...Identify at least three challenges when setting up a business. Explain why they are challenges. There are many challenges to starting up a business but starting a “niche business” has challenges of its own. One of the first and most important challenges is to find a unique idea or product to sell. Another concern should be finding the right name for the (going forward we will use product as our example) product. The name is vital to the success of the business. It should have a name that will peak the consumers curiosity enough take the next step to look into what it is. Once the product and name is decided it must be researched looking for any previous exclusive rights to either the name or product. If neither has been previously obtained, then the process of patenting and trademarking can begin. In the case of starting an “on line” business it is crucial to find an experienced web designer to setup the website. This site can make or break the business. It must have many key words to direct the consumer to the site. The home page must be an attention-grabber so the consumer won’t leave your site. The longer it is reviewed the better chance of a sale. Define what a “niche” product is. Give at least three examples of niche products. A niche product means a product that is sold as a spin off from a much larger product market. It is designed to satisfy a want or need of a smaller group or location. It may be unique or a novelty that cannot be reproduced by another...
Words: 442 - Pages: 2
...Page 63 DOES NICHE MARKETING LEAD TO BUSINESS SUCCESS? THE CASE OF M.C. TAMURA Luz T. Suplico-Jeong, De La Salle University-Manila ABSTRACT Does market niching lead to business success? Maria Cecilia G. Tamura has used this strategy in managing her businesses. These businesses are Okasaki Industrial Corporation, which is engaged in import and export, and Airily Corporation which is mainly a Business Process Outsourcing (BPO) company. The case discusses how a female employee, who later became the employer, use market niching and product life cycle as business strategies. In so doing, the case shows an example of how a highly motivated woman entrepreneur managed her businesses through good and bad times. THE ENTREPRENEUR Women entrepreneurship has been significant in economic development. The Philippines has compared favorably with other countries in women entrepreneurship. Based on a survey conducted by Let’s Go Foundation and GE Bank, Filipino women have a fairly equal chance of making it big as entrepreneurs (http://www.womenentrepreneurship.org). According to Tara Brannigan (2005), women entrepreneurs have formed businesses to make a better living for themselves. The sense of adventure and the thrill of challenge have motivated them to organize their businesses. The rise of women entrepreneurship has allowed women to create jobs for themselves and to create jobs for others. Female traits, such as patience and attention to details, have influenced their management styles...
Words: 4786 - Pages: 20
...Challenges of Setting up a Niche Business Robin Holland Professor William Simonpietri BUS 100 Introduction to Business July 22, 2010 Challenges of Setting up a Niche Business Identify at least three challenges when setting up a business. Explain why they are challenges. One of the challenges of setting up a business is, upon setting up a business you have the vision and idea of how it’s to operate however, if the application falls short then your business may be shelved for some time. It is important to make sure that your applications are secure before anything else is set up. Business owners must have the money to fund the project and also if not an online business they would need to secure a great venue for the business. Another challenge would be having partners. Partners are good initially because they generally come with great ideas and more importantly finances. However, there is always a chance that the partner will pull out and no longer be apart of your business which leaves you less their finances, help, and ideas. Lastly, choosing what type of business you want. This could be challenging because if you’re choosing a “Niche” style business you must understand and remember that this style of business can not be served by the main stream providers therefore, you must determine where and how you plan to provide your products and what would be the best way to make it profitable. Define what a “Niche” product is. Give at least...
Words: 924 - Pages: 4
...True/False: 1. The ecological niche of an organism includes its habitat. T/F 2. Every organism within a species has the same ability to acclimate, since this trait is genetically determined. T/F 3. The proximate cause of an observation is its true root explanation. T/F 4. A species’ realized niche is usually larger than its fundamental niche. T/F 5. It’s believed that true learning intelligence (as opposed to mere instinct) is most likely to develop in response to highly consistent and predictable situations that are encountered frequently. 6. The ecological envelope of a species is the catalog of conditions it is known to live under. T/F 7. One reason Atolla jellies do bioluminescence is to scare away giant squid. T/F 8. The tolerance limits of the young of a species are often more narrow than the tolerance limits of the adults of the species. T/F 9. The process of speciation is always caused by selective pressures. T/F 10. When estimating the mean value for some characteristic of a population, one way to increase the accuracy of the estimate is to increase the number of individuals sampled from the population. T/F 11. A parameter is measured for a sample in order to estimate the corresponding statistic for the population. T/F 12. Mutations increase genetic diversity, while natural selection decrease genetic diversity. T/F 13. One drawback to being a highly social or communal species is that resources must be shared and may...
Words: 611 - Pages: 3
...10th March, our Year 12 Biology class went to Island Bay to gather data on the quantity of rocky shore tide zone species. Gathering this data we used a transect (rope knotted every meter), a quadrat (50cm x 50cm), a meter ruler, a thermometer, and species information cards to help with clarification. My group and I started our measurements from where the water met the rocks and placed our first quadrat there. We recorded the species count and recorded the temperature, then moved three meters up the transect and placed the quadrat down again. We completed this for 48meters from where the water meets the rocks and recorded the data. Our investigation is to chose two species that we collected data on and compare and contrast the evironmental niches of each of those species. I have chosen to research and investigate the species of Chaemosipho columna (the Acorn Barnacles) and the species of Austrolittorina antipodum (the common...
Words: 2041 - Pages: 9
...same niche. However if two species do not completely overlap, then we see instances of coexistence between each species. However, competition variability is seen between same specie organisms and among differing species. Competition between two of the same species is known as intraspecific competition while competition seen between different species is referred to as interspecific competition. Our competitive study models the two types of competition previously stated while measuring the results to show the effects of each. Our study hoped to show that if there were no intraspecific interaction between species A then there would be no difference in the amount of survivors nor a difference in the average mass of survivors. We show how intraspecific competition is more important than interspecific competition based on the fact that each individual in a population of the same species has a higher need for limited resource availability. Introduction: The purpose of our experiment was to compare competition interactions between (interspecific) and among (intraspecific) species at various density levels. Competition can be defined as any impact of one species over another that results in an adverse reaction or impact of that species (Mangla et al. 2010). Interspecific competition occurs between two differing species for certain resources while intraspecific competition occurs between the same species in a population. These competing factors can cause the differing niche overlap...
Words: 2328 - Pages: 10
...Tax Case 3 Individual Paper 2/22/2014 Attn: Dr. Ott Executive Summary: In this case, my group members represented the side of the taxpayer. One of the main issues in this case is whether or not Rex and Agnes Harrell should be able to make deductions in excess of rental income on their beach house. This deduction depends on if the 14-day personal use provision was exceeded. If the 14-day provision was exceeded than income should be limited to rental income as the ISR decided in this case. However, we have determined that the Harrell’s have not violated the 14-day provision and should therefore be allowed deductions for rental expenses exceeding rental income. Facts: • The Harrell’s purchased a beach house to use occasionally for recreational purposes, but also to rent it out. • The house was in need of significant repairs so the couple decided to make the repairs themselves rather than hiring a contractor. Rex had taken advanced courses in woodwork at a local community college and he applied those skills in his maintenance work. • The log maintained by the Harrell’s showed that the couple occupied the house for 38 days and rented it out for 49 days. On 24 of the 38 days occupied, one or both of them were actively working on the beach house. • On the days they were working on the beach house they sometimes still had time for fun with their two teenage children. Some days they would only work 4 to 5 hours and be able to have fun while other days they would work...
Words: 1343 - Pages: 6
...The current issue and full text archive of this journal is available at www.emeraldinsight.com/0960-0035.htm IJPDLM 37,1 B2B e-marketplaces: a typology by functionality Kenneth J. Petersen Department of Management, Colorado State University, Fort Collins, Colorado, USA 4 Received January 2005 Revised July 2006 Accepted July 2006 Jeffrey A. Ogden Air Force Institute of Technology, Wright Patterson AFB, Ohio, USA, and Phillip L. Carter W.P. Carey School of Business, Supply Chain Management, Arizona State University, Tempe, Arizona, USA Abstract Purpose – The purpose of this article is to develop a typology of e-marketplace functionality and then link the typology to the associated value creation potential of differing types of e-marketplaces. Design/methodology/approach – In-depth interviews with the executives of 50 e-marketplaces, a web/mail-based survey of another 350 e-marketplaces and interviews with several e-marketplace customers were conducted. Findings – B2B e-marketplaces offer a variety of different value propositions. Leading e-marketplaces have a well-developed strategy for reaching a particular segment of the buying community, based on service needs. Developing e-marketplaces do not demonstrate the same focus. On one hand, only a few e-marketplaces had developed the same winning constellations of services, while on the other hand, most were planning a roll-out of a wide variety of services that would carry them far beyond a focused strategy. The...
Words: 6251 - Pages: 26
...How is building a brand in a business-to-business context different from doing so in the consumer market? Before answering this question, let me first define what Business to Business or B2B. Then I introduce what business to consumer or B2C in short form. Both B2B and B2C describe the nature and selling process of goods and services. While B2B products and services are sold from one business to another, B2C products and services are sold from a company to the final user. Any products or services exchanged in B2C mode can be considered a part of B2B. However, products which are transacted in the B2B market are never a part of B2C. An example will clear the difference between B2B and B2C. Personal Computer, for example, is a typical product of B2C. When a Cyber Café orders PC for a large quantity, the transaction is considered B2B transaction and as a result, the product is no longer B2C, but B2B. Building a brand in a business-to-business context is different from doing so in the consumer market because of the nature of buyers. In the B2B mode, buyers are normally another manufacturer, wholesaler or a retailer. While in the B2C market, transactions occur between a company and end users. By entering a new markets Cisco has gained new competitors such as IBM, Microsoft etc. In order to compete against these competitors Cisco uses the outstanding methods of both business to business and the consumer marketing. Initially, Cisco has been selling products to other businesses...
Words: 539 - Pages: 3
...Norwegian Business School Bang & Olufsen Group Exam code and name: GRA 6212 Published: 24.08.2012 Submission date: 06.09.2012 Campus: BI Oslo Table of contents TABLE OF CONTENTS I SUMMARY II Summary A1 Bang & Olufsen A/S A2 Bang & Olufsen a/s Peter Bangs Vej 15 7600 Struer Denmark A3 www.bang-olufsen.com A4 Which stock exchange lists the parent and what is the parent’s stock exchange trading symbol(s)? NASDAQ OMX Copenhagen A/S Ticker: BO A5 What is the group’s classification code(s) SIC/ ICB 3700 NAICS 811490 (Personal & Household Goods) ISIC/ ISIN DK0010218429 NACE A6 Identify any changes in Board of Directors or in Board of Management during the past year. During the past year there have been two changes in the Board of directors. Jim Hagemann Snabe replaced Niels Bjørn Christiansen, while Per Østergaard Frederiksen was elected by the employees and replaced Anette Revsgaard Sejbjerg. A7 When and where will the next Annual General Meeting take place? 21.09.2012 – Struer Statsgymasium A8 A9 Review the Presentation of the Group and Its Business in the Annual Report. What does it say about: A9.1 At the end of the financial year, Bang & Olufsen employed 2,106 people (Note 3 states: 1393 Denmark and 639 abroad, equals 2032???). A9.2 Company’s products are currently sold in more than 70 countries across the world. A9.3 Business-to-consumer (B2C) business and Business-to-business...
Words: 2365 - Pages: 10
...trusted, evidence-based, consumer medical related information. As the competitive landscape evolves, MedNet is forced to develop a new strategy in order to keep doing business in the face of declining advertising revenues due to new competition such as Windham and Cholesterol.com. Thus it must decide how it will continue to generate revenue while addressing competitive challenges. Consumer Behavior MedNet has a loyal and engaged customer base that ensures a better value for ad money than other competitors. While MedNet’s customers are loyal and with a high return rate, the majority of them would view a shift to storing personal information and charging for services and medical information very negatively. Despite all three websites’ (MedNet, Cholesterol.com, Marvel) goals are to provide free pharmaceutical information to visitors in hopes of attracting as much advertising as possible, their business models are different, and are built around different consumer segments with different behaviors. Target Group MedNet’s current target group consists of consumers browsing for trustworthy and reliable medical information, predominantly about western medicine. MedNet could potentially target other groups, such as businesses and organizations, as will be explained in detail later. Competition A new group of niche, condition-specific competitors has entered the playing field. MedNet is facing serious competition from Cholesterol.com which can offer Windham’s specific target market...
Words: 888 - Pages: 4
...Marketing is the front line of every organization’s attitude to social responsibility and corporate citizenship. In recent times, every successful company has one common agenda at all stages – their main aim is to focus on customers and also they are heavily loyal to marketing. Every companies share a passion for understanding and satisfying the wants and needs of their customers in distinct target markets. The world where the marketing takes place is a self-motivated and potentially very exciting one. However, what it actually means, and how it benefits for the business. Marketing “ is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, services to create exchange that satisfies individual and organizational goals”(AMA,1985). The marketing includes all these things including own experiences that influence and encourage customer’s attitudes to organizations and the product packages on offer. It helps consumers to build expressive bonds with the products they purchase, and to gain psychological as well as functional satisfaction from their use. The Chartered Institute of Marketing defines marketing as, ‘Is the Identification, Anticipation, and satisfaction of customer needs, profitability’. The main role of every organization is to create image and lasting customer relationship in the market based on creating value. Marketing is a process or efforts by organizations to inspire society/community to get them best solutions...
Words: 2616 - Pages: 11
...Ankit Singh and Juan Alberto Calero Part A – e-Commerce in China vs USA 1. Overall, what are some key opportunities and challenges (obstacles) that confront ecommerce in China? How are these challenges similar / different from those confronting e-commerce in the US (or other countries that you are more familiar with)? Some of the key opportunities of e-commerce in China are: The internet penetration rate in China is growing at a much faster rate as compared to other countries. 25.5% users in China have engaged in e-commerce, while in US 71% has done so. This represents an enormous opportunity for e-commerce services, given that there is room for growth in China. The market is China is still in the beginning of its growth stage. The manufacturing prowess of china provides an excellent complement to the ecommerce market. Online shopping market has grown 64.1% over last year to $1.5 Billion. Online B2B market is valued at 65.7 B 69.8% yearly growth. With these accelerated growth rates, the e-commerce market will developed very quickly, players need to be aware of the stage of e-commerce in China and address the market accordignly. Small and medium sized enterprises (SMEs) contribute to 68.8% of nation gross industrial output. Only 28% of SMEs utilised third-party B2B e-commerce platform. The government has a plan to increase it to 80% by 2012. Given this, the projected demand for e-commerce is known. In addition , players also known which type of businesses are using e-commerce...
Words: 2454 - Pages: 10
...Structure and Pattern of Introduction of Business Related Discipline Research Articles Qing Tian I. Introduction Business and economics papers have made a significant contribution to the development of the corporations and economics growth. However, it may be difficult for the readers to fully understand the materials if the structure of the papers is very complicated. In recent decades, there is an increasing trend in the complicacy of business and economics papers (Ellison, 2000). This phenomenon will induce more complexity in comprehending profound research papers. Regarding it, some basic models have been invented to give a general guideline of the building blocks of the research papers. For example, for writing an introduction of an article, Swales (1990) introduced a rhetorical pattern called create-a-research-space (CARS) which segments the introduction into three major parts, namely move 1, 2 and 3. The move 1 aims to give a background information of the topic of the research paper, depicting a general picture of which area the paper will fall into. The next move known as niche basically serves to connect move 1 and 3, illustrating the motive and inspiration of the paper (Swales & Feak, 2012). Followed by niche is the main purpose of the article. By presenting in either a purposive or descriptive way, the author can show a ultimate goal of the article. However, although some kinds of standardizations have been made to formalize the research papers, the construction...
Words: 2079 - Pages: 9
...could decrease the “head to head” atmosphere and help both businesses carve out their own niche. In a business that relies on sales to tourists, customer loyalty is not an issue. Therefore, a price war is not going to be productive for either business. Settle on a price and let each capitalize on there own segment of the market by differentiating from one another. The problem with a price war is that when one business lowers its price it won’t be long before the other business will do the same. It just goes back and forth until one or the other is out of business. The only one that wins is the customers taking advantage of the good deals. However, that advantage will be short lived once one of the businesses exits the market and the other can then charge what it wants. This is referred to as predatory pricing. According to Miller, Cross (2007) “predatory pricing is when one firm drives the other out of business by lowering its prices. Once control of the market is gained back, the firm will attempt to recapture its losses and go on to earn higher profits by driving prices up far above their competitive levels”. Therefore, a price war is not good for the customer or the market. 2. Some tactics that can be adopted by the players to end the price war and to keep it from starting again are location and product differentiation. One of the keys in operating a successful business is location. In this situation you are dealing with a small section of a...
Words: 1138 - Pages: 5
