Tiffany Pai's Blog

Technology has taken over and Internet users have been increasing dramatically. Before I purchase a product, I would always do some research to check for product reviews. Michelle Phan, one of the most popular YouTube makeup artists, shares her experience by releasing beauty tutorials. Her home-made “How-to” videos demonstrate her unique and artistic makeup application methods, while incorporating her voice for instructions.

In 2010, Lancôme, a luxury beauty brand, hired Michelle Phan to be its spokesperson and use their products in her tutorials. By using technology as their new marketing strategy, Lancôme can reach Internet users world wide and develop their brand’s global popularity. Michelle Phan is a great role model for young people, coming up with original ideas, teaching her skills online, associating her product with famous people and using social marketing to tap into her target market.

Due to the great competition in the beauty industry, Lancôme was losing their youth market to other competitors such as MAC and Clinique. With the help of YouTube makeup gurus, Lancôme is able to convey their new innovative products by redefining their brand to be trendy, fresh and modern to take on the youth demographic. Michelle’s success on YouTube has produced attention from the media and people internationally.

Not only is Michelle providing numerous product reviews, her YouTube channel also includes holiday and celebrity inspired looks. For instance, her Lady Gaga makeup videos hit the 20 to 30 million views. Crazy! This just shows how popular her videos are. The beauty trend that Michelle portrays influences her viewer’s spending. She has become an opinion leader for beauty products as many viewers are purchasing products that she is using or recommends – a successful influence to the consumer decision process.

Companies are constantly redesigning and repositioning themselves to continuously adapt to their customer’s changing needs by creating new images to create customer value. In Kaylee’s blog post, it talks about McDonald’s expansion in their café-style line.

Things are not looking so great for Starbucks. According to CBSNews, almost 70% of McDonald’s outlets now offer specialty coffee. As McCafe expands, Starbucks is moving in the opposite direction, closing down 200 U.S. stores. Customers from higher-priced restaurant chains are gradually shifting over to McDonalds as people are starting to cut down on their dining expense. Especially in a recession, consumers are looking for a better value-proposition, and McDonalds seek to deliver that with a lower price point, but at a higher quality. Because drinks at Starbucks are already set to a high price, they don’t necessarily have anything extra to offer for its higher prices. If they reduce their price, some customers may take advantage of it. At the same time, some customers would assume that the company is not doing so well, and by reducing their price they may also be lowering their quality. Not only is McDonalds expanding on their coffee-line, but they are also planning on creating a more café-like ambiance which parallels with Starbucks. McDonalds is planning on incorporating leather furniture, plasma television, fireplaces, and Wi-Fi to reinforce their expansion.

I definitely think that McDonald’s café expansion will be successful in the long run as people are becoming more frugal in their spending. However, because of its quick-service, convenience, and affordable price, this strongly branded image that McDonalds has portrayed should not be ruined by the plasma television and fancy furniture.

Many of you may know of or have heard of TOMS Shoes – a successful shoe company that has gained popularity through its marketing strategy of donating a pair of shoes to needy children for every pair purchased. After reading Angela Qin’s blog about TOMS, I definitely agree with her that “I get to be part of the trend, have a pair of comfortable shoes, and help a child in need.”

I was not aware of TOMS until I began seeing people around me. At first, I did not find the design too appealing; however, because of my growing interest, I started seeking more information about it. Unlike other shoe companies, TOMS’ marketing strategy is directed towards both the casual shoe market, and the market for companies relying on their consumers to help spread awareness and take action on global issues. Instead of spending money on company operations, the company spends it on giving shoes away to those in need. Although the shoes are fairly expensive (ranging from $40 to $110), people still purchase them; instead of buying a pair of shoes for $50, we are in fact buying it for $25 and donating the other $25 to a charitable cause. TOMS focuses on the gateway thoughts of attracting consumers not because of purchasing trendy shoes, but because they want to help change the world.

This is when evaluation comes into play: it persuaded me to consider trying this new product. The sense of accomplishment that comes with spending money on their shoes is what attracts consumers to continue their purchasing from the company. Passing through the trial stage, I decided to try out the shoes and yes, customer satisfaction was achieved. Now, contemplating on purchasing a pair for my mom, adoption begins. TOMS powerful tool of emotional attachment creates an increasing consumer want on their products. After moving through the five stages of the adoption process it proves that TOMS has successfully established themselves in the market.

So to start off, I would like to introduce myself. My name is Tiffany Pai and I was born in Taiwan, Taipei. I moved to Canada when I was three years old and have lived in Vancouver ever since. UBC was actually the only university I knew of when I was younger so I am proud to say that I am now studying at my dream school! I was planning on studying either Music or Education, but realized that there are a lot of aspects in life I want to pursue. Because of my passion for entrepreneurship, I decided that business would be the best way to start off before I narrow down to a specific career. Speaking of universities, this is actually a great start to this marketing blog. I now realize that marketing has played a vital role in helping me decide which university to attend.

Being able to acknowledge a university means that the university must have a reputation (thanks to its effective marketing strategy), whether it is good or bad. Nonetheless, this is how everything in this world is established, no matter what path they end up in. After applying and getting into all eight universities, I was down to two: UBC or SFU? One of the reasons as to why SFU grabbed my attention was because it had a competitive advantage of offering higher scholarship rates and lower tuition; in an economy like this, this is becoming an important consumer want. However, since I am intending on majoring in Marketing and International Business, graduating from a school with a prestigious name is in fact very important nowadays. Internationally, UBC shows more recognition in the business world. It is that specific reason as to why I am continuing my second year here at the Sauder School of Business and there have been no regrets thus far.

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In Comm 299, I learned that I have to build on my strengths rather than spend the time to work on my weaknesses. We were able to determine our strengths through an online personality assessment called “StrengthQuest”. The site allowed me to discover the strengths I have that I did not know of. Through this activity, I was able to express myself and relate my past experiences with my personality in interviews. In this course, each student had to go for an interview. The interview allowed me to figure out what I need to work on when going for interviews in the real business world. One of my weaknesses was my lack of confidence. My interviewer said that my self-confidence immediately dropped once the interview started. This was not much of a surprise to me because I already knew that it was something I needed to improve on but never did. After the interview, it hit me, that it was time to actually make a change. Although it is a weakness, it is definitely an aspect I have to work on for the future, especially in business! I have also learned that life is spontaneous. I have to go out and constantly be networking because it is through the people we meet that give us valuable lessons and advice. The connections we make with the people around us may be beneficial to our future job. Nothing in life is planned and I need to conquer my laziness and start socializing and interacting with the people in society.

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The greatest lesson learned from someone else was to be more optimistic in life. Whenever a situation occurs in my life, I tend to think about the future and the possible obstacles and downturns through that path that I have to go through. I am the type of person who has to work double times harder in order to reach the same goal. For instance, when an exam is coming up, I would begin studying two weeks earlier while my other friends would procrastinate and start two days before. What was the end result? Their marks were much better than mine. I have always thought that it was unfair seeing others receive a higher mark than me when they have barely studied. There were times where I felt like giving up; however, it was always my friends and families that kept me going. One of my closest friends has always been motivating me and pushing me to keep going and to think of the glass half full not half empty. At first, I thought that people were just saying it to comfort me but not fully understanding what I was going through. In high school, people did not like expressing their emotions and did not like motivating others because they felt like it was too “cheesy”; however, after coming into university, my friends were the ones who kept me going. Last Friday I attended Me Inc. and it was a very inspirational conference. Although I am still not sure what I want to specialize in, it expanded my knowledge of the numerous options that are offered in life. One of the speakers had said, “if you are not positive, then you won’t get anywhere in life.” Immediately I thought about my life. I have been lacking self confidence and this is due to the way I view life. I would always ask “what if” questions as if I am already imagining every possible negative outcome in life. As of now, I have been trying to conquer this challenge and to begin thinking of the next potential success and other areas where I can excel in. I have learned that the failures are a learning experience and that the key to optimism is to maximize our successes and to minimize our failures. It was the motivation that I received from people I have come across that will keep me moving forward in life.

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Technology has taken over, especially communication-wise. No more writing and reading letters, less e-mailing, less calls, but more texting! Nowadays, people do not have the time to wait for calls or do other tasks when on the phone. The demand for texting has increased substantially, and for every cell phone company such as Rogers, Telus, Fido, Bell, etc., texting is in almost every one of their most basic plans. Convenience is the key. Wherever you are, a simple text will get your friend to respond to you without having to go through the trouble of calling the other person and not being able to reach them. Texting is quiet and direct. Even SMS has been upgraded to something called BBM that only Blackberry phones have so far. BBM makes messages send through even faster, similar to MSN, but instead of having a computer with you, you have it right on your hands. In order to market texting, there must be a strategy; however, texting in general is considered a tactic. Tactic refers specifically to the action while strategy is the phase of the plan in order to bring forth texting into the real world. Therefore, marketing strategy is the best communication tactic.

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Work Cited:

http://www.wisegeek.com/what-is-the-difference-between-a-strategy-and-a-tactic.htm

http://www.allbestarticles.com/technology/mobile-phone/sms-marketing-strategy-the-best-communication-tactic.html

http://en.wikipedia.org/wiki/Tactic_%28method%29

http://g.psychcentral.com/news/u/2009/04/rapidmediaexchangemaylackcompassion.jpg

One of the most well-known shops for teenagers nowadays is American Apparel.  Their products are reflecting the fashion trends from years ago to upcoming generation. American Apparel’s international growth has skyrocketed dramatically. Their clothing’s are simple, authentic, comfortable, and simply aims for a “no logo” mean. This company originally started off by throwing an art gallery, displaying their t-shirts. This was one of American Apparel’s strategies to determine whether their sales will become successful or not. By doing so, their goods were sold immediately. This marketing strategy was a great way for the company to start off. Unlike other companies such as Apple, American Apparel saves a lot more to produce ad campaigns. Through the numerous proofs that American Apparel will become successful in the future, they have opened up hundreds of stores around the world. This did not only generate on their financial growth, but also on their popularity and reputation. Their main operation factory is located in Downtown Las Angeles, where they have employees that work 24 hours a day to ensure that the company is on top of everything. American Apparel receives feedback from their customers and is committed to fulfilling their customers’ needs. American Apparel’s daring moves based on their customers and their skyrocketing international growth leads to a successful company in the long run.

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Work Cited:

http://americanapparel.net/presscenter/articles/20061115keepplaying.html

http://www.shoewawa.com/americanappareltwosocks.jpg

When we think of coffee, the first thing that comes to mind is Starbucks. Whenever we walk pass Starbucks, we always see a crowd of people waiting in line for their drinks. Their beverages and snacks are very pricey, so why does everybody still go there? Why do people go there to study? To the bathroom? Or to meet up with friends? It all seems so simple when you just go into the store and purchase a cup of coffee. It seems that this company is staying strong, and is making a great amount of profit. However, Starbucks hit a financial crisis in 2009. This forces the company to cut back to the point that they have to close down 300 stores. Mr. Schultz, the Starbuck’s chief executive says that “These decisions have been made to ensure the company is leaner and prepared to endure a worsening economic climate”. Due to the economic recession, many people are cutting down on the amount of Starbuck purchases. This affects Starbucks as a whole as well as the pay that employees get. This may gradually result in the close down of stores as said above, leaving employees jobless. By closing down stores, it is simply just helping to preserve the future for Starbucks.

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Work Cited:

http://www.nytimes.com/2009/01/29/business/29sbux.html

http://www.redroom.com/blog/bryant-simon/starbucks-and-economic-crisis
http://living.oneindia.in/cosmopolitan/cosmo-trends-n-style/2009/starbucks-coffee-250209.html
http://www.thefreelibrary.com/Financial+crisis+hits+coffee+sales+at+Starbucks-a01611724926

http://wizbangpop.com/images/2010/05/starbucks.gif

In class, I learned that there are two types of accounting: managerial and financial. Managerial accounting is mainly used by people within a company or organization. Their reports can be done at any period of time – daily, weekly, or monthly. Since a significant part of a manager’s job is planning, these confidential reports foretell the future and allow the managers to use these for references and decision making. Economy is constantly changing, therefore the managerial accounts are there to provide large estimates of what may happen in the future, giving the managers time to plan. In addition, managers are less worried about precision and more concerned about time. Financial accounting, on the other hand, is mainly used by people outside an organization. The accounting statements are to be prepared in accordance to the Generally Accepted Accounting Principle (GAAP). These are rules that enhance comparability and helps reduce misrepresentations. Financial accounting primarily provides past financial transactions within a period of time (fiscal year or period). The reports that can be accessed by shareholders, banks, or creditors, have predictive value to investors who want to make financial or investments in a company. They report the profitability, liquidity, stability and solvency.

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Work Cited:

http://en.wikipedia.org/wiki/Differences_between_managerial_accounting_and_financial_accounting

http://www.accountingformanagement.com/financial_accounting_vs_managerial_accounting.htm

http://www.buzzle.com/img/articleImages/435814-38418-54.jpg