Reflection: Week 2

This week in HONB 200-02, we formed the teams we will be working in for the "SMART Project" throughout the semester. Each team is comprised on 2-3 engineers and 2-3 business students. Each team is working on a separate "SMART" invention. I am part of the team that will be developing a heated steering wheel cover. The teams were formed on Tuesday, and in Thursday's class we discussed material from Chapter 4 of the textbook. Chapter 4 talks of several topics that will be particularly relevant when developing our  "SMART project". Here are some of the ways Chapter 4 relates to my specific project:

 The 5 C's of Marketing: 

The 5 C's of marketing are: company, consumer, competitors, collaborators, and context. Each of these must be understood in order to create an effective marketing plan for any given product. For example, my team thinks that our consumers are drivers who own cars that do not have a heated steering wheel; however, we must do more analysis gather data in order to really understand our consumer. Additionally, it will be important for my team to determine who our competitors are, if any.

The Power of Social Media: 

The text offers a story of how DiGiorno tried to increase sales by making its tweets stand out from the crowd. DiGiorno tweeted at other Twitter users, replied to celebrities, and made comments about live events to get their name more exposure. This is a clear example of how DiGiorno knows its customers, and my team needs to figure out how best to reach our customers. Social media might be an important medium for my team to use in order to reach our customers since we are assuming that most of our customers will be young adults, and nearly all young adults have social media.

Economic Factors: 

The most prevalent economic factor that will affect whether or not a consumer buys a product is income. disposable income is the income a consumer is left with after taxes are paid, and discretionary income is the money a consumer has after expenses. When income is high relative to the cost of living, people have more discretionary income--or more money to spend on nonessential items.

When developing our heated steering wheel, my team will need to be cautious of the cost of the product to the consumer because we want to market the product as a necessity. If the heated steering wheel is priced too high, consumers might forego the product until they have more discretionary income because they will not view it as a necessity.

In addition to discussing Chapter 4 in class on Thursday, we watched a Shark Tank video. This week's video featured a duo that was seeking $200,000 from the Sharks to move their "DDP Yoga" business to a mobile app. DDP Yoga's proposal was turned down by all of the sharks. One even told the duo "I don't like to invest in companies that are based on trends". 

Why is investing in a company based on a trend a good thing?

A social trend is a trend that relates to society's cultural values. Often times, trends that last a long time impact a large group of people. One social trend that has lasted a long time is putting small children in car seats. When car seats were first invented, many investors might have been skeptical as to whether or not this trend would last, especially since most millennial grew up without car seats or seat belts. The trend, however, has only continued to grow as more research has been conducted on the subject.

While DDP Yoga seems like a trend right now, it has the potential to transform into a long-lasting lifestyle. DDP Yoga is trying to target those consumers who suffer from back pain. Therefore, their product has the potential to reach a large audience. DDP Yoga also seems to fit especially well with the social trend of leading a healthier life style- a trend that has only become more popular as people continue to be educated about what is really in their food.

Why is investing in a company based on a trend a bad thing?  

Historically, trends are short lived because they play off cultural values and cultural values are subject to change. For example, the fashion industry is ever changing. From this point of view, not investing in DDP Yoga seems like the right decision. As of late, yoga has become more and more popular, but whose to say that the yoga trend didn't already reach its peak and that its declining now? There are a lot of unknowns in this equation and I can see why the sharks did not want to invest in DDP Yoga. 

Reflection: Week 1

"How in the world are you going to compete?"

In a clip from the television show "Shark Tank" we learned about a woman ,Kayla, and her vision for her company "Kalyx Technologies". Kalyx Technologies is a sports bra company that strives to provide comfort for women while exercising. Specifically, Kalyx Technologies targets active women, perhaps between the ages of 18 and 40, who experience breast pain while exercising.

While the idea behind Kayla's Technologies sports bra is innovative, it is nearly impossible for the start-up company to compete in the same market with established brands such as Nike, Under Armour, Adidas, and Champion....or is it?

Chapters 1 and 2 of the textbook MKTG10 Principles of Marketing provides several techniques to help aspiring business students answer Kayla's question: "How in the world are you going to compete?"

Competitive Pricing: 

If Kaylx Technologies is going to compete in a market in which its competitors spend millions, if not billions, of dollars on advertising and promotions, then its sports bras must be competitively priced! Additionally, Kaylx Technolgoes might convince more consumers to try their new, unfamiliar brand if it is at little cost to them.

 Provide Variety: 

Because Kaylx Technologies is a virtually nameless brand, it needs to provide a wide variety of sports bras with different levels of support in order to entice as many consumers as possible. Providing variety is one way for Technologies to demonstrate their ability to understand their customer and meet their needs.

When considering which type of sports bras are in demand,  Kaylx Technologies should establish a brand for themselves so that consumers can begin to recognize their products. Often times establishing a brand also gives your product value, and consumers want products that are perceived as "valuable"

Launch Social Media Campaign: 

Assuming Kaylx technolgies' target market is active females between the ages of 18 and 40, it will be crucial for the company to launch a social media campaign to get more consumers to consider their product. Social media sites such as Instagram, Facebook, and Twitter are examples of good platforms for launching a social media campaign.

While creating a social media site will provide an advantage for Kaylx Technologies in terms of getting more consumers to view their product, this approach could be an expensive one. If Kaylx Technolgies implements a feasible marketing plan, this type of campaign could be very beneficial.D

Design/ Asthetics: 

All active women can tell you that there are few sports bras that look "sexy" or make you feel "sexy" while exercising that won't break the bank. Kalyx Technologies is trying to differentiate themselves as a sports bra company that strives for the best of both worlds: comfort while exercising and looking great doing it! This business mission is something Kalyx can capitalize on and really try to appeal to their customers through the design of their bras.

Week 1: Introduction to Marketing Concepts

When you hear the term "marketing" what comes to mind? For me, the first thing that came to mind was advertising. However, marketing is much more than advertising. Marketing is segmentation, sales, and even philosophy. But, more than anything else, marketing is knowing your customer and being willing to serve their needs.

In order to serve your customer and their needs, you must invest resources into a marketing plan and a marketing strategy. It is also imperative that you understand your firm's strengths and weaknesses in terms of which markets your are competing in and which markets your firm hopes to move into.


When preparing a marketing plan, it is necessary to consider your firms strategic business units (SBUs) and how much resources need to be allocated into each unit. It is also important to determine whether they are worth building, holding onto, harvesting, or divesting.

When preparing a marketing plan, it is also crucial for firms to develop a relationship with their customers. Loyal customers will make your firm the most money because they are just as invested in your product as you are. In order for a firm to establish loyal customers, they must make continuous improvements to the product and respond to customer needs.

Introduction: Who am I?

My name is Emily Woodford. I am a sophomore Accounting major at Western New England University. I am also pursuing a minor in Enterprise Resource Planning (ERP). I live in Belchertown, Massachusetts which is roughly one half-hour from campus, however I choose to live at school.

On campus, I am involved in Residence Life and Athletics. I am a Resident Advisor to first-year students in Hampden Hall. This is my first year as a Resident Advisor. Additionally, I am part of the Women's Volleyball Team! A role I am interested in pursuing is becoming a Freshman Seminar Assistant in the Fall of 2017.

Currently, I work at Easthampton Savings Bank as a teller on the weekends and school breaks. While I like working at the bank, I certainly do not want to be a teller for the rest of my life. I am not certain about what career I would like to pursue once I leave WNE, but I hope to work in private accounting.

Other hobbies/ interests I have include cycling, cooking, reading, and spending time with my dog! I am currently training to complete a 175 mile bike ride that supports research for Multiple Sclerosis (MS) in June of 2017. I am looking forward to what this semester has in store and getting to know all of you!