Description
Discussion 1:
"Business Decisions" Please respond to the following:
- Identify a type of business you would like to own. Next, evaluate two (2) advantages and two (2) disadvantages of buying an existing business compared to those of starting the new business from the ground up. State your decision and explain your rationale.
- In buying or starting the business above, you determine that you do not need external financing. Discuss why you should write a business plan, and select one (1) element in the plan that you think will be the most difficult for you. Next, identify three (3) techniques you can use to overcome the challenges. Justify your selection of these techniques.
Discussion 2:
"Bootstrap Marketing and Advertising" Please respond to the following:
- Using the Internet or Strayer databases, find three (3) examples of bootstrap marketing strategies. Next, develop a bootstrap marketing idea that will help promote a small business at a minimal expense. Be creative and thorough in developing the idea for this implementation.
- Assume you have an advertising budget of $1,500 to invest in a campaign promoting an upcoming “sale” or special event for your business. Your target customers are 25- to 45-year-old individuals with higher-than-average disposable income. Explain where you would invest your advertising budget and how you would generate free publicity to extend your advertising budget.
Discussion 3:
"Pricing and Globalization Strategies" Please respond to the following:
- Using the Internet or Strayer databses, analyze pricing techniques for established products and services. Next, select and explain the pricing strategy you would use for a business. Within your response, you should also identify three (3) objectives this strategy seeks to achieve.
- Discuss three (3) strategies you could use for the development of a successful website to support a new business. Be specific in stating how these strategies will help the company achieve its goals.
Explanation & Answer
Attached.
Running head: WEEK 4 DISCUSSION
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Week 4 Discussion
Name
Institution
Date
WEEK 4 DISCUSSION
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Week 4 Discussion
Discussion 1
Advantages of acquiring a business
The acquisition of an existing business presents the entrepreneur with the opportunities to
benefit from the existing infrastructure. Erasmus et al., (2016) explain that the process of buying
an existing business presents the entrepreneur with less risky options in instances where the
prospected venture is well-managed, right for the geographical space of establishment and highly
profitable. The entrepreneur is presented with a business that already has operational plans and
procedures in place. Similarly, the purchase of an existing business presents the entrepreneur
with products and/or services that are already market tested. Adekola and Sergi (2016) demystify
that an existing business avails the entrepreneur with a great idea of how effectively the existing
market has reacted to the processes of purchasing the products offered
Disadvantages of acquiring a business
Buying an existing business may present a range of cultural clashes. Erasmus et al.,
(2016) explain that organizational culture plays a crucial role in the endeavors of driving a
business to the desired levels of success. There is a tendency that the acquiring p...
