In the reading, I was most surprised to learn that "many entrepreneurs know very little about their market,and some even attempt to launch new ventures without identifying any market" (pg. 311). Considering everything we have learned so far this semester about the importance of identifying and understanding your target market, this is certainly a necessary step to take before launching a new product/idea. This goes to show how uninformed people can be and how greatly they would benefit from doing some research and understanding the basic steps of entrepreneurial start-up.
2) Identify at least one part of the reading that was confusing to you.
I was confused by the statement that when it comes to pricing, "most buyers expect to pay even-numbered prices for prestigious items and odd-numbered prices for commonly available goods" (pg. 328). I had never heard this theory before, and it seems like a very odd and random expectation. I would love to know the reasoning behind this.
3) If you were able to ask two questions to the author, what would you ask? Why?
If I could ask the author two questions, I would first ask, "What additional tips would you give to a budding entrepreneur trying to come up with a marketing plan?" I would also ask, "Which type of marketing philosophy have you utilized the most in your own ventures?" I would be interested to hear his responses.
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
I did not disagree with any of the author's statements.
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