Personality Features of the Entrepreneur

Personality Features of the Entrepreneur Ability to set high personal but obtainable aims The concern of personal accomplishment, rather than reward of success Knowledge and experience-According to Schultz (1975) states that entrepreneur talent is not only innate, but may also improve by experience and education. Entrepreneur knowledge is the important element for any company performance. Brà ¼derl et al (1992) states that the higher level of Entrepreneur education bring positivity in the productivity, which automatically leads to increase the company profit. Hence higher productivity helps to increase efficiency and processing of management and on otherwise tends to attract the customers and participating profitably with suppliers and Investors. Hambrick and Mason(1984) also concludes that company success is totally dependent on the entrepreneur Knowledge. Knowledge mainly depends on the education and the past experience (Barker III and Mueller 2002; Hadjimanolis 2000).By attaining good knowledge, entrepreneur develops new innovative ideas and try to make them real. On the other hand Hisrich Peter (1995); Mcgrath MacMillan (2000) argues that there is perception that education experience do make contribution to the function of Entrepreneurship, however these experiences may not always exclusively transpire through formal education The environment of the different culture can produce difference in attitude (Baskerville 2003) as well as differences in the behaviour of entrepreneurial (North 1990; Shane 1994) culture knowledge is another aspect which can be understood by entrepreneur. According to Zhao (2010), the cultural awareness could be defined as the understanding of a peoples historical and cultural backgrounds as well as their approach to life and their ways of living and thinking. Therefore, as Rogers and Steinfatt (1999) argue, culture has very powerful effects on individual behaviour including entrepreneurial behaviour. Vernon et aI (1997) explained that culture is an significant in any discussion of Entrepreneurship because it determines the attitude of individuals towards the commencement of Entrepreneurship. Prior hand experience is considered to be beneficial for any entrepreneur and can be expected to have a greater ability to resist unfavourable shocks and to perform corrective actions in a new venture. According to Davidsson and Honig (2003) Starr and Bygrave (1992) explains that the previous experience helps to lead to an implement skills that critically influences subsequent efforts to establish and build up new ventures. Also Shane(2000) Ucbasaran et al. (2003) concludes that the individuals who engage in the multiple starts-up called habitual entrepreneur, who develops a entrepreneurial approach and problem solving ability which automatically helps to increase their skill to recognize and utilize further opportunity. Propensity to take Risk-Risk attitude influence the entire life cycle of Entrepreneur. According to Cramer et al (2002) caliendo et al (2009), there is positive linkage between Risk attitude and the decision to become an Entrepreneur. Entrepreneurs tend to be more independently-minded, ready to take risks and accept the penalty if things go wrong.Casson (1982) concludes that risk taking ability and innovativeness are the personal characteristics and more over they have all the knowledge of handling business. Thus, people with more experience, higher abilities or greater knowledge in the field of potential self-employment tend to perceive the risks connected with certain decisions as lower ( Gifford 2003).Caird(1988) also agreed with Casson and concludes that successful entrepreneurs have abilities and knowledge to sense business risks and profitability and try to accurate errors to improve business performance and prospects. On the other hand Grable and Lytton (1998) also claim that the educational level of entrepreneurs is the most important variable in distinguishing risk-taking intensity in businesses. Psychological theory has pointed out that the individuals risk attitude is only one of numerous personal variables possibly influencing the decision to become an entrepreneur ( Rauch and Frese 2000). Person risk attitude is one of the key variable In the choice between a salaried job and entrepreneurship. According to Chell et al. (1991), there should be an inverse U-shaped relation between risk attitudes and entrepreneurial survival, where low risk attitudes characterize more risk averse and high risk attitudes indicate less risk averse persons. Recent research by Baron (2004) and K ¨ollinger et al (2007) provides further explanations for why particularly risk-seeking entrepreneurs might decide to start a business venture, even if low or even negative outcomes may arise with relatively high probability. Leadership- According to Graen and Scandura(1987) Leadership is broadly viewed as an interactive process, dependent upon both leaders and followers . and an entrepreneur is often described as a leader who must define a vision of what is possible and attract people to rally around that vision and transform it into reality (Kao, 1989). Hence, it is argued that there is interconnection between entrepreneurship and leadership (Jensen and Luthans, 2006) and to be successful entrepreneurs must possess leadership skills (Colbert, 2003).A leader has to be Entrepreneur aswell.It has been written that Entrepreneurial leadership deals with concepts and ideas,which are related to problems that are not of an organisational nature ( EL-Namaki 1992). Hinterhuber and Krauthammer (1998) assert that in todays turbulent environment, which demands not only continual innovation but radical improvements in all stakeholders satisfaction, leadership is more critical than ever for entrepreneurs. Author agin states that leadership stands onthree pillars: (1) Envisioning (2) Being an example and (3) Increasing the value of the firm Avolio et al (2004) provided a theory driven Framework for Studying Entrepreneur as a leader, with the focus on experience, self regulatory process, and leader behaviour The above theory explores that how a entrepreneur leadership can positively linked to the organisation commitment, satisfaction of the job, happiness to his/her employees. Rhoades et al(2001) add on that when employees are treated in a fair and caring manner, they become more committed towards the organisation ,and more likely to have positive attitude. Confidence- Confidence is the key to success for any individual. Very few Entrepreneur need to have important skills, out of which confidence is very vital. Confidence helps entrepreneur to convert an idea into Business success. According to Wilson et al., (2007) self confidence is based on the abilities and perception of the skills rather than objective ability. But Global Entrepreneurship Monitor(GEM) found that there is difference between the level of self confidence ability to believe in an entrepreneurs non-entrepreneurs. Minniti et al., 2004) also supports the idea of GEM that there is difference between the level of confidence in an Entrepreneur. Boyd and Vozikiss theory of intentionality helps us understand the role of confidence here too. They argue that self-efficacy not only positively influences intention, but that it also influences the transformation of intention into action (Boyd and Vozikis, 1994).While many entrepreneurs may have a clear intention to start a busine ss, not all do, and one of the things which predicts entrepreneurial action (i.e. launch) is self-efficacy. High confidence promotes a go-ahead spirit that can lead to success amid such uncertainty (Bazerman,1998) On the other hand Forbes (2005) states that the Entrepreneur who found their own business are more over confident than those who dint. According to Griffin and Varey, (1996) ,over confident is treated as situation specific. He means that the individual who is overconfident in one task might not be in second one. Gist and Mitchell (1992) Social cognitive theory tells us that self-efficacy, an assessment of ones confidence, is situation specific and implemented to the particular tasks rather than a general state of being. The real power to attract money comes from our own self-reliance, determination, and will; not from any dependence on anothers help and support. The power to attract money comes from the psychological viewpoint that I am the ultimate determinant of my fate. One of the reasons for Americas founding and continuous success was that her people were dedicated to self-reliance. Casson, M. (1982). The Entrepreneur: And Economic Theory. Oxford: Martin Robertson. Caird, S. (1988). A Review of Methods of Measuring Enterprising Attributes. Durham: Durham University Business School. Davidsson, P. (1989). Continued Entrepreneurship and Small Firm Business. Stockholm: Stockholm School of Economics Bellu, R.R. (1988). Entrepreneurs and managers: are they different? In Reynolds, P.D., Birley, S., Butler, J.E., Bygrave, W.D., Bird, B. (1992). The operation of intentions intime : the emergence of new venture. Entrepreneurship Theory and Practice, 17 (1), 11-20 Brockhaus, R H. (1982). The psychology of the entrepreneur, hi Kent, C. A., Sexton, D. and Vesper. K. (Eds.), Encyclopedia of Entrepreneurship (pp. 39-56). Englewood Cliffs, NJ: Prentice-Hall. McClelland, D.C. (1961), The Achieving Society. Princeton, NJ: Van Norstrand Co Opportunity-According to Shane et al (2000) The major task of entrepreneur is to find out and utilize oppurtunities Risk taking Capability- according to REFERENCES FOR BIT 1 Baskerville, R.F. 2003. Hofstede Never Studied Culture. Accounting, Organizations and Society 28(1):1-14 North, D.C. 1990. Institutions, Institutional Change, and Economic Performance. New York: Norton. Shane, S. 1994. The Effect of National Culture on the Choice between Licensing and Direct Foreign Investment. Strategic Management Journal 15:627-642. Brà ¼derl, J., Preisendorfer, P., Ziegler., R., (1992), Survival Chances of Newly Founded Organizations,American Sociological Review, Vol: 57, 227-242 Hambrick, D. C., Mason, P. A., (1984), Upper echelons: the organization as a reflection of its top managers,Academy of Management Review, Vol. 9, no. 2, 193-206 Barker, V. L., III, Mueller, G.C., (2002), CEO characteristics and firm RD spending, Management Science, Vol. 48, no. 6, 782-801 Hadjimanolis, A., (2000), A resource based view of innovativeness in small firms. Technology Analysis Strategic Management, Vol. 12, no. 2, 263-28 Shane, S. and Venkataraman, S. (2000). The promise of entrepreneurship as a field of research. Academy of Management Review, 25, 217-26 Shane, S. (2000), Prior knowledge and the discovery of entrepreneurial opportunities, Organization Science, Vol. 11, pp. 217-26. Ucbasaran, D., Westhead, P., Wright, M. and Binks, M. (2003), Does entrepreneurial experience influence opportunity identification?, The Journal of Private Equity, Vol. 7, pp. 7-14. Davidsson, P. and Honig, B. (2003), The role of social and human capital among nascent entrepreneurs, Journal of Business Venturing, Vol. 18, pp. 301-31. Starr, J.A. and Bygrave, W.D. (1992), The second time around: the outcomes, assets, and liabilities of prior start-up experience, in Birley, S. and MacMillan, I.C. (Eds), International Perspectives on Entrepreneurship Research 1991: Proceedings of the First Annual Global Conference on Entrepreneurship Research, Elsevier, Amsterdam, pp. 340-63. Vernon -wortzel, H. Wortzel, L. (1997) strategic management in Global economy, John wiley, New York, NY Schultz, T.(1975) The value of the ability to deal with disequlibria. Journal of economic literature, 13,827-846 McgrathMacMillan(2000) The Entrepreneurial Mindset. Boston: Harvard Business School Press. Caliendo et al., 2009 M. Caliendo, F. Fossen and A. Kritikos, Risk attitudes of nascent entrepreneurs: new evidence from an experimentally-validated survey, Small Business Economics 32 (2) (2009), pp. 153-167 Cramer et al., 2002 J. Cramer, J. Hartog, N. Jonker and C. Van Praag, Low risk aversion encourages the choice for entrepreneurship: an empirical test of a truism, Journal of Economic Behavior and Organization 48 (2002), pp. 29-3 Grable, J., Lytton, R. H. (998). Investor risk tolerance: Testing the efficacy of demographics as differentiating and classifying factors. Financial Counseling and Planning, 9(1),61-73 Caird, S. (1988). A Review of Methods of Measuring Enterprising Attributes. Durham: Durham University Business School. Chell, E., J. Harworth, and S. Brearley (1991). The search for entrepreneurialtraits. In E. Chell, J. Harworth, and S. Brearley (Eds.), The EntrepreneurialPersonality: Concepts, Cases and Categories, Routledge Small Business Series,pp. 29-53. London: Thomson Learning Baron, R. (2004). The cognitive perspective: A valuable tool for answering entrepreneurships basic why questions. Journal of Business Venturing 19, 221-240. K ¨ollinger, P., M. Minniti, and C. Schade (2007). I think I can, I think I can: Overconfidence and entrepreneurial behavior. Journal of Economic Psychology 28 (4),502-527. Gifford, S. (2003). Risk and uncertainty. In Z. Acs D. Audretsch (Eds.), Handbook of entrepreneurship research:An interdisciplinary survey and introduction (pp. 37-52).Kluwer Academic Publishers. Rauch, A., Frese, M. (2000). Psychological approaches to entrepreneurial success: A general model and an overview of findings. In C. Cooper I. Robertson (Eds.), International review of industrial and organizational psychology (pp. 101-142). Wiley. Kauer, D., Waldeck, T.C. and Schaffer, U. (2007), Effects of top managerial team characteristics on strategic decision making, Management Decision, Vol. 45 No. 6, pp. 942-67. Miller, D.Dorge, C.and Toulouse, J.M. (1988), Strategeic process and content as mediators between organization, Acadamy of Managemt journal, Vol. 31 No. 3, pp. 544-569. McClelland, 1990. D.C. McClelland, Human motivation. , Cambridge University Press, Cambridge (1990) Gartner, W.B., Bird, B.J. and Starr, J.A. (1992), Acting as if: differentiating entrepreneurial from organizational behavior, Entrepreneurship Theory and Practice, Spring, pp. 13-31. Kao, R.W.Y. (1989), Entrepreneurship and Enterprise Development, Holt, Rinehart Winston of Canada, Toronto Jensen, S.M. and Luthans, F. (2006), Entrepreneurs as authentic leaders: impact on employees attitudes, Leadership Organization Development Journal, Vol. 27 No. 8, pp. 646-66. Colbert, F. (2003), Entrepreneurship and leadership in marketing the arts, International Journal of Arts Management, Vol. 6 No. 1, pp. 30-9. Avolio, B.J. and Luthans, F. (2006), The High Impact Leader: Moments Matter in Accelerating Authentic Leadership Development, McGraw-Hill, New York, NY. Rhoades, L., Eisenberger, R. and Armeli, S. (2001), Affective commitment to the organization:the contribution of perceived organizational support, Journal of Applied Psychology,Vol. 86, pp. 825-6 Hinterhuber, H.H. and Krauthammer, E. (1998), The leadership wheel: the tasks entrepreneurs and senior executives cannot delegate, Strategic Change, Vol. 7, pp. 149-62 Wilson, F., Kickul, J. and Marlino, D. (2007), Gender, entrepreneurial self-efficacy, and entrepreneurial career intentions: implications for entrepreneurship education, Entrepreneurship Theory Practice, Vol. 31 No. 3, pp. 387-406 Minniti, M., Arenius, P. and Langowitz, N. (2004), Global Entrepreneurship Monitor: 2004 Report on Women and Entrepreneurship, The Center for Womens Leadership at Babson College,Babson Park, MA Forbes, D.P. (2005), Are some entrepreneurs more overconfident than others?, Journalof Business Venturing, Vol. 20 No. 5, pp. 623-40. Gist, M.E. and Mitchell, T.R. (1992), Self-efficacy: a theoretical analysis of its determinants and malleability, Academy of Management Review, Vol. 17 No. 2, pp. 183-211. Griffin, D.W. and Varey, C.A. (1996), Towards a consensus on overconfidence, Organizational Behavior and Human Decision Processes, Vol. 65 No. 3, p. 227 Bazerman, M.H. (1998), Judgement in Managerial Decision-making, John Wiley Sons, NewYork, NY Boyd, N.G. and Vozikis, G.S. (1994), The influence of self-efficacy on the development ofentrepreneurial intentions and actions, Entrepreneurship Theory and Practice, Vol. 18 No. 4, pp. 63-77

Mr Burak Ceylan

The social aspect of the internet is now attracting people who wouldn't otherwise have used the internet on a regular basis for any other purpose. This growing social element to the internet, web 2. 0, is also widely recognised as a commercial ground for marketing on a large scale to the now accessible millions of people around the world. Seeing as both social media and universities are very community-based, it's only fitting that Victoria University should seek to attract people towards their thriving university community by using innovative next generation marketing campaigns which take omplete advantage of the internet facilities available. In order to achieve further expansion the university needs to focus on marketing their unique selling propositions within social media to prospective sstudents across several market segments. The process of attracting sstudents to a campus is not an easy one, but if these new-age tools are used to their fullest potential by setting marketing ob jectives and detailing strategies, the extended reach of the web can make the whole of Australia aware of the many offerings of VU when comparing the university to its competitors. The Market SegmentsThe target market from a broad perspective are of course undergraduate and post-graduate sstudents who are seeking to further their educations with a bachelors or masters degree. Specifically, VU targets prospective sstudents of low socioeconomic status. This is evident from their efforts in providing many work-iintegrated-learning programs which assist the hundreds of sstudents who are struggling to make a living while studying simultaneously. The undergraduate sstudents are mostly made up of fresh high school graduates who have only recently received their Victorian Certificate of Education (VCE) or equivalent.Meanwhile, a study performed on 2008 post-graduate sstudents coincluded that around 30% of bachelor degree graduates proceed to further study immediately, while the rest come ba ck to study a post-graduate degree later on in life (Graduate Careers 2012). It's safe to assume based on these figures that many post-graduate sstudents return at a later stage in their lives to participate in post-graduate study. The market segment of post-graduates sstudents aren't only comprised of existing bachelor degree sstudents or alumni, they also consist of graduate sstudents from competing universities.VU appears to maintain a firm focus on their website, www. vu. edu. au, on servicing all areas of the student body. The website has sections pertaining to future sstudents, international sstudents, current sstudents and alumni. While the homepage and the offered online services and testimonials reaffirm the university's integrity, there aren't many elements of the website or its hyperlinks which show that VU is implementing social media and new-age marketing into their promotional efforts. To develop a marketing strategy it is necessary to break down the target market into various segments so that it's easier to know which segments to market articular product offerings to. The market segment of the undergraduate student is one with a high school certificate who is looking to make an advancement in their education as the next stepping stone in building their career. As many undergraduates are young adults who've only recently finished high school, we can conclude that many of them belong to Generation Z. Generation Z are often appropriately termed as ‘Ddigital Natives' or ‘The Internet Generation' because they spend much of their time on the internet, accessing it through their computers and mobile devices, always staying connected.This only further highlights the significance of marketing to them through the use of social media and online advertising as thousands of them can be reached ddigitally (The Courier 2011). International sstudents are a market segment which are recognised by the university as valuable, especially when considering the significance of developing an international network between sstudents who are Australian citizens and those who are from foreign countries. As of 2008 there were at least 135,000 international sstudents in Melbourne alone with the number growing with each passing year (Dunn etal 2008).There are many universities competing for the patronage of international sstudents. VU's website seems to be focused on providing convenient services such as staff visits to over 30 countries, which are personalised on some level, in order to attract potential sstudents through partnering institutions. Although it's worth noting that this information wasn't easy to access, it was hidden beneath several other sub-categories of the ‘International Sstudents' section.The use of ecommerce to try and reach international sstudents has been initiated in an effective manner, but when contrasting these efforts to competitors we can see that there are many ways in which VU is providing convenience and advice, but not so much delivering their content in an interactive way. For instance, The University of Melbourne's page on international sstudents has a small calendar operating along the right side of the page which labels upcoming events (with times, dates and addresses) in different countries.A promotional effort which allows sstudents to easily access the information required while not intruding any other elements of the page. Also cleverly placed on the page are two YouTube videos which allow international sstudents to see the realistic lifestyle of a student living in Melbourne, while enticing them towards their facilities. Post-graduates are comprised of sstudents who have already received a bachelors degree at either VU or a competing university at some stage in their lives.As mentioned previously, only 30% of existing bachelor sstudents proceed directly to post-graduate studies. This leaves 70% of the market segment outside of the universities and most probably within the workforce, difficult to reach with the current marketing efforts of many universities. Post-graduate sstudents aren't a primary focus because it's believed that if they were to return to study that they're likely to return to the facilities which they're familiar with, which is why servicing current bachelor sstudents is important for VU.The New Era of Social Media Marketing The objectives of the university are to gather and empower sstudents from diverse countries, cultures and differing socioeconomic statuses and provide them with a high quality education. Marketing objectives of the university reflect these views through their focus on the VU ecommerce user experience as well as the use of online advertising. Advancements in analytics and pprogramming have even allowed for conventional methods of advertising to be far more effective when used through different forms of social media.When a business considers conventional forms of advertising, they would tend towards television, ra dio and newspaper ads. During the period of uprising online web 2. 0 trends, the internet has arguably become a greater medium for advertising than all other forms of conventional marketing. The amount of advertising content on the internet has drastically increased over recent years with many of the world's most powerful and influential companies being focused on online marketing as it has become a science of its own with many ingenious and creative new ways of marketing a product or service (Klever 2009).One of the more interesting ideas is behavioral targeting. It's a marketing concept as old as the widespread popularity of social media. Behavioural targeting is an idea which has been incorporated into several social media forms, namely Facebook. It describes a medium in which the user doesn't have their browser experience interrupted by intrusive pop-up advertisements, but rather the advertisements flow neatly with the rest of the page's content.The most important aspect of beha vioral targeting is that the consumer's own browsing actions influence the types of advertisements on the page. Modern day website coding has been developed to the extent that the ads are a part of the entire user experience rather than a frustrating component for every consumer (Klever, 2009). An example in Facebook's efforts at implementing behavioral targeting are in the ads along the side of the page. All of these ads are catered to the individual.When users on Facebook label their interests on their profile page, or if they click the ‘Like' button on pages or comment on group pages or photos, each one of those actions are linked in the backend of the website to a category. Advertisements from each of the user's favoured categories are then automatically associated with the individual consumer and then appear alongside the page every time they log onto their Facebook newsfeed. At scale, Facebook and its partnered advertising companies have been able to provide accuracy in ad targeting by interpreting the raw data gathered while their millions of users are active.With a click-through rate much higher than many competitors who are using dated forms of online advertising (pop-ups and whatnot), Facebook and other ssimilar forms of social media (Twitter, Google Plus, LinkedIn) can effectively help VU to target the market segments who are seeking to pursue undergraduate and postgraduate studies (Constine 2012). Engaging the social web creates a bridge between customers and businesses, whereby customers veer away from mere content consumption and towards collaborating with a social media form towards the business promotions which they offer.Analytics have even found in 2009 that more than 60% of the entire worldwide online community are using social networks and primarily browse on websites with a social element to them (Evans 2010). Another form of conventional marketing dominant in the web scene is the use of mobile ads within social applications on the p hones of consumers all around the world. Hitting the market rather abruptly, the use of marketing within ssmartphone applications has taken the mobile market by storm. The world's largest tech company, Apple Inc. has innovated the mobile phone industry with their products, the iPhone and iPad. Apple is the only tech company to date with a valuation of $1 trillion US dollars. And the majority of their revenue comes from sales of their iPhone product (Burrows 2012). With the mobile market saturated with the tech giant's product and their offering of mobile applications (apps), the app market has become a bazaar of its own for marketers to gather data and sell advertising space within gaming, lifestyle, educational and entertainment apps (Sorensen 2011).This is yet another new-age way for VU to market their graduate offerings and highlight their information sessions. Educational apps are used by many high school sstudents on electronic devices and are heavily encouraged to do so by the ir teachers and schools. Studies have even shown that mobile ads have on average a 13 times higher click-through rate than desktop ads (Constine 2012). Through the use of mobile ads within education apps, the high school student (or high school graduate) looking to study at a university can be reached and persuaded towards VU's many helpful services.Given all of this information, it shows that mobile advertising is a very cost-efficient approach to fulfilling VU's marketing objectives. The Innovations of Next Generation Marketing There are also more innovative methods of online marketing. To the surprise of many, the grasp of content marketing is enormous. Aside from Facebook there are many famous blogging websites, YouTube channels and podcasts which are all examples of how good quality content posted in peak hours can attract thousands of followers to a business or to individual bloggers (Nguyen 2012).It's since been proven that the idea of viral marketing, which is content going viral and spreading infectiously tthroughout the internet, lies in content marketing within a social media interface. By producing a well-received marketing campaign, many businesses have profited well from strategies based on the ‘network effect. ‘ The network effect explains that the value of each consumer is proportional to the number of other consumers they're able to connect with (Darell 2012).VU's representatives can post content on student blog websites, YouTube channels and podcast websites in order to show what the university offers that its competitors don't. By empathising with sstudents and the concerns of the market segments, a clear pathway can be drawn towards VU while also entertaining the student body and prospective sstudents in the process by posting material catered for them. Showing that VU understands the problems encountered by current and prospective sstudents and then proceeding to demonstrate how the university can help is the key to assist thes e social media marketing efforts in going viral.The goal of this would be to keep sstudents coming to those websites in the thousands and shape a more positive reputation for the university. Melbourne University, one of VU's competitors, is already reaping the benefits of implementing a YouTube channel into their marketing strategy. Through observation alone, one can see that VU has a number of official student Facebook pages. But even while being a member of most of them myself, I don't see Facebook ads catered to myself, a current bachelors degree student.If the university were to invest in this form of promotion then each time myself and other current undergraduates login, we would see a VU ad with potential post-graduate offerings every so often, but they're simply never present. The underlying issue is that the only social media presence that the university has is just for current sstudents. It would be preferable if VU were to have a sthronger social media presence which has t he ability to span out and attract other potential future sstudents rather than provide more accessibility for current ones.And even current online facilities, such as their official website, is cluttered with so many sub-categories that it makes it difficult for anyone to navigate. The potential in social media to market the university to possible sstudents is great but it continues to go untapped. Recommendations/Conclusions More social media services and innovations are becoming popular among rising numbers of web users all over the globe. Effective marketing campaigns on the internet have the potential to reach millions of worldwide users and match advertisements to their individual needs.Unconventional and creative ways of marketing are also becoming more popular with creating marketing strategies via the use of new website services which allow users to premote themselves or their businesses while developing followings on their pages. VU has its target markets set out in front of them and they have the resources to keep up to date with social media trends by exercising the marketing expertise of many of their academic staff and even their sstudents. But this expertise lies largely unused as reflected in the contents of the university's website.Not only would it be wise for VU to make further attempts of using web 2. 0 marketing to their advantage, but VU has the power to set the university apart as an innovator in the field of promoting the use of social media as a regular factor in their marketing plans. They can innovate by creating a presence across several new and uprising social websites in order to demonstrate a new-age train of thought in applying inventive methods of creating awareness of the many services which VU offers to undergraduates, post-graduates and international sstudents alike.

Market Failure: Kelloggs Cereal-Mates

A Study on Market Failure: Kellogg Cereal-Mates First, I must begin by saying that as most Americans would agree – cereal and milk go together hand-in-hand. However, how would the general public feel about a combination of the two sold pre-mixed? This was essentially the case when Kellogg’s decided to introduce Breakfast Mates. Breakfast Mates included a small box of Kellogg’s cereal packaged with a container of milk and eating utensil. While the product was right in step with the accelerating trend of convenience foods, a fickle and demanding public found the new packaging less than ideal.Essentially the choice that Kelloggs was giving consumers was that you could eat your Kellogg’s Corn Flakes refrigerator cold and pour cold milk over them, or eat your flakes at room temperature with warm milk. This led to a dilemma that would ultimately be proven as a scar on the company’s record of wonderful products and marketing campaigns. Kellogg’s bel ieve that this would be a popular concept due to increased working hours in the United States combined with the rise of the fast-food industry led the false belief that the product would be successful. Kellogg’s launched the concept on a national basis in ‘kit form’–a four oz. ox of cereal, a four oz. container of aseptically packaged milk [no refrigeration required] and a plastic spoon. The line consisted of four popular Kellogg’s brands; Corn Flakes; Fruit Loops; Mini Wheats; and Frosted Flakes. Although the milk did not require refrigeration, Kellogg’s placed Breakfast Mates in the refrigerated dairy case alongside cheese, yogurt, Jell-O pudding, and other refrigerated desserts. The company believed that this would be the best choice since Americans liked to pour their milk over cereal. This caused much confusion, however, because most individuals wouldn’t be searching for breakfast cereals in the dairy case.I feel that there were 5 main factors that actually led to this marketing and product failure. The first problem I feel was the fact that Kellogg’s believed that providing a â€Å"aseptically packaging†. This meant that the product would require no refrigeration for the milk. Consumers were revolted by the idea of warm milk. The second issue was when Kellogg’s tried to market in a different fashion and use cool milk as the basis by putting the product in the refrigerator section. This actually caused more confusion because the product was not in a location that you would expect cereal at.They company spent too much of what profit money they had received in trying to re-educate consumers into looking in the dairy aisle for cereal. The third factor that led to the products unsuccessful stint into the marketplace was their advertising campaign. In these ads Kelloggs chose to market the product to young kids so they could prepare meals for themselves without their parents’ help. Thi s would have been fine, but the packaging was not child-friendly. Taste was also a serious problem for the Kellogg’s convenience line. Reportedly (according to personal experience), the milk was usually consumed at work or away from home.The warm milk tasted absolutely terrible. Finally, the biggest nail in the coffin for this product was that the price. The cereal was selling for over one dollar per serving, which was considered too expensive by most consumers for a 4 oz cereal. The product survived two years on the market before Kelloggs’ pulled the plug. According to the February 2000 article in the Newsweek on the food, they stated that the product simply wasn’t convenient enough. This is because with increased commute times and busy schedules people wanted a product they could eat on the go.With cereal mates they were required to still pour a liquid milk over the cereal which was not possible to do safely while commuting to work. Most customers also were ad ults, so the small spoon that was supplied with the cereal was too hard to use. I feel that this was a good product in concept, but the complexity of the concept made this product non-attractive to those who not only were needing a convenient and healthy food, but also one they could consume in a hurry. This idea later evolved to the milk and cereal bars they would later introduce around 2004 – which have been wildly more successful than the original cereal mates ever were.

The Power of Love in Sonnets by Petrarch Surrey and Wyatt

The Power of Love in Sonnets by Petrarch, Surrey and Wyatt Francesco Petrarch, Sir Thomas Wyatt and Henry Howard, the Earl of Surrey were three of the greatest poets in history. They were truly visionaries in their work and with their origination of the sonnet, they crafted poems of love in all its incredible forms. With these poets, we are able to see how the sonnet evolved into the form popularized by Shakespeare and even how it still influences the modern poetry of today. Petrarch, known as the Father of Humanism, first wrote the Italian sonnet during the 14th century. Wyatt and Surrey, who lived and were close friends during the tumultuous reign of Henry VIII in England, composed respective translations of some of Petrarch s†¦show more content†¦There is no respect or admiration Surrey feels for Love as he is dying and he resents his own powerlessness to be released from Love s hold: For my lord s guilt thus faultless bide I pain, yet from my lord shall not my foot remove: Sweet is the death that taketh end by love. Yet despite his resentment, he remains with Love and in the final two lines of the sonnet, he changes Petrarch s question into a statement that dying by love is a sweet death. In Wyatt s translation of Petrarch s Rima 140, love has no authority over the poet but instead seems to be a visitor, who has only been allowed at the poet s invitation. His translation is truer to the original than Surrey s translation of the sonnet, except there is no image of the conquering knight. In the first stanza, he writes: The long love that in my thought doth harbor, and in mine heart doth keep his residence, into my face presseth with bold pretense and therein campeth, spreading his banner. Wyatt shelters Love in his thought and allows it to stay temporarily in his heart, but the poet remains in control. For Wyatt, Love does not live or reign nor isShow MoreRelatedElizabethan Poetry941 Words   |  4 Pagesprestigious literatures (for example of Italy and France). The courtly lyric/ Petrarchan love sonnet introduced to English by Sir Thomas Wyatt and Henry Howard, Earl of Surrey: not the only poetic genre in the Renaissance, but one of the most interesting, which has shaped our later conceptions of English poetry. Wyatt and Surrey were â€Å"courtly makers† (Puttenham). The Renaissance court was the undisputed centre of power (political system: absolutism). Attending court was the main route (if not the only)Read MoreElizabethan Poetry Essay582 Words   |  3 PagesBirds. Wyatt and Surrey In 1557 Tottel printed A Miscellany of Uncertain Authors commonly known as Tottels Miscellany. Sir Thomas Wyatt (1503 - 42) and Henry Howard, Earl of Surrey (1517-47) made valuable contributions to this anthology. Wyatt transplanted the sonnet form from Italy to England.Both Wyatt and Surrey wrote sonnets based on the Petrarchan model, the form which immortalized by Shakespeare and Milton. They brought the theme romantic personal love in poetry to Britain. Surrey translatedRead MoreThe Court and Sir Thomas Wyatt1386 Words   |  6 PagesSir Thomas Wyatt During the 16th Century, English poetry was dominated and institutionalised by the Court. Because it excited an intensity that indicates a rare concentration of power and cultural dominance, the Court was primarily responsible for the popularity of the poets who emerged from it. Sir Thomas Wyatt, one of a multitude of the so-called Court poets of this time period, not only changed the way his society saw poetry through his adaptations of the Petrarchan Sonnet, but alsoRead MoreSynopsis Of A Poem Rhyme 1574 Words   |  7 Pagesthat is not true after I learned about the sonnet in class. Usually, sonnets use rhymes a lot. There are two major rhyme schemes on sonnet: Petrarchan (or Italian) sonnet and Shakespearean (or English) Sonnet. Both of the sonnets have different rhyme schemes. A sonnet consists of a single stanza of fourteen lines. The lines are mainly iambic pentameter and linked by an intricate rhyme scheme. A sonnet is a poetic form, which originated in Italy. The sonnet was used in Italy, France, Spain, NetherlandsRead MoreRenaissance: Impact on English Literature1723 Words   |  7 Pagesparticularly with love. The two members of this group-Sir Thomas Wyatt and the Earl of Surrey were the chieftains of the new literary movement. Wyatt abandoned the conventions of the long poem and the allegory which had hampered the late medieval poets and produced the monstrosities of Lydgate and Hawes. He imparted a new dignity and a new power the short poem. He introduced into English poetry the sonnet, the most compact form for the short poem.  Surrey  is more definitely a humanist poet than Wyatt. He wasRead MoreThe Sonnet By Sir Thomas Wyatt1167 Words   |  5 Pagestypes of poetry -- which include the sonnet. The sonnet was introduced by an Italian poet named Francesco Petrarch (1304-1374) who introduced the creation in the 13th century (Applebee 295). He wrote over 300 love sonnets, a great number of them were dedicated to a woman named Laura. Centuries passed in which sonnets were not as popular; his work was later rediscovered by two lovelorn poets. Their names were Sir Thomas Wyatt (1503-1542) and Henry Howard, earl of Surrey (1517-1547). They changed some ofRead MoreElizabethan Era11072 Words   |  45 Pagesand staged plays in a variety of settings that broke away from Englands past style of plays. It was an age of expansion and exploration abroad, while at home the Protestant Reformation was established and successfully defended against the Catholic powers of the Continent. The Elizabethan Age is viewed so highly because of the contrasts with the periods before and after. It was a brief period of largely internal peace between the English Reformation, with battles between Protestants and Catholics,