Reflection:
Today we talked about selecting the right marketing mix and plan. In this we discussed the four p's of marketing: product, place, price, and promotion. We also talked about the keys to building a successful brand. Which is to focus on the primary benefit you want the consumers to receive from your business.
Relating these concepts to my online casino, the primary benefit I am looking to promote is entertainment at your fingertips. With the casino online the customers would not have to travel to a casino, instead all they have to do is log on to their computer.
We also watched two short videos over a food truck business as well as a Microlending. In the food truck business the owners found that it was a 100x harder to start their own business and make it successful, but it was more rewarding at the same time. This and the drive to make my business succeed is what would help me if i chose to start my own business.
The microlending service is a service that lends small loans to upstart businesses. Typically loans range from $1000-$1500. In the us these loans have had a 99% repayment rate. I think that due to their high repayment rate, and that they help get small businesses off the ground, microlending is a great trend that has started in the US.
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