So this is it.
I just finished my last HONB 200-02 Marketing Concepts class...
In this blog post I would like to outline my week that consisted of tying up some loose ends and preparing for our group presentation for Thursday's class. In addition, I would like to expand upon the usefulness of working with the MarketShare simulation. So here we go.
Going into our last marketing class of the year, we were knowingly going to have present our findings from our simulation results to the rest of the class. I knew the presentations were going to be interesting because of the intricate and complex nature of the simulation. Also, with this level of group-directed decision making, it was interesting to then see how other teams synthesized the same situation and approached their subsequent decision-making patterns differently. For our group, I was extremely pleased with our 55/45 push/pull strategy that was very conservative. If I was actually placed in a real life situation as a marketing manager, I would choose a similar approach to our marketing mix, especially after just taking over responsibility for the company. In subsequent periods, I would tailor the marketing mix to be more experimental in nature, possibly generating increased profits for the entire company. With more risk, comes more reward as the old adage says.
As far as the simulation itself goes, it definitely served as a great way for our conceptually-based class to put the topics previously discussed into direct action. Adding on to the fact that the group version of the simulation was an all-or-nothing deal, (we were not allowed to restart the simulation unlike the individual version of the simulation) it provided a real-life feel to the otherwise imaginary scenario. Our team made decisions with the weight of real-life repercussions on our shoulders, and when our team saw an increase in our company profit, gross margin, and subsequent stock price, we felt a real sense of achievement.
Also of note, was that the simulation really put something into perspective for me; I was previously unaware of how in-depth and complex marketing really is. I was fascinated with the overall notion that marketing is the psychology of business and that it relies on breaking down the habits of the most complex species on the planet- humans. All of the underlying decisions we make as consumers on a day-to-day basis really do, fascinatingly, have an impact on companies. As consumers, businesses pump millions of dollars into figuring us out and trying to predict our next move. And without remaining cognizant of the tendencies and preferences of current and potential consumers, marketing becomes stale and loses its effectiveness. Comparable with the subjects of history and politics, marketing can change on any given day or even any given moment. Due to this, I am really interested in potentially pursuing a minor in this area, or even even majoring in it. As a whole the simulation, although complex, was an extremely effective way to end the semester by acting as marketing managers.
Have a good week and I will talk to you next week after my final for this class.
Best,
Chris
Thursday, April 30, 2015
Friday, April 24, 2015
Week 14 Reflection
Let's do this.
That was the motto for this week as our class was split up into three teams consisting of three to four group members per team. Collectively, the task was to develop our own marketing plan and carry out our decisions over a six period interval through the MarketShare simulation program. Although we have had access to this particular simulation for over a month now, this time, we were not allowed to restart the simulation and go back at any time time. This time- as in the real world- every decision mattered.
My team, consisting of Thao, Samantha, and I set out to catapult our "Allstar" brand of liquid cold relief products into the upper echelon of cold brands. Utilizing an estimated 55/45 split between a push/pull strategy, respectively, we were able to drastically sharpen our company's image and craft the cash cow image we had hoped. Numbers-wise, our total revenue and gross margin increased, and subsequently, we were able to please our investors and shareholders with a higher stock price. This success over the six period mark was not immediate- only after the fifth period did our company show signs of exponential growth. This showed me that although term-to-term growth for a company may be stagnant at times, it is critical to implement a marketing plan in order to evaluate mid-term to long-term company growth and success. Without a marketing plan, a company not only suffers from living too much in the moment, but the company also suffers from a sever lack of direction and will become discombobulated as a result.
As to how our team actually accomplished to succeed through our marketing plan, we learned very quickly that planning only gets you so far. After each period, our team viewed the "industry report" tab in the simulation in order to stay up to date on new company products, industry sales growth, and tackled specific company-related problems. For example, our team was responsible for compensating victims who bought and used a tampered version of our product. Through this responsiveness to change, our company stayed nimble and was able to act accordingly given the context of the situations at hand. It is very evident that marketing managers must be adept at extrapolating important facts from a plethora of industry-wide data in order to lead their companies to success.
As for our real revenue-boosting decision, our team decided to introduce an "Allright" children's multi-symptom liquid cold remedy solution into the market. This expanded upon our adult version "Allround" which was previously on the market. The difference in formulation was that our children's version was non-drowsy formulated since it lacked the alcohol content of the adult version. Interestingly, the introduction stage for our children's formulation hurt our growth during that specific period. However, the product was a key contributor to our revenue growth and our net income jumped by 50% from period five to six. This goes to show that introducing a product takes time in order for early adopters and early majority members to buy your product.
One week of classes left. Have a great week.
-Chris
That was the motto for this week as our class was split up into three teams consisting of three to four group members per team. Collectively, the task was to develop our own marketing plan and carry out our decisions over a six period interval through the MarketShare simulation program. Although we have had access to this particular simulation for over a month now, this time, we were not allowed to restart the simulation and go back at any time time. This time- as in the real world- every decision mattered.
My team, consisting of Thao, Samantha, and I set out to catapult our "Allstar" brand of liquid cold relief products into the upper echelon of cold brands. Utilizing an estimated 55/45 split between a push/pull strategy, respectively, we were able to drastically sharpen our company's image and craft the cash cow image we had hoped. Numbers-wise, our total revenue and gross margin increased, and subsequently, we were able to please our investors and shareholders with a higher stock price. This success over the six period mark was not immediate- only after the fifth period did our company show signs of exponential growth. This showed me that although term-to-term growth for a company may be stagnant at times, it is critical to implement a marketing plan in order to evaluate mid-term to long-term company growth and success. Without a marketing plan, a company not only suffers from living too much in the moment, but the company also suffers from a sever lack of direction and will become discombobulated as a result.
As to how our team actually accomplished to succeed through our marketing plan, we learned very quickly that planning only gets you so far. After each period, our team viewed the "industry report" tab in the simulation in order to stay up to date on new company products, industry sales growth, and tackled specific company-related problems. For example, our team was responsible for compensating victims who bought and used a tampered version of our product. Through this responsiveness to change, our company stayed nimble and was able to act accordingly given the context of the situations at hand. It is very evident that marketing managers must be adept at extrapolating important facts from a plethora of industry-wide data in order to lead their companies to success.
As for our real revenue-boosting decision, our team decided to introduce an "Allright" children's multi-symptom liquid cold remedy solution into the market. This expanded upon our adult version "Allround" which was previously on the market. The difference in formulation was that our children's version was non-drowsy formulated since it lacked the alcohol content of the adult version. Interestingly, the introduction stage for our children's formulation hurt our growth during that specific period. However, the product was a key contributor to our revenue growth and our net income jumped by 50% from period five to six. This goes to show that introducing a product takes time in order for early adopters and early majority members to buy your product.
One week of classes left. Have a great week.
-Chris
Thursday, April 16, 2015
Week 13 Reflection
Welcome back everyone.
We are already thirteen weeks through the semester... Two more weeks plus finals week- it's crunch time in the semester...
This week's classes really served as the glue to tie up any loose ends we have had, especially Thursday's class. But before we delve into that, let's focus on Tuesday's class. This class focused specifically on "break-even analysis." This interesting concept that helps show the operating performance of a company was not entirely new to me. This is because we have discussed break-even points in my microeconomics class. However, what this class did teach me was the concept of a break-even analysis solely based from a company's proprietary perspective. I learned the formula the that accompanies the concept of break-even analysis:
Company Break-Even (Units): = Total Fixed Costs/ (SP per unit - variable cost per unit).
This formula enables the company to find the "point" at which the company generates enough revenue to cover its entire fixed and variable costs. It is at this point where the company will earn a profit of exactly $0. Therefore, by calculating this number, through break-even analysis, a company can use this to gauge how many units are needed to be sold. This is the bare minimum number, however, so this value serves as a "worst case" scenario hopefully for a marketing manager; if the company makes negative profit, the marketing manager has failed and will potentially lose his or her job.
Whereas Tuesday's class focused on cut-and-dry, methodical number crunching, Thursday's class served as a reflection day which focused on the softer side of marketing. We were able to ask any questions about the simulation and about marketing in general, which I took full advantage of. I was curious to know about the role of marketing managers, especially in the context of everyday operations in large organizations. What I learned is that brand managers are more prominent in this area as compared to marketing managers. In smaller companies and organizations, it is more common for marketing managers to tackle and oversee the entire marketing plan/strategy because the breadth of their company doesn't involve such an overwhelming amount of "big data." In addition, I was interested in learning how we should approach the marketing simulation to successfully manage the company. I learned that the four P's of marketing should be focused on, and establishing the product ranks highest on the list for potential success. As a result of the product, I can establish a price and promotion strategy which coincides with a tailored approach based on how I want the product to enter the market. Where the product is in the product life cycle (introduction, growth, maturity, decline) also plays a major role in procuring a marketing mix that will benefit the product's popularity and increase the company's profit margin.
Also of note, I know I have promised to keep you all updated on our collaboration with the honors engineers. At this point, they are getting ready to pitch our Smart Windshield product and I know they will desperately need our feedback for presentation/pitch skills. Not to say that do not have the adequate skills to present, I am just saying that we need to touch base with them to make sure they touch the general, most important concepts our product has to offer. We will be meeting with them soon, so I'll keep you updated on the latest happenings and developments on the situation...
Have a fantastic week and enjoy the warmer weather- spring is here!
-Chris
Thursday, April 9, 2015
Week 12 Reflection
The simulation portion of the class continues to speed up as the weeks left of second semester begin to wind down...
Our classes on Tuesday and Thursday involved our class beginning to really dissect our marketing simulation. Whereas last week involved more of a familiarization process with the software, this week we were able to pick apart the numbers and develop an in-depth understanding of the "Allround" company.
An important statistic from the simulation involved a term that I was previously completely unfamiliar with. This term was the "MEI" or the "Marketing Efficiency Index." This figure involves dividing net income by the company's marketing budget, which showcases the return on marketing expenses. For Allround, their MEI at the start of the simulation was 2.71. This means that for every $1 spent on marketing, Allround was earning $1.71 in additional income. This is a very healthy figure, which suggests the company's marketing campaigns and strategies are benefiting the company as a whole.
Besides delving into the operating statistics of the company and looking at market share for Allround in its specific sector, there is another section I would like to touch upon. While filling out our data packet for this simulation, I had to interview someone based on their decision making process for when they purchase cold-remedies. In class on Thursday, listening to everyone's interview stories about their parents was extremely insightful. Personally, I chose to interview my dad, who is largely swayed by cut-out coupons, free "CVS bucks" and weekly specials in buying cold-remedies. On the other hand, other students described habits that ranged from "brand-name only" to "cheapest price" all the way to "whatever brand they grab first off the shelf." Listening to these preferences provided me with the notion that the consumer decision making process is completely and utterly unique to each individual- there is no "cookie cutter" decision making process. Although marketers may be able to group overall decisions and how they are made by consumers, interpreting information is unique to every person based on their previous experiences, beliefs, budget, time, etc. In addition, it became apparent that although on the surface buying cold remedies may be a routine buying process, it actually is more of a limited decision making process. What can also be noted is that when products involve a consumer's health and well-being, consumers will derive more value in their decisions. Therefore, consumers will generally spend more time when evaluating potential products that can help,in this case, mitigate someone's cold symptoms. Health is a common denominator that precedes cultural and socioeconomic backgrounds. However, not everyone has the access and means to buy every product on the market to benefit their health. In this case, store brands prove to be a great alternative for consumers who are still looking for the same benefits from the product, without the cost of a name brand item.
Lastly, different levels of personal, social, and economic risk factors toil with the subconscious of consumers. Some consumers cannot let go of their ego's when buying items, which results in them always buying name brand items. On the other spectrum, some consumers find more risk in buying the name brand items, in case they are not satisfied, and will purchase the cheaper alternative item as a result.
Have a great week.
Best,
-Chris
Our classes on Tuesday and Thursday involved our class beginning to really dissect our marketing simulation. Whereas last week involved more of a familiarization process with the software, this week we were able to pick apart the numbers and develop an in-depth understanding of the "Allround" company.
An important statistic from the simulation involved a term that I was previously completely unfamiliar with. This term was the "MEI" or the "Marketing Efficiency Index." This figure involves dividing net income by the company's marketing budget, which showcases the return on marketing expenses. For Allround, their MEI at the start of the simulation was 2.71. This means that for every $1 spent on marketing, Allround was earning $1.71 in additional income. This is a very healthy figure, which suggests the company's marketing campaigns and strategies are benefiting the company as a whole.
Besides delving into the operating statistics of the company and looking at market share for Allround in its specific sector, there is another section I would like to touch upon. While filling out our data packet for this simulation, I had to interview someone based on their decision making process for when they purchase cold-remedies. In class on Thursday, listening to everyone's interview stories about their parents was extremely insightful. Personally, I chose to interview my dad, who is largely swayed by cut-out coupons, free "CVS bucks" and weekly specials in buying cold-remedies. On the other hand, other students described habits that ranged from "brand-name only" to "cheapest price" all the way to "whatever brand they grab first off the shelf." Listening to these preferences provided me with the notion that the consumer decision making process is completely and utterly unique to each individual- there is no "cookie cutter" decision making process. Although marketers may be able to group overall decisions and how they are made by consumers, interpreting information is unique to every person based on their previous experiences, beliefs, budget, time, etc. In addition, it became apparent that although on the surface buying cold remedies may be a routine buying process, it actually is more of a limited decision making process. What can also be noted is that when products involve a consumer's health and well-being, consumers will derive more value in their decisions. Therefore, consumers will generally spend more time when evaluating potential products that can help,in this case, mitigate someone's cold symptoms. Health is a common denominator that precedes cultural and socioeconomic backgrounds. However, not everyone has the access and means to buy every product on the market to benefit their health. In this case, store brands prove to be a great alternative for consumers who are still looking for the same benefits from the product, without the cost of a name brand item.
Lastly, different levels of personal, social, and economic risk factors toil with the subconscious of consumers. Some consumers cannot let go of their ego's when buying items, which results in them always buying name brand items. On the other spectrum, some consumers find more risk in buying the name brand items, in case they are not satisfied, and will purchase the cheaper alternative item as a result.
Have a great week.
Best,
-Chris
Thursday, April 2, 2015
Week 11 Reflection
Welcome back dedicated readers!
In this week's iteration of my blog, I will highlight the shift in our HONB Marketing class. Up until this point in the semester, we have been learning conceptually by reading chapters from our textbook and doing mind maps. However, since we have finished covering the textbook, it is now time for us to actually apply the concepts we have learned about by making contextual decisions through an online simulation program.
On Tuesday, our class time was dedicated to becoming familiar with the online simulator and how it works. By reading the case study at the beginning of the simulator, we are then tasked with completing certain goals and objectives to satisfy the needs of the company. By changing certain variables, such as product pricing and advertising expenses, stock price will increase or decrease. This provides us with a solid indicator on how well the company is performing based upon our decisions.
On Thursday, each student in the class was assigned a different case study report that shed light on a certain aspect of the "Allstar" pharmaceuticals company. Personally, I looked at the "Operating Statistics" statement which included four of the company's competitors. After reviewing the spreadsheet, it was apparent that the document was basically a glorified income statement that an accountant would put together. The statement showcased the five company's operating statistics from their projected gross margins all the way down to their advertising figure contributions after marketing. However, I chose to view the statement with a more general scope. From the data, I extrapolated that Allstar brand is a small player in the cough syrup sector, as opposed to their competitors due to their low retail sales figure. This is due to the fact that Allstar does not have the product variety that the larger players in their sector do. therefore, their retail sales are bound to be lower than their competitors who offer more products. Another important indication of company health and well-being is gross margin. Gross margins shed light on long term, sustained success for companies because when gross margins are high, so are profits. If Allstar brand wants to increase their gross margins, they should look to either increase manufacturer sales, or decrease either promotional allowance or cost of goods sold, or both.
All in all, getting my feet wet with the simulation has shown me how critical analytic decision making is in the marketing world. Each person is going to interpret data slightly differently, but it is imperative that marketers unite the opinions and wants of many different departments into a common goal. As we progress further into our use of the program, I will be updating you on the things I am learning.
Have a good week,
Chris
In this week's iteration of my blog, I will highlight the shift in our HONB Marketing class. Up until this point in the semester, we have been learning conceptually by reading chapters from our textbook and doing mind maps. However, since we have finished covering the textbook, it is now time for us to actually apply the concepts we have learned about by making contextual decisions through an online simulation program.
On Tuesday, our class time was dedicated to becoming familiar with the online simulator and how it works. By reading the case study at the beginning of the simulator, we are then tasked with completing certain goals and objectives to satisfy the needs of the company. By changing certain variables, such as product pricing and advertising expenses, stock price will increase or decrease. This provides us with a solid indicator on how well the company is performing based upon our decisions.
On Thursday, each student in the class was assigned a different case study report that shed light on a certain aspect of the "Allstar" pharmaceuticals company. Personally, I looked at the "Operating Statistics" statement which included four of the company's competitors. After reviewing the spreadsheet, it was apparent that the document was basically a glorified income statement that an accountant would put together. The statement showcased the five company's operating statistics from their projected gross margins all the way down to their advertising figure contributions after marketing. However, I chose to view the statement with a more general scope. From the data, I extrapolated that Allstar brand is a small player in the cough syrup sector, as opposed to their competitors due to their low retail sales figure. This is due to the fact that Allstar does not have the product variety that the larger players in their sector do. therefore, their retail sales are bound to be lower than their competitors who offer more products. Another important indication of company health and well-being is gross margin. Gross margins shed light on long term, sustained success for companies because when gross margins are high, so are profits. If Allstar brand wants to increase their gross margins, they should look to either increase manufacturer sales, or decrease either promotional allowance or cost of goods sold, or both.
All in all, getting my feet wet with the simulation has shown me how critical analytic decision making is in the marketing world. Each person is going to interpret data slightly differently, but it is imperative that marketers unite the opinions and wants of many different departments into a common goal. As we progress further into our use of the program, I will be updating you on the things I am learning.
Have a good week,
Chris
Thursday, March 26, 2015
Week 10 Reflection
This week began the final push to the end of my last semester of freshman year. It really has gone by quick...
This week's classes were impressive due to the depth of in-class discussion from two Shark Tank clips. These clips focused on the companies "Balm Chicky Balm Balm" and "Fresh Patch." Principally, the companies focused on a "friend end" for a dual-sided chap stick tube and a "boxed patch of grass" for dogs to pee on, respectively. BCBB suffered from their cross-image between a 70's pin-up branding label, and wanting to attract the youth demographic of chap stick buyers. The sharks were definitely not fond of the way the ladies were so open to changing everything their company stood for, in order to please the sharks. Interestingly, a quick glimpse of the company's website shows that they have indeed ditched their semi-risque packaging instead opting for a plain label. Additionally, the company now offers discounts on buying the tubes in bulk of three tubes. This makes sense considering they were selling their units for $9 originally. Now, they are selling the tubes for $7 and allow consumers to buy two tubes for $18 which is undoubtedly a smart decision. When buying chap stick, a consumer is more inclined to buy a few tubes for the family, rather than buying one at a time. This is especially true for their product because it is more of a novelty item that serves as a conversation starter, with its interesting dual-end, sharing design.
The second clip we watched was about a company called "Fresh Patch." Rather than the skimming price strategy that BCBB used, this company used a subscription-based pricing strategy in order to attract consumers. For $25 for a bi-weekly subscription, the company will ship a patch of hydroponically grown grass to your doorstep. This enables an apartment-bound pooch to experience using the bathroom like they naturally do, in the wild. This takes strain off of the dog owner by not making them feel as guilty for not having a backyard and for not having to walk their dogs in inclement weather. By using real grass, the patch absorbs all odors and is also fully disposable. This product is a fascinatingly simple, yet effective concept that has unlimited potential. With already $1 million plus in sales, largely from a west-coast exclusive, online only market, the company's upside is tremendous. Barbara and Mark will bring "Fresh Patch" to the retail sector, as well as fully utilizing Barbara's numerous connections within New York City, due to her being a real estate mogul. This leads me to believe that the company has only reached the tip-of-the-iceberg as far as sales are concerned. By opening up their proposed East Coast distribution center, sales will increase significantly by reaching cities like NYC, Boston, and Philadelphia. The company should subsequently go for a "zone pricing" approach in which a regional flat-rate shipping price is offered. Discrepancies in current West Coast versus East Coast pricing has severely cut into the company's profit margins. With zonal pricing, the company could even experiment with raising subscription pricing in more wealthy areas of cities, such as for subscribers that live on the Upper East Side of Manhattan. These subscribers would be indifferent to a raise in subscription price because $25 is an insignificant sum of money, especially in comparison to the cost of owning a dog in the city and their extravagant rent cost. This pricing method would be better implemented further into the company's lifespan, but it is surely something to think about in order to increase profit significantly.
Have a good week. Til next time...
-Chris
This week's classes were impressive due to the depth of in-class discussion from two Shark Tank clips. These clips focused on the companies "Balm Chicky Balm Balm" and "Fresh Patch." Principally, the companies focused on a "friend end" for a dual-sided chap stick tube and a "boxed patch of grass" for dogs to pee on, respectively. BCBB suffered from their cross-image between a 70's pin-up branding label, and wanting to attract the youth demographic of chap stick buyers. The sharks were definitely not fond of the way the ladies were so open to changing everything their company stood for, in order to please the sharks. Interestingly, a quick glimpse of the company's website shows that they have indeed ditched their semi-risque packaging instead opting for a plain label. Additionally, the company now offers discounts on buying the tubes in bulk of three tubes. This makes sense considering they were selling their units for $9 originally. Now, they are selling the tubes for $7 and allow consumers to buy two tubes for $18 which is undoubtedly a smart decision. When buying chap stick, a consumer is more inclined to buy a few tubes for the family, rather than buying one at a time. This is especially true for their product because it is more of a novelty item that serves as a conversation starter, with its interesting dual-end, sharing design.
The second clip we watched was about a company called "Fresh Patch." Rather than the skimming price strategy that BCBB used, this company used a subscription-based pricing strategy in order to attract consumers. For $25 for a bi-weekly subscription, the company will ship a patch of hydroponically grown grass to your doorstep. This enables an apartment-bound pooch to experience using the bathroom like they naturally do, in the wild. This takes strain off of the dog owner by not making them feel as guilty for not having a backyard and for not having to walk their dogs in inclement weather. By using real grass, the patch absorbs all odors and is also fully disposable. This product is a fascinatingly simple, yet effective concept that has unlimited potential. With already $1 million plus in sales, largely from a west-coast exclusive, online only market, the company's upside is tremendous. Barbara and Mark will bring "Fresh Patch" to the retail sector, as well as fully utilizing Barbara's numerous connections within New York City, due to her being a real estate mogul. This leads me to believe that the company has only reached the tip-of-the-iceberg as far as sales are concerned. By opening up their proposed East Coast distribution center, sales will increase significantly by reaching cities like NYC, Boston, and Philadelphia. The company should subsequently go for a "zone pricing" approach in which a regional flat-rate shipping price is offered. Discrepancies in current West Coast versus East Coast pricing has severely cut into the company's profit margins. With zonal pricing, the company could even experiment with raising subscription pricing in more wealthy areas of cities, such as for subscribers that live on the Upper East Side of Manhattan. These subscribers would be indifferent to a raise in subscription price because $25 is an insignificant sum of money, especially in comparison to the cost of owning a dog in the city and their extravagant rent cost. This pricing method would be better implemented further into the company's lifespan, but it is surely something to think about in order to increase profit significantly.
Have a good week. Til next time...
-Chris
Thursday, March 12, 2015
Week 9 Reflection
I am now two classes away from Spring Break and escaping this weather...
This week's reflection is starting off a bit differently than usual... Maybe it's because I'm excited for Spring Break or maybe it's because I'm overtired (or a combination of both). "The One and Only Fanny Pack, For Your Rack" will lead us into our discussion this week. This company slogan belongs to a company called "Boobypack" that we discussed in class today, so there is a method to my madness. This recent Shark Tank deal success story was a hot topic in class today on Thursday. Back tracking to Tuesday, we discussed Chapter 15 which involved advertising. Before this class, advertising was the first thing that came to my mind when I thought of marketing. From the chapter, I thought the most interesting part was the topic of earned media, which in principle, is free. In the social media driven society we live in, a company that can effectively utilize social media to gain and retain new and old customers is crucial for long-term success.
This chapter tied in with our video clip from Thursday for the company "Boobypack." This company developed a Coachella-tailored bra that allows a female to put their phone, keys, or other small items in two zipper pouches located at the side of the bra. This concept seems to be popular given the success of another Shark Tank success story, "Phonepurse." The reason I included Boobypack's slogan in the previous paragraph was because we were asked to develop a slogan for the company in class today. When I went to present our "commercial" for the company, I inadvertently said "Free hands, more fun." The moment I said that, I knew that it had a nice ring to it. Even better was that the phrase was streamlined and to the point, which I thought was complementary to the otherwise quirky and eye-catching company name. Their company slogan is currently right on their webpage, which is how I came across it. In class, we were also asked to come up with a marketing mix for the company. Since the company is in its introduction stage, we suggested a pioneering advertising mix in which heavy online advertising is present. Interestingly enough, according to their website, they have their own company Twitter, Instagram, and Facebook page. This was highlighted by a company wall of fame on their website. In order to get your picture on this part of the website, an Instagram user must use the hashtag "#bbobypack" to appear on the page. This is actually a really interesting concept because it not only generates buzz on social media because more people will post pictures of themselves wearing Boobypacks, but also motivates the consumer to post pictures since they will be featured on the company's website. Also relating this company back to chapters 16 and 17, we classified this product as a "fun" and "lifestyle" product that uniquely provides the consumer with a water-resistant storage space for females to keep their phones in at concerts. When I first saw the product, I immediately thought of Coachella, which is an indie-music festival held in California every year that attracts a ton of media attention. This product would allow the festival-goers with a product that would enable them to be "hands-free" while dancing and walking around. As I browsed the company's website, I chuckled when I came across the "Glowchella" version of the Boobypack which plays off the festival's name and offers a glow-in-the-dark version of the bra. This product and company as a whole are definitely nailing their heavy advertising and increasing their social media visibility, and if they keep it up, large profit margins are on the horizon for a long time to come. Until next time (post Spring Break)..,.
Best,
Chris
Thursday, March 5, 2015
Week 8 Reflection
One week until Spring Break...
As visions of warmer weather and sunshine creep into my mind, until I am on break, I will update you on what occurred in the eighth week of my Honors Marketing class.
Tuesday and Thursday's classes were dedicated to one of the most integral parts of any company- the supply chain and its resulting management. Chapters 13 and 14 were discussed, but chapter 14 was the more in-depth chapter regarding supply chain management. Understanding a company's supply chain provides invaluable insight as to where a company can cut costs and on the flip side, bolster areas that need improvement. In the Shark Tank example of Shortstacks, a lack of supply chain knowledge was the company owner's main flaw. However, the notion that she was aware of the issue enabled her to go into boardroom and pitch her product with confidence. With the shark's capital and supply chain expertise, Shortstacks would see an exponential growth in sales and would be nestled on shelves in stores in every area of the country. Interestingly, Mr. Wonderful saw the immediate flaw in the company's supply chain being that the company was still operating out of a 3000 square foot facility. Kevin suggested, or basically demanded, that the company should move into a commercial co-packer kitchen. At first I was not sure of the exact reasoning behind this idea, but once Kevin claimed that this move would cut production costs by 30% for the company the move seemed a must-take opportunity. This simple move would increase already extremely healthy profit margins for the company. At the time of filming, it cost Shortstacks anywhere from around $1 to $1.50 to make their pancake/waffle mix. With this commercialized move, costs would decrease to 70 cents to $1.20. Considering that the gourmet mix is sold at a price-point of $7.99 per unit, the company's margin contribute to the product's potential astronomical success. In combination with increased order fulfillment, a main concern for the company, and its healthier profit margins, Shortstacks has serious potential.
Any company's supply chain is bound to have gaps. It is paramount that the company is cognizant of these gaps in production and efficiency in order to provide a smooth experience from the point of product origin to its eventual consumption. This is accomplished by strengthening the networks and linkages that connect these gaps, or even scrapping parts of the supply chain altogether. Shortstacks forewent its original production facility in favor of a mass-producing one, which drastically altered its supply chain and subsequently made the company more profitable. The intricate framework surrounding the supply chain must be responsive to changes in the real-world including new product launches. It is this flexibility that drives the equilibrium state that occurs when supply equals the demand of a product, which adversely helps a company keep a healthy inventory control. The supply chain is definitely one of the most intense parts of a company, but mastering its concepts has limitless advantages.
Until next week (last week before Spring Break!)...
-Chris
As visions of warmer weather and sunshine creep into my mind, until I am on break, I will update you on what occurred in the eighth week of my Honors Marketing class.
Tuesday and Thursday's classes were dedicated to one of the most integral parts of any company- the supply chain and its resulting management. Chapters 13 and 14 were discussed, but chapter 14 was the more in-depth chapter regarding supply chain management. Understanding a company's supply chain provides invaluable insight as to where a company can cut costs and on the flip side, bolster areas that need improvement. In the Shark Tank example of Shortstacks, a lack of supply chain knowledge was the company owner's main flaw. However, the notion that she was aware of the issue enabled her to go into boardroom and pitch her product with confidence. With the shark's capital and supply chain expertise, Shortstacks would see an exponential growth in sales and would be nestled on shelves in stores in every area of the country. Interestingly, Mr. Wonderful saw the immediate flaw in the company's supply chain being that the company was still operating out of a 3000 square foot facility. Kevin suggested, or basically demanded, that the company should move into a commercial co-packer kitchen. At first I was not sure of the exact reasoning behind this idea, but once Kevin claimed that this move would cut production costs by 30% for the company the move seemed a must-take opportunity. This simple move would increase already extremely healthy profit margins for the company. At the time of filming, it cost Shortstacks anywhere from around $1 to $1.50 to make their pancake/waffle mix. With this commercialized move, costs would decrease to 70 cents to $1.20. Considering that the gourmet mix is sold at a price-point of $7.99 per unit, the company's margin contribute to the product's potential astronomical success. In combination with increased order fulfillment, a main concern for the company, and its healthier profit margins, Shortstacks has serious potential.
Any company's supply chain is bound to have gaps. It is paramount that the company is cognizant of these gaps in production and efficiency in order to provide a smooth experience from the point of product origin to its eventual consumption. This is accomplished by strengthening the networks and linkages that connect these gaps, or even scrapping parts of the supply chain altogether. Shortstacks forewent its original production facility in favor of a mass-producing one, which drastically altered its supply chain and subsequently made the company more profitable. The intricate framework surrounding the supply chain must be responsive to changes in the real-world including new product launches. It is this flexibility that drives the equilibrium state that occurs when supply equals the demand of a product, which adversely helps a company keep a healthy inventory control. The supply chain is definitely one of the most intense parts of a company, but mastering its concepts has limitless advantages.
Until next week (last week before Spring Break!)...
-Chris
Thursday, February 26, 2015
Week 7 Reflection
Hi everyone,
I think we have finally entered the phase where two classes a week is the norm. The snow doesn't seem to be slowing down our progress anymore, which is definitely a plus. On Tuesday, we had our third and final replacement class with the honors engineers. We were asked to create a consumer story for homework prior to the class based on consumer's pain points pertinent to our product. We were then asked to share our stories within our groups. In doing so, it was very apparent that the engineers were extremely out of their comfort zones. So much so in fact, that the engineers flat out refused to read their stories word for word, and instead opted to provide a brief synopsis of the story. I found this to be quite funny considering we were only reading our stories in our groups and not in front of the class. I think its safe to say that engineers are definitely not used to having to express their feelings in their line of work. Comparatively, business majors utilize people skills as a crucial way of establishing relationships with colleagues and establishing an intricate network of connections. It was shocking to me that people could be so timid about verbal expression and creativity. However, working with the engineers as a freshman has been eye-opening in the sense that the real world does not consist of people that see eye-to-eye with you all the time.
Today's class was information packed, even though we were not able to cover Chapters 13 and 14. We spent a majority of class discussing the diffusion of innovation and adoption processes,in relation to Phone Purse and Revolight. Additionally, we expanded upon these products to look at a more generalized viewpoint on these important concepts. Specifically, we focused on the "innovators" and the "early adopters" in the adoption process, who account for 25% and 14% of consumers respectively. Innovators have a certain intrinsic motivation to try out the latest and greatest products. Early adopters, meanwhile, are driven extrinsically by being trend setters. Personally, I think innovators are an increasingly important and complex group of consumers. As an avid video gamer over the years, I am familiar with the "Beta testers." In fact, I was actually a Beta tester for the Xbox exclusive video game "Titanfall" in 2014. I was able to play online multiplayer matches a month ahead of the game's commercial release. The information collected by the online server provides feedback to the game developers about in-game bugs. By gaining this insight, by the time full console release rolled around, developers were able to correct any coding errors and provide a smooth release of the game. In the extremely fast world we live in, with changes around every corner, beta testing has an increased effect on product launches, which can catapult companies to increased profits. When a product launch goes sour, companies are forced to back track and pump unnecessary funds into correcting the problem. Recently, Apple has been allowing app developers to beta test their newest iOS platforms, which has allowed Apple to work out any flaws in their operating system. There is even talk that eventually, Apple will allow for public beta testing which certainly be cool. Beta testing is already reaping benefits for many companies and its undeniable benefits will eventually force companies to incorporate it into their corporate structure.
Til next week....
-Chris
I think we have finally entered the phase where two classes a week is the norm. The snow doesn't seem to be slowing down our progress anymore, which is definitely a plus. On Tuesday, we had our third and final replacement class with the honors engineers. We were asked to create a consumer story for homework prior to the class based on consumer's pain points pertinent to our product. We were then asked to share our stories within our groups. In doing so, it was very apparent that the engineers were extremely out of their comfort zones. So much so in fact, that the engineers flat out refused to read their stories word for word, and instead opted to provide a brief synopsis of the story. I found this to be quite funny considering we were only reading our stories in our groups and not in front of the class. I think its safe to say that engineers are definitely not used to having to express their feelings in their line of work. Comparatively, business majors utilize people skills as a crucial way of establishing relationships with colleagues and establishing an intricate network of connections. It was shocking to me that people could be so timid about verbal expression and creativity. However, working with the engineers as a freshman has been eye-opening in the sense that the real world does not consist of people that see eye-to-eye with you all the time.
Today's class was information packed, even though we were not able to cover Chapters 13 and 14. We spent a majority of class discussing the diffusion of innovation and adoption processes,in relation to Phone Purse and Revolight. Additionally, we expanded upon these products to look at a more generalized viewpoint on these important concepts. Specifically, we focused on the "innovators" and the "early adopters" in the adoption process, who account for 25% and 14% of consumers respectively. Innovators have a certain intrinsic motivation to try out the latest and greatest products. Early adopters, meanwhile, are driven extrinsically by being trend setters. Personally, I think innovators are an increasingly important and complex group of consumers. As an avid video gamer over the years, I am familiar with the "Beta testers." In fact, I was actually a Beta tester for the Xbox exclusive video game "Titanfall" in 2014. I was able to play online multiplayer matches a month ahead of the game's commercial release. The information collected by the online server provides feedback to the game developers about in-game bugs. By gaining this insight, by the time full console release rolled around, developers were able to correct any coding errors and provide a smooth release of the game. In the extremely fast world we live in, with changes around every corner, beta testing has an increased effect on product launches, which can catapult companies to increased profits. When a product launch goes sour, companies are forced to back track and pump unnecessary funds into correcting the problem. Recently, Apple has been allowing app developers to beta test their newest iOS platforms, which has allowed Apple to work out any flaws in their operating system. There is even talk that eventually, Apple will allow for public beta testing which certainly be cool. Beta testing is already reaping benefits for many companies and its undeniable benefits will eventually force companies to incorporate it into their corporate structure.
Til next week....
-Chris
Thursday, February 19, 2015
Week 6 Reflection
It's already the sixth week of the semester...
Just thought I would throw that out there. Anyways, today was the second of two class meetings this week. It seems as though the snow isn't hindering our class times lately, which is certainly a change.
On Tuesday, we had one of our scheduled "replacement classes" with the honors engineers. As a result, we did not have our normal class with just the honors business students. This was the second in-class meeting with the engineers, and the class focused on the consumer decision making process by highlighting the pros and cons consumers face while using our product. This was accomplished by creating a consumer timeline of the driving experience, which mainly focused on inclement weather conditions and hazards. Our team's product involves making a more safe, efficient car-windshield, so we focused on the pros and cons of driving visibility. We concluded that the less the consumer has to think about the car windshield, the more effective our product will be. We are still refining the areas we want to make better in the windshield and I personally like the idea of a self-dimming windshield when glare enters the vehicle. Our next meeting is this coming Tuesday so stay tuned...
Since our regular class didn't meet on Tuesday, we were tasked with watching two Shark Tank clips for homework. On Thursday, we re-watched the clips as a class and connected them to concepts from chapters 10 and 11 from last week. These two clips involved the "Phone Purse" and "Revolight." The clips varied greatly in both their nature and watch-ability. The two public relations girls who pitched the Phone Purse were too over-the-top for my taste. It was quite apparent that their product wasn't innovative at all- it would just sell units. Laurie latched onto their idea because she knew she could use her excellent QVC connections to move hundreds of thousands of units fast. I didn't like how Laurie commented that she's sold almost the same product on QVC before, except that the previous phone purse didn't have a pocket. Therefore, it seemed that Laurie was looking to nickel-and-dime her QVC consumer base which disappointed me. The product was definitely a fad that had the intention of making a quick dollar which was a stark contrast from Revolight. Revolight was a specialty product that actually solved a consumer pain point and extreme safety issue- bicycle visibility during the nighttime. The lights not only serve as a headlight for the bicyclist, they give side visibility to drivers. This is an exceptional idea considering 70% of biking accidents occur from the side, according to the inventor. Revolight not only looked aesthetically pleasing, it served a safety purpose that couldn't be overlooked. Also, Revolight targeted bikers that spent a few thousand dollars on their bikes already, so their specialty product wouldn't have trouble with sales. To their target market, spending a few hundred dollars on an innovative and effective headlight system is second nature. This product was easy to root for although the engineer and person who pitched the idea obviously undervalued his company on purpose (Mark Cuban made sure to call him out on this). This detracted somewhat from the pitch, but I was literally in awe of the innovation at hand as they demonstrated the product. Revolight's deal was one for the future since they had not nearly reached their true sales potential at the time of the episode. Shark Tank never fails to disappoint.
Until next time,
Chris
Just thought I would throw that out there. Anyways, today was the second of two class meetings this week. It seems as though the snow isn't hindering our class times lately, which is certainly a change.
On Tuesday, we had one of our scheduled "replacement classes" with the honors engineers. As a result, we did not have our normal class with just the honors business students. This was the second in-class meeting with the engineers, and the class focused on the consumer decision making process by highlighting the pros and cons consumers face while using our product. This was accomplished by creating a consumer timeline of the driving experience, which mainly focused on inclement weather conditions and hazards. Our team's product involves making a more safe, efficient car-windshield, so we focused on the pros and cons of driving visibility. We concluded that the less the consumer has to think about the car windshield, the more effective our product will be. We are still refining the areas we want to make better in the windshield and I personally like the idea of a self-dimming windshield when glare enters the vehicle. Our next meeting is this coming Tuesday so stay tuned...
Since our regular class didn't meet on Tuesday, we were tasked with watching two Shark Tank clips for homework. On Thursday, we re-watched the clips as a class and connected them to concepts from chapters 10 and 11 from last week. These two clips involved the "Phone Purse" and "Revolight." The clips varied greatly in both their nature and watch-ability. The two public relations girls who pitched the Phone Purse were too over-the-top for my taste. It was quite apparent that their product wasn't innovative at all- it would just sell units. Laurie latched onto their idea because she knew she could use her excellent QVC connections to move hundreds of thousands of units fast. I didn't like how Laurie commented that she's sold almost the same product on QVC before, except that the previous phone purse didn't have a pocket. Therefore, it seemed that Laurie was looking to nickel-and-dime her QVC consumer base which disappointed me. The product was definitely a fad that had the intention of making a quick dollar which was a stark contrast from Revolight. Revolight was a specialty product that actually solved a consumer pain point and extreme safety issue- bicycle visibility during the nighttime. The lights not only serve as a headlight for the bicyclist, they give side visibility to drivers. This is an exceptional idea considering 70% of biking accidents occur from the side, according to the inventor. Revolight not only looked aesthetically pleasing, it served a safety purpose that couldn't be overlooked. Also, Revolight targeted bikers that spent a few thousand dollars on their bikes already, so their specialty product wouldn't have trouble with sales. To their target market, spending a few hundred dollars on an innovative and effective headlight system is second nature. This product was easy to root for although the engineer and person who pitched the idea obviously undervalued his company on purpose (Mark Cuban made sure to call him out on this). This detracted somewhat from the pitch, but I was literally in awe of the innovation at hand as they demonstrated the product. Revolight's deal was one for the future since they had not nearly reached their true sales potential at the time of the episode. Shark Tank never fails to disappoint.
Until next time,
Chris
Saturday, February 14, 2015
Week 5 Reflection
Welcome back,
In this week's iteration of my weekly blog reflection, I would like to reflect on our information-packed two classes that we had this week. In addition, we had a meeting with our professors about our product that we are in the process of conceptualizing and developing- an advanced self-dimming, weather-resistant car windshield.
In both classes this week, we watched a Shark Tank clip about a company called "Phonesoap" numerous times. The company had developed a phone sanitation device that simultaneously charges the phone. Personally, I found the idea a brilliant one. In the cell phone accessory market, product differentiation is key, and what Phonesoap did well was that they blended product cleanliness with a consumer need everyone has- charging their phones. The product undoubtedly had potential, and most of the sharks respected that. In each clip, we were tasked we making observations about the reactions of the "sharks" and how their specific biases related to the chapters we read. Chapters 10 and 11 complemented the clip extremely well, and these chapters dealt with product concepts and product development, respectively. "Mr. Wonderful" was concerned with the product's mass-market potential, whereas Robert was concerned with the actual technical value of the product. The deal came down to a sales versus commercial debate. Eventually, a deal with Laurie was settled which would put Phonesoap on QVC which displayed a quick-sales mindset. However, I thought Mark Cuban's proposal that would put the product in hospitals would have been a better alternative for the long term success of the company.
In Chapter 11, I thought the concept of new-to-the-world products to be extremely interesting. Specifically, the book's example of Nike Flyknit really piqued my interest, considering I own two pairs of shoes utilizing this technology. In the creation of the Flyknit technology, Nike had to create a machine to produce the woven fabric. No machine was capable of producing as intricate a woven pattern that the technology required, at the conceptualization of Flyknit. Three years later, Nike Flyknit is one of the company's most successful technological advancements in recent history. This proves that producing new products needs some sort of calculated leap-of-faith if they want to be successful.
Lastly, our meeting with Dr. G and Dr. Spotts this week helped our group establish research interview questions and observation techniques. In the next two weeks, our research that we gather will aid us in developing a re-developed car windshield. To be continued... Until next week...
Best,
Chris
In this week's iteration of my weekly blog reflection, I would like to reflect on our information-packed two classes that we had this week. In addition, we had a meeting with our professors about our product that we are in the process of conceptualizing and developing- an advanced self-dimming, weather-resistant car windshield.
In both classes this week, we watched a Shark Tank clip about a company called "Phonesoap" numerous times. The company had developed a phone sanitation device that simultaneously charges the phone. Personally, I found the idea a brilliant one. In the cell phone accessory market, product differentiation is key, and what Phonesoap did well was that they blended product cleanliness with a consumer need everyone has- charging their phones. The product undoubtedly had potential, and most of the sharks respected that. In each clip, we were tasked we making observations about the reactions of the "sharks" and how their specific biases related to the chapters we read. Chapters 10 and 11 complemented the clip extremely well, and these chapters dealt with product concepts and product development, respectively. "Mr. Wonderful" was concerned with the product's mass-market potential, whereas Robert was concerned with the actual technical value of the product. The deal came down to a sales versus commercial debate. Eventually, a deal with Laurie was settled which would put Phonesoap on QVC which displayed a quick-sales mindset. However, I thought Mark Cuban's proposal that would put the product in hospitals would have been a better alternative for the long term success of the company.
In Chapter 11, I thought the concept of new-to-the-world products to be extremely interesting. Specifically, the book's example of Nike Flyknit really piqued my interest, considering I own two pairs of shoes utilizing this technology. In the creation of the Flyknit technology, Nike had to create a machine to produce the woven fabric. No machine was capable of producing as intricate a woven pattern that the technology required, at the conceptualization of Flyknit. Three years later, Nike Flyknit is one of the company's most successful technological advancements in recent history. This proves that producing new products needs some sort of calculated leap-of-faith if they want to be successful.
Lastly, our meeting with Dr. G and Dr. Spotts this week helped our group establish research interview questions and observation techniques. In the next two weeks, our research that we gather will aid us in developing a re-developed car windshield. To be continued... Until next week...
Best,
Chris
Thursday, February 5, 2015
Week 4 Reflection
Welcome back everyone,
Week 4 was seemingly the first two-period week we have had in ages! After meeting on both Tuesday and Thursday, we covered a solid amount of new material. On Tuesday, we covered chapters six and eight as a class, which highlighted consumer decision making and market segmentation respectively. On Thursday, we covered chapter nine which covered marketing research. After reading the chapters and attending class, it became quite apparent that these three chapters go hand-in-hand. Based on consumer decision making, marketers can narrow in on a "target market" by grouping individuals that share the same needs. There are numerous sub-conscious and conscious decision making processes that go on in the heads of consumers. Companies have mastered positioning themselves to meet the underlying expectations and needs of consumers. Based on these essential needs and purchasing decisions, companies can hone in on individual's exact purchasing decisions though marketing research. This research allows for company evaluation on service, product, and placement. Using this information, companies can alter their marketing strategy and price points for their goods and/or services. I thought the piece in chapter nine that examined the use of databases in marketing research very interesting. After taking an introductory course last semester in using business tools for gathering information and then making relevant suggestions based on the data, I realized how crucial databases are to a business. This information allows for informed, real-time decision making that can give companies a tailored look at trends within their own company. The management of these databases in business is crucial to the success of a company.
With regards to the engineering and business honors program collaboration, things are going well. Sometime today, our team will learn of the one "pain point" our team will be exploiting. After we learn of the final pain point, our team must develop an interview and observational area to gain more insight into the "BUG." This is a crucial part of the collaboration because this is where the business students can provide a fresh look on the product, based on the collected research. After relaying our observations to the engineering students, our team will be able to effectively target a potential market and develop a product to fix the problem at hand. I will keep you updated... Until next week...
Best,
Chris
Week 4 was seemingly the first two-period week we have had in ages! After meeting on both Tuesday and Thursday, we covered a solid amount of new material. On Tuesday, we covered chapters six and eight as a class, which highlighted consumer decision making and market segmentation respectively. On Thursday, we covered chapter nine which covered marketing research. After reading the chapters and attending class, it became quite apparent that these three chapters go hand-in-hand. Based on consumer decision making, marketers can narrow in on a "target market" by grouping individuals that share the same needs. There are numerous sub-conscious and conscious decision making processes that go on in the heads of consumers. Companies have mastered positioning themselves to meet the underlying expectations and needs of consumers. Based on these essential needs and purchasing decisions, companies can hone in on individual's exact purchasing decisions though marketing research. This research allows for company evaluation on service, product, and placement. Using this information, companies can alter their marketing strategy and price points for their goods and/or services. I thought the piece in chapter nine that examined the use of databases in marketing research very interesting. After taking an introductory course last semester in using business tools for gathering information and then making relevant suggestions based on the data, I realized how crucial databases are to a business. This information allows for informed, real-time decision making that can give companies a tailored look at trends within their own company. The management of these databases in business is crucial to the success of a company.
With regards to the engineering and business honors program collaboration, things are going well. Sometime today, our team will learn of the one "pain point" our team will be exploiting. After we learn of the final pain point, our team must develop an interview and observational area to gain more insight into the "BUG." This is a crucial part of the collaboration because this is where the business students can provide a fresh look on the product, based on the collected research. After relaying our observations to the engineering students, our team will be able to effectively target a potential market and develop a product to fix the problem at hand. I will keep you updated... Until next week...
Best,
Chris
Thursday, January 29, 2015
Week 3 Reflection
Hello everyone,
An abbreviated Week 3 is now a wrap. After a "blizzard" gave me two days off from school (including on my birthday), we were back at it in our Honors Marketing class today, January 29th. Today's topic of discussion involved "information integration." This theme related directly to our Chapter 6 reading from our textbook, which discussed consumer decision making. The chapter talked about what goes through a consumer's mind before, during, and after purchasing an item. For my completed mind map for this chapter, I focused on the "coolness" of products. In our current society, social media is an extraordinary platform to launch or enhance a product's visibility. A large portion of this promotion involves a mass appeal that evokes a sense of "need" for people to have the product. Social media advertising of products can be a vital tool to impact the consumer's underlying decision making in buying a product. In class, we examined various government websites that provide information on markets, such as the government census website. More specifically, we looked at market trends and how "big data" is providing an incredible amount of insight to companies based on how consumer's are spending their money.
Based on these trends, companies can exploit new and growing segments in various markets. By keeping a watchful eye on active trends, companies can gain a competitive edge on the competition. Personally, one of my team's pain points includes how people cannot view how many staples are left in a stapler, unless they open the cartridge. This is quite a nuisance and an inconvenience, more than anything. Although there is not a real societal need for these staplers on a large scale, there could definitely be a potential market for a stapler that displays the amount of staples left in the cartridge. Using www.trendhunter.com, I was able to recognize some trends in new stapler designs. Recently, there has been a push for compact, right-angle, and economically-friendly staplers. Using this information, our team can incorporate our new idea and blend it with an existing hot market trend. Doing so will increase the desirability and popularity of our model. This is a first hand example of how being wary of market trends can provide invaluable insight into fresh market segments. Thanks for tuning in and have a good week.
-Chris
An abbreviated Week 3 is now a wrap. After a "blizzard" gave me two days off from school (including on my birthday), we were back at it in our Honors Marketing class today, January 29th. Today's topic of discussion involved "information integration." This theme related directly to our Chapter 6 reading from our textbook, which discussed consumer decision making. The chapter talked about what goes through a consumer's mind before, during, and after purchasing an item. For my completed mind map for this chapter, I focused on the "coolness" of products. In our current society, social media is an extraordinary platform to launch or enhance a product's visibility. A large portion of this promotion involves a mass appeal that evokes a sense of "need" for people to have the product. Social media advertising of products can be a vital tool to impact the consumer's underlying decision making in buying a product. In class, we examined various government websites that provide information on markets, such as the government census website. More specifically, we looked at market trends and how "big data" is providing an incredible amount of insight to companies based on how consumer's are spending their money.
Based on these trends, companies can exploit new and growing segments in various markets. By keeping a watchful eye on active trends, companies can gain a competitive edge on the competition. Personally, one of my team's pain points includes how people cannot view how many staples are left in a stapler, unless they open the cartridge. This is quite a nuisance and an inconvenience, more than anything. Although there is not a real societal need for these staplers on a large scale, there could definitely be a potential market for a stapler that displays the amount of staples left in the cartridge. Using www.trendhunter.com, I was able to recognize some trends in new stapler designs. Recently, there has been a push for compact, right-angle, and economically-friendly staplers. Using this information, our team can incorporate our new idea and blend it with an existing hot market trend. Doing so will increase the desirability and popularity of our model. This is a first hand example of how being wary of market trends can provide invaluable insight into fresh market segments. Thanks for tuning in and have a good week.
-Chris
Thursday, January 22, 2015
Week 2 Reflection
Hello everyone,
Week 2 is in the books. Instead of having our standard two classes for our marketing class this week, we had three classes due to our groundbreaking Honors program collaboration with the Freshman engineers. I quickly came to the realization that business students are not like engineers. An immediate observation was that our interpretation of ideas and the implementation of those ideas are completely different. This was apparent from a design versus marketing aspect. Us business student thought about the people using the product, whereas the engineers thought about how it would be made efficiently. This collaboration involved identifying potential pain points for consumers across all areas of everyday life. I personally am fond of my group, called "Prorsum" which has entertained the concept idea of building a stapler which displays how many staples remain in the cartridge. We will see if our group chooses this as our final idea or not, but I am hoping for it!
This class particularly sparked the inner entrepreneur in me. I have decided to identify my own pain points as well. I am an avid Shark Tank viewer myself, and I have always entertained the idea of creating my own product. I love shoes and cleats, and I have identified getting the soles of footwear scuffed or dirty as a potential pain point. Therefore, recently I have started brainstorming potential footwear sole covers that are adhesive, yet durable, as a potential solution. Obviously the product is still in its fledgling stage, but I am actively entertaining my possibilities. To be continued...
On Thursday, we watched a clip from Shark Tank about a social media site called "Cheek'd." The entrepreneur was a former designer for Christian Dior and decided to quit in order to pursue her dream of a new take on dating. Instead of business cards or an online dating profile, her special business cards contained only a unique pick-up line and a special code for her subscription-based website. Her pitch did not win over any sharks due to a complete lack of revenue... Although, her passion for her brand was quite apparent. Connecting this clip to class, "Cheek'd" was non-demographic specific which was problematic. It could have reached a wider audience. Yet, its pitfall was that it was a subscription based service, and people do not want to pay $9.95 a month for a glorified Tinder profile. There was no specific market for her brand; everything seems to come back to "creating a customer!" The service also lacked being in a specific market. Social media sites such as Twitter and Facebook are free. Some online dating sites are subscription-based, yet they offer specific, detailed matches based on a plethora of capabilities. Her brand was trying to fit somewhere in-between, and it unfortunately failed. People use social media as a form of anonymity, a different persona, and a way of tastefully bragging. All in all if she had scanned her environment to see that other services have dominated in that sector, she could have adapted her site to be free or completely app-based.
Best,
Christopher
Week 2 is in the books. Instead of having our standard two classes for our marketing class this week, we had three classes due to our groundbreaking Honors program collaboration with the Freshman engineers. I quickly came to the realization that business students are not like engineers. An immediate observation was that our interpretation of ideas and the implementation of those ideas are completely different. This was apparent from a design versus marketing aspect. Us business student thought about the people using the product, whereas the engineers thought about how it would be made efficiently. This collaboration involved identifying potential pain points for consumers across all areas of everyday life. I personally am fond of my group, called "Prorsum" which has entertained the concept idea of building a stapler which displays how many staples remain in the cartridge. We will see if our group chooses this as our final idea or not, but I am hoping for it!
This class particularly sparked the inner entrepreneur in me. I have decided to identify my own pain points as well. I am an avid Shark Tank viewer myself, and I have always entertained the idea of creating my own product. I love shoes and cleats, and I have identified getting the soles of footwear scuffed or dirty as a potential pain point. Therefore, recently I have started brainstorming potential footwear sole covers that are adhesive, yet durable, as a potential solution. Obviously the product is still in its fledgling stage, but I am actively entertaining my possibilities. To be continued...
On Thursday, we watched a clip from Shark Tank about a social media site called "Cheek'd." The entrepreneur was a former designer for Christian Dior and decided to quit in order to pursue her dream of a new take on dating. Instead of business cards or an online dating profile, her special business cards contained only a unique pick-up line and a special code for her subscription-based website. Her pitch did not win over any sharks due to a complete lack of revenue... Although, her passion for her brand was quite apparent. Connecting this clip to class, "Cheek'd" was non-demographic specific which was problematic. It could have reached a wider audience. Yet, its pitfall was that it was a subscription based service, and people do not want to pay $9.95 a month for a glorified Tinder profile. There was no specific market for her brand; everything seems to come back to "creating a customer!" The service also lacked being in a specific market. Social media sites such as Twitter and Facebook are free. Some online dating sites are subscription-based, yet they offer specific, detailed matches based on a plethora of capabilities. Her brand was trying to fit somewhere in-between, and it unfortunately failed. People use social media as a form of anonymity, a different persona, and a way of tastefully bragging. All in all if she had scanned her environment to see that other services have dominated in that sector, she could have adapted her site to be free or completely app-based.
Best,
Christopher
Thursday, January 15, 2015
Week 1 Reflection
Hello friends,
After attending the first week of my Honors Marketing class, I thought I would update you on what the class is about. Firstly, our class has come to the conclusion that everything is, in fact, marketing. Promotion of ourselves and others, decision-making, and profit margins all have some connection to marketing. Marketing evaluates and exploits the underlying thought processes of people when they decide to make an exchange of any sort. Both parties in the exchange must interpret voluntary value and must use sound communication skills to promote their needs. For a corporation, marketing involves "soft" versus "hard" approaches. The quantitative side promotes getting sales completed, whereas the qualitative side uses a prolonged relationship with the customer approach. Marketing is a way more profound topic than I originally thought!
Class itself has been quite thought provoking and has made me link new ideas together. I have realized that companies like Nike and Adidas both saw promotional opportunities during this past summer's World Cup in Brazil. Hence, aggressive advertisement campaigns were launched to garner hype for their soccer products. Also, we have watched Shark Tank, which is one of my favorite shows. I have really enjoyed breaking down some of the episodes as a class. All in all, the class is interesting and off to a great start. Thanks for reading.
-Chris
After attending the first week of my Honors Marketing class, I thought I would update you on what the class is about. Firstly, our class has come to the conclusion that everything is, in fact, marketing. Promotion of ourselves and others, decision-making, and profit margins all have some connection to marketing. Marketing evaluates and exploits the underlying thought processes of people when they decide to make an exchange of any sort. Both parties in the exchange must interpret voluntary value and must use sound communication skills to promote their needs. For a corporation, marketing involves "soft" versus "hard" approaches. The quantitative side promotes getting sales completed, whereas the qualitative side uses a prolonged relationship with the customer approach. Marketing is a way more profound topic than I originally thought!
Class itself has been quite thought provoking and has made me link new ideas together. I have realized that companies like Nike and Adidas both saw promotional opportunities during this past summer's World Cup in Brazil. Hence, aggressive advertisement campaigns were launched to garner hype for their soccer products. Also, we have watched Shark Tank, which is one of my favorite shows. I have really enjoyed breaking down some of the episodes as a class. All in all, the class is interesting and off to a great start. Thanks for reading.
-Chris
Monday, January 5, 2015
Intro
Hello everyone,
I thought I could use this post as a tool for you to get to know me a little better. My name is Christopher Cokotis and I am a freshman here at Western New England University. I am currently an undecided Business major, but I am enjoying the business classes that have been offered thus far. I am hoping to declare my major at some point during this semester. I personally love the sport of soccer and enjoy playing Fifa on my Xbox One. I hope you now know a little more about me.
-Christopher
I thought I could use this post as a tool for you to get to know me a little better. My name is Christopher Cokotis and I am a freshman here at Western New England University. I am currently an undecided Business major, but I am enjoying the business classes that have been offered thus far. I am hoping to declare my major at some point during this semester. I personally love the sport of soccer and enjoy playing Fifa on my Xbox One. I hope you now know a little more about me.
-Christopher
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