Peddler's Village hosts an Annual Gingerbread Competition. This was the first time my father and I entered. There were five category choices, we had to include "Holiday Spirit", and everything visible had to be edible. We chose Authentic Reproduction of a Significant Building. We recreated Snoopy's doghouse from Charlie Brown Christmas. Our display was on a 2 feet by 2 feet board and the house itself was 8 inches wide by 10 inches long by 15 inches high. It also included Snoopy, Woodstock, the sad Christmas tree, and presents. Look below to see our display and award.
I love to make hand pies! One is equal to about the size of a slice of pie. I think they make a really cute dessert for company. And guests appreciate the extra work you put into making them an individual dessert. First, start by making the pie dough. Cube the stick of butter. Cubing will make it easier to mix the butter into the filling. Using a food processor, add the flour, sugar, cubes of butter, and cold water. Pulse the mixture until it starts to come together. It should look like crumbs but when you squeeze the crumbs between your fingers, it should stick together. Dump the dough onto a cutting board and knead it together. If the dough is too loose, add a little more water. If it is too wet, add more flour. Do not over knead it. Once you can form a ball with the dough, wrap it in plastic wrap and put it in the fridge. This amount of dough can be used as a base and top for a traditional pie. To start the filling, put 1 pint of blueberries into a pot (at least a 2 ½ quart pot). With your hands, carefully, crush the blueberries. This will get messy but as the professionals say, “hands are your best tools”. Crush about ¾ of the blueberries. They will eventually cook down but this will help speed the process. Once you have crushed the berries, turn the pot on medium heat. Add the cornstarch, arrowroot (if you have it), sugar, and lemon juice. If you don’t have arrowroot, add more cornstarch. Stir everything together. Continue stirring as the mixture heats up. The ingredients I listed can be adjustable. You can always add more but you can’t take away. If you prefer a sweeter filling, add more sugar. If the mixture doesn’t appear to be thickening, add more cornstarch or arrowroot. The mixture should come together in about 8 minutes. It should not be a liquid but it should not be as thick as jelly/jam. I would describe the texture as pudding; thick enough to be scooped onto a spoon but not so thick that it doesn’t slide off. Also, once you take the mixture off the heat, it will slightly thicken even more. You can also use different fruit, like cherries and blackberries. Strawberries would be great; just use less sugar. Apples can also work. You should cut them into small cubes, cook the mixture longer with brown sugar (instead of white sugar), and spices like cinnamon and nutmeg. Yum! Let the mixture cool completely before filling the pies. By this time, the dough should also be cold. Sprinkle flour onto a cutting board and rolling pin. Cut the dough in half and roll it out to a ¼ of an inch. I used what’s called a “Cut-and-Seal”. It cuts the dough in a circle, while sealing the edges of the dough. After rolling out the dough, cut it in half. On one half of the dough, I lightly press the cut-and-seal on the dough to leave an outline. I use the outline as a guide to put the filling in. Use about two tablespoons of filling and be careful to not overfill. Once you put the filling in the outlines, use the other half to cover the dough with filling. Use the cut-and-seal by pressing down to create the pie. If you don’t have a cut-and-seal, you can cut squares with a knife, spoon on the filling, and cover those squares with the dough. Cut out the square pies and use a fork to seal the edges. You can also create a rustic pie. Cut circles or squares in the dough, put the filling in the middle, and just roll up the edges for crust. I was able to make six small round pies and one rustic pie. I also had some filling left over. In another blog, I write about what you can do with the extra filling. Once your pies are created, place them on a baking sheet lined with parchment paper (makes for easy clean-up). Cut a small “X” in the middle of the pie. This will let the heat and air escape. If you don’t cut a hole, the pie could explode in the oven (causing a mess!). Brush the top of the pie crust with a beaten egg. Then sprinkle with a tiny amount of sugar. This will create a golden, crispy crust. Bake the pies at 375 degrees for 20 minutes, until golden brown. Enjoy the pies warm or cold, with whipped cream and/or vanilla ice cream! Table of Contents 1. Target (targeting): decisions about which market segments to enter and in what order, and how to use marketing in each
2. Tactical Targeting: develops strategies for communicating to already selected targets
3. Value Proposition: a business or marketing statement that a company uses to summarize why a consumer should buy a product or use a service
4. Core Competency in Technology: the company's ability to design new technological solutions
5. (Sustainable) Competitive Advantage: advantage over competitors gained by offering consumers greater value, either by means of lower prices or by providing greater benefits and service that justifies higher prices
6. Product Adoption Process: mental process all prospective customers go through, with the following 7 steps: awareness, understanding, attractiveness, affordability, availability, purchase intent, and purchase
7. Product Repurchase Process: a multistep process in which each step identifies a factor that is essential for repurchase with the following 6 steps: satisfaction, usage frequency, usage quantity, repurchase intent, and repurchase
Google and Apple are currently competing to develop high-tech televisions that can run Apps. They have created new set-top boxes and TV sets, to allow both regular television programming and interactive experiences. These companies need to focus on reaching both new and current clients, by effectively targeting customers and explaining the benefits of this new product. These companies need to devise a plan to Target their audience. They should focus on Tactical Targeting by, “developing strategies to communicate and deliver the offering’s value to the already selected target customers” (Chernev). These two rivaling companies each have their own loyal following and they already know their target market. Their goal is to find a way to successfully communicate to the already existing market about their new televisions and set-top boxes. In order to communicate effectively, these companies need to have a strong and understandable Value Proposition. Three simple questions customers ask of companies are, “What do you do, what are the key benefits, and how are you unique or different” (Forbes). If customers do not appreciate the value proposition offered, they will, “move on because they’re time-strapped, and there are so many competitive options” (Forbes). Google and Apple need to explain that their new TVs and set-top boxes are better than the competition because they are the leaders in technology. Google and Apple both have a Core Competency in Technology, which is a “source of Sustainable Competitive Advantage” (Chernev). They lead the industry and are constantly developing new technology. “A core competence makes a significant contribution to the perceived customer benefits of the end product” (The Economist). This builds trust in the brand, with both new and existing customers. The new customers these companies will try to persuade will go through the Product Adoption Process. The seven stages include, “Awareness, Understanding, Attractiveness, Affordability, Availability, Purchase Intent, and finally/hopefully Purchase (adoption)” (Chernev). “Understanding” is important because it is the, “customers’ comprehension of the benefits and costs of the offering” (Chernev). If customers do not understand your product, they will not buy it. These companies need to effectively communicate the, “benefits in marketing and sales efforts” (Entrepreneurship) because if the products don’t, “deliver solutions and satisfy needs…they won’t be successful” (Entrepreneurship). After a customer purchases the new TV, Google and Apple should focus on retaining these customers and encouraging the Product Repurchase Process. One way to tempt customers is to offer loyalty programs which, “aim to entice consumers to make repeat purchases by offering them rewards” (WSJ). Overtime, Google and Apple’s customers will hopefully become brand loyal. As loyal customers, they will continue to purchase from that particular company, as well as, advocate for that company. The more loyal customers they have, the more they will grow and succeed. Works Cited:
Table of Contents 1. Hot Button: motivations whose salience and impact on markets are significant and growing
2. Strategic Uncertainties: focus on specific unknown elements that will affect the outcome of strategic decisions
3. Prospector: operates within a broad product-market domain that undergoes periodic redefinition
4. Active Partner: an invested person who is involved in the daily operations
5. Benefits: desirable attribute of a good or service, which a customer perceives he or she will get from purchasing
6. Brand Loyalty: when consumers become committed to your brand and make repeat purchases over time
7. Unmet Needs: is a customer need that is not being met by the existing product offerings
Recently, Whole Foods, who is known for organic and healthy food, has seen a decrease in its sales. Organic/healthy food is a Hot Button for buyers. Lately, stores like Costco, Walmart and Trader Joe’s have been growing in the organic marketplace. But what can Whole Foods do stay at the top (1)? According to Leslie Patton and Craig Giammona, Whole Foods is planning to create a Whole Foods for Millennials. I believe, however, that Whole Foods is making a mistake. They should focus on their current customer base, rather than trying to acquire new customers. Unfortunately, Whole Foods did not appear to be prepared for Strategic Uncertainties. “It’s about creating a coherent set of scenarios across all critical variables in an analytically rigorous fashion. The goal is to prod leadership to monitor change on a regular basis and move ahead of competitors as future states begin to take shape” (Forbes). Whole Foods should have realized that the health food trend was growing, along with the sales of organic food. With this growth comes competition. Costco and these other stores saw the trend growing and jumped on the bandwagon. Whole Foods needs be a Prospector. It should be a “first mover” and respond “rapidly to early signals concerning areas of opportunity” (Walker and Mullins). Four things it could have done to prepare to compete against price sensitive stores are: “define which uncertainties the company faces, create a set of probable scenarios, devise a specific set of strategic options, and identify a clear set of signposts” (Forbes). One way Whole Foods can keep their current customers is making them Active Partners. “Encouraging active dialogue, mobilizing customer communities, managing customer diversity, and co-creating personalized experiences” (Aaker), allows Whole Foods to understand the Benefits sought by their customer base. Keeping the lines of communication open, allows customers to be heard and have their needs/wants met. Whole Foods should focus on retaining the customer base that is expressing Brand Loyalty. It should follow Customer Relationship Management (CRM), which involves, “identifying, attracting and retaining the most valuable customers to sustain profitable growth” (The Economist). “Retention is likely to be more profitable than acquisition” (CMO by Adobe) and the cost of acquiring new customers is “5 times more” (Forbes) than retaining current customers. It could be dangerous for Whole Foods to focus on attracting Millennials because they lack Brand Loyalty (2). They want to pay, “as little as possible for products” (Forbes) but are, “also much more willing to pay more for specific attributes in food, such as organics/natural, ethnic and specialty foods” (Forbes). By explaining the Benefits of shopping at its store, and because Millennials are willing to pay more for attributes in food, Whole Foods can attract the Millennials’ business to its current stores. While Whole Foods realized the Unmet Needs of Millennials, it could have slowly administered those changes into its current stores, rather than creating a new store/brand. It is risky for Whole Foods to create an extension because it could, “damage the original brand by weakening existing associations or adding new, undesirable ones” (Sloan Review). Current Whole Foods customers would most likely start shopping at the new Millennial Whole Foods because it offers similar healthy food at a lower price. This shift could cost Whole Foods profits. If Whole Foods wants to remain the top (1) health food store, they should focus on updates and administer the changes Millennials want to its current stores. 1. http://www.today.com/id/27573342/ns/today-today_health/t/americas-healthiest-supermarkets/#.V1SgUfkrLIU2. 2. http://www.forbes.com/sites/bethhoffman/2012/09/04/how-millenials-are-changing-food-as-we-know-it/#7e0d6c45339d Works Cited:
Table of Contents 1. Market Potential: The maximum reasonably attainable under a given set of conditions
2. Secondary Research/Data: Research data already gathered for another purpose
3. Primary Research/Data: Research conducted specifically to address a certain situation or answer a particular question
4. Substitute Products: A product that has been differentiated or has upgraded quality
5. Competitive Advantage: over competitors gained by offering consumers greater value, either by means of lower prices or by providing greater benefits and service that justifies higher prices
6. Alternative Corporate Growth Strategies (based on Exhibit 2.5): An alternative corporate growth strategy which involved current markets and new products
Time Warner’s DC Entertainment and Warner Bros. Studio have joined with Mattel and Lego to create a new line of super hero toys. They plan to unleash a line of toys named DC Super Hero Girls. In order for the companies to successfully sell the new line of toys, they should focus on research and strategy. These companies most likely looked into Alternative Corporate Growth Strategies. Each company is well-known in their own way and by joining together they created a strong multi-company partnership. They chose to focus on product development, which includes: “product improvements, product-line extensions, and new products for the same market” (Walker and Mullins). Based on the article, Mattel and Legos are expanding their product line with DC branded products. The new Super Hero products could be considered Substitute Products due to the variety of toys on the market. There are multiple lines of dolls, from Barbie’s1 to Bratz1. Substitute products should be able to, “upgrade the quality of the product or differentiate it somehow” (Weitz and Wensley). A whole new and unique line of products for girls is created by combining the Super Hero brands with the doll makers. The companies first need to understand their Market Potential. It is, “key to clearly define your market before endeavoring to conduct research” (Forbes). Market Potential is used to help determine the companies’ target market. What age range? What ethnicity? What type of household income? These are questions that need to be answered before conducting any type of research. Research is the next important step in determining whether or not the product will be successful. Primary research is conducted by the company that wants that specific information. Secondary research is research conducted by other companies. The companies should first consult Secondary Data. They can research the success of similar products, such as, the Barbie Wonder Woman Doll (2) or Monster High Dolls (1). After referring to the secondary data, the companies can start to develop their own Primary Research, such as, surveys and interviews. Because the companies are selling toys, I would recommend focus groups of both children and parents. The children can be introduced to the products and parents can be questioned about things, such as, price points. These companies can follow the example of other companies and use a, “private network…to help create products, test marketing campaigns and stir up buzz” (WSJ). These sites are similar to social-networks, where customers create profiles. The sites tend to be cheaper and more effective because they can, “draw on the participants in a much broader and deeper way than they could in an offline setting” (WSJ). “Companies use them to administer polls, chat in real time with consumers and even ask members to go to the store to try out specific products” (WSJ). Once the companies have gathered their research, they can begin to interpret their data and develop a Competitive Advantage strategy. These companies need to use their resources to give customers, “a good reason to purchase from it instead of its competitors” (Walker and Mullins). Competitive advantage builds on what a substitute product offers. “Competitive advantage is a function of either providing comparable buyer value more efficiently than competitors (low cost), or performing activities at comparable cost but in unique ways that create more buyer value than competitors and, hence, command a premium price (differentiation)” (The Economist). After reviewing the primary and secondary data, the companies will be able to determine how to develop the best strategy for them to sell the products. 1. http://play.mattel.com/ 2. http://www.amazon.com/Barbie-Collector-Batman-Superman-Justice/dp/B015CY8RS0 Works Cited:
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