Social Interactions

This week I was involved in five social interactions with an employee at Starbucks, my conditioning coach, my head softball coach, a Dunkin Donoughts employee and a man at blockbuster. These week I experienced more positive interactions. The two let downs were my head coach, and the Starbucks employee. The woman at Dunkin Donoughts actually gave me an extra bagel. Im pretty sure this was a mistake however it could be an apology for last weeks inedible burnt bagel. Either way, it was during my interaction experiment and so I will chalk it up to the six principles.

At blockbuster, I successfully attempted to return some movies that were overdue. I had received the call one day prior saying that my account was going to be charged. I went in, smiled and asked how David's Monday was treating him. I found out that Monday was his most hated day of the week. I offered some sympathy and joked that tomorrow Monday is the furthest day away. I then asked the young man if there was anything that he could do about my late movies to make my Monday a bit brighter. He was happy to help.

My conditioning coach was my more formal interaction. It went about like a regular conversation and I asked what he had gotten his wife for her birthday (which he mentioned was coming up a few days earlier.) It was a very positive interaction and I think he was pleased that I took an interest. I then asked if he could help me with my homework by answering some questions regarding his cell phone. He was happy to help and after analyzing his information I would identify him as an early majority consumer. He owns the Motorola Razor with Verizon service. The interesting thing is that he bought his first cell phone in 1992, but never really used it until 1995. He infrequently used it from 1995-1998 and switched to Verizon in 2003. (He doesn't remember who his first provider was.) In 2003 he frequently used his phone as primarily a camera. His usage has increased to include phone calls, alarm clock, and picture messaging. Knowing his history he is difficult to identify on the technology adaptation life cycle. Today I would put him in with the early majority due to his limited use and phone type.

Enterprise Value

At 4:00pm on Feb 23, 2009 Yahoo Finance estimated the enterprise value of Microsoft to be:
141.73 Billion (8.89 Billion x 17.21)
Comparative Percentage= -4.39%

At 4:00pm on Feb 23, 2009, Yahoo Finance estimated the enterprise value of Applee to be:
55.57 Billion ( 890.55 Million x 86.95)
Comparative Percentage= -4.66%

Product Slides

Employee interaction

This week I interacted with employees at chic-fil-a, the dining hall, and Dunkin Donoughts. I had very different interactions with each employee. I returned to chic-fil-a last Tuesday afternoon and ordered the grilled chicken sandwich for the second time. I talked to Sandia and I discovered that before she worked at the administration building she worked at the air port. Apparently the students at UMBC are much more pleasant compared to the business men/women that travel at BWI. The interaction was neutral, I did not benefit or lose anything from the interaction.

My second attempt was at the dining hall on Tuesday night. This was a rather disturbing interaction. The abbreviation TMI stands for Too Much Information, and that is exactly what Maria contributed. I approached the register, smiled and told the woman that I could not read her name tag. She then responded by telling me that her name was Maria, she is eighty-one years old and still having sex. WOW. That was not a response that I was expecting. She proceeded to tell me about herself and I was pleasant, however I will never think of Maria the same way again.

My last interaction took place at Dunkin Donoughts on Friday morning. I spoke with Bamil, smiled, asked how her day was and she proceeded to tell me about her morning. In that time she unfortunately burned my bagel and thought nothing of it. This was a negative interaction because that bagel was disgusting and I paid full price.

Overall this was not the greatest week for employee interaction. I am typically pleasant and I did this experiment a number of times however I never benefited greatly. I now know more names of employees on campus, maybe one day that will be helpful.

Identifying a Consumer According to the Technology Adaptation Life Cycle

The source of this information is a friend named Ryan B. Ryan currently uses the LG enV2 phone with Verizon Wireless service. His use for the phone includes phone calls, text/ picture/ video messaging, alarm clock, calendar/ event scheduling, and occasional gps navigation.

Ryan is in the early majority of the technology adaptation life cycle. He is driven by a sense of practicality. This can be inferred because the features he uses improve overall communication. His phone has an mp3 player built in but he does not use this feature, instead he uses his ipod. This indicates that he is not yet comfortable with this feature, and feels it is useless because it does not improve communication. He has been with Verizon for about 8 years making him a loyal customer.

When asked what phone he would purchase if money were not an issue Ryan responded with the iphone. This phone is revolutionary in that it combines the phone, internet and ipod technology into one device. Ryan already owns an ipod, which is the reason he does not use the enV's mp3 player. There is great compatibility between the ipod and the iphone, creating its appeal. Overall, I would put Ryan in the early majority consumer group. His interest in the iphone displays some early adapter tendencies, especially in the desire for a breakthrough device. Many of his other possessions including his computer and car indicate that he is an early majority, or a pragmatist. He is driven by practicality and improvement.

Enterprise Value

Apple Enterprise Value as of 1980:

Outstanding shares x Cost of individual shares + Short term debt

$54,215,332 x $22 + 9,353,870

Total Enterprise Value: $1,202,091,174

Microsoft Enterprise Value as of 1986:

Outstanding shares x Cost of individual shares + Short term debt

2,500,000 x $21

Total Enterprise Value: 52,500,000

The enterprise value of Apple was 4.37% higher then Microsoft during the initial public offering.

Interaction with employee

This week at Chic-Fil-A i went about incorporating some of the principles from How to Win Friends and Influence People. The on campus restaurant location is a self serving establishment. I therefore ordered a grilled chicken sandwich in order to interact with an employee (grilled chicken is a special order). This particular woman's name was Sandia and i recognized her from the Administration building, where i typically get coffee in the morning. I smiled and said "hello Sandia" she asked if she could help me and i requested a grilled chicken sandwich. While she was preparing my order I told her i recognized her from the administration building and asked which location she preferred to work. She responded "admin" with a small laugh and said that she never gets out on time at Chic-Fil-A. By that time my sandwich was finished and she handed me my order with a smile and said "have a great day."

Debbi Fields Revised Essay (INDS Assignment #2)

The entrepreneurial venture in itself is inspirational because it allows individuals the freedom to capitalize on their personal dreams and aspirations. Many Americans define success as the accumulation of monetary wealth. This desire for financial prosperity can be achieved through various means. Entrepreneurship offers the possibility for immense personal fulfillment, and success, in the face of financial risk. There have been many great entrepreneurs that have shaped American society. One in particular, Debbi Fields, built a successful business through passion and dedication. Her relentless desire for personal fulfillment drove her to establish Mrs. Fields Bakeries in 1977, a company that today has over 2,300 locations around the world.

Debbi Fields is one of my favorite entrepreneurs because she built a thriving business from a simple idea. She faced many obstacles including an non supportive husband and family, lack of business experience and a need for financial backing. She was married to Randy Fields at the age of nineteen and took on the role of a housewife. Baking cookies was a hobby that she passionately enjoyed. Social gatherings were not of particular interest to Fields because she felt her role as a housewife was met with condescension. One particular eye-opening experience occurred at such a gathering. Fields found herself in the library with a successful man who inquired as to what she wanted to do with her life. Her response was that she “wanted to get orientated.” He walked over to the bookshelf, threw the dictionary at her and said “if you cannot speak the English language, then just don’t. The word is not orientated it’s oriented.” Fields felt humiliated and went about changing her status within society. She knew her talent was baking and became determined to achieve personal success doing something she enjoyed.

Life is an emotional roller coaster. One day we are invincible and the next we feel insignificant and worthless. The key to success is not accepting defeat. According to Debbi Fields, “the greatest failure is not to try.” Her family felt that she would not succeed and that she “had no business in the cookie business.” Financial backing was very difficult to secure. Many banks were not willing to support Fields based on market research. Statistics found that consumers had a strong preference toward crispy cookies. Fields’ cookies were unique in that they were soft and larger then average size. After searching the yellow pages and being repeatedly turned down, she found an investor. Fields agreed to pay 21% interest on a loan for the chance to open her own business. When Mrs. Fields Chocolate Chippery opened on August 16, 1977 it was not an immediate success. Fields faced further discouragement from her husband when he bet that she would not make $50 in sales by the end of the day. Toward mid-afternoon, Fields was losing the bet so she decided to go into the streets, handing out free samples and personally promoting the business. By the end of the night she reached $75 in sales.

Mrs. Fields expanded during the next six years, operating 160 cookie outlets by 1984. The growth of the company demonstrates the insignificance of “real” numbers when identifying a marketing segment. Fields’ product was incompatible with the established data however the continuous innovation of soft cookies were a large success. She did not make an attempt to create a target market but instead used informed intuition to target each customer individually. Image characterizations were useful in identifying market behavior to further the growth of the company. Debbi Fields sold to residents within a few mile radius of Palo Alto CA. Her customers were very similar to those in the existing market of bakery consumers. Age, income, race and sex were not limited because the product was inexpensive and available. She referred to her customers as “cookie people,” which is a very ambiguous description. Debbi Fields would sell her cookies on an individual basis, which created “bowling pin potential.” Her cookies would infiltrate different niches through word of mouth promotions and free samples.

There were many factors that made expansion possible for the business. Within the first few years, Mrs Fields’ Chocolate Chippery changed its name to Mrs. Fields’ Cookies. This was done in an effort to diversify products beyond the traditional chocolate chip cookie. The initial success of Mrs. Fields Inc. was the product and service provided by the business. The cookies were affordable, which was beneficial to consumers because price and time are two main constraints when making a purchase. The residents in the area firmly supported the business and would drive miles to acquire the product. Eventually, Fields decided that it was necessary to open up additional stores in adjacent counties. This expansion was under the financial advisement of husband and economist, Randy Fields. The success of Mrs. Fields Inc. deteriorated his initial skepticism and he became an instrumental part of the business. A major breakthrough for the company occurred in 1989 when Debbi Fields decided to use state-of-the-art technology to streamline production schedules and operations. This technology was unmatched in the food industry and allowed the company to surpass the competition of local bakeries and snack vendors. Today, Harvard uses Mrs. Fields’ Inc. as an example of the successful integration of technology into business. Fields’ was an early adapter in the technology adaptation life cycle. She found a breakthrough technology that provided a leap forward for the company. Operating in this window made Mrs. Fields Inc. the success that it is today. The following year, in 1990 Fields decided to franchise the company. Six years later, Mrs. Fields’ was bought by Capricorn Holdings a company that additionally owns TCBY, The Great American Cookie and Pretzel Time. The main competitor at this time is Antie Anns Pretzels. Debbi Fields has worked in sales, management, product development, brand name management, and public relations. Today, she is a consultant and spokes woman for Mrs. Fields Original Cookies. She gives seminars around the country and sits on the board for the Outback Steakhouse and The Orpheum Theater.

Debbi Fields did not have a college education or any business experience when her venture began. She decided to capitalize on the thing she knew best, cookies. The technical skills required to bake cookies are very limited. Human skills and the insistent desire to achieve success were the primary components to Mrs. Fields. Debbi Fields had a unique way of hiring employees. Her hiring strategy included, making the applicant sing Happy Birthday in the middle of a crowded store. She wanted to ensure that her employees were personable “cookie people.” Fields unknowingly utilized many management practices that are studied today. The bottom line is that she made millions of dollars selling cookies. Debbi Fields is the embodiment of entrepreneurship at its best. America is a symbol of freedom and opportunity. Even those without formal education and elaborate technical skills can develop into a national icon and achieve personal success.

WORKS CITED:
Carmichael, Evan. 2008. Debbi Fields: The Cookie Connoisseur. Famous Entrepreneurs. http://www.evancarmichael.com/Famous-Entrepreneurs/1558/summary.php

Moore, Geoffrey A. 1991. Crossing The Chasm. HarperCollins Publishers. New York, New York.

Debbi Fields (INDS Assignment #1)

The entrepreneurial venture in itself is inspirational because it allows individuals the freedom to capitalize on their personal dreams and aspirations. Many Americans define success as the accumulation of monetary wealth. This desire for financial prosperity can be achieved through various means. Entrepreneurship offers the possibility for immense personal fulfillment, and success, in the face of financial risk. There have been many great entrepreneurs that have shaped American society. One in particular, Debbi Fields, built a successful business through passion and dedication. Her relentless desire for personal fulfillment drove her to establish Mrs. Fields Bakeries in 1977, a company that today has over 2,300 locations around the world.

Debbi Fields is one of my favorite entrepreneurs because she built a thriving business from a simple idea. She faced many obstacles including an unsupportive husband and family, lack of business experience and a need for financial backing. She was married to Randy Fields at the age of nineteen and took on the role of a housewife. Baking cookies was a hobby that she passionately enjoyed. Social gatherings were not of particular interest to Fields because she felt her role as a housewife was met with condescension. One particular eye-opening experience occurred at such a gathering. Fields found herself in the library with a successful man who inquired as to what she wanted to do with her life. Her response was that she “wanted to get orientated.” He walked over to the bookshelf, threw the dictionary at her and said “if you cannot speak the English language, then just don’t. The word is not orientated it’s oriented.” Fields felt humiliated and went about changing her status within society. She knew her talent was baking and became determined to achieve personal success doing something she enjoyed.

Life is an emotional roller coaster. One day we are invincible and the next we feel insignificant and worthless. The key to success is not accepting defeat. According to Debbi Fields, “the greatest failure is not to try.” Her family felt that she would not succeed and that she “had no business in the cookie business.” Financial backing was very difficult to secure. After searching the yellow pages and being repeatedly turned down, she found an investor. Fields agreed to pay 21% interest on a loan for the chance to open her own business. When Mrs. Fields Chocolate Chippery opened on August 16, 1977 it was not an immediate success. Fields faced further discouragement from her husband when he bet that she would not make $50 in sales by the end of the day. Toward mid-afternoon, Fields was losing the bet so she decided to go into the streets, handing out free samples and personally promoting the business. By the end of the night she reached $75 in sales. Mrs. Fields expanded during the next six years, operating 160 cookie outlets by 1984.

Debbi Fields did not have a college education or any business experience when her venture began. She decided to capitalize on the thing she knew best, cookies. The technical skills required to bake cookies are very limited. Human skills and the insistent desire to achieve success were the primary components to Mrs. Fields. Debbi Fields had a unique way of hiring employees. Her hiring strategy included, making the applicant sing Happy Birthday in the middle of a crowded store. She wanted to ensure that her employees were personable “cookie people.” Fields unknowingly utilized many management practices that are studied today. The bottom line is that she made millions of dollars selling cookies. Debbi Fields is the embodiment of entrepreneurship at its best. America is a symbol of freedom and opportunity. Even those without formal education and elaborate technical skills can develop into a national icon and achieve personal success.

WORKS CITED:

Carmichael, Evan. 2008. Debbi Fields: The Cookie Connoisseur. Famous Entrepreneurs. http://www.evancarmichael.com/Famous-Entrepreneurs/1558/summary.php