23A- Your Venture's Unfair Advantage

Industry Experience

V- I will better understand how the hotel business works

R- The hospitality industry is fairly large, so this experience isn’t exactly rare

I-This is difficult to imitate

N- This resource is non-substitutable

Adaptability

V- Very valuable

R- Not so rare

I-Can not be imitated

N-Non-substitutable

A willing team

V- Extremely valuable

R- Slightly rare

I-Can not be imitated

N-Non-substitutable

Expert assistance

V-Extremely valuable

R- Fairly rare

I-Can not be imitated

N-Non-substitutable

Hotel Opening Experience

V- Extremely valuable

R- Not too rare

I-Can not be imitated

N-Non-substitutable

Advertising Experience

V-Extremely valuable

R-Slightly rare

I-Can be imitated with dedication to learning

N-Non-substitutable

Marketing Experience

V-Extremely valuable

R-Slightly rare

I-Can be imitated with dedication to learning

N-Non-substitutable

Innovative

V-Extremely valuable

R-Slightly rare

I-Not easily imitated

N-Non-substitutable

Positive

V-Extremely valuable

R-Slightly rare

I-Not easily imitated

N-Slightly substitutable

Tenacious

V-Extremely valuable

R-Pretty Rare

I-Can be imitated with dedication

N-Not very substitutable

I think my top resources are my industry experience and my positivity. I believe these traits and resources will take me very far in the hospitality industry.

22A – Elevator Pitch No. 3

Based on Feedback, I changed my gestures and I tried to smile a bit more. I think my last pitch was fine, but could have definitely been more dynamic,

20A - Growing Your Social Capital

Person A

Who they are and what their background is.

Person A is a domain expert in the hospitality industry

Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

Domain expert

A description of how you found the person and contacted the person.

Person A is a close friend’s mom. I asked my friend for her mom’s email and sent a professional email asking for her assistance with a project.

The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation?

The nature of exchange with this person was a mentor/mentee nature. Person A is a friend’s mom and was more than happy to help when I asked for assistance.

How will including this person in your network enhance your ability to exploit an opportunity?

This person is an expert in the field and she has already given me tips and tricks for success in the industry. I also know that if I were to have any questions along the way, she would be a great person to consult.

 Person B

Who they are and what their background is.

Person B is a market expert in the hospitality industry

Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

Market expert

A description of how you found the person and contacted the person.

Person B is a boss from a past internship position. I contacted Person B via email.

The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation?

The nature of exchange with this person was of a boss/employee nature. Person B was a great boss and mentor to me and this was further demonstrated throughout our communication. They did me the favor of giving me input on my ideas and advice for my potential target market.

How will including this person in your network enhance your ability to exploit an opportunity?

This person is an expert in the field and he was able to better inform of my potential target audience and ways to influence them.

Person C 

Who they are and what their background is.

Person C is a supplier in the hospitality industry

Which 'slot' you are filling with each person (i.e., domain expert, market expert, supplier), and how the person fills the spot.

Supplier                              

A description of how you found the person and contacted the person.

I found Person C on LinkedIn and communicated with them via LinkedIn Messenger.

The nature of the exchange you have with the person -- what favor did they do for you? What is the return expectation?

The nature of exchange with this person was extremely professional. They did me the favor of giving me advice for my future in this industry.

How will including this person in your network enhance your ability to exploit an opportunity?

This person is an expert in the field and she was able to tell me how the supply chain management typically works in the hotel industry. This was very interesting for me to learn and it may also be advantageous for me to have this contact for my future business ventures.

21A - Reading Reflection

What was the general theme or argument of the book?

The author of The Long Tail, Chris Anderson argues that niche markets can sometimes build up the highest market share. The basis for Anderson’s argument is that he does not believe that it is beneficial from a marketing perspective to lump all buyers together in a “one size fits all” selling strategy.

How did the book, in your opinion, connect with and enhance what you are learning in ENT3003?

I have done analyses on this book for both ENT3003 and for other advertising courses that I am currently enrolled in. This book has impacted the way that I view things because it directly expresses the importance of selling to the people, not just selling the product. The book also looks at modern marketing from a different perspective. Rather than assuming that a large consumer body means success, Anderson points out that the new definition of success is longevity and the presence of a niche market.

If you had to design an exercise for this class, based on the book you read, what would that exercise involve?

This exercise would involve researching different markets and researching which organizations are successful based on long-tail theory. I think this practice would bring the text to life because people would no longer see the long-tail theory as a concept, rather they would see it is a real-life economical and marketing trend.

What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?

The long-tail concept as a whole made me examine everything that I had previously learned about marketing/economic success. During my advertising courses, my classmates and myself are often shown the most popular and highly successful campaigns because they are positive examples. However, the focus on longevity is something that we do not consider as often.

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.