09/22/15 Class Takeaways

First:

During our project work time we were working on our mission statement, and it was fairly hard to understand the concept and need of one, as well as to come up with one. The article Answer 4 Questions to Get a Great Mission Statement helped understand why we need one as well as how to actually write one. The article described that a good mission statement must be clear and concise to be able to provide you and your employees the purpose of the business as well as the mindset of the business. Basically, the main purpose of the mission statement is that of providing the company with a mission, so that you and your employees can work together towards that mission. Without a goal in mind you’re just walking aimlessly, which is going to get you nowhere. So, how do we write one? The article also tells that any mission statement should be able to answer four simple questions. What do we do, how do we do it, whom do we do it for, and what value are we bringing. If your mission statement does not answer those 4 different questions, you need to reconsider your mission statement.

Second:

Typically when we think of different fast food chains, or other business, we (at least I) like to think of them as competitors that are in a long lasting death match. But typically, at the end of the day they all have the same goal in mind, make money. So, sometimes it is very beneficial to co-brand, and while we were talking about co-branding this image came to head, since it shows how three pretty giant fast food places have merged into one. This may look strange since, like I mentioned, they’re pretty big competitors. But the article The Pros and Cons of Co-Branding helped me understand a bit more why a company would co-brand. The article mentioned how sometimes to save on costs companies will merge into one building, sometimes even sharing staff. I think the idea of putting all three, KFC, Taco Bell, and Pizza Hut in one place is pretty beneficial to all three companies. Since they do not conflict with each other (Taco Bell sells only “Mexican” food, Pizza hut focuses on pizza, and KFC on fried chicken) plus they can split the cost among all three, also it is very convenient and gives them good positioning, since now you can have all three places in under one roof. So if your family can’t decide where to eat out you can go to this place and have three different options in one place. The idea might seem weird and comical at first but after reading the article above it makes alot of sense that they would do this.

Third:

It is very important to advertise our products, and websites so that we can have the most amount of people purchasing our product or visiting our website as possible. With products it is much simpler because you can create a commercial that appears on TV where everyone is watching the top channels, or play it on the radio where everyone is listening to the top station. But with websites it’s a bit more complicated since the internet is huge, and there’s no one top website, there’s a multitude of websites, and everyone is all over the place. You really can’t advertise a website on radio because it’s hard for people to remember things, or on TV because after seeing the ad they’ll keep watching TV and eventually forget. The best way to advertise a website is to have it in front of the people where they can easily click a link and be transferred there. The video 3 Different Types of Online Advertising for Small Businesses gives good tips for online advertising, especially for start up companies. The video describes how Facebook is not a very reliable advertisement place, since we typically don’t log on Facebook to see ads or to search for a product. He recommended to use things like Google’s adwords and Google’s display networks. With Google’s display network you are able to create your ad, then google will place it on websites related to your ad. For example if you sell donuts, your ad will be placed on a how to bake donuts page, and so on. Like I mentioned before, advertising a website is tougher than advertising a product, but I believe it is more effective, since it can easily be shared from one person to another much easier, and it can target more people, since people spend most of their time on the internet now a days.

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