Week 9 Reading Reflection

1.) One of the things that stood out to me this week in the reading was the social media marketing plan. I was surprised to see the effort that needed to go in to marketing through social media. I never realized that there were actual methods that proved the most efficient and that marketers took so much time to realize these methods.
2.) One of the confusing things I read this week had to do with the part about developing an information gathering instrument. I feel like this can get really complicated and wonder if bypassing this and using tools that are already available would be okay.
3.) Question 1: Do surveys for market research still payoff the way they had in the past?
Question 2: How can a marketer be sure that the cost and information are going to be worth the effort in the end?
4.) One thing I though the author was maybe a little off about was the door to door speed of collections. The author thought this is a fast way to get information, but from my own experience people are less likely to help you when your knocking on their door pestering them during evening or weekend hours when they just want to relax.

Week 8 Reading Reflection

1.) The most surprising thing in the reading this week was the social lending for entrepreneurs section. I heard about crowdfunding before, but didn't know that with social lending web based enterprises basically referee peer to peer funding for start ups who can't get capital otherwise. It was very intriguing that some of these websites are making money by helping others make money.

2.) The most confusing aspect of this chapter was definitely the equity funding. It seemed weird to me that a capitalist would agree to not be repaid a certain amount in return for parts of the company. It seems like a risky way to do business.

3.) Question 1: If you could give advice to a start up about the first step to figuring out which route to go for getting capital what would it be?
Question 2: Angel investors seem to have very many different names, do they identify themselves this way, or does a start up have to figure this out after already signing a deal and then working with them?

4.) I think the author may have forgotten to include the fact that some Angel Investors work in groups. In my experience this is the most common way for Angel Investors to network with start ups and it is important to include in the text.

Idea Napkin No. 2

1.)   My name is Brittney and I’m 24 years old, a mother, wife,  and student. I have ten years of work experience specifically in customer service. For this the LOV Fit Kit I hope I can get my kit on every shelf in huge retail chains around the country. I want to be able to show all parents that they do have a choice when it comes to diapering their children. Settling for a brand because of popularity or fear of changing brands because of cost will be an issue of the past!

2.)   The LOV Fit Kit is a need that hasn’t been met for reasons still unknown to me. It seems simple and realistic to implement my system. When a mother goes diaper shopping especially for a new baby, or a baby who needs a bigger diaper size because they’ve outgrown their old size, they should be able to test sizes and brands without having to commit to a $20 box of diapers from just one brand with just one size. With the LOV Fit Kit parents can walk into a store pick the size they need to test, and have $10 box of diapers with different brands so that they can find the perfect fit for their little one.

Our box will have two different sizes in each kit. For the mother who isn’t sure what size is best at the point in their child’s growth. It will also include 5 different brands with two diapers of each size and brand. That means for just $10 parents can have a box of 20 diapers to test and figure out what sizes will work. That’s not all, included in every fit kit are sample wipes for babies having trouble with rashes and coupons for the different brands so that you can save on your next diaper purchase!

3.)   The LOV Fit Kit would be a great tool for parents everywhere. First time parents are not brand loyal and would probably be the biggest target for our product. We will do this so that manufacturers have incentive to not only participate in our mission but also include coupons for future buyers. It would also be reasonable to target hospitals that deliver babies so that they can make sure every new family goes home with a LOVE Fit Kit to have the perfect fit for their brand new baby.

4.) I think most parents would love to be able to shop around without actually spending the amount of money it would take to test every brand and size before picking out a diaper that’s right for their little one. A lot of the times parents go home with a box diapers and it turns out that this diaper is off an inch on the waste, or too long under their bottom. This kind of size misfit will cause leaks and stains, and stress to parents. As a parent myself I find that I spend lots of time in the diaper aisle wishing there were different options because the ones available just aren’t working, or are too expensive to use for testing a fit.

 5.)   Our product will have a kit for every baby along every step of diapering. Newborns have especially sensitive skin, so we will carry a newborn package that has sensitive diapers from every brand that sells them. When the parent finds what they want, they will have coupons from that manufacturer to buy their first box of diapers. Manufacturers will want to offer these coupons because brand loyalty is huge for parents and getting parents to buy from them can mean a lifetime commitment for their first child and last. When baby moves up a size or seems to be in between two sizes, we will have a kit with size A and size B within to see which brand is carrying the size that seems to match the babies needs the most. Parents never have to waste money on diapers that don’t fit, don’t work, or aren’t comfortable for baby ever again. Disposable diapers have only been around for a few decades and investors know it’s a huge market with some definite room for improvement. Our kit will be investor friendly because most of the cost will be from packaging. Manufacturers will have contracts with us to sell us their diapers at a very reduced cost because of our need to purchase in bulk as well as the free advertising they get from our brand.

Reflection:

I believe everything above is smoothly transitioned and well put together. The idea comes together to really meet the needs of parents everywhere. Investment opportunities will be vast and investors will see our earning potential with little convincing. The diapering industry has an unmet need that someone needs to address before its too late.

Half-Way Reflection

1.) In order to keep up with the class I make sure to check in every single day and figure out what is coming up for the week. If I have time I start on projects early and try not to wait till the last minute.

2.) The blog posts where we had to ask strangers to participate in interviews were too difficult for me and I didn't complete them. I was hugely set back because I didn't feel comfortable doing these assignments but would be missing a large amount of points for not doing them. I only decided recently that since I missed those points the best thing I can do is participate in all extra credit points and spend as much time as possible on all other assignments to get them finished and avoid losing any more points.

3.) Three Tips:
 A.) Always pick a few assignments to do every day so that you can be ahead.
 B.) Comment,  Comment, Comment... Don't lose points for forgetting to comment on your classmates blog!
 C.) Always check the settings of your blog posts before posting them, sometimes settings can default and leave videos/blogs set to private and you can lost points without even knowing you did something wrong!

Week 7 Reading Reflection

1.) One surprising thing in the reading was the insight that developers spent more time figuring out ways to advertise the same products to people based on preferences instead of creating new products based on need.

2.) One thing that was confusing to me was that the author believed that despite the fact that this new style of advertising has been used since the late 60's, it wasn't efficient or effective. I can't understand how an entire industry uses a method for this long without it actually effecting their bottom line.

3.) Your concepts for fixing the problem seem very difficult to implement, is there any clear cut program/direction you can give a company wanting to reinvent their market segmentation profiling?
Why do you think so many companies haven't given up on the concept of attitudinal marketing if it isn't working?

4.) The author seemed to know his stuff and I don't think there was anything in this article I would personally disagree with.

Elevator Pitch Number 2

Week 6 reading reflection

1.) One of the hugest surprises for me in this weeks reading was the authors declaration that competitive forces are the most important force to determine a companies profitability. It just seems like there are so many other things that could happen to determine profits, and the competitor being the priority seems unintuitive.

2.)One thing that confused me in the reading was how suppliers had so much power over profit. Especially when customers can have equal force. It seems that if suppliers would try to charge too much a larger customer would refuse to buy therefor causing costs to go down for them and every other customer. There must be a lot that goes into the buyer supplier dimension that was left unexplained in this article.

3.) One question would be: What kind of influence can a sole company have on barriers to entry? What sort of dimensions need to be considered when a company decides to enter a market that is already highly competitive?

4.)One thing I thought the author might have overlooked was the difficulty of implementing some of the advice he was offering. Although there are five distinct forces in competition, how can one company really focus on all of them while running a company? It seems generic to offer advice in such  foolproof way when in reality the technicalities are too far to grasp when it comes to competitive advantage.

Idea Napkin No. 1

1.)   My name is Brittney and I’m 24 years old, a mother, wife,  and student. I have ten years of work experience specifically in customer service. For this the LOV Fit Kit I hope I can get my kit on every shelf in huge retail chains around the country. I want to reach all first time moms so that they can see for themselves how important it is to have some variety before making a decision on what brand and size of diaper to use for their children.

2.)   The LOV Fit Kit is a need that hasn’t been met for reasons still unknown to me. It seems simple and realistic to implement my system. When a mother goes diaper shopping especially for a new baby, or a baby who needs a bigger diaper size because they’ve outgrown their old size, they should be able to test sizes and brands without having to commit to a $20 box of diapers from just one brand with just one size. With the LOV Fit Kit parents can walk into a store pick the size they need to test, and have $20 box of diapers with different brands so that they can find the perfect fit for their little one.

3.)   The LOV Fit Kit would be a great tool for parents everywhere. First time parents are  not brand loyal and would probably be the biggest target for our product. It would also be reasonable to target hospitals that deliver babies so that they can make sure every new family goes home with a LOVE Fit Kit to have the perfect fit for their brand new baby.

4.)   I think most parents would love to be able to shop around without actually spending the amount of money it would take to test every brand and size before picking out a diaper that’s right for your little one. A lot of the times parents go home with a box diapers and it turns out that this diaper is off an inch on the waste, or too long under their bottom. This kind of size misfit will cause leaks and stains, and stress to parents.

5.)   Our product will have a kit for every baby along every step of diapering. Newborns have especially sensitive skin, so we will carry a newborn package that has sensitive diapers from every brand that sells them. When the parent finds what they want, they will have coupons from that manufacturer to buy their first box of diapers. Manufacturers will want to offer these coupons because brand loyalty is huge for parents and getting parents to buy from them can mean a lifetime commitment for their first child and last. When baby moves up a size or seems to be in between two sizes, we will have a kit with size A and size B within to see which brand is carrying the size that seems to match the babies needs the most. Parents never have to waste money on diapers that don’t fit, don’t work, or aren’t comfortable for baby every again.

I think the concept fits together really well. These questions helped make the vision even clearer for me and I believe that this product could be the answer to diapering stresses for many parents.

Week 5 Reading Reflection

1. The thing that stood out the most for me in the reading was the process for obtaining a patent. The red tape is real in this situation. The total time it takes to get a patent was over 2 years and the actual work that went in to doesn't seem like it should take that long.

2. The more confusing aspect of this chapter was the trademark rules. It seems very complicated. There doesn't seem to be any solid rules that a business is protected behind. Trade Secrets and trademarks seem to have the most room for error and is something I think might hinder a small business if they are trying to get their trademarks protected.

3. Question 1: If a business reorganizes do other potential creditors have access to this information like they would in a bankruptcy situation? Question 2: If your patent is rejected do you have to resubmit from the beginning and pay the fee again?

4. This chapter was very factual and I don't see anything I could debate the author about.

Elevator Pitch No. 1

1. Opportunity:

As a mother in the 21st century I know I'm already pretty spoiled when it comes to tools and gadgets to helping make life as a mom easier. The one thing that I can't get over is the lack of effort diaper companies have put in to making you a customer. The big brands expect you to buy from them just because they're the leaders yet they give you an inconsistent product with a price tag big enough to break the bank. But to top it off, and this is the big problem, every size, shape, and brand is different. A baby who comes from a family of tall people isn't going to fit the Pamper's Baby Dry size 4 at the weight reccommended simply because they're torso is too long. A fat baby isn't going to fit a size 4 diaper either, even if they fall into the suggested weight category.
So what do we do as mothers? We search for the right diaper. We spend endless dollars on research which includes buying different brands and sized until hopefully we find the right fit. And if we do find the right one, well we just have to pray that baby doesn't have a wacky growth spurt making legs fatter, longer, or both!

2. Solution

My solution is the LOV Fit Kit. Or the Lots Of Variety fit kit. Its a simple solution to a mind boggling maze that every mother has to go through. Each kit will be labeled by size and brand names included. For example if your shopping for your newborn, you will be able to by one LOV Fit Kit with 5 diapers each from Pampers, Huggies, Luvs, and Honest. For a total of two weeks you can test the ones you like and from there you can finally find the right fit for your baby. We will offer Love Fit Kits for every size from infancy to toddler.