Hey Class!
An innovative product is a product that is made better or more effective due to new and better technology. The product I found on Youtube.com is a refrigerator with a blast chill box. The box chills drinks quickly, so you can enjoy them without the wait. It's pretty interesting, because I know in the fast paced world that we all live in, nobody likes to wait. The video gives an example of two men watching football, so I think a lot of the guys in the class will relate and like this innovative invention!
Enjoy!
Tuesday, November 29, 2011
SAP Distribution Game
Hey Class!
During the past two classes ,we played the SAP distribution game. The game was kind of hard. There was a lot to focus on all at once, and a short amount of time to do so. At the end of the game, my team ranked in at the 4th spot. I don't think we did too bad. Our strategy was pretty much to constantly refresh the inventory and if inventory dropped, we raised prices, and as inventory stayed the same, we dropped prices. While doing this, we also compared our prices to the market prices, to try and keep them as close as possible with those, that way we were not over pricing or under pricing (and losing profit). The game ranking was solely based on profit, however, in the real world, that should not be the only thing to consider. There are other things that can be looked at when ranking businesses, such as return on equity. A business should be receiving back more than they invested in the original inventory. A company should also be able to work, by computing the lowest costs possible, and a company should also be able to market their products well by keeping costs low as well. All things should be considered when ranking a business. I think my team did well on communicating, and telling eachother when prices needed to be changed, or when the amount of money used on marketing needed to be changed. I think what my team could have done better on, is looking at the areas better. We mainly focused on prices and money for marketing, when we should have focused on what areas we needed to market to (north, west, etc.). I learned some things during this game. For one, I learned that setting your prices low will get inventory sold, however, the businesses profit will still be low because some of the costs may not be covered. I also learned that prices have to be changing constantly based on demand and supply. The more demand there is, the supply plummets, and in order to not lose all of the inventory, prices have to change at a rate where they are still being sold, but not being depleted at a fast rate. Running a business seems confusing! There is so many aspects of the business that need to be looked at all at one time in order for the business to run efficiently. Being a management major, I seem to have a lot to look forward to!
During the past two classes ,we played the SAP distribution game. The game was kind of hard. There was a lot to focus on all at once, and a short amount of time to do so. At the end of the game, my team ranked in at the 4th spot. I don't think we did too bad. Our strategy was pretty much to constantly refresh the inventory and if inventory dropped, we raised prices, and as inventory stayed the same, we dropped prices. While doing this, we also compared our prices to the market prices, to try and keep them as close as possible with those, that way we were not over pricing or under pricing (and losing profit). The game ranking was solely based on profit, however, in the real world, that should not be the only thing to consider. There are other things that can be looked at when ranking businesses, such as return on equity. A business should be receiving back more than they invested in the original inventory. A company should also be able to work, by computing the lowest costs possible, and a company should also be able to market their products well by keeping costs low as well. All things should be considered when ranking a business. I think my team did well on communicating, and telling eachother when prices needed to be changed, or when the amount of money used on marketing needed to be changed. I think what my team could have done better on, is looking at the areas better. We mainly focused on prices and money for marketing, when we should have focused on what areas we needed to market to (north, west, etc.). I learned some things during this game. For one, I learned that setting your prices low will get inventory sold, however, the businesses profit will still be low because some of the costs may not be covered. I also learned that prices have to be changing constantly based on demand and supply. The more demand there is, the supply plummets, and in order to not lose all of the inventory, prices have to change at a rate where they are still being sold, but not being depleted at a fast rate. Running a business seems confusing! There is so many aspects of the business that need to be looked at all at one time in order for the business to run efficiently. Being a management major, I seem to have a lot to look forward to!
Tuesday, November 8, 2011
Fired because of Facebook?
After reading this article, I believe that Apple had every right to fire the employee. "According to the initial report, Apple “made it absolutely plain throughout the induction process that commentary on Apple products, or critical remarks about the brand, were strictly prohibited”", this line, being pulled directly from the article, proves that the employee knew the companies policies on social networking, and yet still decided to make the negative comment that they did. As the employee, yes I would be mad about the decision, because to many it can still be seen as an invasion of privacy. Social networking is about being social and a job deals with your career, the two should not coincide, however, since more businesses now use social networking to reach new customers, they do coincide and you have to watch what is said. As an employer, I would fire the employee, because we may lose business due to them and their negativity. An employer could have easily hired someone more positive and willing to bring in new customers and talk highly of the business.
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