The post by Karlyn Evans, is a great example of how consumer views of a company are an integral part of their success. In her concluding sentence she summarizes this idea by saying “ this ethical and operational blemish on Avon could skew not only employees but consumer views of the company as whole.” It goes to show that if a company makes a big enough mistake, the consumer will only perceive them as that one negative and nothing else. For example, a huge reputable company like Nike took a severe blow when evidence of their child sweat shops surfaced. Over a decade after this happened, Nike is still recovering, making a continuous effort to improve brand image and consumer perception.

In our current times, the average consumer is bombarded by a plethora of products in the market. This vast amount of choice is the catalyst in the heavy value that is placed on a consumer’s perception of a product. In Avon’s case, if the word that they mistreat their employees continues to spread, as we have seen in many other cases, their reputation, and consequently their business, will deteriorate.

Photo Credit: OLX

It is the first of it’s kind. Urthecast is a high definition camera fixed to a satellite capturing the live streaming of video footage of the earth, shot from outer space.

My initial reaction to the idea within the first ten minutes was that it was a very “cool” concept, something that people would really enjoy watching as a means of entertainment.  However the numerous barriers to entry (scientific development, partnerships, high costs for equipment), had me on the ropes about how they could transform the website from a fun tool, create an effective business plan, and monetize it.

Speaking to Wade’s presentation skills, concise power point and clear explanation, my opinion was completely shifted as he discussed the numerous revenue streams the company proposed after their release in the first quarter of 2014. Being the first video recording device in outer space, there are many companies that want to access their enormous amount of data for various reasons, such as getting information on consumer behaviour, or capturing historical events as they happen live.

In all, it was an inspiring presentation as it showed us that a degree in business can open the door to whatever field fascinates us.

There has been recent progress in the field of market research, as the UK firm Brain Juicer, has come up with innovative new market research techniques that they proclaim will “reinvent market research”.To test their study of behavioural economics, Brain Juicer struck a deal with European lingerie company Hunkemoller where they agreed to implement the firm’s new sales techniques concerning consumer experience.

After a year of research in select stores, they proved that the usage of aromatherapy increased sales by a whopping 20% per customer! In addition, the customers that ate chocolate while shopping spent an average 6% more than those that didn’t.

What is interesting about the market research is that it completely shifted the perspective of the company. According to the Economic Times, the market intelligence manager for Hunkemoller said: “We realized that people do not always make such rational purchase decisions”.

This is a great example of the concept of active evaluation we discussed in class. A consumer goes into a store knowing they are going to buy one product, but through spontaneous action based on their reaction to the given environment (chocolate, odours) they go in a completely different purchasing direction.

Photo Credit: Forbes, Sound Strategies

In 2008, once esteemed financial expert Bernard Madoff pleaded guilty for conning investors out of 65 billion dollars, through the use of what he called a Ponzi scheme.

Nearly five years have gone by and we are still feeling the after math of one of the largest accounting scandals of all time, as one of Madoff’s accountants, Paul Konigsberg, was indicted for his participation in the Ponzi scheme. The 77 year old Konigsberg is accused of being a key player in Madoff’s particular strategy as his role was said to be the false bookkeeper.

What made Madoff’s scheme so successful for so many years was that he had a trustworthy reputation as a financial advisor, and lacked normal signs of fraudulent behaviour, allowing him to slip under the SEC’s radar. However in my opinion, less emphasis should be attributed to Madoff, because I feel the real issue at hand here is the numerous accountants found guilty, as a direct result of disregarding their code of ethics. My key takeaway the article is that although sometimes it just comes down to someone turning a blind eye, we must always be mindful of our moral code if we wish to succeed in business.

Photo: New York Times