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.