Get Started. It's Free
or sign up with your email address
Joy Mangano by Mind Map: Joy Mangano

1. Financing a business

1.1. Private Investor-Trudy

1.2. Second mortgage-Put house on the line

1.3. Neil

2. Problems with manufacturers

2.1. Manufacturer keeps making problematic designs and bills Joy for no reason

2.2. The manufacturer keeps on increasing the price of making the mop parts

3. Marketing Mix

3.1. Launching a product

3.1.1. She has the initial idea after an accident on the boat and then designs this. Then she gets the funding to develop it from a friend of the family before having a protoype made.

3.1.2. Attempts to market it by putting it up for sale at small shops, pitching it to larger companies and demos on the side of K-mart

3.2. What makes a good product?

3.2.1. Her products are practical - she designs the dog collar than another firm later patents - she saw the need for this and created the product based on this - market led.

3.2.2. Originality-She made a product unique to each and every other product in the market and gave her a USP

4. Entrepreneurial Qualities

4.1. Independent-Does things on her own while her whole family sits around, such as fixing the piping in her mother's rook

4.2. Disciplined-She gets things done and as quick as possible (ie cleaning the yogurt off her MOTHER'S carpet)

4.3. Resilient - she has a very chaotic family life, as well as being a mother she has to look after her own mother. She has has ex-husband living in the basement and then her father moves in which creates tension with both her mother and her ex-husband - she manages it all well, staying calm. She also took the pain from the glass when cleaning up the broken glass on the boat

4.4. Business skills - she was dong the accounts from her father. Also knows what's the best

4.5. Leader-She assumes command of the house and everyone thereforewants her to do everything

4.6. Very responsible - She takes responsibilities of the houseworks and she doesn't back out from duties.

4.7. Creative-She made a mop that has never been made before

4.8. Risk taking- she is willing to take out a second mortgage to finance her business

4.9. Persuasive-Persuaded the guy to allow her on TV, to make her product usable