This assignment is for Economics, P3 and P6.
1) Find a credible source on the internet that is relevant to your section of the business plan. Make sure that you are focused on economic concepts when you find sources on your market, competitors, or advertising/sales strategy.
2) After you read the source that you find, answer the following questions as a blog entry below:
- How does the text connect to your section of the business plan? (relevant)
- What evidence do you have that the text you found is credible? (credible)
- Create a clear, specific argument based on the text. (argument)
- Support the argument with thoughtful analysis, using cause/effect, compare/contrast, problem/solution, part/whole, or other methods of analysis. (analysis)
Keep in mind that everyone else will see what you write below, so please keep it professional. This post is due Thursday, 3/14, by 12:00am.
If you need support or have questions, my office hours are Monday and Wednesday from 3:15-4:15 in Room 229.
As the article I found name music teacher blog refers to music studio tips.I believe this article is credible because it tells you basic information from other investors that have started the business you are trying to start giving you the big problems on it and how to make it successful if you start your studio. The article gives tips on how your music studio could be successful quoting "Being able to harness the power and emotion that music can convey can be a big responsibility, but with the proper training and equipment, every musician that enters your studio will surely be in good hands". This shows that a music studio could be successful if you have the right equipment and famous musician that go to your studio could help your sponsoring of your studio get bigger making it more known. Another reason this text help me with my business plan is because it gave me more ideas and point of view from other investors that have done the investment I am trying to do.
ReplyDeleteThe article I found is called “Redefining the Hot Dog, a Cart at a Time” and it connects to description of product/service. The article discusses on how some people have not had hot dogs specifically children and how mothers talk about how they would want the hot dogs to be more wholesome and of better quality. The hot dogs should be made healthier and so should more different toppings to make it a product that much more people would eat. They would be filling a gap of having more nutritionist hot dogs instead of having the average unhealthy hot dog. The hot dog producers are also advertizing their hot dogs by making it more appealing to adults specifically mothers to buy it more often for their children also knowing that it would be healthier for them to eat. This is also a credible source because it is from a well known news organization that was established in 1851 and has still remained strong by being one of the top newspapers. The author Jeff Gordinier has also written for a variety of magazines and newspapers, including the New York Times, Details, Esquire, GQ,Elle, Spin, Creative Nonfiction, and entertainment Weekly. His work has been included in anthologies such as Best American Nonrequired Reading, Best Food Writing, and Best Creative Nonfiction. Jeff Gordinier argues that hot dogs should be made healthier and should not really be considered as nasty unhealthy food. Gordinier states “People want to know that their food is safe and clean and free of bacteria and vermin,” said Daniel R. Garodnick, a city councilman who represents parts of Manhattan, and who has proposed giving food carts the same health-department letter grades given to restaurants.” The same rules and standards that restaurants have, should be for food carts too because it would make it safer for the people to eat and might also encourage more people to eat hot dogs since they would know the meat and everything else has been inspected so that it is safe enough to eat. Thinking of more ways to innovate the average hot dog will encourage more buyers and set higher standards for the hot dogs. They are basically filling the gap by having healthier choices available. As a result people would also be more pleased with the new healthier hot dog rather than the common “dirty water hot dog”. This product will also put you ahead of the competition because there would be more people willing to buy a healthier hot dog rather than one that is unhealthy for them. “Parents who insist on wholesome, natural franks in Central Park are one of many challenges quietly, slowly chipping away at the street-corner dominance of the dirty-water dog”. The wholesome hot dogs are serving as an alternative for the average hot dogs, and within time the demand for them will also increase with people wanting to eat healthier. This idea of making the hot dog better relates to my product which is also the hot dog made with much more different types of meats and different toppings and my group and I are also planning to make most of the products healthier and more wholesome. Having healthier food encourages more customers to eat your product because they would feel more comfortable eating it knowing that it won't be so bad for them, which is something both this article and my idea on innovation the idea of a hot dog have in common.
ReplyDeleteIn the text i found "How to make frozen yogurt" shows me how to make frozen yogurt and how you can start a business, by showing where their is the most competition and where the demand for yogurt is really high. My groups plan is to sell yogurt to the middle class individuals that are willing and able to pay for it. The more demand for the product the better cause then we can make more revenue by increasing prices since the demand is so high the people wont mind if the price changes a little. Their is also very little substitutes for yogurt. Our marketing plan is to make special, my idea is and eatable cup, so then people will come back to repeatedly get the same offer again and again. The article has links to the competitors websites and their sale statistics and ways the graph their revenue and how much everything will cost, each and every little thing such as milk, a cooler, a thermometer and etc. So if we open a yogurt market where their is more demand then the product will sold way faster and make a good revenue. So to wrap everything up, a yogurt business is a great idea but we need to come up with more original ideas so we can draw in the crowed in our business and away from the competitors, the more in our store the more money we will make and the better the business grows and we can run the other competitors out of business.
ReplyDeleteThe text that I found connects to Definition of the Market because it is based on how the frozen yogurt industry is growing. More stores are opening in New York City.There are also a lot of competitors willing and able to produce.This text is credible because it is from a well known news source which is the New York Times. It was founded in 1851 and has won 108 Pulitzer prizes, which is more than any other news organization. Julia Moskin who wrote the article has worked for the Dining section since 2004 and she co-authored nine cookbooks while writing for magazines including Saveur and Metropolitan Home. This text shows that the Frozen Yogurt Industry is great to invest in since it will keep expanding. It was said that “New York has many women, many young people, many Asian-Americans, and many people with a high income.” The clients that are targeted are those in the middle and upper class because they are willing and able to pay for the frozen yogurt at the given price. There are also a lot of young people who like frozen yogurt and will purchase the product.The current market expands but there has to be a change to make it more unique. There are many people who like frozen yogurts but don’t get the option of having a flavor or topping that they like.People should be able to choose from various options like making their own flavors and be able to add more toppings so that they can be satisfied with the product.
ReplyDeletehttp://www.nytimes.com/2008/02/27/dining/27yogurt.html?pagewanted=all&_r=0
My group and I have chosen to start a food truck business in which provides healthy food. These healthy food include smoothies, fresh fruit salads, protein bars, vegetables and some organic juices. But before actually starting the business I had to define the food truck market. I found an article in which will help me do this it’s called “ NYC Food Truck to the Rescue” by Eric Steinman published on November 2, 2012. This article talks about the current food truck business in NYC. Food trucks has faded away a year ago in manhattan and it’s now proliferating around the country. Restaurants are using food trucks as an brand extensions and catering aids. The media has been doing a decent job to cover the food truck business. It’s all over the media, Wall Street Journal, New York Times, MSNBC, and Fox. In the past 5 years food trucks have began to fill the streets of nearly every urban center and along a few suburban and rural destinations. I found this website credible because it’s one the largest online community of people who are passionate about making a change. This care2 website started in 1998 and there idea of change if to make it easy for people to live healthy. About 10,018,377 people visit this news website monthly. This website provides tools to change your life, your community and the world. There are more than 50 employees, 15 million members and 400 nonprofit partners. There food trucks in New York City are characterized as necessity. The food trucks in manhattan are providing New Yorkers with hot meals, drinks and free mobile phone charging station. With this advantage the customers have the chance of charging their phone while enjoying a hot meal something you can’t do in the restaurant around there. This means that the nearby restaurants are losing customers and money. Noon is one of the busiest hour for feeding a large amount of New Yorkers. Some food trucks in the same time are also losing money and customer due to the fact that they are unable/ not capable of feeding the million of New Yorkers at a certain time.
ReplyDeleteThe text i that found it connects to Description of Product Service because it is based on plumers and how their systems works. Many plumbers are opening new companies in New york City where the demand is twice higher . The customer have the choice of picking the best plumber in their area. The text that i readed gave me many ideas to work on my part of the project which is helpful. I think that i know i can start a strong on Description of the products and create a good resource for the conpany base on the text that i readed it.
ReplyDelete(Nadine Gomez~ 6th pd)
“TaskRabbit raises $13M for surprising growth industries” by Michael Del Castillo connects to Definition of the Market because since it lets us know that being the owner of taskrabbit or a owner of another company that runs errands is growing rapidly. Taskrabbit is probably the main company since it just made $13 million dollars and by june of 2012 it had already made $38 million dollars and is quickly becoming a monopoly. Since this is happening more companies are opening up and more employees are being hired. Throughout the week I have been learning about how this company has been growing rapidly and it’s mainly because how the economy is the demand for jobs is high and the how the supply for jobs in these companies are high. This source is credible because it’s from www.bizjournals.com which is credible because It has a range of media including 40 primary metropolitan weekly publications, which reach 4 million readers with business community related news, and The Business Journals, which has daily news from those newspapers and other business news and information. Michael Del Castillo is a credible author because he earned his BA from Mercer University, along the way excavating a Roman bathhouse with the American School of Archaeology. Plus, he provided security at Oxford University, where he also studied literature and philosophy. He earned his MS from Columbia University’s Graduate School of Journalism. Some people might say that taskrabbit doesn’t pay their workers equally because they get paid for the job that they do and since they bid for the job the person that is contracting less wants to pay the least and this is a weakness for the company because less money is entering. But some people say that because of the demand it’s fair because too many people are asking for jobs so it’s ok that they get paid by the job. Some people also argue that some people have limited skills that limits them to do some jobs which causes the worker to probably make less money.
ReplyDeleteMy group and I have decided to start a food truck business that only sells bagels with any topings you can think of. Jared Lewis and Demand Media's article "How to Market Frozen Bagels". This is a grrat clear article that explains how to enter the food market and become successful.This source is credible because the authors are former licensed advisors who now "work as writer and has published numerous articles on education and business". This bagel industry is a multimillion - dollar industry that is easy to get in and out. This means there are no barrier.Pinnacle foods and Kraft are "the two retailers of frozen bagels in 2010 and 2011". These. Companies got where they are because theu sell unique products that attract costumers such as bagels that target different types of costumers like diabetes selling low gloucose products and flavors that aren't common. This is an example of how consomers controlling the market. Since they do not like the price this takes toll of the markets leaving the industries with less profit and the workers get lower wages. Also when entering the market you need to take into consideration the small competition around you go to small business like grocery stores to see whats sbeing sold and what is the most popular. In order to enter a business you need to become you enemy/competitor to win them at there own game. This article is great in explaining what need to be done to become a successful entrupenour.
ReplyDeleteMy group and I have thought on creating a batting cage around the Heights to give most Hispanic baseball players or any other people that love the sport of baseball to work on their hitting to gear up for the season. The article I read is called " How To Start An Indoor Batting Cage Business" by Luke Arthur in which they give seven steps to having a successful business creating a batting cage. Reading these steps has really help me more in building ideas that I can later share with my group for the project. These steps also can help me out with the competition that my business will face when it is created. This article is credible because the Houston Chronicle is the premier local news provider for the country's 4th largest city. Also Luke Arthur is a well known author , who had been writing professionally since 2004 on a number of different subjects. He also wrote informativr article he publish a book called " Modern Day Parables" in 2008. Luke Arthur has a Bachelor Of Science in Business from Missouri State University. When Luke Arthur writes that entertaining the people will be a good to your business I agree with him because my group and I wouldnt want a simple batting cage area where you can just come hit rent shortcages and leave. The more things there is the more consumers we will get. Its important to have alot of consumers at our place that are happy because they will spend more money in extra things we have and spread the word in a positive way to other people. Putting out vending machine , mini snacks bar with burgere , hotdogs and other delicious food that would not only help the tire players to get a full stomach but it would be happy and glad to come back.
ReplyDeleteKarla Arroyo
ReplyDeleteEconomics
Mr. Rochowicz
3/14/13
The text I found this week is “Soda Makers Scramble to Fill Void as Sales Drop” by Stephanie Strom. This text elaborates on the goods that are available to students on school property and how the competition between different sodas affect demand and pricing.
This text connects to my section of my business plan- Description of Product/Service, because the article talks about how beverages are distributed in the school- thoroughly in vending machines. Vending machines are one of our largest competitors. Vending machines are accessible throughout the school building, and they don’t require a lot of time. Another competitor our our after school cafe, is the school cafeteria. The school cafeteria is where a high percentage of students get their food from during lunch- or if not, they obtain it from the lunch carts the cafeteria ladies provide. These lunches are all free, which mean that students are more likely to turn to this option than to our business. Moreover, “The school cafeteria will serve...low-fat milk and fruit juices, and those beverages...in vending machines, are all that will be available on school property” (1). In this case, if all these items are able to be sold in vending machines, there will be a higher chance that students buy from the machine. Especially since they are easier to re-stock and students won’t have to wait long lines.
This text is credible because it is from the New York Times. The New York Times is a well-renowned news organization which has had its first publishing in 1851. The New York Times provides its daily readers with factual articles, columns, and advertisements. This text is also written by Stephanie Strom. Strom is an American journalist who has been a national correspondent for the New York Times since 2002. Strom has also received her B.A from Northwestern University and obtained her Master’s degree in Journalism at Columbia University.
The demand for canned/bottled beverages increases as they become more accessible and
less time consuming for their consumers. Similarly, Strom states, “Not surprisingly, the country’s largest soda companies insist their carbonated soft drinks business will still grow, if not at as fast a clip as it has historically...Coca-Cola and its competitors have spent the last two decades decreasing their reliance on carbonated soft drinks anyway” (1). Sometimes, ingredients in products can affect whether consumers want to purchase the product or not.
If my group and I start a business with the afterschool cafe, it is very likely that we will be profitable. Students at WHEELS usually complain about the low quality of cafeteria food, which is why most students decide to go out for off-campus lunch, and even try to sneak out to off campus lunch, because the demand is so high. But think about it-- if there were an afterschool cafe in the school building (which can also be accessible during lunch time), students can buy their lunch without going outside. This can definitely benefit students on rainy and snowy days. In addition, students won’t even have to leave the building when they have off-campus lunch restriction. The gap that our business is filling is the conveniency gap. It is far more convenient to just take a few steps to buy the same food you would buy outside, and even for a cheaper price. For instance, if we buy a 20 pack of chips at BJ’s, (which originally cost 50 cents each), we will sell them for 25 cents. Now, that the price in chips has risen, students tend to complain about the unnecessary price raise, which is why our business will be more effective. The only costs that may result from our business is that our school is home to many pests which can affect the food quality. Additionally, students will try to get a bargain from us (the sellers) since we have a more closer friendship with them than teachers do. This can greatly affect our business, because our profit must always be more than our cost.
http://www.nytimes.com/2011/08/10/dining/the-hot-dog-redefined-one-cart-at-a-time.html?pagewanted=all
ReplyDeleteThe text I read this week that connects to my section of my business plan, Description of Service “Redefining the Hot Dog, a Cart at a Time”. It talks about how new hot dog vendors in the streets of New York City are being forced to change cooking and prep methods in order to conform with the new demands of healthy , organic seeking customers. This connects to my section of the business plans because it analyses how vendors are innovating and filling the gap in the hot dog cart world.
The New York Times is a prestigious and well respected news organization in New York with a very positive reputation. It was founded in 1851 and has won 108 Pilitzer Prizes, more than any other news organization. They release a newspaper in New York everyday and its website receives over 30 million visitors per month. In order to protect their integrity they can't publish bias or false facts.
The Good to Go Organics carts are a prime example of filling the gap and giving the customer what they want. Till recently hot dogs have been “plucked with tongs from a metal vat full of warm, salty liquid.” With the rise of green and organic food seeking customers, restaurants and even hot dog carts have to change their product or how they make and deliver their products in order to please their customer and keep revenue rising. Instead of having the soft bun sop up the square droplets of [what we hope is] broth dripping from the hot dog pulled quickly out of the metal housing, customers want hot ,fresh made to order hot dogs and Good to Go Organics is doing just that. Instead of buying 24 packs of hot dog packages at wholesale retailers ,they get grass-fed beef from Kinderhook Farm in Columbia County, NY. Instead of buying large amounts of sauerkraut or at best making it at home “The sauerkraut, which Mr. McDonnell’s team picks up in person at the Union Square Greenmarket each week, hails from another Hudson Valley grower, Hawthorne Valley Farm.
Some companies face the problem , or what they think is the problems that changing how they do business or what they sell is costly. In some cases this is true. In this economy, though slowly recuperating, there is no room for error and costly changes that won't ascertain positive results. In my opinion the clear solution is customer input. The products companies make are for customers so who better to tell you what they want the the people that are buying it. How would Taco Bell have guessed that people liked Doritos flavored shells for their tacos if they had never conducted research and found out what the customer wanted? Would lays have guessed that cheesy garlic bread would be a great tasting flavoring to their chips if they had never started the make your own flavor competition and let people suggest chip flavors. Overall in order to make changes and make sure your revenue increases more than your cost and remain profitable, companies should look for ways that the customer can give their extra 2 cents since they are already giving you $1.50.
The article I read is "Food trucks: Possibilities and pitfalls to consider" by Ron Ruggless. In it, he discusses the sudden boom in the food truck industry and how to start a food truck business. This article os relevant to the definition of market part of the business project by giving by the author, Ruggless giving his own synopsis of the food truck industry. it also helos define the market by giving some dos and do nots of a food truck.This is article is from the National Restaurant News, is an American trade publication, founded in 1967,that covers the foodservice industry. Based on prior knowledge and this article, i conclude that a succesful food truck business depends on the variety of the menu and the side services you offer. An example of the article supporting this argument is “Catering is what’s going to pay your bills". cayering ids an example of a side services that helps boom a food truck business.
ReplyDeleteElmis Rodriguez 3rd Pd
http://nrn.com/corporate/food-trucks-possibilities-and-pitfalls-consider
The article that I choose relates to my business plan because it has to do with market and sales strategies. George P. Smith gives in opinion on what are the top eight sales and marketing strategies in order for your business to stand out and be successful in the future. This article in credible because at the end it gives a brief description on who the author is which is George P. Smith a nationally recognized speaker that appeared in several tv stations and also has writing books such as Business Week, Kiplingers. If you don't follow these 8 sales and marketing strategies and your business is less likely to succeed and keep up or pass your competitors. If you follow these eight sales and marketing strategies that George P. Smith your business is more likely to succeed and have better customer relationship then your competitors. The reason why business should follow these steps is if they want to expand. Following these steps would have make your business expand and make you earn a higher revenue and better have customer relationship. The problem between business is that the only thing that they want and are worried about is the money that they make and don't build a relationship with their customers in order to keep that revenue coming in. George P. Smith gives these steps in order for that revenue to keep coming which most of these strategies have to with the customers to keep them happy and to keep their money coming.
ReplyDeletehttp://www.businessknowhow.com/marketing/top8mark.htm
Rossy Barahona
ReplyDeleteEconomics
Mr. Rochowicz
March 14, 2013
In the current market, there is a variety of the types of competition between individual business. However, they all overlap when it comes to competitive advantages. As an entrepreneur, the obvious goal is to be successful and in order to do so, the business has to surpass the rest of the competitors. One of the factors that allow the establishment to exceed from the rest are competitive advantages. These innovations are the benefitting incentives the customer would be granted if choosing a specific business over another. This week, I read an article on the CBS news website, the news division of American Television CBS founded in 1927, that highlights the reason behind McDonald's decision to set up free wireless Internet access in 11,000 locations throughout the United States. Dave Grooms, chief information officer for McDonald's USA, insisted "[McDonald's corp. is] not just about hamburgers; [they] are about convenience an all kinds of value." Grooms understood that McDonald's is already very popular but adding this element would give bystanders an additional impetus for choosing McDonald's over a different corporation who also provides their customers with Wifi, such as Starbucks. Not to mention, McDonald's coffee prices are also cheaper. All these traits are catalysts for an increase in customers for McDonalds' therefore decreasing competition for themselves. In conclusion, competitive advantages are what drive your business towards success because they enable you to further eliminate competition by developing your appeal.
http://www.cbsnews.com/2100-500395_162-5983891.html
Source:http://www.google.com/url?q=http%3A%2F%2Fwww.the-numbers.com%2Fmarket%2F2012%2Fsummary&sa=D&sntz=1&usg=AFQjCNEFMCgbcgwl_BOegjfznzdYxza4iw
ReplyDeleteIn my business plan i am writing about the definition of a market for movies and a recreational center and in this source it is related to my business plans because it shows me the total box office gross which is $10,710,064,643, the tickets sold which were 1,367,125,412, and the average ticket price which was $7.83. These sales that were made were from the movies that were published in the year 2012 therefore that gave information on how much revenue that was gained for movies as a whole and not specific competitors like AMC theatres or specific movies. Also, this source tells me what prices i have to make for my business compared to my competitors because i need to make products and sales that my competitors don’t have, would attract consumers to choose my company over my competitors, and so that our products don’t have many substitutes. My business plans need to establish an equilibrium based on the demands of my products and make sales better than my competitors.
This source is credible because it shows other sources related to the current one and also it shows news reports that you’re able to review. It also shows how much each movie sold and the revenue they got every year, how much revenue distributors got for the amount of movies they published every year, and what genres in movies sold the most movies and made the most revenue year after year.
My company based on my part of the business plan are now able to beat our competitors because we have access to what products they’re producing, the prices that they set for their products, and how much revenue and cost our competitors make each year. This source is very useful for my company to evaluate because we can now make prices that are fair for our consumers and they would prefer to be willing and able to pay for. For example if in 2012, the average ticket price was $7.83, then my company in order to attract more consumers would make the ticket prices more cheap like $7.50 therefore my company would not necessarily be a trade off from consumers because most likely they would buy cheaper tickets than my competitors in order to watch the same movie plus based on the peoples budget, the more cheaper that tickets are, the more consumers that would spend their money in my company.
The text from the New York Times “The Legions of Frozen Yogurt Push East” relates to the competition and demand section of my business. Even if their are mainly two companies domination the industry right now Frozen Yogurt its at a high demand and rising. This text is credible because it from the New York Time, a well known news organization that has been providing news since 1851. The author of this text, Julia Moskin, has been writing about food since 1993. She has been part of the dining section of the New York Times since 2004 and co-authored nine cookbooks. The Frozen Yogurt industry is a market controlled by a few even with the very high demand that it has. “Since the Korean chain Red Mango opened a store directly across from California-based Pinkberry... New York has become the second major battleground...” The frozen yogurt business has become so successful that their are not only stores of this product in California, but it has made it all the way to New York City and has become very competitive over here as well. In lower Manhattan alone the yogurt industry is thriving with way more than 15 businesses close distance from one another. “Pinkberry has opened nine stores in New York, Red Mango has opened four, and competitors like Flurt, Berrywild and Yolato are scrambling to stay in the game.” Wail Pinkberry, Red Mango are thriving in both East and West coast, other businesses such as Yolato are doing what they can to just hold on.
ReplyDelete
ReplyDeletehttp://www.aboutmcdonalds.com/content/dam/AboutMcDonalds/Investors/Investors%202012/2011%20Annual%20Report%20Final.pdf
http://www.shakeshack.com/
http://www.nytimes.com/2009/12/16/dining/16Shake.html?pagewanted=all
The texts that I found connects to my part in the definition of the market section for my groups business plan. Our business is plan is to open a burger joint that aim for healthy, non-processed burgers in the Fort Washington neighborhood in New York City.
Our number one competition in the uptown Manhattan area is Mcdonalds. According to the 2011 Annual report, sales have increased by 5% and have made $27,006,000 in revenues globally. There are 50+ Mcdonalds restaurants in New York City alone. However, Mcdonalds is a fast food, processed restaurant that is selling successfully because of its convenience and aesthetic advertisements. Mcdonalds is famous for its dollar menu and low prices. Mcdonalds signature burger the Big Mac are priced around three dollars and taxes.
Despite the affordable cheeseburger, another major competition is Shake Shack. Starting as a hot dog cart in 2001, Shake Shake has broadly expanded as a chain domestically and internationally. People wait in line for hours for these burgers. According to an article in the New York Times, “Remarkably, with more than $4 million in yearly sales, each of the Manhattan Shacks outdistances both premium and mass-market burger chains”(Glenn Collins). Shake Shack is known for their long lines and their $8-10 burgers made with 100% Angus Beef.
The New York Times is a credible source because it is known as Americas most popular prestigious newspaper. The New York Times deliver stories on business, politics, arts, science, and more. Both Mcdonalds 2011 Annual Report and Shake Shack are credible source because it is from the business itself.
Both Mcdonalds and Shake Shack are successful burger restaurants. However, since there are a numerous amount of Mcdonald restaurants and a bare amount of Shake Shack restaurants in New York City, Shake Shack has failed to expand on the higher Uptown side of Manhattan. Our groups burger restaurant comes in with the motive of bringing healthy, non processed food to Fort Washington. With Mcdonalds near perfect foot-traffic, our burger restaurant will open near another perfect foot-traffic, where consumers who are willing and able to pay for our burgers, will get good quality burgers and side dishes versus the processed food less than a mile away.
http://greatist.com/health/26-healthiest-food-trucks-america
ReplyDeleteThis article called “The 26 Healthiest Food Trucks in America” by Nicole McDermott connects to my section of the business plan, which is “Description of Product/Service”. These twenty-six food trucks didn’t just qualify for being part of the top 26, they had added extra and unique ideas to their food trucks that other original food trucks didn’t provide. In other words, by adding this, it will definitely engage more consumers to try out different types of adaptations, a different type of environment and different types of foods. This article is credible because there’s a hyperlink included in the author’s name and it will provide an image of the author, as well. The article also has hyperlinks to each of the twenty-six food trucks’ names leading it to the official website of the food truck. Basically, McDermott discusses the attracting ideas that each of the twenty six healthy food trucks have in order to end up being in the top list for America. The fact that each food truck has its own unique idea, it will attract lots of customers based on their curiosity of tasting new things. In other words, the more exclusive plans created, the more consumers will be engaged into making purchases in the food trucks. For example, a truck called Clover Truck, located in Boston, MA, has the following, “The food truck fleet serves local, vegetarian, mostly organic meals. Clover jazzes up old favorites in fun ways like the hand-cut French fries with rosemary, zucchini fritters, and chilled cucumber and mint soup”. This is an example of a statement that includes rare types of combinations of foods that might not be heard in any other healthy food locations. Overall, providing the best, unique and engaging service and products to customers will benefit the workers into leading through a positive path.
The text which I found that's relevant to my groups business plan was "The 5 Best Batting Cages In New York" by Carol Ruth Weber. This article is relevant to our business plan since it is focusing on the fine established batting cages located throughout the city. This text connects to our busniess plan since it discusses the market of batting cages and how the top five cages are ranked. Weber ranks each batting cage based upon use, supply, revenue and availability, just like our group we also plan to build our market based on these categorizes. The text I found is credible because it was printed by CBS New York, a local news organization runned solely in New York City, beginning in 1941. Since this article by Weber only ranks the five best batting cages in New York City there are still more batting cages out there. The only problem with this is that there aren't many other more batting cages out there. In our groups business plan we plann on opening a batting cage in Washington Heights, New York City since the neighborhood inherits many young baseball players seeking a place to practice. Also since there isn't a single batting cage in the area there would be little to none competition with our busniness and players would be willing to attend our business and not travel so far.
ReplyDeleteThe article i found this week is called “Taco Bell’s Doritos Locos so popular fast-food giant added 15,000 jobs last year”. The article talks about how one of Taco Bell’s menu tacos called “Dorito Locos Taco”, became so successful that it opened up more job positions in taco bell. According to the the daily news “The Tex-Mex restaurant chain, known for its cheap food and late hours, sold more than 375 million of the Doritos Locos tacos in 2012, which equates to about one million sold per day.”
ReplyDeleteThis Article connects to the Competition and costs. This relates to competition because Taco Bell is the highest successful fast food restaurant, whose food options is influenced by mexican cultural food, and open at late hours. Taco bell has in reality has no competition because there is no other mexican fast food restaurant that has achieved to be as successful as Taco Bell has. This article relates to Business Costs and profits, because the Taco Bell Dorito Loco Taco had a cost to be put on in the as the new taco on the restaurant , it became successful and lead to a high profit leading to availability to higher more workers, expanding their market.
This article is credible because it comes from The New York Daily News, one of the highest read news article in the city, which focuses on topics affecting the tri-state area , ranging from crimes, to health and eats, and even businesses and affordable living. It also gives news on international news as well. It also helps the average New Yorker because it has job sections , since jobs in the city have become less available.
“By comparison, it took McDonald’s, which started in 1958, nearly 18 years to sell just 100 million of its flagship hamburgers.” Before the dorito loco taco, Taco Bell had bad publicity which led to a downfall in their profit. The success has led to new locations opening, which is expanding their market , giving more costs but increasing their profit. “We believe we can add 2,000 new restaurants in the next 10 years, because what we have is proprietary and exclusive. Nobody else can make a Cool Ranch Doritos taco. And that’s just in the U.S.,”
In Inc. “The cost of starting up a restaurant” talks about the cost of even furnishing your restaurant. This includes machines, cutlery, rent and construction. This helps with the financial projection of my business since it details the costs of setting up our quick-service restaurant in order to succeed. The financial projection uses date in order to calculate the costs it would take to open the business and also shows the revenue expected to gain. The financial projection gives a prediction of the cost, revenue and profit/loss.
ReplyDeleteThe text is credible since Inc. is a magazine that caters to starting/small business owners and entrepreneurs. It has been in publication for 34 years. It also has a yearly publication the Inc 5000 which name the five thousand most promising new businesses. Also the article is written by a successful entrepreneur, John Kunkel who has been successful at 2 different businesses and is opening franchises across the East Coast.
The variables that need to be taken into account in order to come close to the amount needed to start a business are astronomical, so much so that some can be forgotten even by those successful at business. While in the text does a good job of listening many. It ranges from constructing the business to as simple as menus which cost “ “ $250,000 to $350,000” and “1,500” respectively. While the article focuses on opening the business it fails to provide the cost of the employee. While it says “Start-up costs can kill a restaurant's fate—sometimes before it evens serves its first customer.” The National Restaurant Association though fails to provide everything but the employee cost. It could be argue though that the author was just trying to first set up the business before it is open for customers. This though is incorrect since Kunkel provides information that is only relevant when serving consumers. It provides the accounting/bookkeeping, varies, and opening day of the restaurant, $15,000.
http://www.inc.com/articles/201111/business-start-up-costs-restaurant.html
http://www.restaurant.org/News-Research/Research/Operations-Report
DeleteMy group and I have decided to start a business of a batting cage in Upper Manhattan for many reason such as there is many baseball players in the Heights and there isn’t no batting cages near by but the Bronx. So creating a batting cage in the neighborhood would be a great idea because we know that since theres a lot of baseball players in the heights they are going to be able to and with not that much competition around it is going to benefit us more. The Text I found is from the New York Times “Acting Out Dreams Of Athletic Prowess” By Dulcie Leimbach. This text is similar to my groups business plan because this texts talks about the different types of competition in New York and how the technology has improved to where theres “"A video of a pitcher on the screen showed him winding up and releasing a ball." and this could cost people to go because not every batting cage has that. Also Talks about other incentives that might help the business be successful. This helps me with my groups business plan because since im doing the part of the definition of the market it helps me find out about the other businesses i might be competing against. This source is credible because is coming from the New York Times and they would not give us false information because it will ruin their reputation. And they would want to lose people because it will affect their company. This text is also credible because is coming from Dulcie Leimbach who went to the University of Colorado and Warren Wilson College and is now an editor for the New York times. Batting cages in Washington Heights will inspire young kids to be active and keep them out of the street and to a brighter future. If we keep our prices like Whitey Ford's Grand Slam cages “ One token is $1.50, a five-pack is $6, a 10-pack is $10 and 27 tokens are $25” it will be good because kids are going to be able to afford it and might not spend their money on something else that might not be worth it. If our batting cages would have "A video of a pitcher on the screen showed him winding up and releasing a ball." it would be an incentive to us because as a result people really never seen much of those around and if we put it in the heights more people going to have theres eyes open. The problem with no batting cages in Washington Height are causing kids to be lazy because they might not enjoy the traveling , but we’re going to fix that. If our business plan succeeds then kids are going to save more money and not waste their money on metrocard and are going to give kids more opportunity to hit more.
ReplyDeleteThis week I picked an article from a magazine called “The tricks of a successful skate park” by Lynn Pinoniem. This article is related to my business plan because in the article the author explains what some people did in order to have a successful skate park. Some of the methods they used and also the reasoning behind it. The author also explains some of the services and some observations they notice in the skate park they build .I could use that information in my business plan because those ideas could help me make more revenue. It could make me more revenue because it explains how they attracted more people to go into the skate park ; the prices they charge and some other innovations. The text I found is credible because they offer a variety of different services online and on a store on different locations in the nation. The author also provides names, websites, emails and phone numbers where one could do further research or ask question on the topic of a successful skate park. The author Lynn Pinoniem is an author that has written many articles in the magazine that they publish. The name of the magazine is “recreation management” The magazine is published and distributed nationally and internationally.
ReplyDeleteThe article states that lowering prices lower than those to the completion and providing other services such as food can then attract more skateboarders in to your park, making you more money. The author in the article states “they can use to get in for $9 instead of the usual rate of $15” This states that the rates they use are lower than those to their competition and that helps them make more revenue because people always go where they could get a similar product or service for a cheaper price. It’s part of being in the perfect competition. This skate park has to reduce prices to attract more customers, even if they won’t make as much profit because of the rates they charging people. Something else they did to increase revenue was bring food in to their skate park. The author surprisingly said “You'd be surprised at how much food skateboarders eat in a day” this shows that the skateboarders and other people who perform extreme sports tend to eat a lot because they are always active and on the move. Food would cause them to come to the park because they know they could buy food, hang out with friends, session the park and all for very low rates.
"Is Starting a Business Brave, Smart, Stupid or Nuts?" was published on September 11th, 2009 by Jay Goltz. Jay Goltz, is not only a news reporter/writer on the business section on The New York Times, Fortune Small Business, INC., Fox Business and CNNmoney.com, but he is also an entrepreneur, speaker and writer. Who actually runs a business. He wrote The Street Smart Entrepreneur: 133 Though Lessons I Learned the Hard Way because he realized that there was a lack of real world advice for small businesses.
ReplyDeleteNew York times is a reliable/credible news source that constantly provides accurate information that hasn't lead to any suspicion of false news/information. It is a trusted and well known news source.
Having a business plan is the key to start the process of starting a business. Should include an overview of the business, industry background, the product or service, the business model (how will you make money?), the strategy and the team.
The text connects to my section of the business plan, the description of product/service because the article informs me that starting a small business is not an easy thing to do (like a piece of cake). You as a business owner have to plan many ideas as to how do you know that your product/service is competitive, know why you are promoting your business and price (fixed or varying prices) that will be able to increase your business profit.
Creating a small business, and in this case a diner will take time to pursue and propose the idea of creating a family oriented diner that brings back a sense of memory, history, fashion and fun, it will open your essential pallet at affordable prices.
My group and I have thought on creating an authentic and entertaining movie theater around Washington Heights to give the opportunity for people around the area to come to this new innovation. This would make it so much easier to travel instead of traveling to downtown to AMC. The article I read was, " How To Start An Indoor Batting Cage Business" by Luke Arthur it shows me the total box office gross which is $10,710,064,643, the tickets sold which were 1,367,125,412, and the average ticket price which was $7.83. These sales that were made were from the movies that were published in the year 2012 therefore that gave information on how much revenue that was gained for movies as a whole and not specific competitors like AMC theatres or specific movies. Also, this source tells me what prices i have to make for my business compared to my competitors because i need to make products and sales that my competitors don’t have, would attract consumers to choose my company over my competitors, and so that our products don’t have many substitutes. My business plans need to establish an equilibrium based on the demands of my products and make sales better than my competitors.
ReplyDeleteThis source is credible because it shows other sources related to the current one and also it shows news reports that you’re able to review. It also shows how much each movie sold and the revenue they got every year, how much revenue distributors got for the amount of movies they published every year, and what genres in movies sold the most movies and made the most revenue year after year. My company based on my part of the business plan are now able to beat our competitors because we have access to what products they’re producing, the prices that they set for their products, and how much revenue and cost our competitors make each year round. This source is very useful for my company to evaluate because now we can all make prices that are fair for our consumers and who would be willing and able to pay any price on the books. Based on the stats in 2012, each movie that was shown at the movie theater the demand decreased based on each market share. Even though the average ticket price is $7.83, my company would take the advantage and lower the price just a little , for example to $7.50. Which means my company is no often a trade off from the consumers. Al the consumers that that start to show up to my groups innovation, the demand ( consumers )would buy cheaper tickets than my competitors in order to watch the same movie plus based on the peoples budget, the more cheaper that tickets are, the more consumers that would spend their money in my companies innovation.
The article I choose comes from a website called suburban rails which includes the perfect information needed for my project. This web site include many statistical numbers that are needed to prove has evidence. This website is part of this week’s topic because it includes an important part of the project that is needed which is evidence. It also talks about how the market works with all the expenses needed for the skate park.
ReplyDeleteThis source is credible because comes from a website that is sponsored by a well-known organization. The sponsored website is bitsprocket and this website is where many designers can actually design a construction. Also the facts he website included are from U.S. consumer product safety commission and other national sources.
As one of the big problems we have in our group is finding out. The market doesn’t have much information of making these kinds of decisions we needed to make. Many other people who are starting with these kinds of business would have trouble in the beginning especially looking for those kinds of facts needed for their company. The websites also some basic information about what would need to be match like matched prices. This websites just gave basic information needed for the project. On of the important facts like an important which knows your competition. Knowing your competition is very important since you will be competing against them and becoming the one with the most money. The website include to keep the price constant and make sure it’s impossible for your competition would not have much revenue.
The text I read this week was “ fast food marketing strategies” by Rick Suttle. This relates to this weeks class topic because it has to do with my section of the business plan sales/marketing. This text states 4 different types of marketing strategies used by small fast food restaurants in order to make sure they bring in customers. This text is credible because it was written in the Houston chronicles which is “Currently the nation's sixth-largest newspaper, the Houston Chronicle is a multimedia company publishing print and online products in English and Spanish that reach millions of people each month”. Also the author Rick Suttle “holds a Bachelor of Science in marketing from Miami University and a Master of Business Administration from California Coast University” and has been writing professionally since 2009. Ma
ReplyDeleteThey best way to ascertain that a small fast food business brings in customers is to know your customers well and play to their wants, which is done by a marketing strategy. Four market strategies that accomplish this are collectibles, market segmentation, loyalty programs, and societal marketing; each of these strategies differently targets customers. The collectable strategy is when you use products such as dolls, glasses or other mementos with a popular theme to bring in customers. This strategy is a great strategy to target children. Then there is “market segmentation, which is the process of identifying key buying groups that patronize your restaurant”. You can find out who these key groups are by using “market research surveys, asking people demographic information such as age, income and household size”. Once you have this information you can effectively target your core customers and use techniques to make sure they are satisfied and keep coming back one of these techniques is using coupons. Then we have loyalty programs, which are frequency card program that award frequent customers for repeatedly buy the restaurants products. This get customers to come back in order to get these rewards. So even though the restaurant might have to give away some few products they benefit by having constant source of customers. The final one is societal marketing, which is when a business uses “volunteering or collecting money or items for charity”. This might not seem as a marketing strategy because it in customers differently then the other three. This brings in “consumers who relate to your ideas or values because of your charitable work may, in turn, patronize your fast food restaurant”. You clearly can use several of these strategies to reel in customers but in order to know which will be the most effective you must know your customers. For example using collectibles wont work well on adults and societal marketing wont work on customers who don’t care too much on the businesses morals. However these all seem like strategies that will work on fast food customers and you probably have seen many of these used before by common fast food restaurants,
http://smallbusiness.chron.com/fast-food-marketing-strategies-3408.html
DeleteIn the emergence of this new market of virtual workers and companies like taskrabbit and gigwalk have each launch a website where any person can post a simple task from picking up groceries to making a pick up from cross town.I say that this type of business will work .A new report form Forbes.com by writer Josh Bersin show some data on the age group that would typically do these jobs and supports my argument.One statistic that jump out at me was "The percent of the US workforce with college degrees is at an all point high, yet nearly half the people between 16 and 29 have jobs, so many are looking for part-time and temporary work." This would perfectly fit with these 16 - 29 year old because the task can be at anytime they feel like choosing the job.A couple of task can earn them a couple of bucks in this current economic trouble were in. There is also the the simple help that some people need and this site would be perfect and also includes background checks for each person running the task.That puts in the safe factor.A job that is flexible to your plans and the workers choose what jobs they want to do.Its the future to the labor market! Need a reran done go to taskrabbit and put up a task.
ReplyDeleteThis article is credible because it comes form forbes.com.Forbes is a bi-weekly magazine that is family run and publish its first issue in 1917.Its financial insider for business men and women around the world. The writer Josh Bersin is a graduated from
University of California, Berkeley - Walter A. Haas School of Business with a Masters in Business administration.
Just like task rabbit am trying to create a service where small errands are posted online and run by employes that deiced to pick up in the task.My part is describing the product and helping with the marking.This article help me understand the market and how its growing and is projected to grow.
http://www.forbes.com/sites/joshbersin/2012/04/14/enter-the-virtual-workforce-taskrabbit-and-gigwalk/
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