Distribution Channels
Distribution channels are the strategies and means adopted by businesses to allow them to get their products to the target consumers. While distribution entails the specific links used across businesses to ensure that the products or services reach the consumers, there are three main types of distribution channels (LearnLoads, 2014). First is the distribution direct to the consumers, while the other approach is by the use of retailers to reach consumers, and finally is the use of wholesalers and retailers to reach consumers. The factors influencing the appropriate method of distribution include the costs involved, the nature of the market, and the extent to which the producer aims at controlling the means through which products are marketed.
Pricing Strategies
Pricing strategies are founded on price selection which involves the determination of appropriate prices for specific products. In regards to the Famer Joe's market, the two daughters, apple, and peach are intending to introduce a new product to the market which is genetically altered broccoli that contains the taste of rich chocolate which will be called the choco-brocco. Despite the likely success and acceptance of the product in the market, the people are confused on how to price the product (Thompson VSE, 2013). A pricing strategy determines the initial price of the product while selecting the changes that may be associated with it over time. Among the pricing strategies that could be used are status quo, price skimming, and penetration pricing. Firstly, the daughters have to consider the amount of money used to make the product. Under such a consideration they could use price skimming which is the best in recovering substantial investments. As for penetration pricing, it entails the implementation of a low price with the aim of reaching a large target market although if used by a prestigious brand it could lead to brand equity losses. As for the status quo pricing, it entails the practice of matching the pricing strategies used by competitors.
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Marketing Strategies
According to Steve Jobs, marketing strategies are solely about values. The effectiveness of marketing strategies does not focus on the successful products produced or the level of competition the company rests o0n in regards to the industry, but it depends on the use of celebrities and personalities to promote the brand across a vast range of the market. This is the same concept used by the Nike Company which honors great athletes (Carmichael, 2014). Competent marketing strategies portray the image of the company while promoting the values and ideas that it stands for. In this case, the most appropriate marketing strategies incorporate and develop the company's core values and mission statement.
Supply Chain
Coca-Cola Company is one of the iconic brands across the globe by leaving a recognizable mark on people's lives through its logo. The companies use an effective supply chain management to maintain and uphold its operations across over 200 countries around the globe. Notably, the company has covered all aspects of the supply chain management which include both the 1st and 2nd tier suppliers as well as the 1st and 2nd tier consumers. In this case, the provision of raw materials is relatively consistent (Hu, 2016). The supply chain is characterized by manufacturing, storage, distribution, and supply to retailers and vending machines where the product reaches the consumers.
Start a Business on a Loan
According to Mark Cuban, people who wish to start a business should not source their funds from a loan. This is due to the vast array of uncertainties involved in starting a business in which by taking credit, the entrepreneur increases their risks. One of the significant mistakes young entrepreneurs do is failing to prepare adequately for the company regarding research and strategies to be incorporated (Bloomberg, 2013). The speaker also proceeds to state that innovation is the key factor towards changing the current economic upheavals regarding a low growth rate and high unemployment rates. Moreover, the use of social media would increase the awareness of a particular business or innovative program.
Successful Shark Tank Pitch
In a successful shark tank pitch, it is imperative to familiarize with the things that should increase the chances of securing funding for one's business. The most critical factor for aspiring entrepreneurs is knowing the numbers they require as well as being evident in their presentations. Furthermore, it is also essential for one to see the industry in which they aim at developing their business better than anybody and why it is going to be successful (Parade Magazine, 2014). Also, for the pitch, one has to focus on growing the market and how the business will be beneficial to one of the sharks.
References
Bloomberg. (2013, June 14). Mark Cuban: Only Morons Start a Business on a Loan [Video file]. Retrieved from https://youtu.be/KYneLGRTgy8
Evan Carmichael. (2014, January 30). Steve Jobs' amazing marketing strategy - MUST WATCH [Video file]. Retrieved from https://youtu.be/kshIWIc15yg
Jonathan Hu. (2016, February 22). Coca Cola Supply Chain [Video file]. Retrieved from https://youtu.be/UBSOiHUctrY
LearnLoads. (2014, March 10). What are distribution channels? [Video file]. Retrieved from https://youtu.be/ALoo4vrKKUw
Parade Magazine. (2014, March 17). Most Important for a Successful Shark Tank Pitch [Video file]. Retrieved from https://youtu.be/7_0FNzZerJA
Thompson VSE. (2013, December 1). Pricing Strategies [Video file]. Retrieved from https://youtu.be/XBmWEduod5k
