Reading Reflection (Week 12)

The biggest surprise to me was that a lack of strategic planning is perception of high cots. I've always been told to shoot for the moon, but I guess fiscally you have to be more cautious. 

One thing that confused me was compromising strategy for growth because I'm not sure how you compromise. I thought you needed both to succeed? 

If I could ask the author two things, I'd ask: What's an example of a venture's long range strategy in comparison to a short range strategy? If an entrepreneur cannot access their "strategic thinking" in creativity, what should they do?

I disagree with the fact that there should be a reward system just to people to pursue innovative opportunities. Rewards should be given for hard work and success. 

What's Next (Week 12)

Existing Market. 

Step 1: What I think might be next (prior to a beach bag with a built in cooler, and a beach towel with a zipper compartment) would possibly be thin plush  blankets/towels with pockets on the sides and cup holders near both sides. As for the cooler, I'm not sure there's much that can be changed, possibly just a bigger variety of colors, trends and designs. 

Step 2: Interview three customers who are already part of the market you have identified, and ask them what they believe is next for a venture like yours. 

After asking: 

"What should we be doing that we aren't planning to do?" 

Customer 1.: Implement cool and unique designs that will be appealing to the eye.

Customer 2.: Maybe include a different category extension that will go well with both products.

Customer 3.: Definitely try to create a sand proof lining to anything you make that has to do with the beach.

My ideas of what customers might want next: Create a beach chair that is made out of water resistant material, that also includes a foot rest and a mini roof to block sun. 

Customer 1.: I think that's a pretty cool idea. Water resistant is a good idea because my butt always stays wet from the puddle I've created from sitting after swimming. 

Customer 2.: I'm a huge foot rest kind of guy. I think that's ingenious cause I can't imagine how awesome it is to lay out as if I were home but outside on the beach.

Customer 3.: I don't really use chairs at the beach but my husband would sure love that! He's also bald so the mini roof would work perfectly for him.

Step 3: I except my beach line to be a huge hit! Even though the products aren't necessity products, I still think there is a huge target market for them. Of course I'd market geographically in areas that include beaches and lakes. Also, demographically speaking, I'd advertise to ages 18+ and to people who frequently go to go to the beach. 

          Based off what the customers have told me, I think there will be success and post purchase success. I'd like to expand my company by continuously creating brand lines and categories to create brand equity to create more awareness. I'd also like to create an online suggestion box to implement crowd sourcing and feedback to receive information on how to make customers experiences better. 

New Market.

Step 1: Since the primary way I'd be selling my products would be through retailers, wholesalers, and having manufacturers be included, the opposite market would be B2C. 

Step 2: The way my venture concept might be able to create value for people in that market is by using sales promotions. Sales promotions including premiums, discounts or coupons, and possibly direct marketing to a specific targeted market. Maybe even create a contest to promote our business, and the prize will include free giveaways. 

Step 3: "My Concept"

Customer 1.: I love free samples because who doesn't. Also gives me a reason to try out the product without hesitation. I just personally wouldn't want emails or any of that sort because I just find it irritating. 

Customer 2.: A contest for your product sounds sort of random, but hey I'm not opposed! Also free samples are just always great to get and try out something new.

Customer 3.: Of course I believe sending emails, spam, flyers, anything of that sort is a great way to bring in new customers to hear about what you're selling, but I also don't like being bombarded with information about products. I think it should be targeted to specific prospectives so that you can a better chance of people actually taking interest in what you're selling.

Step 4:  What surprised me the most is how people feel about direct marketing promotions. I knew that people of course love free samples, but I didn't realize people cared so much about emails and what not. I usually just delete anything that doesn't catch my attention but frankly, I don't find it annoying. 

           I excepted people not to turn down free samples or premiums but I assumed more people would be more enthused with the idea of a contest. Maybe if I made the contest to a place more relevant or included great giveaways, more people would be willing to participate. Also, the idea of a sweepstakes is a great way to have consumers purchase your product. I think my existing market is attracted to my concepts slightly more than the new market, but the difference isn't too dramatic. 

Venture Concept No. 1 (Week 12)

Opportunity:

            My products are used at the beach for any occasion and are very helpful for people that go often, or not so often. My products include: a towel with a zipper compartment near the top of the towel (a great pillow or compartment to keep your things safe and clean), and a built in cooler beach bag (made with an insulation good enough to keep your food and drinks cold for hours). The customers with the need for my product can range from young teens to older adults, because the beach isn’t limited to anyone. Even though the need isn’t a crucial everyday need, it’s a need that can be extremely useful and a great preventative for many dilemmas that include going to the beach. The forces in changes by creating this opportunity can include a cleaner beach by deducing litter. Also, the idea of a cooler married to a beach bag can reduce use the use of plastic made by coolers. Clearly, my products will be sold in areas near beaches or lakes. Geographically, my products will be sold in areas like Florida, California, Hawaii, Delaware, Maryland, etc. Demographically, my product is not limited to many people. The products will only be used by early teens to older adults primarily for any beach occasion. To be more specific, ages from 15-60+, but that’s the most detailed it will get. Customers are currently satisfying this need by putting their cell phones in Ziploc bags to avoid sand/water, using smaller bags or purses to hold their valuables, and bringing a beach bag and a separate cooler which might be considered to be pretty hefty for a day at the beach. Since the customers satisfy their need by using everyday supplies, or generic products, customers aren’t technically “loyal”. With that being said, I believe customers will react positively to the beach line products because it helps with the difficult problems that are paired with going to the beach. Also, this gives the company a chance for customers to be loyal, and possibly create brand equity if everything is accomplished and administered as planned. Many people will have a better experience at the beach if the products are being used. I don’t think the “window of opportunity” will be open for long, due to the searches I’ve made on amazon. I’ve found some bags with built in coolers, but they weren’t up to my standards.

Innovation:

Both of the products are used for the beach, lake, or just for a good time when you want to lay out. The new and improved towel is used to keep your valuables in a safe compartment where it can’t get sandy or wet. It’s also a great way to keep all your things together, if you tend to lose things. The bag combined with the cooler will be used to keep your food and drinks cool even in the scorching heat. Also, it’s a bag that’s big enough to hold your towels and any beach equipment you desire to take with you. I’d be selling both my products to retailers and wholesalers. Retailers that are the typical convenient stores located near most people around the world. The nifty towel will be sold at the price of $29.99, and the cooler will be sold at $39.99. The towel compartment includes a zipper and smaller pockets within it, to keep your things safe. The cooler is made of a durable insulator to preserve anything that’s put in it.

Venture Concept:

            The products I’ve mentioned will address the annoying problems that people may encounter at the beach or lake. Problems like keeping your food and drinks cold and fresh, getting sand in your valuables, and keeping your valuables near you in a safe compartment will all be prevented with the help of these products. Customers will buy these products out of the convenience factor. It makes going to the beach easier making your trip a more care free one. Even though they aren’t necessary products for your everyday life, they do indeed only benefit customers in such an efficient and convenient way. It eliminates the minor, but frustrating problems when attending the beach. What’s great about the products is that there isn’t competition. My products are pretty novel and unique. I haven’t seen any of my products in retail stores, or e-stores like amazon. So, getting customers to switch isn’t a difficult sector in my business. With that being said, my competitors are true competitors because their products are similar but not the same. For example; Igloo creates coolers but doesn’t offer the same benefits as my product. I’m competing with the cooler aspect, yet it’s different because my product includes the bag aspect. Their vulnerabilities would have to be lack of innovative ideas that are designed to suite our culture and lifestyle. My products will be available in stores like Walmart and Target, super convenient for most people. This will define my products as products that aren’t necessarily “high-class”. This means my products will be open to everyone, without any limitations. Limitations meaning, anyone can buy either products. The prices are reasonable due to the durability of the material used and how they were made. Packaging will be super simple for both products, and will have crucial explanations and information written on the package. My team would include: Director of Marketing, CEO, a sales manager, the Chief Technology Officer, and the Chief Financial Officer. The director of marketing will help with the section of advertising and generating appropriate media for the target market. The sales manager is considered to be the brand manager, focusing their energy on brand equity and keeping our products brand reputation up. The technology officer will make sure manufactures are running things smoothly to prevent technical errors. Clearly, the financial officer will keep payments, prices, costs, all in check and aligned with our businesses goals. I’d like to have a Human Resource team to provide other services that some of my team members’ cant.

           

           

Reading Reflection (Week 11)

1) The biggest surprise to me was that "Companies regularly define their overall business strategy (their scope and positioning) and specify how various functions—such as marketing, operations, finance, and R&D—will support it." I didn't realize that companies reiterate their goals and strategies so often. 

2) One part of the reading that was confusing to me was that it mentioned that individual best practices involve trade-offs and it didn't specify or clarify what a tradeoff was. 

3) If I could ask the author two things I'd ask: How can you be influenced by someones systems without aping their system? How can it be that if there is a distinct outline strategy that an organization can easily wind up pursuing clashing strategies?

4) There wasn't anything I disagreed about because frankly, everything in the article was new information.

Amazon Whisperer (Week 11)

The revenue drivers that could be included into my businesses revenue would be the customers, or retailers that would buy my product for shelf room. Wholesale or Retail. 

Aside from the towel with a big pocket compartment for your beach things, I've decided to have the next step to be a beach bag with a built in cooler. The material would be a great insulation to keep food and drinks cold. 

My next thing will be enhancing my existing products/services because it's all attached to the same environment; the beach. One product will lead to another. Both products will improve any customers beach experience because the products are more efficient and eliminate many problems with attending the beach. 

• Made of 600D polyester and mesh
• The cooler is well-insulated and holds 12 cans
• The mesh compartment at the top of the tote is ideal for towels, books and incidentals
• Size: 16"W x 20"H x 6"D

Customer Reviews:

-I purchased this product to take to the beach next summer when my children visit. It'll be great to put towels, change of clothes, suntan lotion in the top part, while still keeping drinks cool in the zipped cooler part in the bottom. Great product.

-This bag is great for the beach. I can fit three rolled up beach towels in it, plus extra swim gear for my two kids. With snacks and drinks in the bottom cooler part, it makes carrying all our gear down to the beach really easy.

-This bag is perfect for the beach or pool! In the cooler you can fit a variety of drink sizes (cans fit perfectly upright) and foods, while you put your towel, sunscreen, snacks, etc. in the top portion. There is also a little zippered pouch attached the the top that is perfect for storying keys, jewelry, money, and anything else you don't want floating around.

The only changes I'd make are aesthetic changes to make the bags more trendy and in season. 

This bag would make a good addition to the beach products I've already thought of. 

My Unfair Advantage (Week 11)

10 Resources that I posses

1. Skilled at drawing/painting/sketching2. Super sociable and personable 
3. Comical4. Frugal5. Attentive6. Organized7. Caring8. Helpful9. Generous 10. Diligent 

Conduct a "VRIN" analysis for each resource. That is, describe, for each resource, how it is valuable, rare, inimitable (how hard it is to copy by others), and non-substitutable (are there other resources that can provide the same benefits?). 

No.        Valuable     Rare      Inimitable     Non-substitutable 

1               yes           yes         yes                   no

2               yes           no           no                    yes

3               yes           yes         yes                   no

4               yes           no           no                    no

5               yes           no           no                    yes

6               yes           yes          no                    no 

7               yes           yes          yes                  yes

8               yes           yes          no                    no

9               no            yes           yes                  no

10             yes           yes          yes                   no

My top resource is related to human capital, and that would have to be "caring". Many people consider me to be a caring individual, very mother-like. This would help my venture because I'll always have good intentions, and won't act manipulative, or unkind towards anyone or other ventures. 

Reading Reflection (Week 10)

The biggest surprise to me was that "holistic" is a characteristic of credible financials. Another thing that surprised me was that when dealing with your projections (beyond the first year), it should be annual or quarterly.  

One part of the reading that was confusing to me was the concept "cash-flow management" and how it's a process that never ends for an entrepreneur. 

If I could ask the author two questions I'd ask: What's the difference between equity and net worth? What is an example of a lost usefulness or expired utility that cannot be restored? 

I disagree with the fact that when being realistic in your financials, that you'll have trouble justifying your numbers when questioned. If you plan and organize accordingly, I don't believe you'll have this dilemma. 

Elevator Pitch No. 3 (Week 10)

1) The pitch: Create an app that's similar to waze but for parking. It would be based on the app users, just how waze works. It would show open spots in whichever area you're looking for. The name of the app would be "SmartPark". 

2) A reflection on the feedback you received from your last pitch: My feedback was primarily positive. I was told that I have a clear, articulate voice and was able to be understood. Also, the comments consisted of saying my idea was original and fun! A lot of emphasis on my speech and presentation being up to par. There were no negative comments that were ridiculous. 

3) What did you change, based on the feedback: Based on my feedback, I should keep up my good performance, articulate during my speech, and project my voice. 

https://youtu.be/GgWJQe-5koo

My Secret Sauce (Week 9)

I'm strong willed, and if I've failed a couple times, I never stop trying for something I truly want. I'm talented in the arts department, so I'm capable of drawing, skating, painting, etc. Also, I have experience in photography, as I was a photographer for my camp and a night club. I'm sociable and a people person, and have a way of getting to know people quickly. Also, I'm very open minded, and my mind never stops running ideas. 

I see myself practically the same way my friends see me. I know I'm an artistic person so that fact that the majority of my friends mentioned it didn't surprise me. I was flattered that I only received compliments. I think the interviews were pretty accurate, not to boast. There aren't any correction I could make, honestly.  

https://youtu.be/2QENCOytLWo
https://youtu.be/CDckySXF_vk
https://youtu.be/IoXSEa3pMtQ
https://youtu.be/wwMtVPGLM40
https://youtu.be/xpttWfVqYjE

Reading Reflection (Week 9)

1) The biggest surprise to me was that "irrelevancy" is an inhibitor to Marketing Research. 

2) Something that confused me was the guerrilla marketing plan and how it's effective.

3) If I could ask two questions to the author I'd ask: How does the value chain offer opportunities for expansion for either me or the competitor? How do you start networking and what would be the proper questions to start with?

4) There was nothing that I disagreed about because it was relatively all new information.

Idea Napkin No. 2 (Week 9)

1) You. I'm Nhama Azani and I'm a second year, advertising major. I'm talented in the art department which includes: photography, sketching, painting, etc. I was a photographer at a night club and a sleep away camp. I'd like to become a logo designer/graphic designer. I see myself working only for myself and selling my logos to companies. 

2) What are you offering to customers? I'm offering a novel, creative idea to our media loving society. It will make gift giving more personal and humorous. 

3) Who are you offering it to? The demographic would be anywhere from ages 15-35, the target audience that is familiar with bitmoji. Psychographics aren't really limited because many different people have the app on their phones.

4) Why do they care? The value in personalizing or customizing practically any accessory with your own bitmoji makes gift giving more personal and fun. It's a new way to give. 

5) What are your core competencies? What sets me apart is that no one has thought to customize through personalized avatars using bitmoji. No just that, but I have a huge range of accessories to customize. 

I think these five elements fit and can be used to predict crucial information about whether or not my business will be a lucrative one. I don't have much competition, it's market is big considering anyone and everyone can create their own avatar and customize any accessory, and it's a novel idea for people that don't really know what to give as presents. 

Feedback memo: 

From my reviews, my feedback consisted of only having a high demographic range. So, I targeted the main users of bitmoji, ages 15-35 instead of 16-50.