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
Thursday, February 26, 2015
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
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