My family is in the process of re-opening a small business to the north of Atlanta, Georgia call The Cake Shoppe (bakery). We are in the middle of a complete re-model, and this section has been very enlightening for me as I assist them.
I found that one of the most important concepts for The Cake Shoppe, especially during this remodel, is technological forces (pg 67), which is defined as “inventions or innovations from applied science or engineering research” (Kern, Hartley, & Rudelius, 2012, pg 67). The previous owners did not use social media or advertise at all, so the new branding of our new products and lines, social media networking and electronic commerce, which is “any activity that uses some form of electronic communiciation in the inventory, exchange, advertisement, distribution, and payment of goods” (Kern, Hartley, & Rudelius, 2012), will be extremely important. We are in the process of re-vamping our logos to make them more appealing for the website, creating social media accounts for the bakery, and even producing online advertising via social networking, online giveaways, and e-mail coupons. Utilizing online savings websites like Groupon and Living Social to promote our business has boosted sales tremendously.
Another very important concept is competitive forces (pg 68). Competition is “alternative firms that could provide a product to satisfy a specific market’s needs” (Kern, Hartley, & Rudelius, 2012, pg 68). I believe that attracting customers is about advertising, while keeping them is about the product and customer service. Knowing your surrounding competition is essential to running a small business. When it comes to baked goods, quality cakes, desserts, and breads served by a well-kept, smiling employee will get them to come back. Things like pricing, packaging, and overall appeal also play a pivotal role. Knowing we are in