18A - Create a Custom Avatar

Amy is a 27 year old graphic designer. She works in a large marketing firm in Boston. She drives a  red Toyota Prius. Amy is not married but she does have a long term boyfriend, Jack, and a husky puppy named Eleven. She is environmentally conscious and sometimes gets tired of living in a larger city, so she likes the idea that she can get away from it all when she goes on vacation. As far as politics are concerned, Amy is a democrat and her favorite politician is Hilary Clinton. Amy and Jack are in a serious relationship and are considering marriage and kids in the next couple of years. Amy's favorite type of vacation is one that takes her out of her element. She like to be adventurous, get out in nature, and try new foods. In her free time, Amy likes to read, draw, binge watch TV, and spend time with her friends, family, and Jack.

Overall, I think Amy and I have a lot in common. We are both adventurous, enjoy travel, and love to spend time with our friends and family. We also both love dogs and have similar career paths.

19A - Idea Napkin No. 2

You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

I am a very outgoing and welcoming person. In regards to my B&B business concept, I believe that these traits would help me make my guests feel comfortable and at home. I see my concept playing a huge roll in my life because I would want to make it a second home to myself and others.

What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).

I am offering a comfortable, unique, and modern vacation to my customers. I will provide the elegance and services of a luxury hotel, with the personalization and comfort of staying with a friend.

Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

The target demographic for this property will be young-middle aged couples who are looking for a relaxing trip where they can truly get involved with the local scenery. These guests do not want to feel like they are being suffocated with attention, but they do want recommendations and interesting conversation when possible. They are also social people who enjoy the idea of spending time with others when on a trip.

Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service.

Guests will choose to stay at our facility because not only are we a resting place, but we will have food options, comfortable lounge areas, and we will be deeply connected to our local surroundings. We will have the best advice and tips on how to conquer the surrounding area and we will provide transit to our guests.

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

My core competencies are my advertising experience and my ability to communicate with others. I feel like this combination makes me a unique individual and someone with strong potential in the hospitality field.

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others.

I believe that these concepts fit together very well. I think that my background in both marketing and hospitality would help me to make this business concept a success. I think that my plan is fairly cohesive, however, I would need to fully establish my brand personality before I begin the full development of my idea. Overall, I am excited for the idea and for what is to come.

For the "feedback memo" -- please summarize at least two main points that you took away from the feedback you received. Also, please describe how you incorporated the feedback into this idea napkin.

I did not receive any feedback on my previous assignments, but I believe that I identified items that I could work on in this idea napkin.

16A - What is your secret sauce?

1) Five traits that raise my human capital are my: positivity, love of people, sense of humor, strong work ethic, and my ability to work in a team. 

2) The people that know me best are not local, so I had three of them submit videos stating what they thought my human capital was and what they think makes me unique as an individual.


Video 1: This video was filmed by my older brother, Danny. He stated that my outgoing personality, my ability to relate with people, and my tenacity are main parts of my human capital.

Video 2: This video was filmed by my best friend, Kennedy. She stated that my creativity, adventurousness, and willingness to help were her some of the best traits that I have to offer

Video 3: This video was filmed by my sister, Samantha. In the video she speaks about my intelligence and my non-judgmental attitude towards people.

 

3) When reflecting on these videos, I realized that most of my sense of self was correct. However, certain traits such as my tenacity and adventurousness did not come to mind. It was really interesting to learn about the way I perceive my own positive traits, vs. the positive traits that others see in me. I think that everyone should complete this exercise at least once in their lives to gain a better sense of self.

17A - Elevator Pitch No.2

As you can see, I have uploaded this video from my elevator pitch. I did not complete the previous elevator pitch assignment so I am not able to reflect on my last experience vs. this one. However, after watching myself on camera I can definitely critique this pitch. First of all, I did not realize how much I said the word "um" until I started recording myself speaking. Also, I believe that my pitch could have been more energetic. However, I'm feeling a bit under the weather this week so I did the best that I could. 

PS: how cute is this thumbnail? I'm not tech savvy enough to change it. 

15A - Figuring Out Buyer Behavior No. 2

Begin with alternative evaluation. In the last case exercise, you determined how customers sought information related to solving their need. The outcome of this step is to produce a set of alternatives. Customers pick from among this set of alternatives. In this step, your job is to figure out how they do their picking. Does price matter the most? Does quality? Does style? Is there more than one factor that is important to your customer segment?

During my last evaluation, my segment was men and women in their late 20s to mid-30s. These people are adventurous, environmentally conscious, and they are active within their communities. Those that I interviewed placed value in the location, amenities and price of the place. However, to most, the location and amenities we extremely important. However, price was undervalued. In my recent interviews, there was a heavy emphasis placed on price of the vacation. Comfort and style were also important to this customer segment.

How/where do they buy? Elements of the actual transaction can help characterize your segment. Is your segment more likely to buy online or in a store? Are they more likely to use cash or will they finance the purchase? Etc. If this is a B2B purchase, who's involved in the purchase decision?

These customers will look everything up online beforehand. They will use review sites like trip advisor to help them make their decisions. Then they will price shop different vendors in order to find the lowest, most reputable rate. Finally, they will make all deposits and purchases necessary online.

Post-purchase evaluation. What matters most to your customers when they think back on the 'rightness' of the purchase? What helps them determine the purchase was a good idea? What sorts of things make them think a purchase was a bad idea?

They will evaluate how comfortable their vacation was. They will consider the amenities that they used, the comfort of their room, the friendliness of staff, and the travel accessibility. Then they will compare that to the price that they paid for the property and this comparison will decide the property’s worth.

Report the findings. Simply summarize your interviews.

Those that I interviewed had similar answers to those that I interviewed previously. However, price and comfort were a much larger factor for these buyers when they make decisions. One buyer stated that the two main things that she considers before making a purchase are price and reviews.

Draw conclusions. Based on what you know about this segment and what you learned in your interviews, how would you succinctly describe this segment in terms of alternative evaluation, purchase decision, and post-purchase evaluation?

I would maintain my description of the segment that I initially proposed. However, I would make a few changes. This segment may be travel-oriented and adventurous, but they still value factors such as price, comfort, and convenience.

14A - Halfway Reflection

1) Tenaciousness is a competency. What are the behaviors that you have used (or developed) to keep up with the requirements of this course?

I have learned that procrastination is not a way to succeed in this course. This semester I have multiple online classes and I have finally figured out that you should be working on each class every day. This way, when submission or exam time comes, you are not overly stressed.

2) Tenaciousness is also about attitude. Talk about a moment or two when you felt like "giving up." What pulled you through? Do you feel like you've developed a tenacious attitude during the past two months? What experience or experiences most contributed to this?

During this class I definitely had to think outside of the box. Especially when completing assignments that asked me to come up with entrepreneurial ideas. You cannot force those types of ideas, instead you must develop them organically and that can be a bit stressful. I do feel like this course has changed my attitude of tenacity because I am much more forward thinking, especially in my idea generation.

3) Three tips. What are three tips you would offer next semester's student about (1) fostering the skills that support tenacity and (2) developing the 'tenacious mindset' ?

1- Confront issues directly

2- Search for opportunities

3- Do not be afraid of sounding stupid, just go for it

13A - Reading Reflection

Coco Chanel: An Intimate Life by Lisa Chaney

What surprised you the most?

My whole life I have regarded Coco Chanel as upper class, pretentious, and slightly stuffy. However, when I read this book I realized that she was actually a rebel in her time. In the early 1900s, it was stylistically appropriate for a woman to wear large skirts, corsets, and uncomfortable clothing. Chanel was rebellious in that she designed simple, chic, and comfortable clothes for women.

What about the entrepreneur did you most admire?

I admire Chanel’s rebellious nature and her dedication to her design. One of Chanel’s most famous quotes is an excellent portrayal of this trait:

“I don’t care what you think about me. I don’t think about you at all.”

What about the entrepreneur did you least admire?

In the book, it was alleged that Chanel had a relationship with a German soldier during WWII. It is also alleged that she demonstrated certain Anti-Semitic views.

Did the entrepreneur encounter adversity and failure? If so, what did they do about it?

Chanel did encounter adversity when she first presented her ideas. Her ideas about women’s clothing were revolutionary and many at the time did not agree. However, she met this adversity with courage and she persisted.

2) What competencies did you notice that the entrepreneur exhibited?

This entrepreneur was uninhibited which was a huge part of her success. At the beginning of her career she made the choice to be different and the choice to be in defense of women, which was not a commonly made choice.

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

Coco Chanel was and still is an incredibly famous designer. When I read about her potential Anti-Semitic views during WWII I was surprised and shocked that I hadn’t heard about them before.

4) If you were able to ask two questions to the entrepreneur, what would you ask? Why?

What was your inspiration?

What is one thing that you wish you had known as a young female entrepreneur?

5) For fun: what do you think the entrepreneur's opinion was of hard work? Do you share that opinion?

I believe that Chanel would think that hard work comes naturally with passion. I don’t believe that she would have put effort into a career that wasn’t her complete obsession. I agree mostly with this position; however, I feel like sometimes you have to put in the work even if the project is not something you are absolutely passionate about because it could lead to something even better.

12A - Figuring Out Buyer Behavior

The market segment that I will be working with are men and women in their late 20s to mid-30s. These couples are adventurous, environmentally conscious, and they are active within their communities.

Interviews:

1-      Interviewee 1 is a big fan of traveling and really appreciates the ability to get away from it all and discover new places on a more personal level. Interviewee 1 stated that the need to travel arises mostly during stressful times in life and at work. When this interviewee feels the need to travel arise, she starts to browse different travel sites to see what kind of destination she is interested in. Then she checks for hotels or rental properties in the area and she makes her decision. She makes her decision mainly on amenities, location, and price.

2-      Interviewee 2 is always excited to be spontaneous and have interesting adventures. For him, planning a trip isn’t typically a drawn-out process. Him and his friends typically plan trips just before they take them and they are not very methodical in their approach. He travels for the adventure and to get to know a new place. He typically just looks for what is available at the time and location is the most important feature that he looks for.

3-      Interviewee 3 has similar views to interviewee 2 on spontaneity, however, she does tend to do more research on the destinations. She travels to discover new places, try new foods, and take a break from daily life. When she makes travel decisions, she focuses extensively on the positive or negative reviews of the property. She also asks family and friends about fun opportunities in the areas that she is traveling to.

Overall, this segment will definitely work for my service because the B&B will hit all of the key points that these travelers look for when booking. These interviews gave me better insight on how to market my business and communicate better with my target demographic.

11A - Idea Napkin

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

I am an outgoing and creative individual with a background in advertising and hospitality. My future aspirations are

a hotel. The to combine my passion for travel and food with my background. I want to create a venture that will capitalize on both. My business concept is to create a modern bed and breakfast. Bed and breakfasts are often regarded as old and outdated. My core idea for my B&B will be to maintain focus on current trends. This B&B would be both a job and a lifestyle for me. I would love getting to know my guests and making them as comfortable as possible.

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs).

My idea for this B&B is to revamp the reputation for bed and breakfasts and replace it with a more modern idea. Sites like AirBnB have proven that consumers do enjoy the concept of staying in a home rather than differentiating factor for my business will be its unique design, focus on sustainability and local products, and its ability to keep up with current trends. We would welcome our guests with open arms and we would provide an adequate balance between the service of a hotel, and the comfort of a rental property.

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

The target demographic for this property will be young-middle aged couples who are looking for a relaxing trip where they can truly get involved with the local scenery. These guests do not want to feel like they are being suffocated with attention, but they do want recommendations and interesting conversation when possible. They are also social people who enjoy the idea of spending time with others when on a trip.

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service.

Guests will choose to stay at our facility because not only are we a resting place, but we will have food options, comfortable lounge areas, and we will be deeply connected to our local surroundings. We will have the best advice and tips on how to conquer the surrounding area and we will provide transit to our guests.

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

My core competencies are my marketing and advertising experience and my knowledge of the hospitality and tourism field. I am also a very optimistic person who will welcome any challenge that presents itself in my path.

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others.

I think that these elements do come together very well, however, I do think that I need to focus more on what the unique aspects of my business will be. A focus and knowledge of the local scenes is a great selling point, but I do not know that it is enough to be the sole focus of my project. I want to do more research into the idea and focus on what I can innovate that will help me differentiate this business.