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Strategies for business strategy level
PURPOSES OF BUSINESS strategy
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Market Fair: A Business Experience Market fair has been a wonderful learning experience that has allowed me to really get a feel of the business process. Collaborating with my group members we were able to overcome many obstacles and build our business from scratch. From the very beginning we were brainstorming ideas, each member pitched in their concepts for our stand. We came to a conclusion after analyzing our target audience, affordability as well as practicality. Using our chosen concept of Mac and Cheese, we created our company name as well as logo and slogan to go with our brand. Using the taste test project to our advantage, we critiqued the recipe we used and adjusted it accordingly. Furthermore, we conducted a market research survey …show more content…
We went through a lengthy process to come up with and execute our concept which gave us an idea of how it is like in the real world. For instance, starting up a restaurant, or pitching a product idea. We obtained crucial knowledge about the planning of expenses for a business. This gave us an idea of the various factors and details involved when selling a product such as aesthetics, quality, and preparation. Even though this gave us useful insight, it may undermine the true extent of business. We went through many of the major steps, but there are also many more problems that we may encounter we we start areal business. However for a Grade 10 course, it gave us the right idea of the pressures and stresses when starting up a business. Overall, Market Fair has been an effective learning experience that incorporates the fundamental aspects of starting up a …show more content…
First of all, we realized the importance of making the food live. This became an issue on the first day when people did not see us making the food, they automatically assumed that our stand was not ready yet. Also, we understood why the visual appeal of the dish contributed greatly to a customers decision to purchase your product. Therefore, the two main things our group would have done differently is having our product made live and look aesthetically pleasing to our
Product: The company produces a physical good – Cookies/Crackers. In doing this, the company became diversified by the use of several product lines, not just one line of cookie or cracker. Also, in acquiring other businesses, the company thought it best to keep the originating firm’s brand name vice-carrying its name on the new product (i.e., Sunshine company). In thins regard, Sunshine’s Cheeze-It cracker line would not risk losing customers who are accustomed to that logo on the product or the name being used in association with the product.
Analyze the “Happy Cows” campaign that was developed for the California Milk Advisory Board to promote Real California Cheese from an integrated marketing communications perspective. Why do you think the campaign has been so successful?
The rebirth of the farmers market, and does it have enough movement to expand, would it make a difference in the local economy. I want to explore if it is economical for a person to start a business and make a decent living, with today’s standards of living. Second the quality of produce at a farmers market compared to a supermarket. Finally research if small businesses contribute more to local economy more than the larger businesses.
The current issues that have been created by the market have trapped our political system in a never-ending cycle that has no solution but remains salient. There is constant argument as to the right way to handle the market, the appropriate regulatory measures, and what steps should be taken to protect those that fail to be competitive in the market. As the ideological spectrum splits on the issue and refuses to come to a meaningful compromise, it gets trapped in the policy cycle and in turn traps the cycle. Other issues fail to be handled as officials drag the market into every issue area and forum as a tool to direct and control the discussion. Charles Lindblom sees this as an issue that any society that allows the market to control government will face from the outset of his work.
Currently, the company lacks of focus as it has a diverse product line with too many varieties of cheese products. With so many products it cannot be sure to decide as to which market segment to target in order to take the advantage of the growing market.
The ideation process constitutes of several steps, which include defining the objectives, formulating tasks, generating ideas, developing concepts, and results evaluation. To begin with, generation of ideas is carried out to help in pro...
When an individual decides to venture out on their own and become an entrepreneur they are taking a huge risk, one of the tools that can make the difference between being successful or failing is the Business Model Canvas (BMC). Osterwalder invented the BMC because he believed that a company’s first business plan always failed the minute it reached the customers, leaving the owners discouraged and deflated and feeling that they had wasted time, energy and money; so he wanted to create a more flexible business plan that owners can edit and make the changes needed to reach the customers needs "One Tool Startups Need to Brainstorm, Test and Win | First Round Review," n.d.). The canvas consists of nine elements or building blocks that create a visual template spelling out the business’s value proposition, infrastructure, customers and the finances (White, 2012). Breaking down the key elements that are vital to taking customers needs, wants or problems into a fruitful company
In retrospect to my high school career, I believe that it has been the most significant learning experience of my life. This is because it was the place where, along with my household, I matured from a kid to a borderline-adult through a variety of life experiences. With that said, one of my defining traits is my business-oriented mindset, and that is the result of my studies in an IB Business course throughout the 11th/12th grades. This course holds a special significance to me as it helped me truly understand how the world works in a business sense: “why do companies choose to market their goods in a certain manner? How are consumers directly affected by corporate decisions?”
Understanding a business is imperative for the realization of goals. By facilitating the communication of goals and serving the front line employees to achieve their goal, the production of a corporation will reach its
Markets exist for the vast majority of goods and services. Markets can be defined broadly or narrowly. For example there are the consumer goods, capital goods, commodities, financial and labor markets. Each of these broad categories can be broken down into more specific markets. For example within the financial market there are markets for foreign exchange and for long term loans, within the corn modifies market there are the markets for corn and copper and within the consumer goods market there are the markets for clothes and cars. Prices usually play an important role in these markets.
9. Brendan O’Neill. 2007. How fair is Fairtrade?. BBC News, Magazine, [Internet] 7 March 2007. Available at: http://news.bbc.co.uk/1/hi/magazine/6426417.stm [Accessed 27 February 2011].
This report/reflective journal has been prepared as a reflective work of my group in Marketing Management course. The main purpose of this reflective journal is to redirect how I and my team mates worked while undertaking the module. The main point of writing this Reflective journal is to include my actual thoughts and reaction during this module. This reflective journal is personal learning experiences. I have been asked by the university of faculty sciences to write a individual reflective journal on thinking about a business plan that should consist of my critical way of thinking in an analytic way.
The feasibility study of a business’s design comprises of all strengths and weaknesses analyses within a particular business in order to determine whether the design is practicable and potential to benefit that business in a foreseeable future (Trimi, Berbegal-Mirabent 2012). To access this study, the researcher need to have a comprehensive understanding of the business’s resources and their interconnections which are included in the business model Canvas (Stephen, Richard 2014). This model is considered the most effective methodology in the process of supporting innovation and making decisions, thus, to assure the successfulness of a business or a project (Hanshaw 2015). This essay will discuss some central characteristics including customer
In the beginning lectures, I had no idea that brainstorming and conceptualizing an idea was part of an elaborate process to generate good product ideas. Great inspiration and a creative idea require deep thinking. I have learned that opportunity identification involves looking into the problems first rather than diving headfirst into the solution. Identifying and analyzing customer’s needs, market size, sustainability and scalability allows easy identification of low and high potential concepts. As stated in the article by Tim Brown (Brown, 2008), human-centric approach of innovation should be part of the design process as it gives insights into the life of an everyday person.
In order to ensure the success of a brand the company must put lots of planning and thought into the brands elements. The three brands I have chosen to examine in this branding exercise are Apple, Coca-Cola, and Target because they demonstrate many of the criteria used to evaluate brand success.