with all of our costs associated, we hope to make an estimated profit of $215,838,000 in our first year of business. We want to be more than just a profit seeking company, but we wouldn’t be a business if profit wasn’t our end

Mariotti & Glackin (2013) provide that development of marketing strategy and competitive advantage is from the "Four P's". The "Four P's" include product, price, promotion, and place. This paper further outlines each of the "Four P's". Mariotti& Glackin (2013) recommend continually referring to the mission statement and vision statement while developing the marketing strategy. This reference helps to build the marketing strategy and form the core competency for the business. The first part of the business plan, the mission and vision statements, are stated below:

Starting a business is the latest trend. Just take a look at Instagram. Several profiles have the caption ‘Entrepreneur’. At this very moment, there is someone, somewhere working on an idea, a business plan or launching a startup. Entrepreneurship is on the rise like never before. The flexibility and independence that comes with being one’s own boss is attractive and worth taking the leap in starting a business. However, most people don’t know that being an entrepreneur is a grueling journey that can be very lonely and stressful at times. According to the Small Business Administration (SBA), 50% of businesses fail during the first year. Starting a business can be a scary task, but the

The business-failure rate at 90 percent, which fluctuates when factoring in industry type, deters most entrepreneurs. For this, it is imperative to evaluate the overall opportunity cost when deciding to become a business owner. To produce a strong business plan, one must consider the following— the studying and surveying of the desired business’s market, legal requirements, start-up costs, and the business’s operations.

Entrepreneurship is difficult to define throughout its history research. Even nowadays, this concept is still a debatable point (Rajendra, et al., 2017). Based on four decades of research, Gartner (1988) concludes that entrepreneurs are founders of new firms. Shane and Venkataraman (2000) consider entrepreneurship as “a new venture’s risk-taking endeavor seeking an opportunity” and Fortunato (2014) adds innovative value into the concept of entrepreneurship. Thus, research on the definition of entrepreneurship continue. According to those diverse views, I will interpret six unique entrepreneurial characteristics and theoretically analyze each one. Risk taker, need for achievement and proactivity as my strengthens will be illustrated with my experience. Innovativeness, internal locus of control and tolerance for ambiguity are my weaknesses, thus I will describe relevant successful Entrepreneurs’ experiences.

I work for a multinational company as an international business development consultant. Ms. Jenny Chang, who is the CEO of a Singapore based company, appointed me as a consultant to prepare a report for a new project of her company. Her company developed a new innovative CAD system for designing and weaving wool carpets that can improve the design and manufacturing efficiency significantly. The CEO wants to expand their business in Pakistan. I have following three choices to prepare a recommendation report.

The four P’s of a marketing mix are as follows, product, price, place, and promotion. Each of these offers a marketing parameter for the management and company team to control. With each marketing tool there are decisions that should be met as far as the business is concerned. Therefore, there is a list for each one that should be analyzed to meet the business standards.

The 4 P’s of marketing will be evaluated during this stage. The marketing plan and promotional mix allows the business to build a strategy for the delivering packaging, pricing, promotion, and communication vehicles to provide the best value to the consumer. A sound marketing plan is vital in winning in the market place.