Business 250 1/23/2107

These are to be my notes on how to correctly establish a professional online business as taught in the curriculum at Brigham Young University in Idaho. Today we reviewed a list of charts in class that allowed us to calculate the weights, alternatives and overall ranks of prospective products which will then allow one to select the top ranking product from the rest. Some of these deciding factors could include the products taste, promptness and price which are then entered into the equation: product ranking=(taste*weight)+(promptness*weight)+(price*weight) which will then allow you to rank the product given the factors that go into it. While this was being explained I began to look at various wholesale sights looking for products such as 80L backpacks, shark skin softshell jackets, FOX foldable karambits and tactical MOLE belts and began doing comparison prices to lets say amazon and walmarts stock of the same prices. The issue I was finding was that they were not much cheaper, ten dollars max and in factoring shipping cost into that I realized that if I was for example buying 5 shark skin soft shell jackets at 40 dollars a piece (free shipping) my overall cost would be 200 dollars. When comparing it to other sights selling it for 55 dollars each I would either have to match that or go below it, lets say that I sell them for 50 and make 10 dollars profit off of each one. That would be 50 dollars profit for all five, barely giving me enough to expand the order the next go round. Other things that factor into this obviously are how many searches go into each product, which you can do in the keyword planner of Google AdWords. Hiking backpacks for example when typed in showed me that those words get searched 100-1K times a month, that is a broad number though so clicking to the side you can see that this search averages .98 clicks a day, so lets call it 1 click per day. In one month, you will have yielded 30 total clicks for the entire month. Shark Skin soft shell jacket provided almost the same results. Comparing the two however shows that the jackets provided a higher Average Positioning than the backpacks did, thus showing that in this case it may be the better product of the two. In so doing with all of the products you may then select which one will sell best out of the lot of them.


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