Assume that you are going to start a small business of your own. Further, imagine that you are able to adequately differentiate your product, or service so that you can establish your business as a monopolistically competitive firm.

Describe the business and its likely main competitors.

How would you structure your advertising and customer service to differentiate your product/service?

How easy would it be for new competitors to enter your market and erode your customer base or selling price?

What would be your prognosis for the long term profitability of such a business?

What could you do to protect that long term profit stream?

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Hubert KochLv2

1 Mar 2019

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Related questions

Assume that you are going to start a small business of your own. Further, imagine that you can adequately differentiate your product, or service so that you can establish your business as a monopolistically competitive firm.

Describe the business and its likely main competitors.

How would you structure your advertising and customer service to differentiate your product/service?

How easy would it be for new competitors to enter your market and erode your customer base or selling price?

What would be your prognosis for the long term profitability of such a business?

What could you do to protect that long term profit stream?

coppersnake860

Topic 1 Discussion topic: Role of Advertising

Assume that you are going to start a small business of your own. Further, imagine that you are able to adequately differentiate your product, or service so that you can establish your business as a monopolistically competitive firm.

Describe the business and its likely main competitors.

How would you structure your advertising and customer service to differentiate your product/service?

How easy would it be for new competitors to enter your market and erode your customer base or selling price?

What would be your prognosis for the long term profitability of such a business?

What could you do to protect that long term profit stream?

While most of your friends in college have dreams of going into corporate positions, you have always wanted to start your own business and be your own boss. After some preliminary study at the US Small Business Administration site, you see one of the first steps in starting a business is to develop a comprehensive business plan. This step is vital in laying out a strategy for success and in acquiring funding for the business. Your personal dream has been to market a new product with one of your friends. You'll need to borrow money to start the business and so you decide to write a business plans. Review the basics of the business plans at the US Small Business Administration site. While a real business plan would be quite massive in detail, for the purposes of this exercise you'll be addressing only a very small portion of a total business plan. To see how other businesses have written their plans, please feel free to go to the sample business plans site at B Plans Inc. http://www.bplans.com/sp/businessplans.cfm Your assignment is to develop a PowerPoint presentation presenting your idea to HIGHLAND VENTURE CAPITALISTS in order to obtain funding for your business --a new bottled water company (or any other company of your choosing.) Starting with a named, well- defined business: 1. State your company mission 2. Will there be a physical store or will you sell it on the Web? 3. What needs does your business fill and why is it different than other similar products? Who are the potential customers for your product and why will they purchase it from you rather than your competitors? 4. How will you reach your potential customers? 5. What form of business organization will you use and why? What steps will you take to obtain that form of organization? 6. What laws must you comply with regain the sale of this particular product?