1. Which company is the focus of this article?
a. Specific US company: the article focuses on the Abt Electronics Company, founded by Jewel Abt and her husband, David
b. In which particular country/region of the world is this company’s business the topic of the article? The United States of America, with its headquarters based in Chicago, Illinois
c. Provide some basic BACKGROUND INFORMATION about the company and its focus based on your research. (2 paragraph summary):
Abt Electronics started a small business in the local area of Logan Square, in Chicago. The company began in the year 1936, being a small family business started by a Jewel Abt, and her husband, David. The enterprise initiated operations with a small capital of $ 800. The company initially operated as a small room where small sized electronic devices were sold, hence its initial name, Abt Radio (O'Heir, par. 2).
The business has been able to grow over an extended period. The business has been able to undergo through various challenges to what it is to the present day. Abt Electronics company has been able to transform its activities venture from a small family business to the modern largest business in the USA markets The business has been to face a lot of competition from other upcoming companies, but it has been able to withstand all these challenges due to better management and focus employed.
d. Search key publications (WSJ, NY Times, Fortune, and Forbes) to find out if there have been any updates on this topic since this particular news article published. Include any updates. Information Updates:
There is a lot of information provided by the Forbes on the Abt electronic company. Abt Company is one among the best electric businesses in the United States of America which are privately owned. The company has a high number of experts working to improve the welfare of the customers (Heller, par. 2).
The Abt Electronics has also been able to take the offer given by the BSH Home Appliance Corporation, which as a 2014 Service Partner of the year, which was a reward offered due to the special dedications and devotions showed by the Abt Electronics towards the services to its customers.
2. What is the main idea of this news article?
a. Provide a brief summary of highlights.
The article provides a lot of information on the Abt Electronics. Some of the best highlights that the article gives is the history of the business. The business has been able to show a tremendous transformation from a primary family business to one of the most competitive markets in the country. The article has also been able to give information on the marketing strategies, the working relations as well as the financial success that the business has been able to make over time. The article also highlights the challenges that the company faced, from its foundation to the primary and the current problems. The challenges based range from the financial, theft cases, backslides as well as the management issues. The paper does not also exclude the success that the business has been able to make over time, owing its success to the founders of the firm, Jewel Abt, and her husband, David.
3. From the article, can you describe the target market?
a. Provide a brief description of the target market.
Abt Electronics is a business which targets the direct customers. The customers range from the people who need electronic appliances for their companies, homes, vehicles or even brokers, who buy and sell on the retail basis. The customers range from individuals who need flat panels, a full range of audio appliances.
b. What makes you think that this is the target market?
The choice of my targeted market is on the variety of products sold by the company. The appliances comprise of products that can be bought either on wholesale or even retail basis. The products sold are of high quality and so people tend to buy ranging from the household consumers to those who buy to re-sell and gain some profits.
4. Please describe in detail the marketing challenge(s) faced by this US company in the international business situation that is the topic of the news article.
a. Description of marketing challenges.
There are various problems that the marketing department of Abt Company faces. These challenges comprise of the following: The management that usually looks into the Return on investment, known as RIO, where the business has to approximate on its investment and the returns that are bound to come from the investment. The other challenge is over or underestimated budgets that usually leads to either fraud or project failures respectively. When there is an inadequate budget approximation, the business often tends to fail and face various challenges concerned with money (Karp, par. 3).
Another problem that is faced by the marketing department is the identification of the conventional technologies to use, as well as the right customers to target. The problem here arises when the business cannot make an of its projects go through because of copying others it is unable to invent its technologies. The other challenge that faces the marketing department and the process are the lack of proper training for the commercialization teams. The teams which collect and even make the information needed to improve the business might be lacking the proper training, hence the company fails to make the correct outcome due to incompetence (Kolowich, par. 4).
b. What is the role of marketing in meeting these particular challenges?
Various roles should be played by the marketing department so as to minimize the challenges. The marketing department should be able to give the best training to its workers. The training offered shall be able to cater for any problem that might arise and affect the teams themselves. The business should also be in a position to identify the target customers as well as the technologies to be applied so as to make the best produce.
c. Describe in detail what marketing should do/ is doing as stated in the article and your opinion.
The marketing should be able to give the basic guidance as well as the foundation for the business. The marketing department should provide the required support that is key, and that should be used to make sales more. The marketing department should also be able to offer to train as well as selecting the best people who are competent for the jobs.
Opening various braces is also important because this offers the chance for a maximized profit. The expansions, though, should be accompanied by proper and sound management that would guide on the marketing of the product that the business produces.
5. Based on your learning thus far in this course, are there any insights/recommendations that you would offer the marketing team of this company about the particular situation/issues described in the article?
a. Insights and recommendations:
Insights
The Abt Company has not been able to expand its business. The firm has also not been able to open other branches in other parts of the country, thus making their customers travel for extended distances to come and obtain goods and products from the business. The business has also not been able to open the business to the general public which would increase the capital inflow.
Recommendations
Abt Electronic should be able to open various branches in the country that would enable the company to enhance its number of sales. The corporation should also be able to open its business to the general public so as to increase its market share, which also include selling some of its shares to the public as well as collaborating with other enterprises so as to maximize on its output levels
6. Why did you choose this particular article from the options provided? Did you consider any other news items? Which ones and why? Please be specific.
a. The reason for choosing this news article.
The reason as to why I picked this article is because it provides the basic understanding of a business plan. The report also shows the various stages and the challenges that the Abt Company went through for it to be able to attain its present state. The article also provided a clear understanding of the business management concepts as well as the basics applied during the day to day running of business organizations.
b. Other news articles considered.
I was able to review other items such as the Uber business, its history, the marketing plans and the challenges that the founders went through an article written in the New York Times, business publications. The advantage that the Abt Electronic Company had over these other items is the articulation of the registered ideas as well as the clarity of the points.
c. How does this article fit into the context of our course/how is it relevant to our course?
This article can fit into my course due to the various concepts it offers. These concepts include the concepts in business management, marketing problems or challenges as well as the operational planning. The article is also able to provide basic understanding in how businesses grow and the various factors that affect the growth and development if any business. The article is also able to blend well with the whole process of operations management.
7. Which marketing concepts or terminologies that you have learned this far in this course were you able to apply to this assignment/marketing situation? (Think about your answer, and provide a minimum of 5 marketing concepts)
a. Please specify which specific marketing concepts, and how each of these concepts applies to the situation described in the news article.
Various marketing concepts are used in business situations. In the specific article provided above, the primary five marketing concepts apply. These concepts include the following: the Production Concept, where the customers tend to buy goods that are not very expensive, and they are readily available at their disposal. The other concept is the Product Concept, where consumers tend to go for those products that satisfy them more, they are unique in their production, and usually gives them the best original characters.
The other marketing concept is the Selling Concept where buyers only buy those products that companies are offering a very competitive selling and promotion. The other strategy is the Marketing Concept, where the producing companies come up with the best plans for producing and distributing the best products, than those provided by their competitors.
This article has been able to show that various components applicable to the business management. The Abt Electronics can apply the marketing concept as well as the Societal Marketing concepts which pay attention to the welfare of the customer, by providing the best products than their competitors (Bhasin, par. 4).
8. What is your key learning from this news article?
The key learning from this section is that businesses can grow and even expand depending on various aspects of management, distribution and even production.
9. In your opinion, do you think the learning experience from this assignment adds value to your overall expertise in this course? Please explain.
Yes. The learning experience has been able to impact a lot of thorough knowledge into my brain, hence enabling me to understand various concepts in business that I would otherwise not have been able to comprehend. The learning has allowed me to understand different variables that contribute to the success of business such as sound management and marketing strategies.
10. How has your overall learning experience been in this course thus far? In your opinion, what is the most interesting topic that was covered thus far in this course? What was the most useful or relevant to you personally? Was there, at least, interesting question? Please Explain.
a. Overall learning experience:
The learning has been a real experience, which has been able to expose me to various concepts in business administrations, management, marketing as well as its process of evaluation.
b. Favorite course activities/ topics:
The most interesting thoughts are the business management, and the marketing operations.
c. Most relevant:
The most relevant concept was the idea of marketing and business management.
d. Least interesting topic:
The least interesting question was the one for business evaluation and general analysis.
Works Cited
Bhasin, H, Concepts of Marketing, Web. 23 Mar. 2016 ( http://www.marketing91.com/concepts-of-marketing/ )
Heller, L., Abt Electronics Defies Odds to Succeed and Be the Best Place To Work, Forbes mass-market retail, Web 23 Mar. 2016 (http://www.forbes.com/sites/lauraheller/2016/01/27/abt-electronics-defies-odds-to-succeed-and-be-a-best-place-to-work/#640167a279f3)
Karp, G., Bob Abt of Abt Electronics, who 'raised bar' for ethical retail, dies at 77, Chicago Tribune, Web 23 Mar. 2016 ( http://www.chicagotribune.com/business/ct-bob-abt-died-0725-biz-20150724-story.html)
Kolowich, L, 8 of the Top Marketing Challenges Marketers Face (And Their Solutions), Web 23 Mar. 2016 (http://blog.hubspot.com/blog/tabid/6307/bid/33820/5-Major-Challenges-Marketers-Face-And-How-to-Solve-Them.aspx)
O'Heir, J, Abt Electronics: The Business, The Family, Dealer scope, Web 23 Mar. 2016 (http://www.abt.com/about/news/dealerscope_010109)
