Entrepreneurial Marketing

We've all heard it said before: "location, location, location".  We routinely look at location when making many decisions in life, such as buying a house or choosing a school.  When deciding where to plant roots for your new business it is just as important.  Location is an extremely big factor in a company's success. While deciding what state, town, or street to build a store front, there are mny factors to look at. Your utilities will be different depending on where you set up shop.  You need to look at things like: "Are there communities nearby that have the clientele I want to attract? What is the labor market like in said area? Is this close to an interstate so that I can get stuff shipped in or out easily? Where can I put my signage to bee seen buy the most people. " Depending on what sort of company you have, you may need to look at proximity to the railroads too.  However, if you have an internet based company or maybe a business where you offer a se...

Cost based pricing is determined by first figuring out how much it costs to make a product. Then, from there, a company can determine how much profit they want to see from each unit sold. A common cost based prices item is a cell phone or other new technology. Typically, there are a fair amount of people who are willing to pay high dollar to have the latest iPhone. Profit margins can quickly rise for products such as this. However, you have to do the adequate research to make sure that the price at which you sell your product is a price at which people will by the product. There are ways to reduce your cost which in turn can reduce the price you charge. We have seen this with Wal-Mart. They are always working to offer the lowest prices. Cost based pricing is an easy technique and is a good starting point used to set the floor price when determining your end price. 

There are many dead celebrities who are still making money.  These celebrities have clothing, memorabilia, stores, products - you name it - with their name still attached to it. For example, we have all seen Elvis's face on something. A lunchbox, t-shirt, poster, etc.  Not only is he profiting through clothing, but he has attractions that earn money.  Graceland is a very popular place to visit simply because Elvis lived there. There are many others who are still making money beyond the grave. We all know Sam Walton's name has continued on within the store names of Wal-Mart and Sam's Club.  Arnold Palmer has a drink named after him and is well represented in the world of golf. James Cash Penney opened JC Penney in 1902 and the name hasn't been changed in 100+ years. Marilyn Monroe’s face is on lots of purses and t-shirts.  Michael Jackson’s Neverland Ranch is still in operation, but has changed hands a few times. He also has songs, albums, and tons of memorabil...

Sometimes people have a hard time answering questions regarding habitual things or things that they may be embarrassed for others to know about. David Kelley mentions problems pumping gas in a presentation he gave. People were asked if they have trouble pumping gas and they said no. However, when you watch people, a good amount of people have issues getting gas on their clothes. Some other areas where this may happen can involve habits. For example: how many times a week do you eat fast food? We may be inclined to say 1-2 times a week; but, in reality, it could be closer to 5 times.  This could help a company such as Hello Fresh appropriately gauge the need for their services.  If people were more truthful with their answer, we would see a larger need for a service that encouraged people to cook at home. Another questions could be: how many alcoholic beverages do you consume per week on average? People have a rough idea of what is socially acceptable and what nu...