Week 8 Reading Reflection

1) Something I found interesting and helped me really understand what this chapter is about was the section where the author described Miller Lite’s “catfight” campaign. One would think that their commercials of supermodels mud wrestling would make that beer stand out to the young male customers, however it did not increase sales. This is due to a multitude of reasons, such as the idea that the market for Miller Lite isn’t made up of younger male customers. When the company decided to show that it had fewer calories than Bud Light however, their sales increased, showing that market segmentation has too many factors to create a perfect campaign all the time.


2) I was most confused during the reading at the section titled “What is at Stake?”. The graphic used almost made me more confused as to what they were trying to show. Especially the section in the graphic with the heading, “What the segmentation should try to find out?”. This part seems to contradict what has been said about segmentation previously as they said it can be useless to determine core values and beliefs related to the buying decision because they change so often.


3) One question I have for the author is if he believes there is a way to give a basic definition of segmentation at the beginning of the article to help give a basic understanding of the term? I feel there is no real definition given, which makes the first part of the article hard to understand. I would also ask which type of decision (Shallow, middle, or deep) the author believes is the best to try to appeal to when running a business?


4) There is nothing I disagree with the author on, however I just question the graphic used in the section titled “What is at Stake?”

Half-way Reflection

1) Tenaciousness is a skill. 

the behaviors that you have used (or developed) to keep up with the requirements of this course: I frequently observe how other students were doing the same thing as I did, and learn from their good examples or mistakes. I developed a mindset to be brave to actually put my ideas into actions, and not afraid to ask for help when I am in trouble. 

2) Tenaciousness is also about attitude. 

The exercise of free money had made me felt like "giving up." But it was through the encouragement and help from my friends that I successfully done it at last. 

I feel like I have developed a tenacious attitude during the past two months. And I think interviewing different people most contributed to this.

3) Three tips. The three tips I would offer next semester's student about

(1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset' are the followings:

1. Be brave to embrace failure

2. Be bold to step out of your comfort zone

3. Do not give up easily

Free Money

• I went to student hall where there are vending machines. Because people will need money to buy the food or drink they want. 
• I will approach to girls who are trying to buy from the vending machines but do not have enough money.
• To get the conversation started, I will say "Hello, may I help you?"
• My plan for the conversation is to understand the needs of that person, be polite and try to help them.
• Out of five attempts, 3 dollar bills will be able to give away. 

Week 7 Reading Reflection

Week 7 Reading Reflection:

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

I was surprised about how this idea of market segmentation came about. I didn't know that traditional demographic traits such as age, race, sex, etc didn't serve researchers enough to predict buying patterns. I understand that values and taste (consumer preferences) were giving rise to more informational behaviors in buying patterns, however, I was surprised to know that these new preferences pushed out regular demographics completely. I thought that age, sex, race, religion, etc. would certainly influence what people bought. I guess this article challenges the extent regular demographics have on predicting future buying patterns.

2) Identify at least one part of the reading that was confusing to you.

I was confused why the author made the assertion that the most memorable advertising does not boost sales if their market segmentation is poor. For example with the Miller Lite example, I was confused why sales didn't increase if the commercial was memorable and targeted who it was supposed to- men. I just didn't really understand this assertion from the author. I wish he went into more detail about this assertion.

3) If you were able to ask two questions to the author, what would you ask? Why?

I would ask the author what extent he thinks the effect of TV and ads on the internet are to consumer behavior and tastes if market segmentation is well thought out. I would also ask the author if he personally has had success with market segmentation in his lifetime? Did he personally experience success through experimentation or implementation?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I think the author is wrong about his assertion concerning that a new CMO does not know which strategic decision needs the help of market segmentation. I do agree that CMO's first attack market segmentation because that is a way to add their stamp to the business, but to be proficient in segmentation, I believe they do know which groups within the business need it or don't need it. Do I think they implement it in the best way possible all of the time? No. But I do think their intentions are sound and they know what they are doing with market segmentation, maybe it just isn't implemented in the best way possible.

Elevator Pitch No. 2

2) A reflection on the feedback you received from your last pitch. 

I think that being enthusiastic stood out to me as important.

The feedback surprised you the most is that I could team up with the Bubble Tea places in Gainesville.

I cannot find any feedback that was outright wrong or silly.

3) What did you change, based on the feedback?

I have become more energetic when delivering my pitch. 

Customer Interviews No. 3

1) Describe your interviewing strategy. 

I have asked some questions related to my business idea which is about drinks in general.

1) What is your favourite drink? 

Have you tried milk tea before?

Have you tried bubble tea? Do you like it?

Here is my business idea, what is your reaction to it?

 I am going to ask UF students, including both students from Asia and US. 

2) Conduct the interviews. 

3) Reflect on what you learned. 

I learnt that this business idea is quite welcomed by many students around campus as I recieved many positive feedback from the interviewees. 

 What surprised me the most would be that not all Asian students like Bubble tea, it appears that students in US love bubble tea more that Asian students sometimes. 

I expect to focus more on the US students as my target customers. 

Week 6 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

I was surprised to see how detailed and difficult it is to define a releveant industry. I did'nt know that much attention to detail was required. If you define your relevant industry too broad, you obscure differences among your product and customers which can be important to competition. If you define your relevant industry too narrowly, you may overlook details thats are important in gaining a competitive advantage. I was just surprised at all of the time and market research that goes into this tiny but crucial decision in entering into a new market.

2) Identify at least one part of the reading that was confusing to you.

I was confused with the technical jargon used when describing supply and demand side economies of scale. I have heard of those two terms before in a management class, but the jargon was confusing to me. I understand this is a Harvard Business Article, but the language made it hard to decipher the reasons for entry on the supply and demand side.

3) If you were able to ask two questions to the author, what would you ask? Why?

After reading this article, I don't really understand why it is risky to eliminate your rivals? I understand that you need to outperform and learn from your rivals, but isn't that in a sense, eliminating them from your worries. I thought the author could have gone into a little bit more detail about physically vs. theoretically eliminating the competition while entrepreneurs are starting to penetrate a new market.

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

This article was super informational and didn't have many opinions embedded in the article. Therefore, I don't disagree with really anything the author said because it was packed with information, not opinion. It is hard to disagree with hard facts.

Idea Napkin No. 1

1) Me.  

I am Wendy, a junior exchange student from Hong Kong. 

I major in management and I am good at dealing with people and enterprising.  

 I have analytical skills, strategic management skills, computer skills in setting up a website and webpage design. I have experience in working abroad and organizing activities for children.  

My aspiration is to become a successful human resource specialist and provide professional services to help the community. 

Specifically regarding my business concept, I see this business being a stepping stone to learn and improve my capability in owning my business and starting a company for my future career. 

2) What are you offering to customers? 

Create an online platform selling bubble milk tea. The platform allows customers to select the types of ingredients they want including pearls, fruits etc. And they can also adjust the level of sweetness, amount of ice, etc.
Then customers can make an order directly online with just one click. The bubble tea ordered will be made and delivered to several locations around UF campus including the Reitz Union, Hub, Heavener, etc within 15-20 minutes.  

3) Who are you offering it to? 

I am offering it to mainly UF students in Gainesville. I found that many students are actually interested in foreign food or drinks that are new to them. So a foreign drink may have a good opportunity in this market. They are mostly from middle class families that can afford a drink like this. They spend most of their time on campus during Monday to Friday. 

4) Why do they care? 

customers will actually pay me money to use my product and service because of several reasons. 

First, it can highly customize the customer's tastes and preferences on the ingredients and level of sweetness and amount of ice that they want

Second, it is very convenient to order and get the drink

Third, it has fast delivery service and the locations are convenient for customers 

Forth, it is relatively cheaper than other competitors around that area

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

Geographic advantage. I offer on campus delivery service that competitors cannot. 

Differentiation on product. I offer a customized product that suits customers needs.

Best price product. I offer higher quality drink at a relatively lower price.

I believe these elements fit together. 

Week 5 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 

I am surprise that the extent and timing of funds can actually be a key to whether a startup can survive.

2) Identify at least one part of the reading that was confusing to you.

I am confused in what kind of business is classified as a lifestyle venture.

3) If you were able to ask two questions to the author, what would you ask? 

Why assuming debt too early is a risk to start ups?

Which type of human resource problems are most likely to cause ventures to fail?

4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?

I think the author is wrong about just looking at the future in 3-5 years, not only short term future but also long term future is relevant to any decision making to a venture.

Interviewing Customers No. 2

Tell us what you learned about the opportunity. 

I found that the opportunity is different after the second round interview. I found that the healthy food opportunity may not be as attractive becuase many interviewers claimed that they have already had a number of choices around campus. However, I found that many students are actually interested in foreign food or drinks that are new to them. So a foreign drink may have a good opportunity in this market. 

 Tell us what you learned about interviewing customers. 

 At the first round interview, I started by asking some general questions about daily experience or problem students faced on campus. In the second interview, I tried to narrowed down the area of question to more specific ones. I found that it can lead me to the answer that I want more effectively. 

Elevator Pitch No. 1

Name of Business: Bubble Tea Paradise

(1) opportunity: 
Students want to have Bubble tea but there is nowhere in Gainesville that they can find it. 

(2) My solution: 
Create an online platform selling bubble milk tea. The platform allows customers to select the types of ingredients they want including pearls, fruits etc. And they can also adjust the level of sweetness, amount of ice, etc.
Then customers can make an order directly online with just one click. The bubble tea ordered will be made and delivered to several locations around UFcampus including the Reitz Union, Hub, Heavener, etc within 15-20 minutes.