Ben Stachowski ’19 LABB Intern – When I first heard about the LABB Program I felt that it was not for me. I am studying History and Biology and felt that business did not apply to me. After talking to a handful of people about the program, they told me that I should give it a shot. I was told that even though I was not studying business, this internship would give me a look into different aspects of business and would be helpful in my future career. My peers could not have been more right. After only the third week of the LABB program, I already believe that my finance, marketing, and presentation skills have improved immensely.
Week 3 was mainly focused on marketing. On Monday, Mike Simmons from Eli Lilly and Co. came in and shared knowledge he had with us about marketing. He taught us about SWOT (strengths, weaknesses, opportunities, and threats) and how this analysis helps companies and how they use it to brand themselves and find their competitive advantage. We also learned about the 4 P’s of marketing or marketing mix, which are product, place, price, and promotion. All of these are essential to creating an intellectual marketing strategy. We also did an exercise with Mr. Simmons that discussed the different markets and customers that Starbucks, Dunkin Donuts, McDonalds, and Speedway target. We closed the day by speaking about the different ways we can distinguish ourselves from others. He told us that if you are looking for a job in marketing that problem solving, data analysis and curiosity are the keys to being successful.
The rest of the week, Mr. Morin talked with us about the “down and dirty” of marketing. One of the biggest points of the week was that there are two types of marketing: strategical and tactical. Many people know about tactical marketing, which is applying the marketing mix with advertisements, sponsorships, social media, etc. Strategic marketing is just as important. It helps with long-term decisions and involves determining prices and forecasts to plan research. We also looked at a handful of business cases throughout the week. One that stood out was the case about Walt Disney. We talked about their marketing and how the Mickey Mouse logo is universal and will never get old. This is one of the reasons the Disney brand is so recognizable and popular.
Overall, week 3 has been a great learning experience. I would like to thank Mike Simmons for coming in and discussing his marketing experiences and knowledge with us. I would also like to thank the Lilly Endowment and Roland Morin for giving me this great opportunity. I am excited for the next 4 weeks of learning and very confident that this program will help me in my future endeavors.