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You Can Benefit from a Rival’s New Product - Harvard Business Review

You Can Benefit from a Rival’s New Product - Harvard Business Review | running a skateshop | Scoop.it

When a company comes out with a new product, its competitors typically go on the defensive, doing whatever they can to reduce the odds that the offering will eat into their sales. Responses might include cranking up marketing efforts, offering discounts to channel partners, and even lobbying for regulations that would hinder the rival’s expansion. In many cases, though, such actions are misguided. Although the conventional wisdom that a rival’s launch will hurt profits is often correct, my research shows that companies sometimes see profits increase after a rival’s rollout—even when they don’t aggressively seek ways to squelch the new product’s sales.

 

The underlying mechanism is pretty simple: When a company extends a product line, it often raises the prices of its existing products. The hikes might be designed to make the new product look cheaper and thus more attractive by comparison or to capture the value customers place on a broader line of offerings. As that company adjusts its pricing, its competitors can follow suit without risking customer defections over price.

 

Consider what happened when Yoplait became the first major producer to market low-fat yogurt in the United States. Although Dannon took a 5% hit in units sold during the new product’s initial year, the vast majority of its customers didn’t defect to Yoplait; they preferred Dannon’s style of yogurt. And because Yoplait had raised prices across its product line, Dannon raised its prices as well, by more than 10%. So despite the 5% decrease in volume, Dannon’s revenue increased by 5%.


Via Ashish Umre
Gage underwood's insight:

This scoop helped show me different methods to counter act a competitors business by counter acting negative sale approaches and beating sales without losing revenue.

 

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running a skateshop
I am making a step by step plan to successfully run my own skateboard shop
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Collecting Sales Tax Over the Internet | SBA.gov

Collecting Sales Tax Over the Internet | SBA.gov | running a skateshop | Scoop.it
Gage underwood's insight:

This was good information to know that since I am looking to have a set store location and do on-line website, I will be required to charge sales tax. 

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Hire Your First Employee | SBA.gov

Hire Your First Employee | SBA.gov | running a skateshop | Scoop.it
Gage underwood's insight:

This site allows a step by step process to items that need to be done prior to hiring your first employee.  Though I would be running the skate shop individually as it grows and as time goes on if the business is doing good I would look to hire employees and this site gives me the step by step process.  There is more than I thought to hiring an employee.

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Career choices with a Business degree

Here are links that will help you explore many career choices a Business degree qualifies you for. Of course you may need to add more education for some of the career options. This list is amazing ...
Gage underwood's insight:

though this article is not directed specificly for my topic this artice explains advantages of creatting your on small business such as my own skateshop that a college business degree has to offer.

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How to Build an Online Community for Your Business | SEOmoz

How to Build an Online Community for Your Business | SEOmoz | running a skateshop | Scoop.it

Excerpted from article by SEOmoz:
" It's not that SEO is dead or that links are obsolete, or whatever all that crazy talk is that's been going around. It's that there's a way to integrate all the pieces into the big picture of building a better company by building an online community around it.

There are lots of benefits to building a community around your company, but if I had to choose a few, here are my top five:
1. It will help you weather Google’s algorithms;
2. It will add equity and value to your business;
3. It will help you have purpose;
4. It will help you stand out;
5. It will put the focus on goals, not tools.

Here is a super awesome infographic and the play-by-play breakdown of each step in the process.
Whether you’re building a community from scratch, or you’re working to grow an existing one, you can use this process to get your community rolling or optimize and leverage what you already have.

[Here are only main sections of article]:

[1] Define your business objectives.
So before you do that, think about this:
1) What makes your company unique?
2) Why do you care?
3) What do you want to build?
4) Who do you want to build it for?

[2] Elect your team.
Here’s a few tips for getting the right team in place so that you can start working toward achieving your goals:
1) Understand the roles;
2) Elect, don’t just assign;
3) Work together as one, big, happy family;

[3] Develop your strategy.
Think about strategy in three pieces: the what, the when, and the how.
1) The what: campaigns;
2) The when: execution calendar;
3) The how: ongoing efforts.

[4] Empower your team.
Do not skip this step.
I repeat. This step is important.
You can empower your team for success by addressing a few simple questions:
1) Why are we doing this?
2) How much work is involved?
3) When will we see results?

[5] Learn your industry.
One of your number one priorities in marketing your business online is providing the best possible customer experience. And you can’t do that if you’re not learning continuously.

[6] Create the value.
Ok, now we’re getting to the real good stuff. Value is what your community is built upon, whether that’s “tangible” stuff like blog posts, videos, resources, and tools; or an approach, perspective, or virtue that is the basis for common ground.  Value that focuses on your customer and their experience is what attracts people to your business, your brand, and your community.
Foundational content is the more static stuff on your website...
The challenge with foundational content is to listen to your customer. Observe their needs, the things in life that they struggle with, and then communicate how your products or services address those things.
Community building content is the stuff that’s more dynamic in nature and usually lives on your blog. It’s the content that is less about what you do and more about what you know.

[7] Share the value.
It works like this:
80% of the time, share other people’s great stuff. But don’t just retweet it or hit the share button and place it on your feed. Read it. Internalize it. And then curate it. Tell people why it’s good. This helps you learn and also keeps the focus where it belongs: on the value that you're providing for the reader.
20% of the time, share your own stuff, but make it remarkable. This is the community building stuff that we just talked about.

[8] Build and foster growth.
There are lots of things that you can do to foster and grow your community. Here’s just a few:
1) Get in there;
2) Embrace offline efforts;
3) Acknowledge and show appreciation.

[9] Measure and analyze (and communicate).
Everything you do will include testing, feedback, measurement, analysis, adjustments, rinsing, and repeating. And then, you’ve got to communicate this data to your team (and/or your client).  

Keep these final things in mind:
- This is about building a brand;
- Stay grounded in your goals;
- Don’t give up."

Read full, detailed and long article here:
http://www.seomoz.org/blog/how-to-build-an-online-community-for-your-business

 


Via Giuseppe Mauriello
Gage underwood's insight:

i learned from this article that if i were to choose to have a market online then i would could possible gain stronger equity and value do to the fact that the internet is a world wide tool used by over 3/4's of the middle class population.

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Ivon Prefontaine's curator insight, May 25, 2013 8:22 AM

This will be helpful as I move forward.

Nikhil Malhotra's curator insight, June 6, 2013 12:27 PM

enlightening tips

Josee Tom's curator insight, June 13, 2013 4:40 PM

Fabulous Article!

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You Can Benefit from a Rival’s New Product - Harvard Business Review

You Can Benefit from a Rival’s New Product - Harvard Business Review | running a skateshop | Scoop.it

When a company comes out with a new product, its competitors typically go on the defensive, doing whatever they can to reduce the odds that the offering will eat into their sales. Responses might include cranking up marketing efforts, offering discounts to channel partners, and even lobbying for regulations that would hinder the rival’s expansion. In many cases, though, such actions are misguided. Although the conventional wisdom that a rival’s launch will hurt profits is often correct, my research shows that companies sometimes see profits increase after a rival’s rollout—even when they don’t aggressively seek ways to squelch the new product’s sales.

 

The underlying mechanism is pretty simple: When a company extends a product line, it often raises the prices of its existing products. The hikes might be designed to make the new product look cheaper and thus more attractive by comparison or to capture the value customers place on a broader line of offerings. As that company adjusts its pricing, its competitors can follow suit without risking customer defections over price.

 

Consider what happened when Yoplait became the first major producer to market low-fat yogurt in the United States. Although Dannon took a 5% hit in units sold during the new product’s initial year, the vast majority of its customers didn’t defect to Yoplait; they preferred Dannon’s style of yogurt. And because Yoplait had raised prices across its product line, Dannon raised its prices as well, by more than 10%. So despite the 5% decrease in volume, Dannon’s revenue increased by 5%.


Via Ashish Umre
Gage underwood's insight:

This scoop helped show me different methods to counter act a competitors business by counter acting negative sale approaches and beating sales without losing revenue.

 

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Clothing and Textiles | BCP Business Center

The Federal Trade Commission’s Bureau of Consumer Protection Business Center gives businesses and marketers compliance tips on advertising, telemarketing, credit, data security, and other need-to-know topics.
Gage underwood's insight:

This was an eye opener for me I did not realize that I would have to make sure the labels on the clothing I would be selling in the skateboard shop would have specific's around certain types of material having to be labeled certain ways.

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How to Get a Good Business Loan

How to Get a Good Business Loan | running a skateshop | Scoop.it
Businesses routinely require business loans to get set up and to finance expansion. There is risk attached to any lending and it is crucial, therefore, to get
Gage underwood's insight:

This article has taught me inorder to get a business loan I would need to be established with a bank to show that I am stable and have proven ability to pay on loans.  It also says a good credit score is important to have when looking for lending for a start up business.  Because each bank may have different rates it is smart to shop around for the best rate.

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Upcycling: making design efficient, sustainable and values-driven

Upcycling: making design efficient, sustainable and values-driven | running a skateshop | Scoop.it
Jim Witkin: Too much emphasis has been put on minimising negative footprints, according to the adviser William McDonough.
Gage underwood's insight:

This article has taught me that not all things cheap have to be made with bad materials, for example, there are certain woods and glues in a skateboard deck that can obtain more pressure when landing on it off tall drops or stairs where as others will snap from doing the wrong trick

 

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Rescooped by Gage underwood from dihefekotob
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Your Inquiries About Net Advertising and marketing Firm

 

 

Susan asks…

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This would be a firm that presents the regular price tag of factors. And firms for this merchandise can publicize on my internet site by publishing up on the internet site that their charges go alongside with the regular shown on my internet site. How can I get this heading? What do I need to have?

admin solutions:

Its a wide concern to start off up an net firm but enable me notify you this. You can do bsiness and make use of by yourself with the use of net. A lot of men and women exercise this net advertising and marketing. Its the new development. You can receive far more with just modest expenditure. It just just take tolerance and a minor operate and you income far more than people doing work in an business office. In the subject of net advertising and marketing, there is one particular organization resolution that will help a lot of men and women in the sector grow their procedure as properly as generates cash flow more rapidly than the aged exercise. This is the Report Advertising and marketing Robotic which has been just lately current to even more operate for you greater. There are a lot of instruments previously in the market place that statements that it can post articles or blog posts to a lot of directories but only Report advertising and marketing robotic has been advisable by common net advertising and marketing operators. Almost everything is basic with the instruction and how the application purpose.

 

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Until now Google is most strong firm in new technological market place all in excess of the entire world and it will continue being the very same for the fist fifty several years but presently diverse social networking internet sites and other look for engines are also rating in prime 10. They will be in the very same rating with Google if they coexist with Google. Google will be not the very same soon after fifty several years due to the fact of the style of the net enthusiasts. If Google can make the drastic adjust or alterations the indicating of net in a very good and diverse feeling then it can make up to one hundred several years as a strongest firm.

 

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David asks…

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Nancy asks…

What is the 1st issue i have to do to make income on the net?

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admin solutions:

I have been generating income on net for four several years and I was individually ripped off by a very good a lot of generating income approaches.Last but not least,I located the most respectable, powerful and rapidly way for rookie to make income is undertaking paid out surveys if you have a laptop with Net obtain and can sit at your laptop for one.five-three hrs for each working day. But ahead of becoming a member of a paid out study community, you need to be confident that the paid out study firm satisfies the pursuing least demands: one. In organization for at minimum one calendar year. two. Properly arranged, effortless to navigate directories. three. Directories current at minimum weekly. four. Valuable methods offered for newcomers. five. No "waiting around interval". Qualified quickly.. And far more,far more.... I recognize it is hard for a new on the web income maker to decide no matter whether a paid out study internet site is very good or not.So I located a study club to support rookie make income on net.You can check out http://www.study-club.details to uncover how to receive income simply and lawfully.Hope that support you. All data on http://www.study-club.details cost-free!!! All data on http://www.study-club.details cost-free!!!

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Via dihefekotob7
Gage underwood's insight:

This scoop is one that i didnt excatly orginially put into play which is an online market. Though i would have a skate shop not everyone would be accessible to come to the shop but from what i have learned from this article that putting products online expands the consumer population by making products more accessible and gaining more income in a different sales tactic

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dihefekotob7's curator insight, April 18, 2013 1:05 AM

Susan asks…

How do I start off an net firm?

This would be a firm that presents the regular price tag of factors. And firms for this merchandise can publicize on my internet site by publishing up on the internet site that their charges go alongside with the regular shown on my internet site. How can I get this heading? What do I need to have?

admin solutions:

Its a wide concern to start off up an net firm but enable me notify you this. You can do bsiness and make use of by yourself with the use of net. A lot of men and women exercise this net advertising and marketing. Its the new development. You can receive far more with just modest expenditure. It just just take tolerance and a minor operate and you income far more than people doing work in an business office. In the subject of net advertising and marketing, there is one particular organization resolution that will help a lot of men and women in the sector grow their procedure as properly as generates cash flow more rapidly than the aged exercise. This is the Report Advertising and marketing Robotic which has been just lately current to even more operate for you greater. There are a lot of instruments previously in the market place that statements that it can post articles or blog posts to a lot of directories but only Report advertising and marketing robotic has been advisable by common net advertising and marketing operators. Almost everything is basic with the instruction and how the application purpose.

Joseph asks…

Is it attainable to increase much better than Google?

Seems to be like Google is the strongest Net firm in the entire world and it will not seem like it will at any time topple in excess of. In one hundred several years, will it even now be the strongest?

admin solutions:

Until now Google is most strong firm in new technological market place all in excess of the entire world and it will continue being the very same for the fist fifty several years but presently diverse social networking internet sites and other look for engines are also rating in prime 10. They will be in the very same rating with Google if they coexist with Google. Google will be not the very same soon after fifty several years due to the fact of the style of the net enthusiasts. If Google can make the drastic adjust or alterations the indicating of net in a very good and diverse feeling then it can make up to one hundred several years as a strongest firm.

Maria asks…

How a lot of men and women look for for net advertising and marketing information's a months?

how to start off a organization on the web? how to start off an on the web organization? how to start off an net organization?

admin solutions:

It seems to be like the figures posted earlier mentioned are rather exact. If you want to seize say fifty% of that targeted traffic, you definitely have to interact in an Search engine optimisation marketing campaign that will get you rated not just on the 1st website page of benefits, but in the variety one situation. This may possibly or may possibly not be attainable relying on your funds and the competitiveness for these search phrases. You can also decide on to deal with prolonged tail search phrases that have related men and women seeking for a firm like yours, but have considerably less targeted traffic and considerably less competitiveness. This often can make feeling if you have a scaled-down Search engine optimisation funds. The only way to find out the ideal search phrases is by way of comprehensive key word investigation and competitor investigation to establish how your Search engine optimisation income will be ideal expended. I hope this will help and if you have any other inquiries with regards to Search engine optimisation or internet site targeted traffic our electronic mail is details@SimpleSEOGroup.com Have a wonderful working day!

David asks…

What is the ideal Net inventory buying and selling firm to use?

I am a higher education scholar seeking to spend about $one thousand in a firm. I will not be energetic genuinely in my buying and selling. What will be the most inexpensive least difficult and reputable firm to use? As properly aside from the buying and selling expenses what other expenses may possibly I incur?

admin solutions:

If you are investing only $one thousand. Then you are possibly greater off investing it in a lower-administration-price mutual fund by way of your financial institution. Due to the fact this is one particular of the most inexpensive approaches to spend in the inventory market place. And you need to have to do anything low cost like this in get to make some income on your modest expenditure.

Nancy asks…

What is the 1st issue i have to do to make income on the net?

Hello absolutely everyone, can an individual notify me "the 1st issue i have to do" to make income on the net with net advertising and marketing. Many thanks

admin solutions:

I have been generating income on net for four several years and I was individually ripped off by a very good a lot of generating income approaches.Last but not least,I located the most respectable, powerful and rapidly way for rookie to make income is undertaking paid out surveys if you have a laptop with Net obtain and can sit at your laptop for one.five-three hrs for each working day. But ahead of becoming a member of a paid out study community, you need to be confident that the paid out study firm satisfies the pursuing least demands: one. In organization for at minimum one calendar year. two. Properly arranged, effortless to navigate directories. three. Directories current at minimum weekly. four. Valuable methods offered for newcomers. five. No "waiting around interval". Qualified quickly.. And far more,far more.... I recognize it is hard for a new on the web income maker to decide no matter whether a paid out study internet site is very good or not.So I located a study club to support rookie make income on net.You can check out http://www.study-club.details to uncover how to receive income simply and lawfully.Hope that support you. All data on http://www.study-club.details cost-free!!! All data on http://www.study-club.details cost-free!!!

Driven by Yahoo! Solutions

Rescooped by Gage underwood from digitalNow
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The age of the consumer-innovator

The age of the consumer-innovator | running a skateshop | Scoop.it
This new innovation paradigm in which consumers and other product users play a central role consists of three phases.

Phase 1

Initially, markets for products and services with novel functionality are both small and uncertain. For example, at the start, no one knew whether there would be a profitable market for the first skateboard -- or for the first dishwashing machine, for that matter. However, producers don’t like small and uncertain markets. Especially in consumer goods fields, producers know they need to spread their R&D and other innovation costs over a lot of purchasers in order to make a profit. As a consequence, consumers often must pioneer really new products for themselves, because producers cannot yet see evidence for a profitable market. And, indeed, that is the history of both skateboards and dishwashers.

Phase 2

As the surveys showed, most of the innovations developed by consumers are of interest to the originating consumer only. But some consumer innovations have greater potential. Since many of the designs are often freely available, other consumers can test their own levels of interest by freely making copies, trying them out and maybe improving the designs as well. The degree to which this viral diffusion to other consumers takes place -- whether through communities on the Web or other communities -- offers a progressively stronger signal to producers as to which of the new designs and functions will offer the basis for a profitable new commercial product or product line. In other words, consumers are not only developing new products but also providing marketing research data to any producer alert enough to collect it and assess it.

Phase 3

Producer companies begin to decide that the information on the design and function of the new product, and how many might want to buy it, has reached acceptable levels for their risk profiles. For example, only after the popularity of skateboards began to spread among children did companies become interested in manufacturing skateboards commercially. Small producers generally enter first, because they are satisfied with smaller markets. Some of these are new startup companies founded by consumer-innovators themselves. Then larger companies enter, often by acquisition, if the market grows still further. Producers, even if they do not develop the initial ideas and prototypes for functionally novel innovations, also contribute


Via Don Dea
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Gage underwood's comment, May 1, 2013 11:13 AM
what this article has taught me different ways to grab the youths intention and the fact that in order to do so you might have to do such things as send out surveys or give away free advertising materials (such as a skateboard or t-shirt) because kids love to be unique, they want what no one else really has, but if one kid finds out about an urban clothing or in this case an urban skateboard shop, then more kids are likely to follow
Gage underwood's comment, May 1, 2013 11:13 AM
what this article has taught me different ways to grab the youths intention and the fact that in order to do so you might have to do such things as send out surveys or give away free advertising materials (such as a skateboard or t-shirt) because kids love to be unique, they want what no one else really has, but if one kid finds out about an urban clothing or in this case an urban skateboard shop, then more kids are likely to follow