Week Two Reflection

This past week in HONB 200-02, the class was asked to pinpoint certain "bugs", or issues in today's society for which we would like to see products developed to solve, or in essence, make our lives easier. The class was combined with the honors engineers, so that multiple teams could be created comprising of two or three engineers and two or three business students. These teams will then work together for the remainder of the semester to develop and advertise for each of their individual "bug" products, also known as the "SMART Project". My team will be working to develop the Bed Bug, an alarm clock that is seamlessly built into one's bed and only turns off when the owner actually leaves their bed in the morning. This product was designed to help make getting up in the morning easier for people, and to significantly decrease the potential for oversleeping.

In order for our product to have any chance of success, we will need to market and advertise for it properly. According to chapter four of the text, one way in which businesses are effective in creating successful products is to understand their competition. In this way, once a company is aware of other companies' products that are similar to their own, they are able to effectively enhance their product so that it can be set apart in comparison to the others. Due to this, it would be crucial for my SMART team to examine other alarm clocks similar to ours that have already been created, and to then develop our clock in a way in which it is significantly differentiated from the said others. Additionally, it would most likely be in our best interests to use social media as an advertising platform for our product, due to its almost overwhelming presence in today's modern world. With the use of social media, as well as other forms of the internet, we would be able to reach out to far more possible consumers than otherwise. Additionally, we will want to focus on the amount of income that the audience to which we are advertising towards typically generates. This will allow us to then determine a feasible price range for which we can sell the Bed Bug, so that it is easily affordable, but yet we are still able to earn a profit.

On Thursday, the class was shown a Shark Tank episode, in which Diamond Dallas Page asked the sharks for their investment in his company, DDP Yoga. Throughout Page's pitch, he stated how his yoga methods were unique and life changing. He demonstrated the extreme strength and flexibility that his yoga program creates for its customers, and even brought in a recently rehabilitated customer who was able to go from being unable to walk alone to running upon completing the exercises. However, while this was undoubtedly an impressive pitch for DDP Yoga, none of the sharks were willing to invest in the business. Their reasoning for which, as stated by Barbara, was that Page's company is what is regarded as a "trend business", meaning that its' success is dependent on whether or not this product is popular at certain times, as trends come and go at all times. The risk that comes along with investing in such a business is one that cannot be denied for the sharks, despite how successful the company had been doing at the time of their appearance on the show. Yet while the sharks deem the rehabilitating yoga industry to be a trend, Page confidently believes that his line of business is only on a rising trend, soon to reach its peak. Whether or not the business is indeed a dying trend remains unknown, and can only be uncovered with time.

Week One Reflection

This past week in Honors Marketing, the class was shown a clip from the popular television show, Shark Tank, and was asked to watch it while keeping in mind the potential relevance that the episode had to the topics previously discussed that week in class. In this particular episode, we witnessed a woman, Kayla, pitch her failing company to the sharks in the hopes of receiving an investment offer that would save her business. The company, known as Kalyx Technologies, was developed by women for women, and specializes in the sports bra industry. Kayla repeatedly tells the sharks that her company's sports bras are top quality in terms of providing women with the necessary comfort and support needed while working out, and the passion that she has for her work is clearly displayed. Yet flaws in Kayla's company begin to appear upon Robert's questioning, "How in the world are you going to compete?" 

Despite Kalyx Technologies being coined as such a high quality brand, the fact of the matter remains that there are far larger brand names already dominating the sports bra industry, including Nike, Under Armour, Adidas, etc.  For this reason, the competition that they're facing makes the potential for their success virtually impossible, especially given the company's small size and limited resources. Yet as future marketers and other related business leaders, this is a question that we must learn how to answer. 

One way that Kalyx Technologies could begin to attempt to compete in such a competitive industry would be to expand their business so that its products are available for purchase both in stores and online. In this way, the business could reach a larger amount of consumers than it would if their products were only offered in one way or the other. Additionally, the company would have to launch an extensive marketing campaign in order to get their brand name out there. The establishment of a company's brand is crucial to gaining both a positive reputation and consumer trust. The brand's establishment would involve the development of both a successful and rational marketing plan, one that potentially incorporates Kalyx Technologies having a cost competitive advantage to their competitors. Customers are more likely to be drawn towards the brands that have the equivalent quality products at lower prices than other renowned brand names. It's also crucial that the business distinguishes itself in some form of the product itself, whether it be in the aesthetically pleasing designs/styles of the bras or in the extreme comfort that they provide. 

The value that Kayla's company provides to its consumer market cannot be understated; it allows its buyers to feel both comfortable and confident while wearing their products. This feeling that the consumers gain of having more self-confidence while working out is one that many athletic women would deem to be worth purchasing, hence making their sports bras valuable to this market. Yet due to how established the other famous brands are in the retail of sports bras, it may be in Kayla's best interests to establish her business as having a niche competitive advantage, such as selling within certain geographic limitations so that the company can remain prosperous without being completely discouraged amidst its larger competitors. Although the odds are seemingly against Kalyx Technologies in terms of their competition in this market, success can be achieved with the proper marketing plan and campaign.  

 

Introductory Post

Hi everyone,
My name is Kathryn Wells and I am a freshman marketing major here at Western New England University. I live in Windsor, Massachusetts, a tiny town located in The Berkshires, along with my parents, two siblings, and a leopard gecko. I enjoy almost all outdoor activities, as well as running and dance. I'm very excited to be taking this course and look forward to this second semester!