Make the Most of the Business We Call Life

Before taking part in the business minor here at Lehigh, I thought I understood how a business would function.  After taking classes and almost completing the program, I realize I was completely wrong!  Throughout the course of the two-year program, you touch the basics on accounting, advertising, marketing, and finance.  The minor isn’t paired with any specific major, but matches the ISE curriculum extremely well.  It teaches you enough of the basic business principles to actually make informed decisions in other ISE classes.  While solving problems in my ISE classes, I have been able to apply things such as cost analysis, profit and revenue cycles, and how to market a solution to a client that other students aren’t always able to do.  Understanding how businesses operate is essential to success in the real world, because whether you realize it or not, you are involved in business.  Everything is a business.  It is the act of trying to make money by providing a good or service to others.  Making sure you have financial literacy and understand why some decisions are being made within the company are essential to move up in the world.

Our final project for BUS 225, the course I am currently enrolled in for the program, is to create the marketing plan for a new product that we designed ourselves.  My group is working on promoting a GPS system for golfers that tracks the location of the ball, as well as real-time statistics that the golfer can use to improve their game.  We have to conduct market research and compare our product to those of competitors and write a detailed report of how we will present this to consumers.  Here is a look at the components we must cover in the project…

Executive Summary

Marketing Objectives

Goods or Services

Competition

Projected Outcomes

Situation Analysis

Internal Focus – Strengths and Weaknesses

External Focus – Opportunities and Threats

Company Analysis

Industry Analysis/Trends

Customer Analysis

Competitor Analysis

Marketing Strategy

Marketing and Product Objectives

Target Markets

Product Offering and Points of Difference

Positioning

Marketing Mix

Product and Product Strategy

Price

Promotion

Place

Marketing Research

Expense Forecast

Marketing Expense Budget

Costs

Implementation Plan

Specific Sequence of Activities and Events

Evaluation, Control, and Contingency

Marketing Information Systems Needed

Criterion Measures with Objectives

Contingency Planning

Press release

Appendix: Support Material

All of these categories must be covered in our report.  As you can see, it is very extensive but I enjoy the exposure to different business ideas.  It will only help me in meetings and projects later in my career.  I strongly encourage any student to pursue a minor in business and become more in tune with all of the financial aspects occurring in everyday life.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s