Marketing/Product Development - Peer Response DQ2

User Generated

ekuvznafuh

Business Finance

Description

I have to reply to 2 peer's post. Please find the attachment of both peers reply. Please compose reply for both posts in the attached documents.

Each response should be minimum of 150 words excluding reference. Also, Cite at least one reference for each peer reply.

Requirement

Forums Guidelines Criteria

Requirements

Quality Guidelines (50%):

  • Responses are original in content with a minimum of one external reference.
  • All posts demonstrated analysis of the topic.
  • Responses to classmates are significant and advanced the discussion.

Participation Guidelines (30%):

  • Responses to classmates are at least 200 words.

Clarity, Organization & Professionalism Guidelines (20%):

  • Responses were organized and logical.
  • No spelling or grammatical errors.
  • References were used and cited properly.
  • Appropriate language, respect and consideration toward peers/instructor.

Unformatted Attachment Preview

Peer Response – 1 Jeff Bezos, being the richest man in the world and the founder/CEO of Amazon, is an entrepreneur I wanted to examine more thoroughly, since Amazon is clearly one of the most successful companies in the world, and has been equally as sustainable in its success over time as Apple. After researching Jeff Bezos and his mindset when it comes to innovation for his company, a few points stand out. One of Amazon's primary principles is to have an obsession with the customer. Rather than seeing business as a competition against other competitors, or striving to release the newest and latest technology, Bezos is more interested in knowing the customer inside and out and improving the company based on these ideas. According to the article, 3 Lessons on Innovation We Can Learn from Jeff Bezos' Success, Bezos said that "a competitor obsession can be a very successful strategy for some companies... but you have to watch your competitors very closely because if they latch onto something that’s working, you duplicate it as quickly as possible. It means you don’t have to be a creative pioneer and you don’t have to venture down many blind alleys" (Woods, 2017). Similar to his mindset, it is important to be intentional on the product that you are working to create. Rather than creating the product that customers say they want, it is important to invent something that will meet what the customer actually wants. More often than not, a customer will think that they want something very specific, but when that idea comes to fruition, it tends to fall short of their expectations. Likewise, Bezos is a proponent of dabbling in innovation that is outside of your field. This can encourage creative sparks as well as strengthen the likelihood of cross-contamination of ideas between subjects. The final principle that Bezos discusses which leads to the success of Amazon is to be long-term oriented. As opposed to creating a 2-3 year plan, Amazon runs on a 5-7 year time frame. Bezos explains that “if you start thinking this way, it changes how you spend your time, how you plan, where you put your energy. Your ability to look around corners improves. Many things just get better" (Woods, 2017). Adjusting your thought-process to a long-term plan can help to encourage more intentional actions, as opposed to living each day (or year) as it comes. Bezos is rarely surprised by the results of each year and where he ends up financially, which is incredibly impressive forecasting skills which encourage pro-activity. Not only has Jeff Bezos created a supremely successful company over the span of more than a decade through his unique ideologies surrounding innovation, but he also stands out from the crowd at an individual level, as well. Bezos has acknowledged that innovation is not only incredibly hard, but it will inevitably come with push back from stakeholders. For example, when Amazon first allowed customers to write reviews of the books they had ordered online, many investors did not believe it was a good idea that would benefit the company. Bezos mentioned that "some book publishers were not happy about it because some of [the reviews] were negative. So it was a very controversial practice at that time, but we thought it was right, and so we stuck to our guns and had a deep keel on that and didn't change" (Woods, 2017). For innovative ideas to arise and be successful, it is imperative to accept criticism and skepticism of the idea. Peer Response – 2 When discussing great entrepreneurs, my mind is usually directed first to great inventors. Therefore, I would have to argue that no entrepreneur is greater than Thomas Edison. Thomas Alva Edison was born in Milan, Ohio on February 11th, 1847. Despite living most of his early years ill, including a near death bout with scarlet fever, Thomas lived a full life of 84 years before passing in 1931 (Top 30 2018). In that time Mr. Edison is accredited for the creation of thousands of inventions and patents; and has made critical contributions in electricity, communication, sound recording, and motion pictures. These inventions of Thomas Edison have no doubt changed the world, making him one of the greatest entrepreneurs of all time! Edison’s success is no coincidence when compared with his character. Edison was known for being a meticulously obsessive tinkerer, spending minute after minute experimenting to learn how things work and bringing his novel inventions to life (Insiders Fortune 2016). The famous Edison quote “I have not failed. I've just found 10,000 ways that won't work” speaks to his impressively patient demeaner and passionate drive to create. Edison’s unique character was the fundamental reason for his entrepreneurial success. His persistence to keep moving forward despite a life of failures led to the creation of many influential inventions still used today. The Edison determination to succeed is the greatest attribute of any entrepreneur. For instance, Edison said it best when he said “Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.” The second half of Edison’s entrepreneurial success as an inventor comes from his understanding as a business leader. Thomas Edison wasn’t a “mad scientist secluded from the commercial applications of his discoveries,” he was also a crafty business minded entrepreneur (Insiders Fortune 2016). Referred as a “double play guy,” Edison had the ingenuity of a great inventor and the skills needed for creating a business with solid economic growth (Double Play 2012). With this “double play” mentality allowed Edison to create inventions that lead to business opportunities. This ability to see the next step with forethought, to “invent to obtain money to go on inventing,” made Edison a double threat as an entrepreneur and prepared the way for current entrepreneurs like Steve Jobs and Bill Gates (Double Play 2012). The combination of business finesse and experimental persistence places Thomas Edison among the top of all great entrepreneurs!
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Explanation & Answer

Attached.

Peer Response – 1
Jeff Bezos, being the richest man in the world and the founder/CEO of Amazon, is an
entrepreneur I wanted to examine more thoroughly, since Amazon is clearly one of the
most successful companies in the world, and has been equally as sustainable in its
success over time as Apple. After researching Jeff Bezos and his mindset when it
comes to innovation for his company, a few points stand out. One of Amazon's primary
principles is to have an obsession with the customer. Rather than seeing business as a
competition against other competitors, or striving to release the newest and latest
technology, Bezos is more interested in knowing the customer inside and out and
improving the company based on these ideas. According to the article, 3 Lessons on
Innovation We Can Learn from Jeff Bezos' Success, Bezos said that "a competitor
obsession can be a very successful strategy for some companies... but you have to
watch your competitors very closely because if they latch onto something that’s working,
you duplicate it as quickly as possible. It means you don’t have to be a creative pioneer
and you don’t have to venture down many blind alleys" (Woods, 2017). Similar to his
mindset, it is important to be intentional on the product that you are working to
create. Rather than creating the product that customers say they want, it is important to
invent something that will meet what the customer actually wants. More often than not,
a customer will think that they want something very specific, but when that idea comes
to fruition, it tends to fall short of their expectations. Likewise, Bezos is a proponent of
dabbling in innovation that is outside of your field. This can encourage creative sparks
as well as strengthen the like...


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