Posted on by Farah

My Map of My Neighborhood

This map highlights important locations in my area based on three criteria: location, product/service, and longevity. Each point on the map represents a business that has been around for a significant amount of time and offers a unique product or service that is highly valued by the community. The map provides information about the location of each business, what they sell, and how long they have been operating in the area.

The businesses included on the map range from small family-owned shops to larger chain stores. Some of the points on the map represent historic landmarks or buildings that have been repurposed into businesses, while others are more recent additions to the community. At least 5 points on the map is labeled with the name of the business, its location, and a brief description of the product or service offered.

The purpose of this map is to help visitors and residents of the area discover and appreciate the unique businesses that have been a part of the community for years. By highlighting the importance of these businesses, the map encourages people to support local businesses and preserve the character and culture of my area.

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Posted on by Farah

How can businesses effectively utilize pricing strategies to maximize their profit?

The best pricing strategy you use will depend on the business’s goals, target market, and competitive landscape. A combination of different pricing strategies may also be highly effective in certain situations and profitable for your company/brand . It is important for businesses to continually monitor and adjust their pricing strategies based on market changes along with customer feedback.

Some of these strategies include:

  1. Cost-plus pricing: This involves setting prices by adding a markup to the cost of producing a product or service.
  2. Value-based pricing: This involves setting prices based on the perceived value of the product or service to the customer. This strategy takes into account the benefits and unique features of the product or service compared to the competition.
  3. Dynamic pricing: This involves adjusting prices in real-time based on demand, supply, and other market factors. This strategy is common in industries such as airlines, hotels, and ride-sharing services.
  4. Penetration pricing: This involves setting low prices initially to attract customers and gain market share. This strategy is often used for new products or to enter new markets.
  5. Skimming pricing: This involves setting high prices initially to maximize profits from early adopters and those willing to pay a premium for new products. This strategy is often used for innovative or luxury products.

There is no one-size-fits-all answer to what the best pricing strategy is, as the most effective pricing strategy can vary depending on various factors such as industry, target market, and competition.

Posted on by Farah

What Makes up a Community

I’ve lived in my parents’ apartment since I was one year old. My community has been surrounding me for 19 years and I can remember stores like yarn stores shutting down and home appliance stores opening. I watched the Barclays Center get built day in and day out, due to the Barclays Center opening real estate in the area rose. Caused small business stores to shut down, and after covid brand business stores like models and many others shut down as well. Although there were many businesses that remained, which made me ecstatic.

So what makes up a community? People contributing to each other creating relationships. It’s always great to be able to ask for help within your community and get the help back. When we help small businesses succeed we stop larger businesses from buying out the space and further hurting our real estate so that people like me that lived in their loved area won’t have to get kicked out to a smaller more violent and unsafe area. When are small businesses are doing well they are sure to think and thank the community that helped them strive. Do to others what you would want done to you.

Source used : https://www.nytimes.com/2020/11/23/business/smallbusiness/how-to-support-small-businesses.html