Monday, November 17, 2008
250 words- changes I made to the rough draft
Changes, additions and subtractions are what I did to my rough draft. Sounds like a math problem, but it’s not. My rough draft was very simple and not very good. To fix it up, I added many examples that support my summaries. The summaries themselves of my rough draft were not very good, so I had to fix those up too. I added more important information in each paragraph and made sure that the main points of my articles were pointed out. I made a change in the thesis sentence of my introduction. The reason for this was because I did not feel comfortable with how the sentence was written. I changed it from “In the three articles I picked out, the thing they all have in common is that they give us strategies on how to operate a business” to “The three articles I picked out will provide us with a few strategies to operate a flourishing business.” This way, the thesis better points out what I will include in my paper. Also, my rough draft did not include a conclusion. I wasn’t sure what I should write for my conclusion exactly to that is why I left it out. In my final draft, I added a well written and thought out conclusion that wraps up and summarizes the thesis of my paper. In all, I believe that the changes I made to my rough draft were essential in turning this paper from garbage to gold.
Sunday, November 16, 2008
Module 3 Final Draft
Business Strategy: The Key to Success
A business cannot be successful with only money. In order for a business to be successful, the business owner must have a great business strategy. Although I am a biology major, I chose the topic of business strategy because it really interests me. I am not really educated about this topic, but I would love to learn the tools that are needed to have a successful business. I thought that having money to open up businesses was the only thing needed to bring your business to the top. Well, I thought wrong. The three articles I picked out will provide us with a few strategies to operate a flourishing business.
The first article I read was called, “Taking by storm: a breakout strategy” by Thomas Lawton. This article talks about how a business can come from nowhere and emerge into a household name. In order for this to happen, a business should use a breakout strategy. A breakout strategy is a strategy that gives companies recognition by using an unexpected and smart approach to bring in costumers. Some key factors of this strategy are: understanding what customers want, developing new and useful products and services, combining good prices with good quality, and coming through with what you promise the customer. Some examples of businesses that used this breakout strategy are Wal-Mart and Netflix. Wal-Mart was a small business that flourished with the advertising of its low pricing that satisfies all customers. Netflix came up with a new idea of an online DVD rental agency. Customers loved this new idea because they can have their favorite movies delivered right to their door. I learned a lot from this article. You cannot have a popular business with just selling normal things at normal prices. You have to do something different to impress the customers.
A breakout strategy works in a big market, but how can a business be successful in an underserved market? In his article, “Untapped: strategies for success in underserved markets,” John Weiser talks about how a business can be successful in an underserved market. Weiser gives five key strategies to accomplish this task: “mine and translate local market information; adapt business model to community realities; change internal incentives and challenge cultural assumptions; create partnerships and strategic alliances; and improve the enabling environment.” To explain one of the strategies, Weiser says that a business has to adapt to customer needs. A customer will most likely prefer a business that has single-packaged products for low prices than a whole package for a higher price. For example, a business that sells cups of coffee for a low price will have more success than a business that sells a case of unmade coffee. More customers will come in, and more profit will be made. From this article, I learned that in an underserved market, the business’s success is dependent on the customers. If a business gives the customers what they need for a low price, then business will most likely boom and profits will go off the scale.
Once a store gets running, the main goal of the owner is to maximize profits. As Ram Herstein explains in his article, “Launching store brands in emerging markets: resistance crumbles,” the strategy of selling store brand items can increase the profits of a store. Store brand items can compare to national brands in style but their price is much lower. According to the article, five factors of having a successful time selling store brand items are, “number of store brand categories available, the quality of store brands, type of products, the manufacturers of the products and the number of product lines sold by retailers.” If a business puts a store brand shirt next to a Nike shirt on the shelf, according to Herstein, the person would more likely choose the store brand shirt because it provides the same style at a cheaper rate. By reading this article, I have learned that although store brand products aren’t as recognized as national brand products, they will sell better because they cost less.
Starting up a business is extremely hard and may need more work than you might think. Having money, buying a lot, and building a store are not the only things needed to run a business. The most important thing is having good business strategies. There is no point of opening up a business if you don’t have a clue on how to run it. Before you run to open up a business, think hard about how you can make it work.
Works Cited
Herstein, Ram, Eugene D. Jaffe. "Launching store brands in emerging markets: resistance crumbles." The Journal of Business Strategy 28.5 (2007): 13-19. ABI/INFORM Global. ProQuest. University of Michigan-Dearborn, Dearborn, MI. 7 Nov. 2008.
Lawton, Thomas, Sydney Finkelstein, Charles Harvey. "Taking by storm: a breakout strategy." The Journal of Business Strategy. 28.2 (2007): 22-29. ABI/INFORM Global. ProQuest. University of Michigan-Dearborn, Dearborn, MI. 7 Nov. 2008.
Weiser, John. "Untapped: strategies for success in underserved markets." The Journal of Business Strategy 28.2 (2007): 30. ABI/INFORM Global. ProQuest. University of Michigan-Dearborn, Dearborn, MI. 7 Nov. 2008.
A business cannot be successful with only money. In order for a business to be successful, the business owner must have a great business strategy. Although I am a biology major, I chose the topic of business strategy because it really interests me. I am not really educated about this topic, but I would love to learn the tools that are needed to have a successful business. I thought that having money to open up businesses was the only thing needed to bring your business to the top. Well, I thought wrong. The three articles I picked out will provide us with a few strategies to operate a flourishing business.
The first article I read was called, “Taking by storm: a breakout strategy” by Thomas Lawton. This article talks about how a business can come from nowhere and emerge into a household name. In order for this to happen, a business should use a breakout strategy. A breakout strategy is a strategy that gives companies recognition by using an unexpected and smart approach to bring in costumers. Some key factors of this strategy are: understanding what customers want, developing new and useful products and services, combining good prices with good quality, and coming through with what you promise the customer. Some examples of businesses that used this breakout strategy are Wal-Mart and Netflix. Wal-Mart was a small business that flourished with the advertising of its low pricing that satisfies all customers. Netflix came up with a new idea of an online DVD rental agency. Customers loved this new idea because they can have their favorite movies delivered right to their door. I learned a lot from this article. You cannot have a popular business with just selling normal things at normal prices. You have to do something different to impress the customers.
A breakout strategy works in a big market, but how can a business be successful in an underserved market? In his article, “Untapped: strategies for success in underserved markets,” John Weiser talks about how a business can be successful in an underserved market. Weiser gives five key strategies to accomplish this task: “mine and translate local market information; adapt business model to community realities; change internal incentives and challenge cultural assumptions; create partnerships and strategic alliances; and improve the enabling environment.” To explain one of the strategies, Weiser says that a business has to adapt to customer needs. A customer will most likely prefer a business that has single-packaged products for low prices than a whole package for a higher price. For example, a business that sells cups of coffee for a low price will have more success than a business that sells a case of unmade coffee. More customers will come in, and more profit will be made. From this article, I learned that in an underserved market, the business’s success is dependent on the customers. If a business gives the customers what they need for a low price, then business will most likely boom and profits will go off the scale.
Once a store gets running, the main goal of the owner is to maximize profits. As Ram Herstein explains in his article, “Launching store brands in emerging markets: resistance crumbles,” the strategy of selling store brand items can increase the profits of a store. Store brand items can compare to national brands in style but their price is much lower. According to the article, five factors of having a successful time selling store brand items are, “number of store brand categories available, the quality of store brands, type of products, the manufacturers of the products and the number of product lines sold by retailers.” If a business puts a store brand shirt next to a Nike shirt on the shelf, according to Herstein, the person would more likely choose the store brand shirt because it provides the same style at a cheaper rate. By reading this article, I have learned that although store brand products aren’t as recognized as national brand products, they will sell better because they cost less.
Starting up a business is extremely hard and may need more work than you might think. Having money, buying a lot, and building a store are not the only things needed to run a business. The most important thing is having good business strategies. There is no point of opening up a business if you don’t have a clue on how to run it. Before you run to open up a business, think hard about how you can make it work.
Works Cited
Herstein, Ram, Eugene D. Jaffe. "Launching store brands in emerging markets: resistance crumbles." The Journal of Business Strategy 28.5 (2007): 13-19. ABI/INFORM Global. ProQuest. University of Michigan-Dearborn, Dearborn, MI. 7 Nov. 2008.
Lawton, Thomas, Sydney Finkelstein, Charles Harvey. "Taking by storm: a breakout strategy." The Journal of Business Strategy. 28.2 (2007): 22-29. ABI/INFORM Global. ProQuest. University of Michigan-Dearborn, Dearborn, MI. 7 Nov. 2008.
Weiser, John. "Untapped: strategies for success in underserved markets." The Journal of Business Strategy 28.2 (2007): 30. ABI/INFORM Global. ProQuest. University of Michigan-Dearborn, Dearborn, MI. 7 Nov. 2008.
Thursday, November 6, 2008
Module 3 very Rough Draft
Introduction- A business cannot be successful with only money. In order for a business to be successful, the business owner must have a great business strategy. Although I am a biology major, I chose the topic of business strategy because it really interests me. I am not really educated about this topic, but I would love to learn the tools that are needed to have a successful business. In the three articles I picked out, the thing they all have in common is that they give us strategies on how to operate a business.
Lawton, Thomas, Sydney Finkelstein, Charles Harvey. "Taking by storm: a breakout strategy." The Journal of Business Strategy. 28.2 (2007): 22-29. ABI/INFORM Global. ProQuest. University of Michigan-Dearborn, Dearborn, MI. 7 Nov. 2008
Article 1-“Taking by storm: a breakout strategy” by Thomas Lawton talks about a newly starting business can emerge into a popular and highly successful business. One of the first strategies of having a successful business is creating something new that meets the needs and wants of a consumer. The article also gave examples of businesses that emerged using a breakout strategy. On business was Netflix which is an online DVD rental site. They came up with something new and extremely useful and the business is succeeding.
Weiser, John. "Untapped: strategies for success in underserved markets. " The Journal of Business Strategy 28.2 (2007): 30. ABI/INFORM Global. ProQuest. University of Michigan-Dearborn, Dearborn, MI. 7 Nov. 2008
Article 2-“Untapped: strategies for success in underserved markets” by John Weiser talks about how a business can be successful in an underserved market. Weiser gives five key strategies to accomplish this task: “mine and translate local market information; adapt business model to community realities; change internal incentives and challenge cultural assumptions; create partnerships and strategic alliances; and improve the enabling environment.” In an underserved market, the business’s success is dependent on the customers. If a business gives the customers what they need for a low price, then business will most likely boom and profits will go off the scale.
Ram Herstein, Eugene D. Jaffe. "Launching store brands in emerging markets: resistance crumbles. " The Journal of Business Strategy 28.5 (2007): 13-19. ABI/INFORM Global. ProQuest. University of Michigan-Dearborn, Dearborn, MI. 7 Nov. 2008
Article 3-“Launching store brands in emerging markets: resistance crumbles” by Ram Herstein is about putting store brand items in a store can increase profits. Store brand items can compare to national brands in style but their price is much lower. According to the article, five factors of having a successful time selling store brand items are, “number of store brand categories available, the quality of store brands, type of products, the manufacturers of the products and the number of product lines sold by retailers.” The emergence of store brand items will satisfy the costumer and the business.
Lawton, Thomas, Sydney Finkelstein, Charles Harvey. "Taking by storm: a breakout strategy." The Journal of Business Strategy. 28.2 (2007): 22-29. ABI/INFORM Global. ProQuest. University of Michigan-Dearborn, Dearborn, MI. 7 Nov. 2008
Article 1-“Taking by storm: a breakout strategy” by Thomas Lawton talks about a newly starting business can emerge into a popular and highly successful business. One of the first strategies of having a successful business is creating something new that meets the needs and wants of a consumer. The article also gave examples of businesses that emerged using a breakout strategy. On business was Netflix which is an online DVD rental site. They came up with something new and extremely useful and the business is succeeding.
Weiser, John. "Untapped: strategies for success in underserved markets. " The Journal of Business Strategy 28.2 (2007): 30. ABI/INFORM Global. ProQuest. University of Michigan-Dearborn, Dearborn, MI. 7 Nov. 2008
Article 2-“Untapped: strategies for success in underserved markets” by John Weiser talks about how a business can be successful in an underserved market. Weiser gives five key strategies to accomplish this task: “mine and translate local market information; adapt business model to community realities; change internal incentives and challenge cultural assumptions; create partnerships and strategic alliances; and improve the enabling environment.” In an underserved market, the business’s success is dependent on the customers. If a business gives the customers what they need for a low price, then business will most likely boom and profits will go off the scale.
Ram Herstein, Eugene D. Jaffe. "Launching store brands in emerging markets: resistance crumbles. " The Journal of Business Strategy 28.5 (2007): 13-19. ABI/INFORM Global. ProQuest. University of Michigan-Dearborn, Dearborn, MI. 7 Nov. 2008
Article 3-“Launching store brands in emerging markets: resistance crumbles” by Ram Herstein is about putting store brand items in a store can increase profits. Store brand items can compare to national brands in style but their price is much lower. According to the article, five factors of having a successful time selling store brand items are, “number of store brand categories available, the quality of store brands, type of products, the manufacturers of the products and the number of product lines sold by retailers.” The emergence of store brand items will satisfy the costumer and the business.
Monday, November 3, 2008
Module 2 Response- Article V
MySpace is a social networking website that allows people to connect with friends. MySpace users have the ability to describe themselves by giving their name, age, gender, relationship status, and more. A MySpace user can enter their information in the different sections that are provided in the website such as, the “About Me” section, “Interests” section, “Favorites” section, and more. A person that is engaged in a relationship has the capability of mentioning their significant other in their profile. In the article, “Gender Differences in ‘Social Portraits’ Reflected in MySpace Profiles,” a study was completed to determine whether a female or a male mentions their significant other more in their social profile. In this article, the experimental group consisted of people that were engaged in a relationship. The study consisted of 51 female and 49 male. According to the article, “males were less apt to mention their significant other in the “About Me” section: 43% mentioned their significant other 0 times compared to 16% of females.” Although the experimental group was not all that big, there is some sort of accuracy in the results of this experiment. It showed that men are less likely to mention their significant other in their profile than women are. There was no significant difference in the number of opposite-sex friends that each gender had. The main difference between the two genders was the number of time the significant other was mentioned. The face that the female mentions her significant other more than the male mentions his significant other says a lot. The article states, “Males tend to enter into relationships while still maintaining their sense of individuality and uniqueness. The relationship is simply an addition to their preexisting complete selves.” This means that the male’s life or social status does not revolve around his significant other. On the other hand, females are the ones who feel that they should be the ones who are the sweethearts in a relationship. By this I mean that women show more emotion than men do. Also, “women’s identity may still be largely determined by the men in their lives, given their greater propensity for including their significant other in their presentation of self.” This is the reason that women acknowledge their significant other in public more than men do.
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