new business module

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64 BUSINESS SKILLS Place (1) Selling your products yourself requires time but it is cheaper than hiring someone and thus always worth it. FALSE: Your time is a cost, too. In some cases, the time you spend selling products means that you cannot produce them. In that case, it may be worth hiring someone to do the selling for you. (2) Adequate storage facilities are very important for a business. TRUE: If you have goods that need to be stored, you need proper storage facilities. What is adequate depends on your product. Examples: protected against theft, spoilage, water, etc. (3) Many businesses lose part of their stock because of poor storage facilities. TRUE: Storage facilities are important, particularly if a business requires large stocks of material. (4) It is always more interesting to sell your product to the end-consumer and not to use middlemen, who only cost money and lower your profit. FALSE: Middlemen may have a comparative advantage in transporting and selling your product to the final customer. It may be more expensive for you to do the same thing. Moreover, middlemen may help you to increase your sales as they are also interested in getting more business. (5) The greater the distance to your customers, the more interesting it becomes to cooperate with middlemen. TRUE: Transportation and storage costs normally increase with distance to the customer. In that case, it can be advantageous to sell the products at a lower price to middlemen who have the infrastructure to bridge the distance and store the goods. (6) Middlemen are always too expensive. FALSE: Middlemen provide a service. They have to cover their costs just like all other business people. As long as their services are cheaper than doing it yourself, it may be worth the price. (7) How to distribute your products is an important marketing decision. TRUE: The best way of distributing your products depends on the type of product. If you produce bespoke clothes, you will not sell them in bulk through market shops that specialize in selling second-hand clothes. If you produce large quantities of tomatoes, you are likely to find a wholesaler to sell your products instead of selling them yourself on the market. (8) Usually you can save money on distribution if you limit the number of people between you and the final customer. TRUE: Every additional intermediary needs to be paid, while the price the customer is willing to pay for the final product remains the same. (9) It is always best to place a shop in the most central place where a maximum of clients pass by. FALSE: Central places are good for certain commodities. They are also expensive. You may have to spend a lot of money to have your shop in a central location and if your product does not generate enough profit you may not be able to cover those costs. In that case, you will have to settle for a more affordable and less central location. (10) Producing goods at home is not a feasible option when starting a business because it is unprofessional. FALSE: If you start a business it may be interesting to start it at home. That way you do not have to rent a place and can keep your costs down. However, it depends on what you plan to produce. Some products can only be produced in appropriate locations.
MARKETING PRODUCTS 65 Homework Define how you plan to market your products, i.e. define product, price, promotion and place using Hand-out 22.
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BUSINESS SKILLS TRAINING COURSE FOR
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BUSINESS SKILLS TRAINING COURSE FOR
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Monluck Sidara/ICRC
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130 BUSINESS SKILLS LIST OF REFEREN
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