Week 5 Reading Reflection ch. 9

1. Biggest Surprise or Most Interesting
I thought the section, "No Real Insight into the Market" was very interesting, especially because the information relates directly to a project in another class I am currently taking, International Business.  As a group of students, we are required to examine the market structures in different countries, and based on this information and the projections that we make, we must create new products that will be successful in the countries we decide to sell our products in.  In this section, the author states, "entrepreneurs must not only project the life cycle of the new product, they must also recognize that introducing the product at the right time is important to its success.  Timing is critical.  Action taken too soon or too late will often result in failure."  This information is very true, and pertinent to what I'm learning in this project for International Business.  As a group, my teammates and I have to determine what life cycle for our products will give us the most-desired release dates, so that our products will produce maximum sales.

2. Confusing Aspects
I suppose the different feasibility approaches were a bit confusing simply because of the amount of information given in each approach.  However, figure 9.3 helped to connect them all.

3. My Two Questions to the Author

A. How do you think start up companies could improve their sales and marketing efforts since this sector is still the most problematic in the growth stage of new businesses?
B. What would you recommend entrepreneurs to do to become less "ignorant of costs."  What are the best research and planning methods?

4. Was the Author Wrong about Anything?
In the "Lack of Venture Uniqueness" section, the author stated, "pricing becomes less of a problem when the customer sees the product as superior to its competitors."  While this can be true for the customers who value differentiation, it is not always the case for price-sensitive customers who do not value differentiation.  Some customers' goal is to find the best deal.  Entrepreneurs should consider different product offerings for different target markets, for both the budget-conscious customers and the performance-based customers.