Reputation Management and Brand Marketing

We've all heard of the terms Marketing and Management (or at least I hope so), but Reputation Management and Brand Marketing might be new to our vocabulary. Lets start with discussing what they are.

Reputation Management

Reputation management is a form of management is a form of maintaining a companies reputation. Reputation management started off as a term used in Public Relations. Nowadays this term is primarily used in Media Relations and maintaining a reputation online.

Brand Marketing

The act of marketing a product so that it's brand represents the companies identity and reputation. For example, when you are looking to buy a new laptop if you're given the option between an Apple laptop or some other standard brand, which are you going to choose? Most likely Apple. Why? Because you are buying so much more than just the laptop, you are buying the reputation of having an Apple product.

Reputation Marketing

Reputation marketing is the result of the combination of Reputation Management and Brand Marketing.  Reputation Marketing is all about customer reviews and feedback from an online source such as Facebook, Google, Blog Pages, etc. Neilson Research did a study in 2012 about consumer reviews and they found that 70% of all consumers will trust an online review of a company or product. That is a pretty large number if you ask me! The importance maintaining a good reputation definitely has its benefits for a company, more than you think.

Works Cited:

"Brand Marketing | What Is Brand Marketing?" Brand Marketing | What Is Brand Marketing? Marketing-schools, n.d. Web. 28 Sept. 2015.

LinkedIn

What is it?

LinkedIn is a networking website used by many business professionals, students, and families around the world. LinkedIn is the largest professional networking site that is around today. Unlike most popular social media forms, LinkIn isn't used for useless status updates or hashtags. LinkedIn is used for exchanging information, knowledge, ideas, and job opportunities.

How it works.

LinkedIn is fairly easy to setup and is much like setting up any other social media account. You create a professional profile listing things such as past job experience, education, current job experience, resume, blog links, and much more. LinkedIn is a great way to connect with other professionals and network among them.

Pros and Cons.

Some benefits of creating and using LinkedIn are as follows:

• finding job opportunities
• staying in tune with other business professionals
• networking to potential employers
• stay up to date with industry news

Some cons of creating and using LinkedIn are as follows:

• LinkedIn is known for SPAM
• Time consuming to set up
• Hard to maintain connections and conversations

works cited:

"LinkedIn for Business: Pros & Cons You Should Be Aware Of | Cision."Cision RSS2. N.p., 27 Sept. 2013. Web. 25 Sept. 2015.

5000% Increase in Price of Drug

Smart business or greedy business?

In reading the title you might think I accidentally tacked on one, two, or three extra zeros. Unfortunately for the thousands of patients out there using Daraprim all of those zeros belong. Daraprim is a 62 year old drug that was recently bought by Turning Pharmaceuticals. CEO Martin Shkreli defends his decision to raise the prices and makes many statements on how he believes that he did nothing wrong.  Daraprim is a drug used for treatment of eating under-cooked meat, contaminated water, and some cancer and AIDS patients use.

Where does all this money go?

Before this drastic price increase Shkreli claimed that Daraprim was an unprofitable drug to pharmacies and actually lost them money. That being said, Daraprim's new price of $750/pill from $13.75/pill now generates profit. According the Shkreli the revenue will also go towards research of Toxoplasmosis and finding a cure. According the Turning Pharmaceuticals, the primary stakeholders for this company are the patients therefor the research is a top priority.

People lash out.

Of course a price increase like that doesn't happen without major outrage. Even Hilary Clinton came out and said "Price gouging like this in the specialty drug market is outrageous". Oncologist are also outraged with this price increase. Dr. David Agus said "Patients shouldn't be taxed and charged for future research and development. Patients should pay for the drug they're getting and what they need in the situation that they are".

Works Cited:

"Turing Pharmaceuticals CEO Martin Shkreli Defends 5,000 Percent Price Hike on Daraprim." CBSNews. CBS Interactive, 22 Sept. 2015. Web. 23 Sept. 2015.

Electric Car

Apple to the rescue
Cars used to be thought of like how we think of time machines nowadays. Impossible. Apple does not think so. According to recent news, Apple committed to designing the electric car and already is planning for 2019 ship dates. 

What are electric cars?

• Cars that run on 100 % electricity.
• environmental friendly.
• Some can be half electricity driven and half fuel. (Hybrid).

What will this to do to auto and other industries?

• Potentially monopolize the automobile indsutry. 
• No more fuel run cars
• Compete with other cars on the market that are run by fuel.
• Create a dramatic drop in demand for oil/gas.
• put many gas stations out of business

Works Cited: 

WAKABAYASHI, DAISUKE. "Apple Targets Electric-Car Shipping Date for 2019." WSJ. N.p., 21 Sept. 2015. Web. 23 Sept. 2015.

Magna Steyr Mila. Digital image. OSX Daily. N.p., 13 Feb. 2015. Web. 23 Sept. 2015.

New pharmacy likely to put others out of business.

PillPack

What would a doctors visit be like without going to the pharmacy right afterwards to pick up prescriptions? Well, it looks like we are about to find out. A new company PillPack has developed the next generation pharmacy service. PillPack is a full-service online pharmacy designed to make your prescriptions pre-labeled, pre-sorted, and delivered right to your door. PillPack even has pharmacists available 24/7 to take care of everything for you and pre-contacts your doctors when you need to be prescribed refills. 

How it affects other businesses

The idea of PillPack sounds almost too good to be true right? Its great unless you're a small business owner of a pharmacy, or employed by a pharmacy other than PillPack. PillPack is like the Netlix to the blockbuster, only in pill form. This advanced form of pharmacy is breaking technology that could potentially put other pharmacies out of business. We've seen it happen before with movie stores as mentioned above. Are pharmacies the next thing to go? With the convenience that Pillpack provides, and the ease of use it is very likely to make an impact on the pharmacy industry. Pillpack is even equipped with mobile features such as an app and daily reminders when to take pills. This is yet another example of how technology is constantly changing the way businesses operate and affect the environment around them.

Works cited: 

PillPack. "Shared Article from INFORUM." INFORUM. PillPack, 12 Sept. 2015. Web. 16 Sept. 2015.

Studying Abroad

Recently I was exposed to an opportunity to study abroad. The program I was presented with was a European Business Environment program. The program is from May 21st to June 30th 2016. The study tour takes place in Dublin, Ireland at UCD. After listening to the presentation I did some research on costs, application process, and the pros and  cons of studying abroad. I found a little bit of everything while researching.

Pros:

• Meeting new people
• International business experience
• Learning new culture
• Building a culturally diverse resume
• Networking
• Great experience

Cons:

• Expensive
• Credits may not transfer
• A lot of travel
• Culture shock 
• Homesick
• Language Barrier
• No income/no job

While researching I also came across some opportunities that NDSU offers for financial aid for studying abroad. There was also quite an extensive list of scholarships available to help with the costs. Overall I think the study abroad programs seem like a great thing to do if you have the means and time to. However I am still undecided whether or not I will partake in this study abroad experience. The pros seem to outweigh the cons besides the financial aspect. As a business student I would get great international business experience if I were to seek this opportunity.

Works Cited:

NDSU. "International Student and Study Abroad Services." Ndsu.edu. NDSU, n.d. Web. 15 Sept. 2015.

"4 Signs You Should NOT Study Abroad." USA TODAY College. N.p., 30 Sept. 2014. Web. 15 Sept. 2015.

Waters, Marcie. Study Abroad. Digital image. Www.studentofflscs.wordpress.com. N.p., n.d. Web. 15 Sept. 2015.

Maslow's Hierarchy at work

Quite often when we hear the name Maslow we think of psychology because thats probably the classroom we first heard the name in. Believe it or not, this psychological theory drags over to the business world as well. In my Management course we learned about how that same pyramid of needs is apparent in the work place.

The first level starts at the bottom with physiological. This refers to the basic human needs such as hunger, thirst, sleep,etc. The next level is safety which pertains to the need to assure that physiological needs will be met into the future. The first two levels can be satisfied by the same means in the work place. For example, an employees pay can satisfy those needs. If s/he is paid enough to live comfortably those levels are satisfied.

Looking upwards, we see the love/belonging level sometimes also known as the social level. This is the need to feel that we are an accepted part of a social unit. For example, subordinates are not likely to like a fellow subordinate if s/he does not do their work.

The next level we come across is esteem which is the need for recognition for what we do. Managers play a big role in satisfying this need. Employees will operate more efficiently and better if their work is recognized by a manager. Lastly, we have the level of self-actualization which is the need to be challenged. This level is also satisfied by a manager. Both of the last two levels can be satisfied by similar or combined rewards in the work place.

The pyramid works by starting at the bottom and once a need is satisfied, then its a managers job to identify the next need. Essentially, the manager needs to offer rewards that will satisfy the subordinates level of unsatisfied needs. However, there a few problems with applying this theory in the workplace. Often times it is difficult for the managers to identify what level the subordinates are on and even once they do, the level can shift. Another issue evolves because different people receiving the same rewards may be at different levels of needs. Lastly, people receiving different rewards tend to compare other subordinates's awards and compare. I do agree with applying the hierarchy of needs at work, but I do think managers need to put thorough thought prior to taking action.



Works cited:
FireflySixetySeven. Pyramid showing Maslow's hierarchy of needs. Digital image. Psychclassics.yorku.ca. N.p., 02 Nov. 2014. Web. 14 Sept. 2015.

Kilbourne Group Buys Historical Fargo Building.

Kilbourne Group's newest project

The Kilbourne Group is a well known name to the people of the Fargo/Moorhead area. With renovating projects and business they've done, they have left a great impact on downtown Fargo. The group's newest purchase is the Black Building located on Broadway. At the 1st of the year, the Kilbourne Group will officially take over the building and begin renovation. Kilbourne Group hasn't officially announced what they plan to do with the space or to whom they are going to rent out to but I am assuming it will remain as commercial space for the first 3 floors. The Black Building has unfortunately, in recent years, become dilapidated.

Kilbourne Group's newest project is bound to create even more of a positive impact on downtown Fargo. Creating more business space and bringing new businesses to downtown has made downtown a thriving environment for business owners. With increased popularity, more businesses are wanting to enter downtown spaces to operate in. Thanks to the Kilbourne Group, the downtown businesses that already exist and the future downtown businesses have a large consumer market to do business with.

Works Cited:

Springer, Patrick. "Kilbourne Group Buys Downtown's Black Building." Fargo Forum [Fargo] 12 Sept. 2015: Front Page. Print.

Fargo. Digital image. Http://www.computer-chair-traveler.org/. N.p., n.d. Web. 12 Sept. 2015.