The End

This is my last blog post for ETP! As this semester comes to a close I have to say, it's bitter sweet. Upon completion of this semester, I will receive my degree from Wallace State! I will have earned an AAS in Business Management along with a Certificate in Office Supervision. Completing the ETP courses offered by WS will be an asset to my degree and career. I have learned a lot of valuable information, tools and tips. I hope everyone had a great semester. I wish everyone the best of luck in the pursuit of their happiness and dreams. 

Thank you all!
Misty

Guerrilla Marketing

Guerrilla Marketing is defined as innovative, unconventional, and low-cost marketing techniques aimed at obtaining maximum exposure for a product. It requires high energy, lots of creativity, and a constant focus on grasping the attention of the public in a personal and memorable way. So where is guerrilla marketing more prominent? The streets, of course, where people are roaming about and are perfect subjects to a fun advertisement. It’s all about catching attention and getting people talking. In 1984, the term ‘Guerrilla Marketing’ was introduced by Jay Conrad Levinson in his book ‘Guerrilla Advertising’. The term itself was from the inspiration of guerrilla warfare which was unconventional warfare using different techniques from usual and small tactic strategies used by armed civilians. This technique can be intimidating, but it can also be a lot of fun. Take a look at some of these cool examples.

Check out this site for more neat Guerrilla Marketing ideas.

http://www.creativeguerrillamarketing.com/guerrilla-marketing/122-must-see-guerilla-marketing-examples/

The Importance of PR

Regardless of how effective an organization is, it doesn't have the desired impact if the public and consumers are not aware of the business’s brand, successes or contributions. A public relations campaign that educates and informs people about the contributions of the organization enhances its brand recognition and makes it more relevant in the public eye. A good public relations campaign highlights a small business’s products and services through creative means. One way to gain positive public relations, is to make the public aware of your charitable and community involvement. When the general public is aware of a small business’s charitable contributions and community support, it can make it more interested in patronizing the business. For example, a public relations outreach effort that notifies the community about a small business's cash donation to a local school paints the business as a good corporate citizen. This can help elevate an image of trust and respect, which can translate to a better overall perception of a company. All in all, a positive PR campaign can be a huge success for a business.

e-Marketing

In the digital era we live in, online or e-marketing is a popular tool many businesses and entrepreneurs use. Like I said in a previous blog, marketing is the key to success for any business. E-marketing is so much more than just a Facebook page. E-marketing or online marketing overs a wide range of digital marketing options. These can include: search engine marketing, search engine optimization, email marketing, and online advertising. Having a presents in the online world can make your business more successful. 

What is competitive advantage?

The simple definition of competitive advantage is: “a condition or circumstance that puts a company in a favorable or superior business position”. In a nut shell, competitive advantage is what sets you apart from your peers. There are several different components that factor into your competitive advantage. Most of the time we think about price, but a company or business cannot be successful just by offering low prices and not making a profit. Your advantage may be your customer service, hours, and products. When it comes to competitive advantage I think back to the bank I used to work for, Bank Independent. A service like banking is met by many competitors. The number one focus for the Bank was customer service. Our priority was providing the highest level of service to our customer. Another advantage on our competitors was our hours. The Bank’s drive-thru hours were available from 8:30 am to 8:00 pm Monday through Saturday. These two components combined showed to be a competitive advantage for the bank.

Why location is important?

Where your business is located can play an important role in the success of your business. This success also depends on what type of business you have.  You may be running a home-based business, a retail, commercial or even an industrial business.  Each business location will very. My focus throughout my ETP courses have been a retail business. I have always dreamed of opening my own boutique. The location of a business like a boutique can be crucial. There are several factors that need to be considered when selecting a location.  Foot traffic is extremely important. The flow of customer in a retail business will be your success. Your location also needs to be easily accessible to your customers. A location that is tucked in a corner or on a side street will not receive the same attentions as a business located on a main street. Another thing to consider is your location in relation to your competitors. Being located closely to your competitors can have its pros and cons.  You may have an advantage if your prices are lower or you offer a product or service that is in higher demand. On the flip side, you make have to market more or more creatively. No matter what type of business you have or think about starting, location is an important factor to consider.

Is The Price Right?

One thing entrepreneurs must focus on is the price of their products or services. There are several different pricing strategies entrepreneurs can consider before deciding on a final price.  Two of the strategies are cost-plus pricing and competitive pricing. These two strategies can prove to be successful for entrepreneurs. Cost-plus pricing, in my option, is the simplest. This strategy simply takes the cost of the product and adds too it the mark-up profit desired. The mark-up can be anywhere from 1%-100%, depending on the cost of the product. On the other hand, competitive pricing is looking at the price of the same or similar product offered by your competitor. The strategy of competitive pricing focuses on the price that will make you the most desirable among your competitors. As an entrepreneur, you must do your research and choose competitors in your footprint. Entrepreneurs are charged with choosing the strategy that will be the most profitable for their business. After all, we  want the biggest bang for our buck.