Lessons Learned
One of the key skills I learned from this course was conducting traditional research via a survey. For our project, my team decided to divide responsibilities for ethnographic and traditional research methods among team members. My primary task was to gain customer insights by creating a survey, gathering responses, and conveying the results to my team members. The first phase of this research involved brainstorming potential questions with my teammates. I found it very interesting to develop questions in order to elucidate the needs and wants of our persona; rather than, directly asking questions about potential products. A helpful feedback we received regarding the questions came from Mr. Stephens Walls himself. He informed us to not make the questions open ended and to give the sample population answer choices to choose from. This guideline helped us extract concise data for our project as compared to diverse set of data. The second step in the process was to actually create a working survey that was both effective and easy to use. This phase of the research allowed me to become familiar with various survey websites and the technical aspects of creating a survey. For instance, I learned about the different survey question formats that these sites offered as well as how to generate charts based on survey results. Personally, I had never created a formal survey before and hence this opportunity helped me develop a new skill.
Another beneficial skill I developed from this class was how to construct a prototype model for a project. To elaborate, my team faced a significant challenge of building a model for a complex product idea. A fellow teammate and I had the duty to accomplish this objective. First, it was a very daunting task for us to find the right material for our automated shelf idea. The advice we got from the prototype workshop class lesson greatly helped us in our search. We utilized the knowledge we got about different materials and supply stores to acquire the ideal supplies. Secondly, the most difficult aspect was to actually assemble a high fidelity prototype that incorporated all our ideas. To illustrate, our model had complex requirements such as a folding table, external shelves, a digital keypad, and a mechanism that could place boxes on different shelves. I spent a considerable amount of time and effort in completing the final product that met these specifications; nonetheless, my teammates were not fully satisfied with my creation. A valuable lesson I learned from this class was not to be protective and bias about one’s work. Therefore, I redid the model based on my teammates’ suggestions and my teammates were very content with the new product. Prior to this class project I had anxiety building even basic models; however, now I feel confident working with models due to my intensive practice and my enhanced knowledge.
Potential Improvement
Although I thought most aspects of this project were very useful, I did not see a concrete benefit to our final outcome from ethnographic research. I do acknowledge that this form of research could be valuable for individuals in the real world. Nevertheless, for this project, I did not think my group derived a lot of benefit from this research. To be specific, we used photo journals to gather data for our project. I believe that most of the pictures were varied and did not present a clear picture regarding the needs of our persona. The photos also did not have any direct correlation to the product we actually ended up constructing. I do realize that my limited knowledge of this research probably prevented me from fully capitalizing on our collected data. On a separate note, based on my understanding of other team’s presentation, I think other teams also had difficulty incorporating ethnographic data. However, I am glad we learned about ethnographic research as I found this knowledge very interesting.
Emotional Reactions
All in all, I experienced a score of emotions throughout the course of this project. First, this project relied on a lot of expertise that I needed to improve on; hence, at times I felt apprehensive. For example, I have mostly taken accounting and similar courses that do not encompass PowerPoint presentations and/or public speaking. Conversely, I soon realized that these challenges were opportunities to grow from and I was proud of myself for advancing my skill sets. Second of all, I felt encouraged during my interactions with the professor. To demonstrate, Mr. Walls advised my team to also pursue an alternative product idea that I had pitched to the group. It felt great to know that the instructor saw some substance or potential in my idea. Furthermore, I had a positive experience with my team while working on the project. My team consisted of strong individuals who always aimed for high standards. Conversely, my enjoyment was somewhat impacted by one team member who I thought could have been more flexible on their stance and way of thinking. At the end of the day, I still admired all my teammates for their work ethic and how much we accomplished together. Lastly, I am grateful to all my group members for helping me push myself as an individual.
Wednesday, May 5, 2010
Monday, April 12, 2010
My Thoughts on Wal-Mart’s Data Gathering System
Competitive Advantage
As illustrated by the article, I definitely believe that Wal-Mart has been able to utilize customer data to the company’s benefit. First, data gathering allows Wal-Mart to better anticipate customer needs based on prior purchasing trends. The article mentions that in anticipation of Hurricane Charley, Wal-Mart was able to stock up on items that were expected to be in high demand by customers. Thus, the company has the ability to maximize sales by identifying customer needs in advance. Secondly, by identifying related purchases, Wal-Mart is able to capitalize on the pricing of its products. By offering deep discounts on certain goods, Wal-Mart not only boosts sales for those goods, but it also boosts sales for related purchases. As a result, this particular strategy prevents Wal-Mart from offering expensive brand loyalty programs and rock-bottom pricing for all of its products.
Moreover, both the sheer size of data gathered by Wal-Mart and the high capital investment in its data collection system represent one of the many advantages Wal-Mart has over its competitors. However, it is debatable whether Wal-Mart has a competitive advantage in forecasting customer needs based on collected data. Specifically, the article mentions that Wal-Mart’s competitors also have data gathering capabilities, but the article fails to show how well Wal-Mart utilizes consumer data compared to other retail giants. For instance, the case of Tesco defeating Wal-Mart in the British Market certainly illustrates that Wal-Mart does not have a competitive advantage with regards to the conversion of its data. In fact, the British Retail giant was actually able to maintain a larger market share than Wal-Mart based due to its superior ability in converting customer data into sales.
On a separate note, I strongly believe that because of its power as a purchaser, Wal-Mart has a competitive advantage in converting its data to improve logistics. First, the article mentions that Wal-Mart rapidly routes customer purchase data and places strict requirements on suppliers to restock those products. These stringent requirements are comprised of the most favorable terms related to product quantity, price, quality, delivery times, etc. In order to meet these high standards, manufactures are compelled to improve their operations. Secondly, the article also touches on the practice of “exception management” used by Wal-Mart. By keeping track of key information such as product delivery times and problems, Wal-Mart is able to hold its manufacturers accountable. Firms that do not meet their targets face harsher negotiation terms in the future.
Additionally, the reason why Wal-Mart is able to exert such influence on manufactures is because it is the World’s largest retailer; hence, it has the ability to choose from a multitude of global suppliers. All in all, I believe that by maintaining an efficient supply chain and reducing inventory cost, the company is able to provide consumers with the lowest cost products. In today’s globally competitive market, it is vital that Wal-Mart retains this key advantage.
Privacy Concerns
As of now, Wal-Mart has not misused private customer data and has placed safeguards to ensure the safety of such sensitive data. For instance, the article mentions that Wal-Mart shares only certain information with its suppliers. The company shares certain product information with these manufactures and retains other customer details within its database. I believe this is a legitimate use of customer data as its purpose is to solely enhance the supply chain. The company does not share any data with external parties that could exploit the data. Moreover, the article also mentions some of the controls Wal-Mart has in place to prevent outside parties from accessing sensitive data such as Social Security numbers. The firm exchanges information with its suppliers via a highly secured extranet called “Retail Link.” Wal-Mart also has nondisclosure agreements that bound sellers of software and equipment from sharing information. In addition, the article states some of the systems used by Wal-Mart are designed in-house by its own employees. All of these measures minimize the severe risk of hackers or unwanted users accessing mass private data collected by Wal-Mart.
RFID Tags
Wal-Mart could benefit enormously from the widespread and intensive use of RFID tags. The article briefly mentioned that Wal-Mart is asking some of its main suppliers to invest in radio frequency identification tags. If Wal-Mart were to require that all of its items have RFID tags, the company would significantly enhance its data capturing capabilities. These tags are more useful than the traditional bar codes as they hold more data and do not require the use of scanners. Instead these tags emit data through radio waves that can be captured from great distance. As a result of this technology, customer experience would be improved as customers would not have to wait in check-out lines. The supply chain would also be more efficient since shipment boxes would not have to be scanned individually. Although there are many significant advantages associated with RFID tags, they also have one major drawback. Specifically, I learned in my Management Information Systems class that these RFID tags are more expensive than barcodes. Economies of scale and advancement in research however will eventually drive these costs down.
As illustrated by the article, I definitely believe that Wal-Mart has been able to utilize customer data to the company’s benefit. First, data gathering allows Wal-Mart to better anticipate customer needs based on prior purchasing trends. The article mentions that in anticipation of Hurricane Charley, Wal-Mart was able to stock up on items that were expected to be in high demand by customers. Thus, the company has the ability to maximize sales by identifying customer needs in advance. Secondly, by identifying related purchases, Wal-Mart is able to capitalize on the pricing of its products. By offering deep discounts on certain goods, Wal-Mart not only boosts sales for those goods, but it also boosts sales for related purchases. As a result, this particular strategy prevents Wal-Mart from offering expensive brand loyalty programs and rock-bottom pricing for all of its products.
Moreover, both the sheer size of data gathered by Wal-Mart and the high capital investment in its data collection system represent one of the many advantages Wal-Mart has over its competitors. However, it is debatable whether Wal-Mart has a competitive advantage in forecasting customer needs based on collected data. Specifically, the article mentions that Wal-Mart’s competitors also have data gathering capabilities, but the article fails to show how well Wal-Mart utilizes consumer data compared to other retail giants. For instance, the case of Tesco defeating Wal-Mart in the British Market certainly illustrates that Wal-Mart does not have a competitive advantage with regards to the conversion of its data. In fact, the British Retail giant was actually able to maintain a larger market share than Wal-Mart based due to its superior ability in converting customer data into sales.
On a separate note, I strongly believe that because of its power as a purchaser, Wal-Mart has a competitive advantage in converting its data to improve logistics. First, the article mentions that Wal-Mart rapidly routes customer purchase data and places strict requirements on suppliers to restock those products. These stringent requirements are comprised of the most favorable terms related to product quantity, price, quality, delivery times, etc. In order to meet these high standards, manufactures are compelled to improve their operations. Secondly, the article also touches on the practice of “exception management” used by Wal-Mart. By keeping track of key information such as product delivery times and problems, Wal-Mart is able to hold its manufacturers accountable. Firms that do not meet their targets face harsher negotiation terms in the future.
Additionally, the reason why Wal-Mart is able to exert such influence on manufactures is because it is the World’s largest retailer; hence, it has the ability to choose from a multitude of global suppliers. All in all, I believe that by maintaining an efficient supply chain and reducing inventory cost, the company is able to provide consumers with the lowest cost products. In today’s globally competitive market, it is vital that Wal-Mart retains this key advantage.
Privacy Concerns
As of now, Wal-Mart has not misused private customer data and has placed safeguards to ensure the safety of such sensitive data. For instance, the article mentions that Wal-Mart shares only certain information with its suppliers. The company shares certain product information with these manufactures and retains other customer details within its database. I believe this is a legitimate use of customer data as its purpose is to solely enhance the supply chain. The company does not share any data with external parties that could exploit the data. Moreover, the article also mentions some of the controls Wal-Mart has in place to prevent outside parties from accessing sensitive data such as Social Security numbers. The firm exchanges information with its suppliers via a highly secured extranet called “Retail Link.” Wal-Mart also has nondisclosure agreements that bound sellers of software and equipment from sharing information. In addition, the article states some of the systems used by Wal-Mart are designed in-house by its own employees. All of these measures minimize the severe risk of hackers or unwanted users accessing mass private data collected by Wal-Mart.
RFID Tags
Wal-Mart could benefit enormously from the widespread and intensive use of RFID tags. The article briefly mentioned that Wal-Mart is asking some of its main suppliers to invest in radio frequency identification tags. If Wal-Mart were to require that all of its items have RFID tags, the company would significantly enhance its data capturing capabilities. These tags are more useful than the traditional bar codes as they hold more data and do not require the use of scanners. Instead these tags emit data through radio waves that can be captured from great distance. As a result of this technology, customer experience would be improved as customers would not have to wait in check-out lines. The supply chain would also be more efficient since shipment boxes would not have to be scanned individually. Although there are many significant advantages associated with RFID tags, they also have one major drawback. Specifically, I learned in my Management Information Systems class that these RFID tags are more expensive than barcodes. Economies of scale and advancement in research however will eventually drive these costs down.
Wednesday, March 3, 2010
Indian Premier League: The New Frontier for Cricket Fans
The Indian Premier League, IPL, is an innovative cricket tournament that has changed the sport of cricket. IPL uses a new format known as Twenty20 that has reduced the duration of cricket games, called matches, from days to merely three hours. Shorter playing time results in teams playing at a faster pace compared to traditional matches. Consequently, IPL matches provide fans a more action-packed experience. Reducing the time frame has also made cricket matches into a more functional product for stakeholders. To illustrate, television channels have to divert less time-slots from their other programming to broadcast these games to audiences.
Another deviation implemented by the IPL is franchise ownership of teams fashioned after ownership structure in successful leagues such as NBA and English Premier League. Similar to teams in other franchises, the teams themselves are responsible for marketing of team products and for building fan loyalty to the team. In addition, IPL teams also have set procedures to trade and contract players. IPL teams hire both local Indian cricketers and prominent cricketers from other countries. This infusion of international cricketers helps IPL teams establish a global fan following. For instance, Australian cricketers playing for an IPL team leads to people in Australia being able to relate to that team and to build an affiliation with that team.
Being born in a South Asian country, I grew up playing cricket instead of football and basketball. Cricket is the most dominant sport in that region and like most South Asians I have a passion for cricket. The creation of IPL transformed cricket into a more pleasurable and acceptable experience for us fans. To expand, IPL format has made it viable for me to watch cricket with my family and friends. Traditional cricket matches range from one to five days, as most of us work or go to school we cannot watch an entire game together. In contrast, IPL games last about three hours this makes it possible for us to time from our schedules. These compressed games are also more dynamic which deters group members from losing interest or leaving.
Moreover, IPL has made cricket more entertaining by incorporating South Asian cultural preferences. The Bollywood industry is a major element of South Asian culture. The IPL has added more value to its matches by playing Bollywood music during the games. The games also showcase Bollywood dance performances. Also noteworthy is the ownership of some IPL teams by top Bollywood stars such as Shahrukh Khan and Preity Zinta. The involvement of these celebrities has generated mass interest for the games and has even attracted non-cricket lovers to the games. All in all, IPL has helped me witness firsthand how innovative products and marketing can substantially enhance customer experiences.
The new revolutionary form of cricket is one of the biggest success stories of our time. Ian Rowley, correspondent for BusinessWeek, has done a case study on the enormous potential of this new cricket format. In this study, the writer shows confidence in IPL’s ability to generate billions in revenues and to increase worldwide popularity. He also lists some of the changes in IPL format that make it more appealing to the fans. For instance, he says “[b]atsmen typically walk onto the field amid blaring pop music. The hitting of sixes, cricket's equivalent of home runs, is nonstop…” (Rowley). Furthermore, one key highlight is that compared to traditional matches the IPL matches appeal to a wider set of audiences. Another highlight is that IPL can help cricket penetrate into new markets such as US and China.
Work Cited
Rowley, Ian. “Case Study: Cricket Goes Bowling for Dollars.” BusinessWeek. 2nd
March 2010.
Another deviation implemented by the IPL is franchise ownership of teams fashioned after ownership structure in successful leagues such as NBA and English Premier League. Similar to teams in other franchises, the teams themselves are responsible for marketing of team products and for building fan loyalty to the team. In addition, IPL teams also have set procedures to trade and contract players. IPL teams hire both local Indian cricketers and prominent cricketers from other countries. This infusion of international cricketers helps IPL teams establish a global fan following. For instance, Australian cricketers playing for an IPL team leads to people in Australia being able to relate to that team and to build an affiliation with that team.
Being born in a South Asian country, I grew up playing cricket instead of football and basketball. Cricket is the most dominant sport in that region and like most South Asians I have a passion for cricket. The creation of IPL transformed cricket into a more pleasurable and acceptable experience for us fans. To expand, IPL format has made it viable for me to watch cricket with my family and friends. Traditional cricket matches range from one to five days, as most of us work or go to school we cannot watch an entire game together. In contrast, IPL games last about three hours this makes it possible for us to time from our schedules. These compressed games are also more dynamic which deters group members from losing interest or leaving.
Moreover, IPL has made cricket more entertaining by incorporating South Asian cultural preferences. The Bollywood industry is a major element of South Asian culture. The IPL has added more value to its matches by playing Bollywood music during the games. The games also showcase Bollywood dance performances. Also noteworthy is the ownership of some IPL teams by top Bollywood stars such as Shahrukh Khan and Preity Zinta. The involvement of these celebrities has generated mass interest for the games and has even attracted non-cricket lovers to the games. All in all, IPL has helped me witness firsthand how innovative products and marketing can substantially enhance customer experiences.
The new revolutionary form of cricket is one of the biggest success stories of our time. Ian Rowley, correspondent for BusinessWeek, has done a case study on the enormous potential of this new cricket format. In this study, the writer shows confidence in IPL’s ability to generate billions in revenues and to increase worldwide popularity. He also lists some of the changes in IPL format that make it more appealing to the fans. For instance, he says “[b]atsmen typically walk onto the field amid blaring pop music. The hitting of sixes, cricket's equivalent of home runs, is nonstop…” (Rowley). Furthermore, one key highlight is that compared to traditional matches the IPL matches appeal to a wider set of audiences. Another highlight is that IPL can help cricket penetrate into new markets such as US and China.
Work Cited
Rowley, Ian. “Case Study: Cricket Goes Bowling for Dollars.” BusinessWeek. 2nd
March 2010.
Monday, February 1, 2010
Insights about Usama
General Overview
Usama is currently pursuing a Masters in the field of accounting. He plans on being a CPA and to start a successful career in public accounting. Within the next eight years, by the age of 30, he would also like to establish his own small business. His parents also own a small business where he experienced American virtues such as entrepreneurship and hard work. They raised him and his sister in a close-knit Pakistani family. During high school, most of his weekends were spent in family get together with Pakistani food, clothes, and traditions.
On a separate note, Usama is physically active and goes to the gym three to four times a week. He also owns equipment that he uses to workout at home. Usama enjoys watching sports with friends and follows his hometown teams the Rockets and Texans closely. He avoids playing sports himself due to a weak ankle. Moreover, Usama is found of technology which is demonstrated by his background as an electrical engineering student. To illustrate, he was able to write a code to fix his GPS. He also connects with others through the web via facebook and online PS3 games.
Techonology
Usama realizes the benefits of using the internet when purchasing goods and services. He uses websites such as slick deals to find great deals on products such as clothes and laptops. He also uses online reviews before availing services such as plumbing and car maintenance. His parents are immigrants and did not get much exposure to technology in their home country. Hence they rely on him to meet most of their technology needs such as setting up wireless printing at their store.
Usama is amazed by how much the internet helps in purchasing major items. For instance, Usama helped his mom purchase a new car this summer. First, he looked at websites such as Edmunds to find the true market values of the cars. Then he contacted 55 internet managers from dealerships across Texas to find the best price on the car. Without internet it would have been impossible to have numerous dealerships aggressively bid for a car buyer, within a two week time frame.
Activities
Usama is an extrovert and utilizes opportunities to network with others. He has been active part of the student organizations at UT. For instance, as a member of the Masters in Professional Accounting council at UT, Usama coordinated various events for accounting students to network with each other. He also tried to introduce UT students to a different culture by hosting campus-wide Pakistani cultural events. One customer insight that Usama strongly concurs with is that of creating an experience for the customer. Usama used this insight to help promote Pakistani culture at Forty Acres Fest. To illustrate, Usama acquired cans of a distinct Pakistani soft drink called “Pakola” to sell to students at the event. He pitched the soft drink as a once in a lifetime chance to experience something unique from a different culture. Usama was able to sell all the soft drinks successfully.
Furthermore, Usama enjoys reading anything that he believes can improve him as a person. This encompasses increasing his general knowledge from sources such as Time Magazine. He also thinks it’s vital to learn from other and thus deeply ponders over books such as Jack Welch’s “Execution.” Lastly, Usama is also a fun loving individual and his current hobby is making nonalcoholic drinks such as “Buckhorn Exchange.”
Usama is currently pursuing a Masters in the field of accounting. He plans on being a CPA and to start a successful career in public accounting. Within the next eight years, by the age of 30, he would also like to establish his own small business. His parents also own a small business where he experienced American virtues such as entrepreneurship and hard work. They raised him and his sister in a close-knit Pakistani family. During high school, most of his weekends were spent in family get together with Pakistani food, clothes, and traditions.
On a separate note, Usama is physically active and goes to the gym three to four times a week. He also owns equipment that he uses to workout at home. Usama enjoys watching sports with friends and follows his hometown teams the Rockets and Texans closely. He avoids playing sports himself due to a weak ankle. Moreover, Usama is found of technology which is demonstrated by his background as an electrical engineering student. To illustrate, he was able to write a code to fix his GPS. He also connects with others through the web via facebook and online PS3 games.
Techonology
Usama realizes the benefits of using the internet when purchasing goods and services. He uses websites such as slick deals to find great deals on products such as clothes and laptops. He also uses online reviews before availing services such as plumbing and car maintenance. His parents are immigrants and did not get much exposure to technology in their home country. Hence they rely on him to meet most of their technology needs such as setting up wireless printing at their store.
Usama is amazed by how much the internet helps in purchasing major items. For instance, Usama helped his mom purchase a new car this summer. First, he looked at websites such as Edmunds to find the true market values of the cars. Then he contacted 55 internet managers from dealerships across Texas to find the best price on the car. Without internet it would have been impossible to have numerous dealerships aggressively bid for a car buyer, within a two week time frame.
Activities
Usama is an extrovert and utilizes opportunities to network with others. He has been active part of the student organizations at UT. For instance, as a member of the Masters in Professional Accounting council at UT, Usama coordinated various events for accounting students to network with each other. He also tried to introduce UT students to a different culture by hosting campus-wide Pakistani cultural events. One customer insight that Usama strongly concurs with is that of creating an experience for the customer. Usama used this insight to help promote Pakistani culture at Forty Acres Fest. To illustrate, Usama acquired cans of a distinct Pakistani soft drink called “Pakola” to sell to students at the event. He pitched the soft drink as a once in a lifetime chance to experience something unique from a different culture. Usama was able to sell all the soft drinks successfully.
Furthermore, Usama enjoys reading anything that he believes can improve him as a person. This encompasses increasing his general knowledge from sources such as Time Magazine. He also thinks it’s vital to learn from other and thus deeply ponders over books such as Jack Welch’s “Execution.” Lastly, Usama is also a fun loving individual and his current hobby is making nonalcoholic drinks such as “Buckhorn Exchange.”
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