Category: MKT 353

    Week 3 Reflection

    When it comes to sourcing products for any type of store there are several factors that must be put into consideration.  Among those are price, minimum order quantities, quality, and lead time.  The price that you will pay for the product will ultimately become your “cost”.  This might be lowered or raised depending on the quantity that is ordered at any given time.  Since many of these kinds of manufacturers are now overseas it is very important to see a sample before ordering any significant quantities.  If the quality of this sample is not what you are looking for you might be able to make changes with the manufacturer or continue to shop around.

    Being able to quantify and compare those options is also very important as doing this takes what could be a very subjective decision and tries to bring some order to it.  In doing this it can be possible to make a more logical decision.

     

    Week 2 Reflection

    We need to be able to validate the feasibility of a business concept before we jump in with both feet.  While some people will get lucky and succeed when doing this it is often those who have the financial backing to make it through lean times and punch through the fact that there are numerous other competitors that have established footholds.  Breaking into a market that already has several established brands can be very difficult with either a lot of financial backing or having a product that truly sets you apart from the competition.

    Knowing how easy it will be to advertise for a fledgling business can be important as well.  If you go into launching a business and think that your advertising is going to bring you all of your clients but later find that you can’t afford to reach your potential audience then you won’t get anywhere.  Cash flow is one of the easiest ways to kill of a business before it really has chance to get going.