Blog 3 - Innovation

It is very interesting to look back 10 or 20 years ago at the processes companies went through to obtain better sales. With much less saturated markets, the companies that were out there did not have to be as innovative and creative as they do now, to compete. Even “Five years ago, for instance, a leadership team might have reviewed two or three "big" innovation proposals from consulting gurus; executive teams today might compare the outcomes of 50 or 60 real-world experiments to decide which ones to act upon” (BRYNJOLFSSON). Through the years companies have been learning to adapt at an exponential rate, and one that I saw early on that really stuck out in my mind was Monster.com.

What does it mean to be innovative or creative? Searching for jobs used to be such a pain, and very inefficient for both the prospect and the company; Monster.com changed that. They utilized the most global and easy to access tool for communication, the internet, to make job hunting a snap for everyone! Obviously this isn’t a replacement for interviews and such, but it can eliminate a lot of unnecessary time spent reviewing resumes for unqualified prospects. It has led the way for many other companies to do something similar! In fact, this hits home for every UT student, especially McCombs students because of the UT job board, and McCombs job board that is available. This is where we can upload our resumes and coversheets, and much, much more!

The assigned article explains how quickly companies have been becoming more innovative due to technology. “Technology is transforming innovation at its core, allowing companies to test new ideas at speeds—and prices—that were unimaginable even a decade ago. They can stick features on Web sites and tell within hours how customers respond. They can see results from in-store promotions, or efforts to boost process productivity, almost as quickly” (1). It has been amazing to see, through this article and everyday life, the evolution and modernization of businesses, even the small local businesses on the corner! Everyone is going digital, and as the article says, and the population will only continue to grow.

Blog 2

Blog 2

The primary lesson in the chapter is that we are all biased. Whenever we have knowledge of something before we experience it, it will completely alter that experience. The author goes through various examples in the book, but the one I would like to relate to is beer. Every college student who drinks occasionally has a favorite beer, and for most people that usually consists of Budlight, Miller light, Coors light, or Keystone light. If you go to a party, you will always hear some drunks swearing up and down by their beer and that they will never drink the competitor’s, ever. But bring out an unmarked keg and everyone is standing around and drinking as if it was their favorite, and they don’t even know what’s inside. This is what the author refers to as a “blind” condition. Whenever a consumer cannot relate the product they are about to try, to a previous brand/image knowledge, they will give you, for the most part, an unbiased opinion.

This realization provides valuable insight to marketers, because they can see what the consumer really thinks. For instance, after the experiment done with Coke and Pepsi, Pepsi should realize that it is not their product that needs enhancing, it’s their image. “How do we improve our image to better compete with Coke?” If your product is still losing in total sales, and the majority of consumers think your product tastes better, you have a serious problem. This kind of information enables Pepsi marketers to better position their product.

The main example that Ariely uses in this chapter is the experiment involving Budweiser vs. MIT brew, the difference? Just 2 drops of balsamic vinegar per ounce of beer. The example he uses is somewhat similar to mine, but in his example, they are using the same beer and finding out if they still the think product is tastey after they tell them. Which the consumers do. I think an interesting experiment would be to get 20 sorority girls, and let them try out the new pair of Prada sunglasses for 2 weeks to see how they like them, and keep a journal; then after 2 weeks report back. Except, the glasses are fake. Separate the groups so that you tell them before and after you hand them out to the girls. Would be interesting to see the differences in journal entries from the girls who knew they were fake from the ones who didn’t!

Ariely wrote a very good chapter, something that every marketer should read. Every one is biased and has preconceived notions, and they affect almost, if not every buying decision we make! Knowing how consumers view your product versus the competitor’s can give the company valuable insight.

Blog 1

Blog 1

What would a marketer need to create “an accurate and rich persona” of myself? If I had to name 10 characteristics/behaviors/predispositions to illustrate myself, I would say that: 1. I am, like just about every other person my age is, concerned with material things. I like to have the newest things that are out if I will use it. Whether it is cars, phones, gaming consoles, etc., when those ads come out for a new x box or playstation, phone, or whatever, I always take notice. If there is some kind of new technological capability out that not many people have, and I know I would use it, I’ll usually think about it and consider getting it.

Although, if there is something really fascinating out and I’ve already thought about buying it before, I could be at a Best Buy and see it and price would not be a heavy factor. Therefore, for certain items, I hate to say it, but I can be an impulse buyer. That goes for my phone, and T.V., I had already looked at both items before and wanted them, but had put off shopping around. Whenever I got to the store and looked around, I had sold myself on the fact that it was a good deal, and it probably would not be worth it to save $50 by buying it online; no salesman needed for these items. But I also think that goes for just about everyone else my age. And it never helps to have your friends shopping with you for high ticket items. So my 3^rd is not only being a very friend oriented person, but keeping up with them. If I go T.V. shopping with any of my buddies, they will try to sell me on buying a T.V. faster than the store rep can walk over (and if you have ever been to Conn’s, that’s pretty fast).

“I’ve got this T.V., you need to get the same”, “I just got this new truck, you need one too” – If a friend has something, and loves it; more than likely he will tell 5 of his friends and try to talk them into getting the same thing or something similar. I would say that most of the stuff I own, I bought it because my friend really liked his. Ipod, T.V., watch, etc.—not to say that I don’t use that stuff, but I probably would have gotten a less expensive model, or whatever. But going back to friend oriented person, I would say that the other part of #3 is that I hang out with my friends a lot. So if you had sold one of my friends on coming downtown Saturday night to Gruv, then there would be a few of us going.

This ties into my next point, I like to go out/have fun. If I’m not in school, I’m working year round except for Sept/October. When I do get free time, I will not be sitting around watching the sun rotate; I want to be doing something fun with some friends. Whether we’re going downtown, taking trips, or just hanging out at my place we like to stay busy. But whenever I am in school, I only work 20 hours a week or so, so it is usually a little bit more laid back. So school is my #5. Everybody has quizzes, group assignments, and tests at school, so it is not hard to say that I am school oriented 9 months out of the year.

Also, I like to travel. During the summers I usually travel to different states to work, and go on vacations different times of the year. It is great, because I grew up in a small town called Forney and did not get to see much outside of Texas. With being in school, and having an income it’s travel primetime right now because once I get into my career and have to really situate myself, traveling will be much harder.

Having a busy schedule also ties into my next 2 characteristics, outgoing and independent. With always moving and meeting people in sales, talking to people is my job every day, and since I don’t really receive any aid from my parents I feel much more independent. It is a feeling of accomplishment to have or do some of the things that I do.

And since I have to work a lot, I am very interested in business professional tools/appearances. Soon as the blackberry tour came out, I had to have it. It has so many business apps, like the Sales CRM application that lets you keep track of all of existing, and potential customers with the touch of a button! Not only gadgets either, I like to look right for the job too. Whether it’s a business presentation for McCombs or I’m doing a presentation for a customer, people want to feel like you know what you are doing; that you are professional.

To kind of tie this last one with all of the rest is that I like to look maintained. Just like most other people in America, I exercise, try to dress nice, do my hair, brush my teeth, wash, take supplements (vitamins, skin supplements, etc.) The way you look gives someone that initial first impression which can make or break that relationship, and whether I am selling someone an alarm system, going to class, or going out for the night, you never know when it will have made the difference to look nice. Look good, feel good, sell good.

::Note:: Since I have not yet been to class, It is hard for me to relate this blog to any specific classroom instance or reference.

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