Expert answer:Role of Advertising

Solved by verified expert:Can you respond to Amber Sciarra posted and Steve Russell posted ?Instruction:Assume that you are going to start a small business of your own. Further, imagine that you are able to adequately differentiate your product, or service so that you can establish your business as a monopolistically competitive firm.From: Amber Sciarra posted Oct 28, 2017 10:03 AMHello,The business that I would open would be a wood/sign making business. My main compeitiors would be business that allow customers to paint their own project (i.e painting with a twist). In the beginning I advertise on social media and by word of mouth. By creating ads on social media I can target certain age groups who have interesting in arts and craft and wood design. I think it would be pretty easy for someone to enter my market as this buisness is pretty common and wells liked, but I would need to be unique. Being unique makes it less competitive. This type of business will take patience. It will take time to build a customer base and for the word to get out. Long term profibility is just that long term, in the long run I would make money. However, it may take me a while to get there. To protext the long term profit stream, I would need to remain focuses, listen to customer feedback and stay current with market trends. From: Steve Russell posted Oct 27, 2017 11:21 AM Hello Professor and class, The business that I would be starting would be a Hedge Fund and its main competitors would be other Hedge Funds already in the business with Investors. The way I would structure my advertising and customer service to differentiate my service would be to lay out my own UVP (unique value proposition) which would be: let us manage your money with just a 2% management fee per year and potential returns of 30% per annum. New competitors entering the Hedge Fund market is not easy, but it is not that difficult provided you have the capital and the financial backing of just a few investors. My prognosis for the long-term profitability of this Investment Company would be to trade consistently while managing risk to protect against the inevitable downside, at the same time employing risk to capture the asymmetric upside return. The best way to protect this long-term profit stream is to continuously follow the prognosis about managing and employing risk simultaneously.

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