Location

Location Location Location, can make your business or break your business. The location depends on what type of business/industry you are looking to pursue. When looking into a major manufacturing facility you want to be as close to a major interstate as possible. While I was driving to the beach I noticed this town that looked nice, but it looked like every building was closed down. That's when I noticed that the area was too far from a major interstate. The cost from the location inconvenience could have shut the companies down, I am not really sure but it made sense. If you are on vacation you don't want to drive an hour away for activities. Sometimes people see a cheaper price without see the added expense of the location or inconvenience.     

New Business Pricing

When HESS in Good Hope opened the doors they had the best deal in town when it came to fountain drinks. They advertised any size soft drink or slushy for $.69. This price lasted approximately two months and when it was over the customers found out as they paid at the register. I do not know how much local business was lost due to this, but I personally know locals that stopped shopping there. It was the way HESS employees went about the price change, they did not put the regular price at the drink stations to catch your eye so you would be aware of the change. When the cashiers were asked about the bill total they replied "Do you see a sale price on the front door?"  I have talked to other people in the community and they also had a similar experience with the sale price change. I believe if HESS employees would have made the change visible customers would not of minded the price increase.   

Spokesperson

I would definitely use a spokes person to sell my new product if I had the opportunity. I feel its the quickest way to get your product noticed. With that said I also do not buy products that the spokesperson has shown a negative influence on society.  I believe that you need to pay close attention to the public feedback, and drop that spokesperson as soon as it looks like there is no way for that spokesperson to redeem themselves. The last company I remember to drop a name was Serta and Donald Trump. Serta didn't want to be associated with his racial slurs. But did Serta jump the gun? Did Serta react too soon?  Serta was one company that did not drop Paula Deen when other companies did. In my opinion Trump has overcame his negative reputation where Paul  Deen is still struggling.   

Tackling Problems

When forming a department to tackle problem its best to use people from the department that developed product, people from different areas of the product and even people that do not know anything about the product.  The goal is to create a team with group discussion about what they see and to create a fix for the problem.  There are no dumb comments or questions everyone sees the product/problem in a different way. Be careful not to get too many people that know nothing about the product, this could result in false results that could create unattainable expectations.    

Target Market

Targeting everyone would be nearly impossible and very costly in most situations. The checkout line is one of the only areas I can think of that can actually target everyone. From children, mothers, fathers, teenagers, to the elderly they make sure that the checkout line accommodates everyone that shops in that store. I think it would be a good idea to place some fresh fruit at the checkout line, so when a child asks for candy and  his/her parents say no, he can ask for fruit. How many parents do you know that would tell a child no when it comes to fruit?   

Customer Markets and Demands

Your Gateway to Cuba, is the slogan I see when researching marinas in Key West. What a great idea for a slogan, using the newly developed America/ Cuba relationship. This did not even cross my mind when the idea of opening up a marina in Key West. I was looking at the demand for boat rentals and boat slip rentals in a location that is booming with business all year.     

Vacant Property

Vacant property/buildings can give your new business an advantage if it the building/property fits your business needs. Towns do not like having vacant buildings it is an eye sore and the town loses revenue from that building being vacant. There are a number of incentives a business could benefit from when considering utilizing one of these properties. Besides tax incentives, there are cash incentives for utilizing old buildings; it is amazing that there are so many incentives avaliable. Of course there are other things to consider: location, demographics, culture, will it be the correct fit for your business?  You never know you might  change your business idea based on the location. Have you ever drove through a town or city and thought "They really need a gas station on this s property," or "That would be a perfect corner to put a drive thru liquor store on." I do it all the time!