Market Research Mind Map. IRC. Market Research Map. Digital image. IRC. IRC-Group, n.d. Web. 29 Sept. 2014. <http://www.irc-group.org/images/150.jpg>.

Having finished preparation for class 9, I noticed a topic in the preparation links that struck me. Marketing has always been one of my two favourite business functions, with the other being finance. I generated a love for marketing while studying Business and Management at the higher level for the IB. The idea of advertising and identifying consumers’ tastes and preferences in order to successfully grab their interests and get them to make a decision to purchase the product all seemed very appealing. I knew that market research played a pivotal role in marketing, but how important was it exactly?

According to Greenbook, BrainJuicer, a “full-service market research consultancy, was the most innovative company in market research in 2013. Despite being a market research consultancy, BrainJuicer is able to generate interest from other companies and research for them, because they realize that it is the foundation of marketing. Forbes described JetBlue as a company that performed market analysis effectively. JetBlue “determined that airline passengers cared more about comfortable leather seating and TV entertainment” than other amenities, and as such invested much of their finances into improving on those. “The strategy campaign was so successful that other airlines soon followed.”

Market research is an undoubtedly crucial part in effective market performance, and can be particularly decisive when starting up a company.

Sources:

Greenbook. “BrainJuicer.” Greenbook. GreenBook, The Guide for Buyers of Marketing Research., n.d. Web. 30 Sept. 2014.

Importance of Marketing Research (2014). From Marketing Research Tutorial. KnowThis.com. Retrieved September 30, 2014 from http://www.knowthis.com/marketing-research/importance-of-marketing-research.

Murphy, Leonard. “The 10 Most Innovative Companies In Market Research (A GRIT 2013 Sneak Peek).” Greenbook. Greenbook, 2 Jan. 2014. Web. 30 Sept. 2014.

O’Connor, Shawn. “Step 3 for a Successful Startup: The Importance of Market Research.” Forbes. Forbes Magazine, 23 Apr. 2013. Web. 30 Sept. 2014.

Square Credit Card Payment System in Use. Heater, Brian. “Apple Stores Stocking Square Credit Card Readers.” Engadget. Engadet, 21 Apr. 2011. Web. 25 Sept. 2014. <http://www.engadget.com/2011/04/21/apple-stores-stocking-square-credit-card-readers/>.

Having just completed the group assignment, I was caught by something of extreme interest. The business model canvas served as the catalyst to my expanded interest in learning how business work. I was particularly intrigued by value propositions, as I always tend to think in a more entrepreneurial and innovative stand-point when it comes to looking at various businesses. Thus, for this blog post, I decided to look at the 10 value propositions I wish I had, many of which, ironically, I already had. However, there was one value proposition of the few that caught my eye. This firm was Square.

Square is essentially a firm that focuses on the financial aspects of commerce, and allows individuals to purchase goods and services using offline debit and credit cards through their phones and tablets. Square is a company that is becoming quite successful due to their innovative idea. Value propositions are so important for a business in terms of having a solid foundation for marketing and a USP. They allow firms to remain ahead of the competition and provide a large amount of revenue.

It was exceedingly interesting to view the different firms and learn of how far entrepreneurship and innovation has come in just a few years. With further advancements in technology and developments in efficiency and productivity, we are sure to see further unique value propositions that satisfy our daily needs and wants.

Works Cited:

Olympus 2011 Financial Stock Chart. Digital image. Petapixel.com. N.p., n.d. Web. 16 Sept. 2014. <http://petapixel.com/assets/uploads/2011/11/olympus_mini1.jpg>.

Financial statement fraud is a scathing issue that has surrounded the financial world for several years. Having just finished my class 5 preparation and test, the idea of financial statement fraud lingered in my head. How is it that firms see any long term benefit in falsifying their records? Why have we become a human race that insists on focusing all efforts into short term benefits? Financial statement fraud harms many, if not all, of the stakeholders involved and associated with the firms’ actions, and is the epitome of the word unethical.

Olympus, one of the many firms that participated in the “deliberate misinterpretation of their financial condition“, has been sued for a sum of $273 million for committing 13 years of financial fraud. It seems as if the same actions committed by Enron, Xerox, and many other firms continue to be ignored. The CGA described three main factors which contributed to financial fraud, which includes situational pressure, a perceived opportunity, and a means of rationalization.

Companies begin to lose trust in each other, worsening the business environment. Employees begin to doubt the promises made by their superiors, creating anxiety amongst workers. Banks begin to place more strict regulations on credits, making it more difficult for honest companies to borrow. Enterprises such as Olympus need to stop thinking of the short term gains and start thinking about the long term benefits for society, because in all odds, the short term gains made by the fraud will almost fully be counteracted by the lawsuits and loss of trust inherited by the company.

Main Sources:

Langeland, Terje. “Olympus Sued for $273 Million After 13-Year Fraud.” Bloomberg.com. Bloomberg, 8 Apr. 2014. Web. 16 Sept. 2014.
Coenen, Tracy L. “The Wide-Reaching Impact of Financial Statement Fraud.” Sequence Inc Forensic Accounting. Sequence Incorporated, n.d. Web. 16 Sept. 2014.