Steves t shirts essay

Steve chose to open his own tee- shirt store, near a nearby university. This individual felt it had been the perfect time to begin his very own business, because of the location as well as the fact that the summertime Olympics were being held 55 miles away in Atl.

Seriously! What a superb opportunity it had been, for him to take effort to become his own manager, gain direct exposure, and become lucrative. The only issue was that Steve did not take into consideration any issues with beginning a business, including: geography, a market for this merchandise, competition/ who have are the main competitors, uniqueness, etc . This kind of all could have been done through generating information to aid for making marketing decisions. This process involves specifying what information is necessary, designing the strategy for collecting information, taking care of and putting into action the collection of data, analyzing the results, and communicating the findings with their implications.

In order to reduce the likelihood of inability, marketing study would provide the required information to lessen uncertainty. It assists to focus on making decisions. So , ahead of Steve starting the business, he should done exploratory exploration. Steve necessary to acknowledge the case, screen any and all alternatives, and discover new ways to make his business stand apart from the competition.

This kind of research could have been conducted through focus groups, surveys, forms, etc . The purpose of this promoting research is to narrow the scope of the analysis topic and also to refine the situation into researchable form. Therefore , Steve may have been able to answer who, what, when, exactly where, and how questions, identify the channels of distribution, also to target the marketplace for advertising and promotions.

Promotion is among the four elements of the advertising mix.

It boosts company revenue by communicating product details to customers. Unfortunately, the advertising path Steve got did not help to generate revenue. Steve needs to have recognized the four fundamental parts of virtually any promotional work, which include personal selling, marketing, publicity, and sales promotion. Steve entirely focused on marketing in selected newspapers, yet he did not realize that everybody does not browse the newspaper.

If this individual wanted the business to appeal both for the college students and also to the people with the town, he should have performed several different types of promotions. He would have done direct promotions, where he and an employee would go in to the community and pass out flyers to gain better exposure intended for the business. This will help to develop some sort of personal communication details to convince a prospective customer to acquire something.

The choice of area Steve decided to go with was not an excellent one.

His retail outlet was near campus, however, not in an place with other stores. It would are usually in his best interest to open their grocer in an region frequently visited by tourist, due to the Olympic events. This will have been an ideal opportunity to increase profit. A large number of college students live on fix incomes.

Some students would prefer to spend sixteen dollars on a get together, then to buy a tee shirt. So , to help make the location of the shop convenient pertaining to college students has not been wise.

In conclusion, Steve should have taken better steps in researching his business. This individual did not produce a business plan, which usually would assist to develop the prospective markets, products/ services, promoting techniques, management, and finance.

There is also no research in tee shirt outlets done by Charlie prior to beginning the business. Even though the business is usually not producing much cash at this time, it is possible to be more profitable later on. It is important for Steve to place all required efforts in the business. He must dedicate more personal time, in order to boost awareness of the company.

In order for the business to ever succeed, Steve need to put far more effort and faith into his idea.