Marking Strategy 1. Consumer Analysis

I will implement what I have learned from this chapter into my future business plan, which is a web/graphic design studio.

Seven-Part Process of Marketing Strategy

1. Consumer Analysis

2. Market Analysis

3. Review of the competition and Self

4. Review of the Distribution Channels

5. Development of a “Preliminary” Marketing Mix

6. Evaluation of the Economics

7. Revision and Extension of Steps 1-6 until a consistent plan emerges

Consumer Analysis

What is the need category? Who needs us and why?

Every business needs packaging design and a website to promote their product.

Because:

1. Consumers buy a product a lot of time because of its graphic design better than its function.

2. Consumers willing to pay more on a better looking product.

3. Consumers now search the web for business instead of looking through yellow page.

4. Consumers spend more time searching and comparing a product on the Internet before they leave home to buy.

Is the product a high- or low-involvement product?

I will consider doing a graphic/website design a low-involvement product because it is not really necessary to the product, but! I believe it will help the business somehow, at least it helps catching consumer’s attention at the beginning.

Do I intend to segment the market? Why? How?

Geographic - Bay area (locally serve)

Demographic - 35-60 years old, own personal business, Asian business owner

Psychographic- People who exposed to Internet more often, or more aggressive on advertisement.

Behavioral- going to own a business, or a business owner who has no branding system and a website yet.

My ethical challenge

For a start up company, every spending has to be critical.
For myself, who want to own a design studio, using design programs such as Adobe products will be a must. However, every design program would cost more than I can afford.
So, my ethical challenge will be "copyright."

Nowadays, free downloading is readily available along with the Internet penetration. Less and less people buy CD album at the store because they can download the whole album on the Internet for free. I will definitely face the same situation that my design work might be copied once I put it on public.

One hand I want to keep the cost down, another hand I want my work get payed.
How do I make it work? hard hard hard......

Accounting.......so hard

Oh My God!! Accounting is just not my thing...
It is one of the category that I have never thought about getting to know it.
I am just not a huge fan of putting money in order. (not only in money though XD)
For me, it will be a trouble to do all the counting and documenting.
The God gives everyone at least one talent, I guess "Accounting" is not the one I would get.

However, if I want to own a business, accounting is definitely a field that I have to cross.
So, there we go!! Here is what I have learned today:



Main Financial Statement

1. Balance Sheet:

• Assets, liabilities and ownership equity are listed as of a specific date.
• The only statement which applies to a single point in time.
• A formula : Amount of assets = total liabilities + total amount of shareholder's equity.
• To perform a company's operating conditions

2. Income Statement:

• Show the company made or lost money during the period being reported.

3. Cash Flow Statement:

• Displayed in the specified period (usually one month season. Is mainly one-year annual reports) of cash inflows and outflows of financial reports.
• Determine the company's short-term viability, especially the ability to pay bills.

Hoo.........I think it's enough for today!!

My business vision

I always enjoy graphic design and creative drawing. My dream job is to own a graphic design company that will help customers to design their company logo, product catalog, brochure, and business card. This idea can be further applied to different industries, such as restaurant menus and marketing websites.

Creating a good visual attraction is the first step to catch buyer’s attention, so I believe even in an economy down time, this type of business will sustain. With the convenient internet technology nowadays, my graphic designers can be recruited internationally to keep down the cost and they will be contracted on a project base. I will also recruit part time art school students to take a roll in the project since young people are most creative with their designing styles.

Every company will need some type of advertisement on their products whether if it’s a product catalog or a website, so I do see a good potential in this industry.

MBA !! woohoo

I have never thought about going to MBA in my life because I always think about myself as an art/design person. However, the environment and the economic have me no choice to change my mind. I still love scratching and designing, but learning how to business seems more helpful to my life in a long term. So, I decided to put myself into this different direction and see how that will turn out. I am really excited about all the things I am going to learn and see!!