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The market mix, which I mentioned previously about price, place, product and the promotion, is a big part of the market industry in terms of selling a business a product.
It also plays a role in application, in order to begin to set up or even build my business I am going to need money to be able to rent out or buy the placement, buy equipment needed to set up my business.
And money so that I am able to advertise my business good
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As you may have already established that it is not possible for ordinary person like me, to produce all the money needed. So to allow me to come up with the money, I need to get from somewhere.
Now there are two possible ways in which I thought up where I could loan the money,
1. The bank
. My family
But as most things do, they have their advantages and their disadvantages.
The bank
-advantages Have convenient loan set ups, so will be able to pay them backing affordable payments every month.
-disadvantages The bank might not always be able to loan me as much as I want, maybe due to personal reasons.
My family
-advantages I am able to pay them back, whenever suitable for me.
-Disadvantages It may cause interruption and arguments in the family.
So by comparing the two, it shows loaning from the bank is the better option.
I have to think for myself, have I got the skills to do it myself?
It would be more professional if I hired to help me with this latest technology.
I think the next part is to think about is the advertising. I brought up previous in the coursework, but at this stage it is compulsory to actually know how I am going to come about advertising and what methods will I use.
Thinking about what kind of business it is, because not all methods of advertising are suitable to use, for example it wouldn’t be a wise idea to advertise my business in other countries. So I thought about all the kids in the world in order to have a sensible idea where and how to advertise my business and I came up with several ideas such as
Leaflets-which can be handed out outside other stationary
radio-this will/ can attract the attention of all the kids.
T.V-lots off kids watch the TV when they see my product they will want to buy it.
And I think in the beginning those two will be the most convenient.
This is a sample of the questionnaire that I handed out to several people that people that lived round the area.
(1)Do you buy pens often?
Yes no
()what brand would you prefer
Parker penalli bic
()were do you shop to buy your pens
Local stationary whsmith other
(4)what type of pens you buy?
Ball point ink pen frontier
(4)what type of pens you buy?
Ball point ink pen frontier
(5)do you collect pens?
Yes sometime no
…
My business that I have put together obviously has its bad points and also its good points.
And by using the SWOT theory it can help me analyse tem. The word ‘swot’ is used to explain
Strengths
Weaknesses
Opportunity
Threats
So by using the swot theory I can ask myself,
• What are my strengths?
Was I right to put my business where I planned because it is needed by the locals?
Hear is a sample of what kind of questions I included in my questionnaire, which I set out to find out whom I a should aim my business at.
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