Figuring Out Buyer Behavior Part 2. Assignment 15A

Interview Analysis:
This week I contacted and interviewed three different students part of the Warrington College of Business, and with each interview drew a different result when comparing alternative and speaking on how they go about purchasing a product or service. All three interviewees, two males and one female student, had different analysis when understanding how they compared alternatives. One spoke on his desire for the quality of a product to be as high as possible, as he disclosed that given his situation, price was not a factor that needed to be considered. On the other hand, the female student spoke of her method of comparing prices as the key to determining between alternatives, as being cost-effective is her method of strategic purchasing. Finally, the final interviewee spoke on his desire to find the most balance when comparing alternatives, as he looks for the best performance possible from a medium-priced item and is looking for stability or something that will last into the future. After the alternatives were discussed and differences were often present, discussing the most popular method of purchase was a resounding sense of similarity among the three students. Whether it be Amazon or other online providers, they all spoke highly of technological consumerism, and also discussed the move away from holding cash and using cards on platforms such as Apple Pay. The final point of discussion was met with many different responses, as all three students had different categories on how they deemed purchases worthwhile. One of the male students determined the value of a purchase by how long he was able to use the product in it's desired nature. The other male was more keen on how much value a product or service added to his reasoning for the purchase. However, the female student was much more connected to the experience behind the purchase, and deemed a transaction a success or failure based on the experience she had purchasing the product and whether or not it was a hassle to obtain.

Drawing Conclusions:
When connecting these interviews to my business idea, I now understand how those in my previously defined segment of buyers would like to make transactions for a product or service they desired. I now want to find a way to make my potential product an online service instead of a paper-based product solely on the feedback from the students I interviewed and their obsession with online marketplaces. Additionally,  I would now like to find a way to make my product seem unique and have a brand that holds values of professionalism and experience, as the seemed polished product does create larger demand. Finally, my most glaring takeaway from this experience would be that in order for my idea to be successful, I must be able to accomplish the goal that I set out to achieve with each and every customer, as value-added to the reason behind the purchase will create long-term economic success and customer retention.

Halfway Reflection Assignment 14A

Assignment 14A

1. Behaviors I have developed:

To best prepare myself for success in this course, I have tried to create a schedule that maximizes the time I can accomplish assignments within. For example, I map out my week and then take the time necessary for this class during the week to watch the lectures and complete the assignments. Additionally, I find myself working ahead and looking at the future requirements for different assignments and will maneuver time around to then find and conduct necessary interviews as needed. Time management of both the assignments and the lectures is the biggest key to my success within this course.

2. "Giving Up" Moments:

The most prominent "giving up" moment in this course was my recollection of the reading reflection that was due last week. When I discovered that assignment's due date was coming up two weeks ago, I was ill-prepared and hadn't even opened the book that I was already supposed to have completed. Due to outside circumstances I have faced over the last year, I have grown a sense of tenacity that was applicable to this situation. I picked myself up from the precarious academic position and pushed through the entire autobiography, completed the assignment, all thanks to the fact that I was put into a tough position and needed to respond. 

3. Three Tips:

- Treat each week and the assignments involved as exams, and when you give importance to these assignments you will find you not only work harder on them, but you will receive your desired grade.

- Challenge yourself to be the best at everything you do, and developing a tenacious mindset starts with tasks that you don't look forward to do, such as school assignments.

-Never accept mediocrity and find ways to always adapt and become more proficient.

Reading Reflection #1 Assignment 13A

1.     Shoe Dog: A Memoir by the Creator of Nike by Phil Knight

-       What surprised me most:

I was surprised the level to which Knight became a pioneer in the shoe industry before Nike was even created, as he was the most forward-thinking on importing Japanese shoes and trying to disturb the market by offering a low-cost similar performance alternative to German-based Adidas and Puma.

-       What about Phil Knight did I most admire:

I most admired Phil Knight’s commitment and loyalty to his connection to sports throughout his entire journey. When things were hard, he believed in the process and never wavered and when he was on top of the sports world, he kept the same attitude and aimed higher.

-       What about Phil Knight did I least admire:

The only off-putting part of the book was his reflection about the first employees he hired. When explaining these people, he arrogantly explains how it’s hard to believe they made it as far as they did, and in a certain way credits himself completely. While he deserves a lot of credit, the way he explained it was harsh.

-       Did Knight encounter adversity? If so, what did he do about it?:

At the beginning of Knight’s shoe-selling career as Blue Ribbon Sports, he routinely would be short on company funds and would beg for lines of credit to continue importing Japanese athletic shoes. He also encountered bumps in the road with his partners and shoe supplier in Japan, so he decided to go out on his own and create Nike.

2.     Competencies he exhibited:

Knight, a former college track athlete at the University of Oregon, was able to view athletic shoes through the lens of athletes, and even took it upon himself to test out any new shoe materials and potential tweaks or improvements as the best way to know if the performance for the athletes was increased. He used this vision throughout the growth of Nike, and credits this viewpoint with the strides in athletic ware and their branding with athletes such as Michael Jordan.

3.     One part of the reading that was confusing to me:

Although I understood the section after I re-read it a couple of times, the section connecting Knight’s business paper at Stanford about Japanese cameras invading the German-controlled market and the idea to then do the same with athletic shoes, which then lead to the leasing Onitsuka-made Tiger shoes was confusing at first. I wondered the motivation behind such actions and why those connections between shoes and cameras were made, but I know understand.

4.     If I was able to ask two questions what would I ask and why:

I would love to ask Phil Knight two questions:

1.     Even as large as Nike is today, in what areas does he see potential growth for to crossover into different revenue streams?

2.     What modern coach would he compare to his track coach at the University of Oregon, Bill Bowerman?

After reading Shoe Dog, I believe that the entrepreneurial spirit runs deep within Phil Knight and that was the fuel that drove him to make Nike and the swoosh a multi-billion dollar megacorporation and recognized across the globe. Therefore, although he is now separate from Nike in an official capacity, I believe he has ideas of potential growth that cross beyond their current standings, whether it be media or completely running sporting events. In the book, Bowerman stands as an inspirational statue of what made Phil Knight realize proper ways of managing his employees, both with tough love and total freedom within decision making. As a sports fan myself, I wonder who he would compare Bowerman to in the modern landscape of coaches (Coach K/Belichick…etc).

5.     What is Knight’s opinion of hard work and do I agree with it:

Knight’s opinion of hard work is connected with his fascination of doing what you care about. When someone is completely committed to an idea or thought, they become a portion of that idea’s success, and the motivation to continue developing and grow becomes addicting. Hard work, in the view of Knight, is well worth the due diligence when the work pays off with happiness and a certain level of success. As a premise, I would argue that success can be merely financial to some, as it all depends the way one views achievement. However, I could not agree more with Knight’s view of hard work, and in a similar way try to live my life in a similar manner.

Buyer Behavior Assignment 12A

1.     Segment:

The segment I identified is one that includes UF students in the Warrington College of Business that take two or more online classes.

2.     Analysis from the three conducted interviews:

Three interviews I conducted consisted of students in the Warrington College of Business, in which two had two classes online and one had four online classes. When initially explaining the problem I believe existed, all three interviewees did agree that laziness and other factors played a role in not having the desire to watch all pre-recorded lectures but didn’t believe an adequate solution was available to ease their problem besides a week before an upcoming exam. After I disclosed me potential solution to this problem, they were quick to take interest in wanting to learn more about the new option, as their information search online for needed academic options did not previously include an alternative such as this. After questioning where their interest in my solution came from, all three gave examples of taking exams and using outside materials instead of everyday studying and feeling ill-prepared for the sections. Throughout the course of all three interviews, my major takeaway included the extent to which my solution was seen as a new spin on notetaking and how the awareness for such a need came from my questioning rather for the seeking of a new solution.

3.     Drawing Conclusions:

After conducting the three interviews, I found that the need for a product that I am theoretically offering does exist among the segment of the population I identified. However, the scale of the procrastination is not to the level at which I anticipated, and the market for a subscription-based service is not as rich as I previously thought. The most important piece of need awareness I acquired was understanding that choosing to not watch one’s online lectures was not a pre-meditated decision and instead was made after outside deciding factors came up at a given time. In terms of the information search I found after conducting these interviews, most look for a given service that will help with exam prep close to the test date and are unaware of this service even being a possibility. I believe I stand closer to proving some sort of market need but have to tweak potentially the way my service is offered.

Idea Napkin No. 1 Assignment 11A

1) You: I am a first year Finance Major from Orlando, FL. Through my previous experience starting a youth basketball training business, I have become familiar with the specifics regarding company finances and customer service. My aspirations include creating businesses that grow beyond just money-making entities, but that include charitable work and giving back to poverty-stricken communities. If I were to start this business, because of my hard-working nature, I would become totally immersed with it and would devote a large portion of my time to finding new ways to succeed.

2) What are you offering to customers?: I am offering a subscription-based notes product to those who take online classes. After each lecture for a given class, I provide a comprehensive analysis of that lecture in the twenty four hours after it is published as an alternative to watching each lecture or buying a note supplement days before the exam to prepare.

3) Who are you offering it to?: My main audience are those who take multiple online courses and who struggle watching ninety minute lectures and taking notes on each lecture for all their online courses. Another sub-set of that audience are those who watch their online lectures on 2x speed and find that their notes are sub-par because of the way they watch the lecture.

4) Why do they care?: Grades are of the utmost importance to students who aspire to have successful jobs and careers after graduation, and therefore easing the potential to earn a good grade within a course is all that is needed for students to care. Additionally, it removes having to watch hours of lectures to gain desired notes, so it saves grades and time.

5)  What are your core competencies?: The speed at which the product is in the consumer's grasp is a core competency, along with the ability to have a study pack for each lecture gives the consumer time to study well ahead of time before an exam.

Summary: When worked well, these five elements drive the success behind businesses. However, they are all hard to attain and often result in fragments of the whole. I stand by my idea and it's potential help to online students success, but the weaker part of my solution comes down to the narrow market of individuals who have an innate desire to purchase the solution I present.

Elevator Pitch Assignment 10A

Testing The Hypothesis Part 2 Assignment 9A

Who:
In two of the interviews I conducted, I found meaningful backlash to the idea not based on its premise, but based on the fact that these students watched the lecture videos and were up to date on notes because of a routine they had that helped them succeed academically. I feel like these examples are a perfect answer to why sometimes customers fall outside the boundary, as the need that you are trying to fill doesn't necessarily help someone who has a solution to the given opportunity in any way.

What:
The need that I am trying to fill with the given opportunity is similar to potentially other needs, however it is differentiated both within the specific type of class that the solution is a part of, along with its quick delivery process a day after the given lecture to the consumer. Other products try and ease potential exam struggles by presenting a cram guide the week of, however the swiftness of this solution can solve the immediate need and will continue to solve on a recurring basis, creating a holistically differentiated product.


Why:
With my solution, the differentiating factors are if the students have online classes in the first place for which notes on lectures are possible and the laziness of the students (like myself) who would rely on such a service to cover for their shortcomings.


Inside The Boundary:                                                                         
Who:  Students who take online courses                                                                                                 
What the need is: Detailed notes for a given online lecture to help prepare knowledge for tests and assessments.                                                                       
Why the need exists: Online students either can't find time to watch the lectures or are too lazy to watch the lectures for their classes.                                                                                         

Outside The Boundary:
Who: Students who either don't take online classes or keep up with their online lectures
What the need is: They either have a pre-scripted method that lets them be successful with their online note taking or attend the lecture personally.
Why the need exists: Without the need for the service that my solution provides, they remain outside the boundary of need and will remain an untapped revenue.

Solving The Problem 8A

Opportunity:
I believe there is an opportunity in creating comprehensive breakdowns of each lectures within an online class, as students are not motivated to watch the lectures if they do not physically attend the class, for which they lose out on important information for the exams and assessments.

Solution:
The solution would be to offer a subscription service that provides students with detailed notes of each class lecture the day of the lecture, therefore prepping the students who may be reluctant to watch over an hours worth of material as if they were in the lecture themselves. This is a great way of both working efficiently and capitalizing on individual's laziness, as one iteration of the lecture notes can be sold to all the students within that course. While "competition" may somewhat be high, tailoring notes that are efficient, effective and fit the individual schedules of each student will result in high customer retention over time. 

Identifying Opportunities in Economic & Regulatory Trends Assignment 6A

Economic Opportunity #1: The Volatility of Cryptocurrency

https://www.express.co.uk/finance/city/912921/Bitcoin-price-crash-cryptocurrency-price-value-market-2018-low-dollars-investors-latest

Economic Opportunity #2: Rising Interest Rates

https://www.cnbc.com/2018/02/02/mortgage-rates-rise-after-positive-jobs-report.html

Regulation Opportunity #1: Business Investment Increases Due to Overall Deregulation

https://www.nytimes.com/2018/01/01/us/politics/trump-businesses-regulation-economic-growth.html

Regulation Opportunity #2: Mortgages Becoming Easiest to Secure Since '08 Collapse

https://themortgagereports.com/32631/easier-qualify-mortgage


Eco Opportunity 1:
When I was looking at the daily stock market update, keeping a particularly close eye on crytocurrency because of my potential interest in purchasing some percentages, I made this discovery on the bottom falling out recently on bitcoins. Due to the nature of Bitcoin and other cryptos, with the price skyrocketing and falling at new highs and lows, I believe the opportunity to invest is now as it increasingly decreases, because the volatility creates a bounce-back situation. I believe the most opportune customer is someone willing to take a risk in their portfolio and is looking for moderate return on a potentially unpredictable asset. In the end, the opportunity to exploit is out of the hands of those investing in cryptocurrency, and instead a situation arises that is a wait and see on the potential return.

Eco Opportunity 2:
When I was talking to my uncle about his journey with trying to buy a new house, I became aware of the interest rates on new mortgages reaching short-term record highs. Due to the extreme increase of these rates, all the way up to 4.5% as of last week, an opportunity exists to counterbalance that increase with the extreme availability of cash. I believe the most opportune customer is someone currently interested in purchasing a home, but with potentially poor financial standing for which the increased interest rate costs large amounts of money. In the end, there is a clear opportunity to exploit, however the legality of a potential solution and the extent for which offering large amounts of capital investment are unsure and hard to come by.

Regulation Opportunity 1:
After reading the New York Times to get the news of the day and the political climate of the month, I came across this article detailing the potential financial policies promoted by President Trump, among which comes massive business deregulation. Due to the extremity in the measures took for deregulation, business investment, both internally and through outside sources, has skyrocketed, therefore presenting a potential opportunity for economic stimulus. I believe the most opportune customer are business owners themselves, creating the most potential for business growth in the short and long term. In the end, there is a clear opportunity to exploit the deregulation and invest further within small businesses, as fewer regulations can lead to exponential opportunity increase.

Regulation Opportunity 2:
When I was researching the bursting of the mortgage lending bubble and the recession of 2008, the information regarding the extent to which similar circumstances are present in the status quo presented itself. I believe opportunity lies within this scenario, both with providing increased information on how the previous recession can be stopped, but also in terms of pushing for stricter guidelines for mortgage lending itself. The most opportune customer for this opportunity lies within a cross of a customer looking for a house and ethical mortgage lenders, as they look to provide economic prosperity and promote safety. In the end, there is a clear opportunity to create a stream of information that prevents full scale economic collapse and therefore this solution fits a need.