Critical thinking exercise 6-3 Essay Example | Topics and Well Written Essays - 250 words

Critical thinking exercise 6-3 - Essay Example Start-up capital requirements and funding – The exact amount of capital to start the business and its sources should be identified. Services to be offered – Mike should specify what services he will offer in his shop and how much he will charge per service. Will there be specific cars only that he will work on? How many service bays will he have? Inventory – Mike should determine the inventory of car parts that he will keep, if any. He should also have a list of equipment and tools that he will need and where he plans to purchase these items. He must decide how he intends to purchase these items, whether it be cash or on credit. Target market – Mike should decide where to locate his shop, whether to rent or buy the place. Most important is for him to determine who is his target market, is it the middle or upper income class or will he work directly with a towing service? Marketing strategy – Mike should come up with a marketing strategy taking into account the 4Ps namely product, price, place and promotion. This marketing strategy should also consider his strengths, weaknesses and the opportunities and threats in the environment. Salaries – Having a list of personnel is not enough.