Discussion Reponses: Successful Business (Essay Sample)

Please Read two other students' posts and respond to at least two other students.
In addition to other comments you may have, address the following in your response posts:
Identify three new avenues for advertisement and product placement aside from those being used today.
What benefits and drawbacks do other students predict will result from those new advertising techniques?
Use any personal experience, if appropriate, to help support or debate other students' posts. If differences of opinion occur, debate the issues professionally and provide examples to support your opinions.
Please keep separate, and I have included the topic.

Topic: Read through the following scenario.
You are launching your own business and are very aware of the competition in your surrounding area. In the beginning, you'd like to establish a sizable piece of market share for yourself through heavy marketing and advertising.
Step 2 Discuss the marketing methods you can use to increase demand for your product.
In your discussion, respond to the following questions and, if appropriate, include personal experience as part of your answers:
How can you successfully brand and advertise your product while still ensuring that you make a profit for yourself?
Why do you think your methods will work in monopolistic competition?
If you were the competitor, what would you do in light of a new business entering the market and directly competing with you?
Response 1: 
There are several ways to ensure a successful business. You need to have a written plan. You need to outline your objectives, strategies and how you are going to finance this venture. You need to be flexible in making adjustments to your plan. Things always don't go well first out of the gate. You should be open to advice. There are things you may not be aware of and alittle help can go a long way. You need to really stay on track on things especially when it comes to how much you are spending and what is going out. Try not to do it all by yourself. Ask for help.....you could get overwhelmed and set yourself up for failure. Search the internet for ideas. The internet holds a wealth of knowledge. 
Response 2: 
To successfully brand and advertise my product in the market place that I would like to establish, I must differentiate my product just enough to make it appear better than the other competition. If I was opening a restaurant, I would make my hamburger seem more “gourmet” by having better lettuce and differentiated ingredients, for example, even though my product may be very similar to my competitors.
In order to keep costs down and make a profit, I would add only the new products that were cost effective but were visually appealing to customers (such as the better lettuce mentioned above). I would also research other restaurants’ items for comparison. In advertising, to minimize costs yet start a branding campaign, I might start by targeting local rather than national customers using mailings, billboards, etc. After making some profit, I would go national in an advertising campaign to expand and take most of the market share. My advertising will be inexpensive but “hip and cool” so as to target customers who would become repeat customers.
Works Cited
"Monopolistic Competition and Oligopoly." Principles of Microeconomics. Ocean County College. N.p., n.d. Web. 20 Nov. 2014.