Friday, April 22, 2016

Blog Post #8: Reflection


Hello everyone!

As the semester winds down, it's time to reflect on the time spent in my marketing class and what I've learned throughout the semester. Before taking this class, I had a taste of marking in my Intro to Business class my sophomore year. While it was informative, it didn't really give me a sense of what marketing was all about. Now that I've almost completed an entire semester of marketing, I can easily say I've learned a lot throughout the course. This blog post will be dedicated to reflecting on my lessons learned and the connections to the course outcomes and objectives. 

1. To have the opportunity to put marketing into action via team and individual projects, research, reports, and presentations

Our big presentation of the semester was the Ted Talk presentation. My Ted Talk was about Coca Cola's success and the lessons that nonprofits can learn from them. I thought it was a really interesting topic, because it turns out marketing for Coca Cola is similar to marketing for countries in need of medicine and vaccines: both are aiming to meet the needs and wants of the consumers. This presentation was an opportunity to tie in all of the marketing concepts I've learned thus far and present on an important topic in our world today. I incorporated marketing terms into my presentation, such as distribution, which was a key part of my Talk. This was also a timed 3-minute presentation without notes. I've never had strict guidelines to a presentation before, so I had to memorize my presentation and time it perfectly. It took time, but I finally got it down and felt confident during my presentation.

2. Understand that the marketing process starts and ends with customers and consumers

The book definition for marketing is "the activity for creating, communicating, delivery, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large". It all begins with a need from a consumer. Businesses first need to understand what the consumers need. Next, businesses must tailor their products and services to meet the needs of the consumers. They must understand the demographics of their target market and do other research to figure out what the consumer would value in their products. The end result, either a finished product or service, is bought by the consumer. Every aspect of the marketing process deals with the consumer and their needs. Without the needs of consumers, a business would not need to exist. 

3. Analyze and evaluate basic financial statements and business formulas (profit, ROI, etc.)


Image result for excel
As an Accounting major, the financial statements and formulas have been drilled into my head since day 1. But like any other formulas and ratios I've learned, without using them frequently they drift out of my mind. This course was a nice refresher, and we got to use actual data from our Marketing Simulation. About halfway through the semester, one of our assignments was a financial analysis of our progress so far. We created a cumulative income statement, along with income statements from each turn. We also calculated Return on Sales, Break Even Point, and the percentage change in sales, all using Excel. I've always enjoyed Excel, so I was pretty excited when I learned this would be part of the report. Financial analysis is very important in marketing, and running a business in general. From our income statement and financial ratios, we learned what we could do better and acted quickly. Our sales have actually increased steadily! The Marketing Simulation and use of Excel to construct financial statements gave us a way to create a business in "real life" and analyze it throughout the semester. 


4. Participate and communicate as an effective member of a team

Whenever I find out that group work is involved during the semester, I cringe. I'm one of those people who likes everything to be perfect and in order. Sometimes I feel other people's quality of work does not meet my standards. But with this group, I didn't have to worry as much. For the most part, our work was evenly spread out for big assignments. Often times when a paper was due, we would find a time to meet and work on the paper together. We were in contact through email and text messaging, because these were the best mediums to reach each other. Every week we also had a decision due. Much of the time we only made minor changes, but we all gave our input and decided as a team what our next steps would be. Overall, I would say our group worked well together. There were no arguments or anger towards anyone (that I know of). I'm glad I had my team members, because I could rely on them to get the job done in time.

5. To set personal and professional goals, and positively contribute in an engaged class

One of my biggest fears is public speaking. In my mind, participating in class is a low-key form of public speaking, because all eyes are on me and what I say. I've never been one to participate in class. I usually wait for my professor to call on me. However, with this class I've grown more comfortable participating. My goal each class was to speak at least once without being called on. I would say I successfully achieved this goal. It was a little nerve-wracking at first, but I soon realized that my input is always welcomed in class. Since our class was only 11 people and I knew a few classmates, I felt even more comfortable participating. I felt more confident answering questions that I knew, but occasionally I was asked a question I didn't immediately know the answer to. These instances, although daunting, pushed me to really think about the topic and construct an appropriate answer. I'm glad I pushed myself to participate more, because my words are valuable and deserve to be heard.

To conclude, I've enjoyed writing this blog and letting my thoughts flow freely. It was a good way to show my growing knowledge of marketing and how it ties into our every day lives. I know once I step out into the real world, I will notice a lot more because of my new knowledge. I hope you enjoyed reading my blog!!

Courtney



Sources


https://tedcdnpi-a.akamaihd.net/r/tedcdnpe-a.akamaihd.net/images/ted/206290_800x600.jpg?quality=89&w=800

https://static-secure.guim.co.uk/sys-images/Guardian/Pix/pictures/2013/7/30/1375180293884/Lifestyle-SKorea-retail-t-010.jpg


https://blogs.splunk.com/wp-content/uploads/2016/02/excel.jpeg

http://www.corrections.com/system/article/image/29953/Teamwork-b.jpg?1328816846

http://www.hercampus.com/sites/default/files/2015/11/05/girl-in-brown-shirt-raising-her-hand-in-a-classroom-with-teacher-at-the-front.jpg

Monday, April 18, 2016

Blog Post #7: Spring Style with Vera Bradley


Hello Everyone!

Spring is in the air! This weekend, we had beautiful weather and sunny skies. Unfortunately, I got a little burnt (a little is an understatement). But it was nice to explore downtown Burlington and watch baseball games without freezing. As I walked down Church Street, I noticed that my Vera Bradley bag was getting worn out. What a perfect opportunity to invest in a new bag!

As I look through their website, much of their merchandise just shouts "spring". Vera Bradley is known for having colorful and floral patterns. However, they do sell neutral colored bags for consumers who want a simple look. Every year, they create new patterns that the consumer can choose from. They have vast product lines, including purses, backpacks, luggage, wallets and wrist-lets, eye wear, and much more! Every time I stop into a Vera Bradley store, it seems like they've added more items to their product mix. Right now, I have one purse and two shoulder bags in my room, and hopefully I will be adding another bag to my collection soon.

Vera Bradley products are not cheap. Glancing through their website, I noticed the price range for the cross-body bags is $28 to $168. This is a huge difference! A number of factors play into this difference, including the type of material and straps used, number of pockets, and other accessories. The quality of Vera Bradley bags is also high too. I can't even count the number of years that I've owned my bags and they still look new. I'm willing to bet that a consumer wouldn't mind paying a higher price for such a high quality bag.

United States of AmericaVera Bradley products are not just sold anywhere. Across the country, Vera Bradley products are sold at their own Vera Bradley stores (shown in the picture to the left), Vera Bradley outlets, where merchandise is up to 60% off, and at over 3,000 independent retailers. The products are also sold online. In terms of the independent retail stores, Vera Bradley has very selective distribution, where there are a few retailers in a specific geographic area that carry its products. There is only one store in a 25 mile radius from my hometown. There aren't even Vera Bradley stores or outlets in Vermont: just retail stores that sell their products.

What does this tell us about Vera Bradley? Well for one, it shows that the Vera Bradley stores and outlets are in the more populated states, where they would get the most business and sales. In order to become an independent retailer, the store must complete an application in order to sell products. Overall, Vera Bradley is very selective about the store location in order to ensure maximum sales. Retail store locations are not as selective, but the company must be in a good geographic location to sell the products.

For me and a lot of other consumers, shopping online is the easiest way for me to buy products like Vera Bradley. At this moment, shipping is free on orders above $75! Because their products are on the expensive side, this will be no problem. I might even look at a pair of sunglasses to buy before my trip down to Arizona in May. Wish me luck, and I'll see you next time.


Courtney





Sources:

http://12d38d224c2abe5fa63a-1db4ec0fed747b962fac0a483e2c9d9e.r18.cf2.rackcdn.com/1c2cc10b0ef550c822196c72b548346e.jpg

http://www.verabradley.com/category/bags/mini-bags.uts

http://www.verabradley.com/custserv/vb_stores.jsp?storeType=vbr

http://www.verabradley.com/assets/images/cms/category/160310-SummerLaunch-Accessories-Sunglasses.jpg

www.verabradley.com