Developing the Right Marketing Mix

Developing the right marketing mix for your business is very important. You must incorporate the "Four P's" _product, price, place, and promotion. The wrong combination or incorrect usage of any of these elements could determine whether your business fails or succeeds. Although philanthropy is not mentioned in the four p's, it is always a good practice to include this into your business as a way to give back to the community that supports and patronizes you.

Price is generally associated with quality for most customers and you must know use a strategy that will be the most effective for the product or service that you are offering. Where your business is located (place) will also have an impact on your business so you much choose carefully. Promotion of your product or service is crucial and Dave Barger of Luna Web had this to say: "When developing your market mix, use social networking tools to enrich your client relationships." Today, social media is widely used. Social media is technology used by people to get the information needed from each other instead of from traditional institutions. Barger stated media usage produces transparency through barriers. It allows consumers to see an organization and give them insight into that business. Poplar social networks currently being used are Facebook, Four Square, and Twitter. These networks offer location based services that many companies today are taking advantage of through proximity marketing strategies. Other social tools available to market products and services are discussion boards, Wiki, and peer groups. Dave Barger offers more insight on social networking and you can view presentations and blogs at http://www.lunaweb.net/ and blog.lunaweb.com. Luna Web is also on Facebook. If you reside in the Memphis area and you are an entrepreneur looking for opportunities you can log into the Memphis social networking sites for entrepreneurs at http://www.launchmemphis.com/ .

Exploring Your Market

The Candid Apple Spot is a family owned business that has been in existence since 2005. It got its beginning when Entrepreneur and CEO, Tasha Hawkins, decided she wanted to be in the food industry and developed a strategy to enter into this market. Mrs. Hawkins believes food is important and should be enjoyed. "It should be of good quality and taste good." She started researching pricing, location, and promotion strategies and set things in motion. Her focus was and will always be "to provide quality customer service with a friendly Christian environment." Determined to make a difference, Tasha began her venture by participating in various community and city-wide events as a food vendor. She later expanded her business to include private catering events. In May of 2009, after four years of hard work and saving, the Hawkins' family opened their establishment located at 107 West Broadway Street in West Memphis, Arkansas. Tasha serves a variety of foods and also offers catering service for events. For more information on the Candid Apple Spot and to view some of their products offered, go to www.wix.com/caspot/info or you may contact Tasha Hawkins at tdhawkins.2@bellsouth.net

Developing Your Business Plan

In developing your business plan for your new business, you should consider several things. Andrew Fosdick of Venture Capital located in Memphis, Tennessee, gave a presentation and here are a few tips he had to offer. As you begin to develop your plan, you should answer the following questions: What is unique about your product or service that you offer, or how will you offer it differently? You should also consider if there is a need or demand for what you are offering and if so, is it something profitable? Can the demand be met? Also, when looking at profit, can you determine if the net profit will be satisfactory? Mr. Fosdick addressed several other questions as well as the legal aspects and reporting mechanisms and suggested the entrepreneur must know the financial side. It is good to have some accounting background or at least have some working knowledge. A lot of new startup businesses have failed because of lack of proper planning and management according to Andrew, so plan thoroughly and do the research. Explore resources other entrepreneurs have provided as a source or guide, there are many books to assist you.

Entrepreneurship Opportunity Recognized

TLC In-Home Childcare Service - Yvette D. Shannon, CEO

Yvette Shannon is a single mother of one, who began her own in-home childcare service five years ago. As a single mother, Yvette often times participated in carpooling with several of her neighbors and friends to ensure their children would arrive and depart from school safely. After becoming partially disabled and unable to work, Ms. Shannon decided she would become a work at home mom. Yvette, knowing how stressful it was for a single mom to find a good day care with flexible hours and concern and safety first, began to ponder the idea. She recognized their was a great need in her neighborhood alone and since she really enjoyed working with children, began to do research on what it would take to offer these services from the comfort of her home. She met with the State Department and filled out the necessary paperwork and applications, and upon inspection of her home, she was open for business. She began presenting her neighbors and friends with the proposal about after school care and now she runs a small childcare service from her home. She mainly provides before and after school service, but also has a special needs child she tends to during the day. When asked what motivated her, her response was "being able to manage my time, having control over my working conditions and hours, and being my own boss. I also like the idea of being paid to do something I actually enjoy." I asked Ms. Shannon if she considered expanding her business to take on more clients and she replied, " I love working with the small group that I have at this time because I have better flexibility when it comes to time if I need to do other things." (Opportunity Cost) Small groups also allow me to have a more personal relationship with each child better serving their needs." Yvette Shannon is located in the East Memphis area, and offers affordable child care. For more information, send your inquiries to y30shan@yahoo.com