Week 9 Reading Reflection

Hello ENT3003 friends, like every other sunday, today we will dive into a reflection on Kuratko's Entrepreneurship. This week was Chapter 10, a section dealing with marketing challenges for entrepreneurs.



The topic that stood out to me the most was concerning the types of marketing plans most suitable for small business start up. I'm taking marketing and advertising classes concurrently with this, and it was interesting to read more on something neither of those really go into.

I found the sub section regarding all the pre planning steps confusing, not so much that it was too complicated to understand, but that it didn't quite seem as solid as it should be. The methods regarding qualitative data are always curious to me- especially how this chapter was written- because they're never numerically based and aren't as conclusive.

Two question for my man Donald:

"what methods of market research planning work best with which industries?"
"What are some of the most common mistakes you see made with this type of planning?"

I really cant say there was anything that stood out as incorrect or questionable in this text, but I did find a few typos in one paragraph for whatever that's worth.

IDEA NAPKIN NUMERO DOS

ME?
   Anthony Davila. That's my name at least. At the core of my being I am ambitious, creative, observant, and laid back. At the moment, I enjoy status as a sophomore at the University of Florida, studying Marketing and Advertising. Over these couple years, I have learned that I have considerable talent in the form of networking, leadership, public speaking, and persuasion. By the end of my college career, I hope to turn that piece of paper stating I have sufficiently passed all my classes into the foundation of my own business and advertising focused social entrepreneurship venture. When it comes to my project, JUKEB(AUX), I see it becoming an intensive side-project and hobby.

WHAT? 
  Despite all the advances in the music and audio industry, there are a few key inefficiencies yet to be addressed. Why does it take so much effort to connect to speakers? Why do we waste so much time with adjustments and errors in between presentations? Why is sharing music, the very thing that links us all as human beings, not instantaneous and intuitive? JUKEB(AUX) serves to answer all these questions and more. There are two components to the system: An antennae receiver and a mobile app. The antennae plugs into any speaker/amplifier input and opens up a channel where several users can connect their bluetooth devices simultaneously. From there, a mobile app will allow people a chance to instantly take turns playing their songs of choice and organizing/editing playlists in real time. Everyone will get a chance to contribute, and all information is stored in the app so you can favorite and download tracks you enjoyed at your leisure, even when not connected. 

  This system has benefit for the professional industry as well. For conferences, forums, or performances, JUKEB(AUX) will allow the real-time organization of speakers and acts so that the audio in every performance is handled smoothly and efficiently. Rather than waste time and resources adjusting mics, switching outputs, and waiting impatiently for audio clips to cue, my system will have each presentation be able to cue their audio on the app and effortlessly move forward one after the other.

WHO? 

  There are two main use categories I am targeting: personal use and professional use. For the personal use, my demographics will be aimed heavily at the younger population (< 35) as they dominate usage of music sharing services and sales. However, im in luck. Since music has no limits or boundaries, there is no set psychological or ethnic group I would have to focus on. Economically, this product would be aimed towards the middle and upper classes. The product itself will not be incredibly expensive, but because it incorporates the use of smart phones and speakers (expensive products to begin with) there might be some need to differentiate the economic audience.

  When it comes to the professional market, there will be a shift in this rationale. This market is older and wealthier. Rather than individual consumers buying for entertainment, companies would pay for this service. While my product can and should be used for any type of meeting or presentation, I believe that mostly companies within the entertainment or presentative community would have the most interest.

WHY?  

  Customers continually stay on top of current music technology trends, and half of these products can't even be considered innovative. Here comes JUKEB(AUX), a product that solves many people irritants and problems with the current system of music/audio sharing AND is priced moderately. I think consumers will jump at the chance for something like this since they already do for more expensive and pointless audio products.

MORAL OF THE STORY: 

  I have the idea. I have the ambition. I have the solution to a continuing inefficiency within the audio tech industry. I have the marketing knowledge and selling power to make this dream product a reality. As I have proven again and again (and previously stated in my first Idea Napkin) that throughout my life, if there is something I really want: I'LL GET IT. Many people have ideas and skills, but if anything sets me apart it will be my persistence to achieve what I set out to do, no matter how or the time it takes.

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  Idk man, I think all these elements are pretty cohesive. I understand that until I acquire more technical knowledge and experience, I can't physically construct a prototype. That's why I decided to reserve this as a interesting side-project to supplement my usual routine. 

  I'd like to thank all my fans and haters for the feedback! I tried to change some of the explanation in the WHAT? (read in Lil Jon voice) section, to make it easier to understand the basic concept of how my product works. Some people *ahem* seemed to think it was too hard to understand. Other than that, the feedback changed how i viewed some of the marketing aspects, especially how to compete with any other similar products, identifying the professional crowd, and other uses, so thank you all again! Have a blessed day.