Assignment:
Question 1=
"High Rate of Business Failures" Please respond to the following:
• The textbook discusses the constant high rate of business failures in the U.S. Select one of the reasons for failure and develop an outline of a step-by-step plan for overcoming that reason for failure.
• Agree or disagree with the following scenario: Imagine that someone told you that today's global marketplace and the ability of potential customers to easily compare the prices and services of firms means that business owners must always compete on the basis of price. Develop a response to this person that clearly illustrates your position and explains why you feel that way.
Question 2=
• The textbook discusses the constant high rate of business failures in the U.S. Select one of the reasons for failure and develop an outline of a step-by-step plan for overcoming that reason for failure.
Failure to understand your market and customers
• Study the market
• Study the customers
• Look for what consumers want
• Look at your competition
• Test your product and see if consumers agree with it/like it
• Research your competition
• Geographically choose the right area
• Agree or disagree with the following scenario: Imagine that someone told you that today's global marketplace and the ability of potential customers to easily compare the prices and services of firms means that business owners must always compete on the basis of price. Develop a response to this person that clearly illustrates your position and explains why you feel that way.
I agree. I think with the way the economy is that price is a huge factor in where consumer s will go to buy products. For example, I am a mother of 3 children, my youngest is still in diapers. I rather drive to Wal-Mart which is further down the boulevard then drive to the K-Mart which is down the block from my home to save money on diapers. I am sure this happens all of the time with consumers, a cheaper price is the way to go. Yes, quality doe matter as well, but the price is always a deciding factor.
Question 3=
Sum It Up" Please respond to the following:
• Rate the three most important concepts that you learned in this course in order of importance (one being the most important).
• Write a speech that you would give to a friend in an elevator summing up the contents of this course. You have 30 to 90 seconds to inform your friend of the most important elements. Go!