Product Design and Development

 Week 11 - Product Design & Development - Notes from Chapter 10. 

A product can be marketed to customers because it provides them with a benefit and satisfies a need. 

Types of Product Development - 

- "New-to-the-company product is a good or a service that is new to the company but has been sold by a competitor in the past. 

- an improvement in an existing product = an enhancement of a product already on the market. 

- extension to an existing product = a new product developed as a variation of an already existing product. 

- A "new-to-the-market" product is a good or a service that has not been available to consumers or manufacturers in the past.

4 Characteristics of the Entrepreneurship Start-Up:

1. It is characterized by innovative products and/or practices.

2. Its goals include profitability and growth.

3. it focuses on new opportunities

4. Its owners are willing to take risks. 

Entrepreneurship is about carefully calculated risks, not unnecessary risks. Most entrepreneurial decision-making can be improved with input from one or both of two sources:

Information gathered from research

Knowledge gained from personal experience

Understanding your Industry - an industry is a group of related businesses that do similar things and compete with each other. 

• To introduce a successful new service, you should understand the industry in which you’ll be offering the service. Select a service business that you’d like to run and explain what information you’d collect on its industry. How would you find it?

Landscaping Business - I would search for areas in my neighborhood that would need lawn and landscaping services. I could pitch a business plan to a developer and real estate company that would provide clientele for future revenues. I would invest in equipment that can withstand normal wear and tear use. Reliability as a service provider will support the effects that clients will trust and compel themselves to choose me instead of a competitor. Prices will need to start at a decent rate and adjust with the economy. I would promote online via Facebook and/or Instagram or TikTok. I would also hand out our business cards, and reach out to friends and family. I feel like this is a good marketing mix that will start off any business in the right direction. I would research further regarding services that I could extend my services to include - cement work, construction, and general contracting work. This will enable the business to flourish and grow in more than one industry and market.

Customer-Drive Marketing

In Week 10, we go into the topic of marketing and how it’s defined as well as what its true purpose is. We also learn how marketing drives the consumer to buy a product. In today’s society a product can be sold from so many avenues - within a location, and online. The possibilities are endless and the consumer is driven to the simplest and most convenient form of obtaining it. I enjoyed reading about the marketing mix, (4) P’s - Product, Price, Place and Promoting: the main goal is to develop and implement a marketing strategy. 

In our case analysis, it was interesting to read about the strategies that Starbucks has and what makes them successful in today’s market. They have been able to provide a product and service that consumers are driven to purchase all the time. They cater to their customers in a way that satisfies their impulse while nurturing what they deem important in their daily activities. I like that they offered a piece of the company to their employees. In my opinion, it creates a circle of trust from the first day they become a partner. As turnover rates increase in most industries, Starbucks was able to customize how and what they provide for their employees. When employees feel safe, they anticipate staying with the company long term as well as seek to find advancement opportunities. 

• Give examples of different products you know about that are priced using each of the following approaches: cost-based pricing, demand-based pricing, target costing, and prestige pricing. Explain whether you think the company is using the right approach for each of the products you mentioned.

Cost-based pricing - 

Demand-based pricing - 

Target costing - 

Prestige pricing - 

• What are the 4 P's of Marketing? Summarize ways that marketing creates utility for business in each area.  a good or a service for each of the following product development categories: new-to-the-market, new-to-the-company, improvement of existing product, and extension of product line. To come up with the products, you might visit a grocery store or a mall. Don’t use the Just Born examples presented in the chapter.

Product: Developing a product that meets the needs of the target market, marketing provides the ability to create products from all shapes and sizes and there maybe similar products out there but the business is to differentiate yourselves from the competition. 

Price: Setting a price for the product, a price will determine how a company can compete with the economy as well as competitors who will find the best way to advocate their product to ensure sales continue in a positive direction. 

Place: Distributing the product—getting it to a place where customers can buy it. Location is everything, if you are providing a product or service, it has to accessible and simplistic. This will ensure the product is available and sales are continuous. 

Promotion: Promoting the product—informing potential buyers about it. A marketing strategy as well as a a catchy phrase will create the opportunity to grab a consumer’s interest so they are persuaded to go out and find your product/service. 

All (4) P’s in the marketing mix need to be met in order for a product/service to survive the market. The market can be unstable in that other factors come into play, but it is important to find and solidify these (4) areas before anything else can be addressed. 

Empowerment, Teamwork, Communication

 Week 9 - Marketing Providing Value to Customers. 

I think in terms of “Teamwork”, we can understand that a team is a group of people with complementary skills who work together to achieve a specific goal. Teamwork brings diverse areas of expertise to bear on organizational problems and projects. (5) characteristics of work teams are: accountability for achieving specific common goals, function interdependently, stability, authority, and operate in social context. I found it interesting to see the types of teams in a company setting. Manager-led, self-managing, cross-functional and virtual teams - each one provides a relationship to be created defined and carried out. I would like to improve my skills in Technical, Decision-making and Interpersonal that can help me in management positions. I also want to improve on my weaknesses such as overcoming challenges, and maintaining a group. 

• Describe an effective team you have been part of and discuss what made this team successful.

I am part of an effective team at my current job. I am in the airline industry and teamwork is what makes us function. I can understand in our readings and see that we function better if it’s done cohesively. Ensuring flights arrive and depart on time are a huge part of the airlines successes in running a business and making sure that we provide a reliable service to each customer. 

• Describe a negative team experience you've had and explain what you could have done to improve the experience.

In the same job, we experience negatively at a high rate. Attitudes and personalities tend to change the team dynamic, trust is hard to find. Advancements amongst one another are magnified. In my personal experience I have to take things as a grain of salt in terms of keeping my relationships at work to a business matter. I say this to breakdown that depending on the individual goals of an employee. We have to understand what can we do as a team in order to achieve the goals as a company. If I do not care about the job, it will affect my ability to provide for the company’s needs. I am driven to facilitate an environment of support and accountability so that I can perform better and lead a team better. 

Management and Leadership with a Small "L"

Week 7: 

This week in our studies we read Chapter 6 - 

We learn about the (4) interrelated functions of management:

Planning: setting goals and determining the best way to achievement. 

Organizing: allocating resources to carry out the company’s plans. 

Directing: the process of providing focus for employees and motivating them to achieve organizational goals. 

Controlling: comparing actual to expected performance and taking corrective action when necessary. 

I like that I was able to learn and understand what a SWOT analysis is and its purpose. I can see that it can be used personally and professionally. As part of a strategic-planning process, assessing the company’s fit with its environment. Analyzing an organization’s Strengths, Weaknesses, Opportunities and Threats. Besides a SWOT Analysis, the other steps involve preparing a mission statement, selecting core values, setting goals and objectives, and planning tactical and operational plans. 

• How would you compare management with leadership? Describe two people in your life, one an excellent leader and the other an excellent manager, and explain what characteristics each possessed that made them excellent.

Management is defined as how businesses organize and direct workflow, operations, and employees to meet company goals. In terms of leadership it is can be described as an individual or group of employees who can lead and guide a group of people to fulfill their duties and responsibilities. My husband is a supervisor and he has developed great leadership skills where he is part of a management group but is responsible for one crew of 10-12 employees where he will delegate tasks and responsibilities each shift to ensure that their goals are achieved. My manager, Mafini at work manages the groups as a whole. While we can see and understand management entails, there is a big difference between these two words. 

•  Which of the managerial skills are strengths for you and which are weaknesses? What are some ways you could improve in the skills where you are weakest?

Strengths:

Technical Skills 

Conceptual Skills

Decision making Skills

Weaknesses: 

Time-Management Skills

Communication Skills

My strengths are mainly about completing my tasks as an employee. My weaknesses are based upon past experiences and I hope to sharpen these skills for the future. I could improve on keeping my time and respecting others. I need to communicate better in terms of speaking up about what I feel and keeping it professionally. 

Recruiting, Motivating, and Keeping Quality Employees

 Week 8 - a few thoughts about this week's studies - How do organizations attract, develop, and retain their employees? 

Human Resources (HR) is all about taking care of your employees and creating a good work environment.

Notes from our readings - 

Human Resource Planning: the process of developing a plan for satisfying an organization's human resources (HR) needs. A strategic plan lays out the steps that an organization will take to ensure that it has the right number of employees with the right skills in the right places at the right times. Analyzations of the company's mission, objectives, and strategies are some of the tasks that an HR manager needs to perform. In developing an HR plan, HR managers must be knowledgeable about the jobs that the organization needs to perform. A job analysis identifies the task. responsibilities and skills that it entails. 

Recruiting = the process of identifying suitable candidates and encouraging them to apply for openings in the organization. A qualified person must be able to perform the duties listed in the job description and must possess the skills, knowledge, and abilities detailed in the job specification.

Developing Employees - Training and Development - Diversity in the Workplace 

Motivating Employees - Motivation is an internally generated drive to achieve a goal or follow a particular course of action. Highly motivated employees focus their efforts on achieving specific goals. 

4 Influential Theories of Motivation:

Hierarchy-of-Needs - proposed by Psychologist Abraham Maslow, we are motivated by the five unmet needs, arranged in the hierarchy order: physiological needs, safety needs, social needs, esteem needs, and self-actualization needs. Two things to remember about Maslow's model - We must satisfy lower-level needs before we seek to satisfy higher-level needs, once we've satisfied a need, it no longer motivates us, and the next higher need takes its place.

Two-Factor Theory - psychologist, Frederick Herzberg set out to determine which work work factors made people feel good about their jobs, and which factors made them feel bad about their jobs. Employee satisfaction into work factors = Motivation factors: strong contributors to job satisfaction. Hygiene Factors: not strong contributors to satisfaction but they must be present to meet a worker's expectations and prevent job dissatisfaction. 

Expectancy Theory - proposes that employees will work hard to earn rewards that they value and that they consider obtainable. Effort --> Performance --> Reward 

Equity Theory - focuses on our perceptions of how fairly we're treated relative to others. The theory proposes that employees analyze their contributions or job inputs and their rewards or job outcomes. 

Reflection Questions:

• Identify at least three questions you would ask in a job interview. Explain what you would learn from each question.

What benefits are available to me?

What opportunities are available? Advancements?

What can the position provide for the long run?

I decided to ask these questions to understand what the company expects of me as an employee as well as what they would provide for me. Although I will pay for the benefits that help me personally. I would like to know the relationship I will build with the next company to hire me. Growth is very important to me and I can hope to know what is available and apply myself accordingly. 

• What characteristics would you want in a potential employer? Why are these characteristics important to you?

As an employee, I would like to work with people I can trust, and rely upon to fulfill my duties at work as well as provide support for my family and I. As much as they want me to be responsible and trustworthy, I would like it to be reciprocated. A company that can provide support and reliability, I can grow and develop my skills in the mean time.