Waupelani Wolf Wire

Utility Marketing

noreply@blogger.com (WolfDomJack) — Mon, 03 Jun 2019 14:43:00 +0000

Four components – time, place, possession(ownership) and form – make up the utility marketing model. Marketing models educate business owners, marketing and advertising professionals about consumer spending habits. Consumers purchase products for a variety of reasons. The utility marketing model takes into consideration how consumers feel about a product, the convenience of purchasing the product and obtaining the product when they want it.

Chron Small Business

Utility and example:

Form

Restaurants services food already combined to save the customer time in not having to make it them self

Time

Wal-Mart Superstore open 24/7 to provide an anything shopping

Place

Energy drinks vending machines in gyms to provide quick access

Ownership

Car Dealerships offering financing options help the buyer possess the car.

Photo Credit: www.business2community.com

Cohort Effect

noreply@blogger.com (WolfDomJack) — Mon, 03 Jun 2019 14:28:00 +0000

The cohort effect is the tendency of members of generation to be influenced and bound together by significant events in their formative years. The effect of video games caused a cohort group in those raised in the age of video games. The generation gravitates to activities that provide constant entertainment and immediate gratification. The significance of the cohort effect for marketers lies in the understanding the general characteristics of the Video Game Generation as it responds to its life defining events.

Special events are a natural cohort, and marketing teams are quick to seize upon them for promotional gain. For example, people attending a concert of some note will often feel as though they were present for something that was meaningful in their lives. This cohort creates an opportunity to promote and sell items that commemorate the event and focus on the concert as a defining moment.

Shared experiences can account for valuable marketing cohorts that bank on the consumer's desire to remain a part of the past. Marketing professionals may use such an experience as a cohort to identify segments of the population who may be more receptive to financial products like bank accounts, gold shares or life insurance.

Chron Small Business

Photo Credit: www.medicalnewstoday.com

Contingency Viewpoints

noreply@blogger.com (WolfDomJack) — Mon, 03 Jun 2019 14:01:00 +0000

The contingency viewpoint or approach is a behavioral model of leadership emphasizing the differences between every problem or challenge a business owner faces over a given period of time. A business owner or manager using the contingency approach to problem solving examines a wide variety of factors when determining workable solutions for each workplace issue.
Chron Small Business

In management class we focused on two contingency views.

Contingency view: Universalist view, is a style of management in which what works in one organization works in all organizations; case view, each situation is different for different organizations.

Photo Credit: healthyhacks.org

Abraham Harold Maslow

noreply@blogger.com (WolfDomJack) — Fri, 31 May 2019 15:00:00 +0000

Abraham Harold Maslow (April 1, 1908 – June 8, 1970) was an American psychologist who was best known for creating Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs in priority, culminating in self-actualization. (wiki)

Maslow's Hierarchy of Needs

Maslow's hierarchy of needs is often portrayed in the shape of a pyramid with the largest, most fundamental needs at the bottom and the need for self-actualization and transcendence at the top.

Physiological Needs: are the bedrock needs that support the entire pyramid. These needs include food, water, sleep, clothing, shelter, and freedom to move. Although these needs seem basic, they are not, life and death is on the line. That's why physiological need is the first need that has to be met.

Safety Needs: after physiological needs are satisfied, safety against war, natural disaster, family violence, workplace violence, childhood abuse, institutional racism, harassment, etc. Not only physical safety, but non-physical too. Safety need also includes financial safety.

Belongingness Needs: after physiological and safety needs are fulfilled, the third level of human needs are seen to be interpersonal and involves feelings of belongingness. These needs include: friendship, family, intimacy and belonging to something bigger than self.

Self-Esteem: are sometimes referred to as the ego. A need to feel respected, accepted, and valued by others. Maslow noted two versions of esteem needs: a "lower" version and a "higher" version. The "lower" version of esteem is the need for respect from others. This may include a need for status, recognition, fame, prestige, and attention. The "higher" version manifests itself as the need for self-respect.

Self-Actualization: this level of need refers to what a person's full potential is and the realization of that potential. Maslow describes this level as the desire to accomplish everything that one can, to become the most that one can be. Individuals who are motivated to pursue this level are seeking and understanding how their sense of self-partakes within their human behavior.

Photo Credit: FireflySixtySeven

Poetic Consumption

noreply@blogger.com (WolfDomJack) — Fri, 31 May 2019 13:43:00 +0000

Consumer.
We the People.
Consuming life to live.
Earth provides, we consume.
We provide, Earth consumes.

Brands

noreply@blogger.com (WolfDomJack) — Thu, 30 May 2019 14:16:00 +0000

A brand is the overall customer experience and feeling about a company. Brands are often associated with businesses, but more recently brands are associated with individual status. Businesses and individuals tyically use branding to distinguish and communicate what makes them different from others. Sometimes the word "brand" and "logo" are used interchangeable, but logos are just the image of the company whereas the brand go deeper than just the image. According to USA TODAY the top 8 brands in the world are following:

Apple. • Brand value: $214.48 billion.
Google. • Brand value: $155.50 billion. ...
Amazon. • Brand value: $100.76 billion. ...
Microsoft. • Brand value: $92.72 billion. ...
Coca-Cola. • Brand value: $66.34 billion. ...
Samsung. • Brand value: $59.89 billion. ...
Toyota. • Brand value: $53.40 billion. ...
Mercedes-Benz. • Brand value: $48.60 billion. ...

Photo Credit: brandtrends.com

Bill Campbell

noreply@blogger.com (WolfDomJack) — Wed, 29 May 2019 14:49:00 +0000

Leadership Advice From the late great business man Bill Campbell:

Trust your managers, and make sure they trust their subordinates.

At companies Campbell worked at, he would aim to eliminate tensions between product managers and engineers by building a culture of trust, where managers knew that engineers were in the best position to find a solution and engineers knew managers were in the best position to guide them to that goal.

Know that great products drive success. Everything else is a supporting function.

Campbell was adamant that the greatest marketing in the world was useless if it didn't advertise an excellent product. It's why he was a fierce advocate for granting engineers creative freedom.

Experiment, but never at the cost of your existing business.

Campbell was close friends with Ron Johnson, the Apple executive whose attempt at relaunching J.C. Penney in 2012-2013 failed miserably because, as Campbell said, he tried starting from scratch.

Spend your days doing, not planning.

"Writing a list of things and checking dates and all that, that's a bunch of bulls---, you can take the last 10 minutes of your day and do that," he said.

Your company must have unifying product principles.

Even while evolving, you must ensure that your company retains its unique identity by sticking to fundamental creative principles. "That's what Apple does brilliantly," Campbell said. "Everyone knows where the design principles are trending."

It is imperative that you stop infighting as soon as it arises.

Campbell said that internal warfare "brings companies to their knees" and that it is the CEO's job to end tensions immediately. He said that Apple under CEO John Sculley, before Steve Jobs was brought back in to lead his company, was marked by turf wars and power grabs.

Determine cultural values from the outset and then model them.

Values allow employees to hold each other accountable, and the CEO must embody the values, or else no one will follow them.

Evaluate your managers by what their employees think of them.

Regularly survey your employees to ensure that their managers are upholding the company's values and guiding, rather than interfering with, their work.

Maintain a culture of respect.

Campbell placed prime importance on respect when leading or consulting with a company.

Source: Intuit
For more secrets to success from Bill Campbell, please read his best seller Trillion Dollar Coach: The Leadership Playbook of Silicon Valley's Bill Campbell. available for purchase here.

Photo Credit: Trillion Dollar Coach
The Leadership Playbook of Silicon Valley's Bill Campbell

Soda Tax

noreply@blogger.com (WolfDomJack) — Wed, 29 May 2019 14:17:00 +0000

Soda taxes are implemented to reduce the intake of high sugary drinks. For the focus of this blog I'll focus on the City of Philadelphia. Beginning January 2017, Philadelphia implemented a soda tax at the rate of 1.5 cent per ounce. After two years of the soda tax enough data is in to understand how it impacting the distributors, retailer dealers and consumers.

As of May 2019, sugary drink sales dropped 38% in Philadelphia after the city implemented a soda tax, according to a new study. To avoid the tax some residents crossed city lines to buy soft drinks outside the city, partially offsetting what would have been an even steeper reduction, the University of Pennsylvania researchers found. Beverage sales inside Philadelphia’s city limits dropped by 51% but were partially offset by an increase in sales just outside the city, resulting in a net decrease in soda sales of 38% in the area, researchers at the University of Pennsylvania found. It is clear from this study and others that beverage taxes hurt working families, small local businesses and their employees.

To read more about the Philadelphia Soda please click the link here:

Photo Credit: www.bizjournals.com

Pricing Strategy

noreply@blogger.com (WolfDomJack) — Wed, 22 May 2019 15:14:00 +0000

There are four common pricing strategies to consider when deciding on a price of a product:

Cost-Based, the price is set by the cost of making the product and the profit seeking.
Profit = Cost - Price

Psychological, the price is set based on the perceived prestige value of a product.
Apple iPhone is price high due to the prestige value to the consumer

Competition, the price is set based on the price of similar products sold by the competition
Competition product X = your product X

Demand-Based, the price is set by the demand for the product
if the demand is high the price is higher, if the demand is low the price is lower

Photo Credit: elegantthemes.com

If you like to learn more about different pricing strategy please visit the link below,

Other pricing strategies

Product Innovation

noreply@blogger.com (WolfDomJack) — Fri, 17 May 2019 14:54:00 +0000

Product Innovation is the creation and implementation of a new product or service. Product innovation also refers to products already in use.

The three different levels of product innovation includes discontinuous innovation, ideas that radically change how people live. Second, dynamically continuous innovation, marked changes use to existing products. Third, continuous innovation, slight modification of existing products. Most common is continuous innovations which will help a business long term, but as sales decline the many investments into the product may out weight the returns.

Photo Credit: innovationcoach.com

Money$$$

noreply@blogger.com (Unknown) — Fri, 17 May 2019 14:39:00 +0000

Money, money, money. The one thing that solely influences things from what shoes were going to get, to am I going to be able to buy lunch today? There are people at different ends of this very large spectrum. You have the Donald Trumps of America and you have the homeless of north Philadelphia which are you going to be? There is space between but if your not aiming for the top you could end up on the bottom.

Market Research Process

noreply@blogger.com (WolfDomJack) — Fri, 17 May 2019 02:03:00 +0000

Six-step marketing research process:

I. Define the problem; a well-defined problem permits the researcher to focus on securing the exact information needed for the solution.

II. Conduct exploratory research; discover the cause of a specific problem by discussing the problem with informed sources both within outside the firm and by examining data from other information sources.

III. Formulate a hypothesis; a tentative explanation for some specific event, a statement about the relationship among variables that carriers clear implications for testing this relationship.

IV. Create a research design; a master plan or model for conducting marketing research, to test the hypothesis and find solutions to marketing problems.

V. Collect Data; two kinds of data to collect:

a. Secondary data, is information from previously published or compiled
b. Primacy data, refers to information collected for the first time specifically for market research.

VI. Interpret and present research data; the final step in the marketing research process is to interpret the findings and present them to decision makers in a format that allows managers to make effective judgments.

Photo Credit: Lucidchart Content Team

Tariffs

noreply@blogger.com (WolfDomJack) — Thu, 16 May 2019 23:25:00 +0000

A tarriff is a tax that the government of a country levies on imported goods. The tax is often paid by the importer of the good. Tariffs are also called customs, import duties, or import fees. Tariffs work by increasing the price of the import. Those higher prices give an advantage to domestic products within the same market. They are used to protect a nation's industry.

To go farther into this explanation, I'll look at the world largest importer, United States of America. On March 8, 2018, the President [U.S.] issued Proclamations 9704 and 9705 on Adjusting Imports of Steel and Aluminum into the United States, under Section 232 of the Trade Expansion Act of 1962, as amended (19 U.S.C. 1862), providing for additional import duties for steel mill and aluminum articles, effective March 23, 2018.

Before the steel tariff were imposed the countries exporting to the U.S. could make a deal. A country could reduce the imports by 60 to 70 and possibly avoid the 25% tariff. South Korea was able to make a deal with the U.S. avoiding the 25% tariff on all steel exports to America. If South Korea were not to have made the deal to import $10,000,000.00 worth of steel to the U.S., it would have to pay an additional 25% tariff. The $2,500,000 tariff most likely be paid by the consumer of South Korea steel.

"On average, consumers have to bear about half to two-thirds of the tariffs on imported products, according to economists. The rest is absorbed by U.S. companies and/or foreign exporters."

For more information on tariffs and the quote above please follow the link below.

What Are Tariffs Anyway?

Photo credit: CNNMoney/Shutterstock

Unemployment

noreply@blogger.com (WolfDomJack) — Tue, 07 May 2019 19:32:00 +0000

Unemployment has fallen to 3.6% from 3.9%, the lowest it's been in 49 years. For specific groups unemployment has fallen even lower. Women unemployment has fallen to 3.1%, the lowest it's been in 66 years. Latinos unemployment has fallen to 4.2%, the lowest it's been in 46 years. Asian unemployment has hit a record low of 2.2%. Iraq and Afghanistan military veterans has also hit a record low of 1.7%.

These number are reflexed in industries such as: manufacturing, added 4,000 jobs; construction, added 32,000 jobs; accounting and engineering, added 76,000 jobs; health and education, added 62,000 jobs; restaurants and hotels, added 34,000 jobs. In spite of the retailing industry cutting 12,000 jobs.

The low unemployment rate has been great for post 2008 recession recovery. These numbers give entrepreneurs and those looking to start a new business faith in the economy. Investors in the U.S economic can now have more faith in their investment.

Department of Labor reported these numbers in their Employment Situation Summary, published Friday, May 3, 2019.

You can read more about unemployment by following the link below.

time.com

Photo credit: JLGutierrez

Hours

noreply@blogger.com (WolfDomJack) — Sat, 04 May 2019 00:04:00 +0000

What would a four-day work week look like? If I had the option I would take it. I would work only Monday thru Thursday. On Friday I'll be able to complete tasks during business hours, such as visiting the doctor's office or bank. I could spend more time with my family and friends as well as rejuvenate my mind and body in prepared. What I choose to do would be up to me and I love the idea of having another to as I please. Regardless if like the idea, it would take society as a whole to change how it thinks about the five-day work hour. Although it's a complicated issue, the four-day week is gaining popularity in the UK and USA. Below is a link to the BBC World Service: Business Daily Podcast, give it a listen and let me know what you think in the comments.

Business Daily

(Photo: A pin placed in a calendar, Credit: Getty Images)

Work Environment

noreply@blogger.com (WolfDomJack) — Wed, 01 May 2019 02:23:00 +0000

Over the years the work environment has changed for the workers. Children no longer work long and dangerous jobs. Those jobs were given to the adults, who in turn worked without health benefits and workers safety. The environment then changed again as workers put into factories assembling the same product over and over. Later the factories turned into the office space where workers are cubiced together. Of course as time moved forward the work environment has gotten better, more rights for the workers. But as AI continues to replace the worker and social pressure continues to demand better for the worker, what is next for the work environment?

Below is a quote from an article posted on www.economist.com

Working in an attractive environment is good for employees

"A review of the academic literature* suggests that indoor work environments (in particular factors like light, noise and temperature) have an impact on employee productivity. WeWork’s business model is based on the idea that attractive offices, with common areas and leisure activities, will appeal to small businesses and freelance workers. If a positive office interior helps, it makes sense that a nice outdoor environment should boost morale too."

Blog & Money

noreply@blogger.com (WolfDomJack) — Mon, 29 Apr 2019 15:13:00 +0000

Storytelling anywhere is a interpretation of the world around you. Blogging is a channel in-which some storytellers like to paint their picture. As the blogger becomes more known the more people want to hear their story. As other artist do they can sell their art, but how? Would a person be able to earn profit writing a blog. Here is an article from bizsugar.com explaining ways to earn money from writing a blog.

Artificial Intelligence

noreply@blogger.com (WolfDomJack) — Mon, 22 Apr 2019 15:32:00 +0000

The 2014 movie Ex Machina capture the attention of movie viewers about the possible direction of AI.

Depending on who you talk to about artificial intelligence or AI for short, it's either the coming of the end of humans or world peace. Ideas and theories range from preparing underground bunkers as the AI will take over the use of nukes or universal basic income because most jobs will be lost. Regardless of your opinion, AI is already in use with almost everything we human use. Be it with GPS, phones, cars, or banking AI will change how we interact with each other. Smart businesses must continually evaluate AI in order to prepare for the ever changing future.

"However, much of the debate thus far surrounding AI and work has swung between fears of cataclysmic job impacts and expectations that little will change. Yet, the whole picture is, as ever, much more subtle. That’s why we couldn’t resist taking a closer look. If government, businesses, and other organisations take the right actions now, neither of these extremes is likely – and we might even learn to live side-by-side with our new machines."

Federico Cilauro, aibusiness.com

Disney vs. Netflix

noreply@blogger.com (WolfDomJack) — Wed, 17 Apr 2019 04:56:00 +0000

Disney vs. Netflix

I got rid of Comcast cable due to the high cost ($160 per month), the worst customer service I've ever experienced, and the fact that I don't watch as much television as I once did.

"The days of expensive cable TV subscriptions are numbered due to the availability of popular shows on Netflix, Hulu, Amazon, Sling TV, the internet, and even an old-fashioned antenna. With so many options, the reasons to keep an expensive cable subscription are limited."
-The Everything Finance Blog

But wait one moment, the consumer will have to play to watch Disney films and shows on Disney+. In addiction the consumer pays per month for Netflix $12.99, Hulu $5.99, HBO $15, and let us not forget the music services like Apple Music $9.99. The list of pay for subscription goes on and on. The only weapon the consumer has is the cancel button. The fight will continue among all the subscribing services because no one will back down anytime soon and the consumer is the prize.

Neuromarketing

noreply@blogger.com (WolfDomJack) — Thu, 11 Apr 2019 17:29:00 +0000

Neuromarketing

Imagine this if you will. You’ve been on a diet for two weeks. The only food you’ve been able to eat are no sugar added and water (i.e keto diet). The eating window is 9 a.m. thru 5 p.m. Finally, after two weeks of hell you’re allowed a cheat meal, any one food item of your choice. Walking into the supermarket the world is yours. You pick double stuffed Oreo's. Oh the joy, oh the pleasure.

What if I market every item in the supermarket give you the same feeling you got before and during the Oreo extravaganza?

“Neuromarketing” loosely refers to the measurement of physiological and neural signals to gain insight into customers’ motivations, preferences, and decisions, which can help inform creative advertising, product development, pricing, and other marketing areas. Brain scanning, which measures neural activity, and physiological tracking, which measures eye movement and other proxies for that activity, are the most common methods of measurement.

Harvard Business Review

Data

noreply@blogger.com (WolfDomJack) — Tue, 09 Apr 2019 15:31:00 +0000

Data as defined by Cambridge Dictionary: information, especially facts or numbers, collected to be examined and considered and used to help decision-making, or information in an electronic form that can be stored and used by a computer.

Qualitative data as defined by Business Dictionary: data that approximates or characterizes but does not measure the attributes, characterizes, properties, etc., of a thing or phenomenon.

Quantitative date s defined by Oxford Dictionary: relating to, measuring, or measured by the quantity of something rather than its quality.

To better help understand qualitative data and quantitative data I present to you the Krabby Patty, from the Nickelodeon hit show SpongeBob SquarePants:

Qualitative Data

Tan bun with sesame seeds
Green lettuce
Red tomato
Yellow cheese
Brown beef patty
smells like cooked beef
Secret Formula

Quantitative Data

Two buns
Thirty-Seven sesame seeds
One leaf lettuce
Two sliced tomatoes
One slice cheese
One beef patty
Three-inches in height
Five-inches in diameter
Weights three ounces

Discipline

noreply@blogger.com (WolfDomJack) — Fri, 05 Apr 2019 14:17:00 +0000

A Culture of Discipline

Entrepreneurial success is fueled by creativity, imagination, bold moves into uncharted waters, and visionary zeal.

-Jim Collins, Good to Great

Personally I believe in discipline, understanding what my goals are and understanding the path to get to those goals. Each day is an opportunity to take another step towards your goals. Some steps may be harder than others. When the goal seems close, move it farther back or create a new goal. The hope in having personal discipline is the ability to bring that discipline to a company.

Creating a culture of discipline in company is different from personal discipline. The difference being there’s no longer I, but we, we the company must be disciplined.

“It all starts with disciplined people. The transition begins not trying to discipline the wrong people into the right behaviors, but by getting self-disciplined people on the bus in the first place. Next we have disciplined thought. You need the discipline to confront the brutal facts of reality, while retaining resolute faith that you can and will create a path to greatness. Most importantly, you need the discipline to persist in the search for understanding until you get you Hedgehog Concept. Finally, we have disciplined action, the primacy subject of this chapter. This order is important.”[Jim Collins, Good to Great pp126]

“But disciplined action without self-disciplined people is impossible to sustain, and disciplined action without disciplined thought is a recipe for disaster.” [Jim Collins, Good to Great pp126]

Leadership

noreply@blogger.com (WolfDomJack) — Wed, 03 Apr 2019 16:06:00 +0000

For the topic of leadership I reviewed an article posted on theeconomist.com titled, The skills leaders need, link to the article at the end of this post.

Leadership

I understand that a leader is to be a person who pushes the organization in the right direction. If a question needs to be answered the leader knows where to search. Correctly stated in the article and witnessed personally, you know them when you see them.

Barak Obama

The 44^th president of the United States embodies what I look for in a leader. An expert in a field related to the position the person is currently holding. President Obama obtained degrees from Columbia University and Harvard Law School. The ability to clearly state the direction we’re moving and how we plan to get there. In President Obama’s 2016 State of the Union Address he stated, "Last year, Vice President Biden said that with a new moonshot, America could cure cancer. Last month, he worked with this Congress to give scientists at the National Institutes of Health the strongest resources they’ve had in over a decade. Tonight, I’m announcing a new national effort to get it done. And because he’s gone to the mat for all of us, on so many issues over the past forty years, I’m putting Joe in charge of Mission Control." Clear and concise messages are what we all should look for in our leaders.

Narcissism vs. Self-Confidence

As the former NFL Wide Receiver Terrell Owens would say, “I love me some me”. That may work in the field of organized sports, but as the leader of a team, members may not respond well to that motto. Instead of using narcissism, for example, I’ve studied the data, done the research and this is the way to go, having the self-confidence will hopefully bleed into the other team members. Self-confidence also gives the leader the ability to lead by example. If an on time and well prepared employee is needed then show your team an on time and well prepared employee, yourself.

The skills leaders need

Social Media

noreply@blogger.com (WolfDomJack) — Mon, 01 Apr 2019 15:10:00 +0000

Management Review

I've decided to make my first post dedicated to management. Currently I'm attending South Hills School of Business & Technology term 3 of 6. Term three courses comprise of Management II, Marketing, Social Media, Computer Presentations, Microsoft Word, and Business English III. All the courses are business related, yet for this post I want to focus on Management II.
The material we learn and cover in class spans from the instructor personal experiences and Management textbook by Richard L. Daft. for this week class we we covered Chapter 12 Managing Change and Innovation. Although we discussed the topic in class I would like to further discuss the topic here.

Topic: Companies reviewing social media sites of employee candidates.

Tweets and posting on social networking sites falls into two categories: private and public. For example, if the promising candidate’s Facebook page is public I do believe it is wise for the managers to use it for evaluation. As if the candidate is talking in a town square, also in the public the employee may represent the company. If the social media account is private the employer was no legal right to invade the candidate’s privacy. Just the same the employer is not allowed to enter the private home of an employee without permission.

For this blog I have decided to create Facebook page and Twitter page. For new blog post alerts please like the pages below.

Facebook

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