MKT 425 Shark Tank Assignment PDF

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Shark Tank Comparison The equivalent of Shark Tank  in Canada is Dragon’s Den, a nd is the same type of program where entrepreneurs come to investors who want a stake in the company and offer money to help their businesses. The first clip we watched from Canada was “Hush Blankets”, which is a weighted blanket that aids in falling asleep faster. It increases happiness and sleep hormones and decreases stress hormones. There is a technology that keeps the blanket cool for those who are hot sleepers. The Hush Blanket company started when Lior, one of the partners, volunteered at a special needs summer camp where he observed a sensory room with weighted blankets, and had the idea to produce a premium quality weighted blanket. Hush Blankets is a collectivist company because for every five blankets they sell, they donate one blanket to a homeless shelter, kids will terminal illnesses, and camps. The “dragons” were very generous in providing offers and each dragon gave an offer because they adored the weighted blankets. The next clip we watched was “Good Food for Good”. This company sees the problem with large amounts of sugar in products. For instance, one serving size of ketchup is equal to four gummy bears, and one serving of barbeque sauce is equal to three cookies. The products they produced were ketchup and barbeque sauce that is made with dates to sweeten the sauce instead of using sugar. The dragons were very positive with feedback. One dragon said, “This product tastes just as good as any other ketchup,” and another said, “I would eat this over ketchup.” In addition, Good Food for Good is also a collectivist company because they donate to a Canadian food bank that provides people with a meal every time they sell a bottle of their sauce. However, the dragons declined investing very kindly. For instance, one investor simply stated, “I am not in the food and beverage industry, so I decline.” This is very straight to the point and honest, and does not make the producer of the product feel attacked. Canada differs from the United States based on differences between cultures and values. As stated above, we believe that Canada is a collectivist country. Canadians seem to care about others and want to share their wealth with those in need. Additionally, they are offering people in need items that are useful and not asking for anything in return. On the other hand, the United States possesses the quality of individualism. We believe that everyone should take care of

themselves and their immediate families. Many people in our country do not care about those in need. It is important to see this difference because it shows how other countries possess different values. Specifically, the United States Shark Tank  is very critical and judgemental. If a shark thinks a product is useless, they will be blunt about it by saying “This product is trash.” The United States should be more like Canada in giving positive feedback, and keep negative feedback to themselves. These entrepreneurs have put their heart and soul into these projects, and it discourages them when harsh statements are made. These actions are ethically wrong and are a negative consumer behavior because the negative statements trigger negative emotions. Another type of consumer behavior issue the sharks need to work on is self-control. The Canadians are more focused on positive emotions and making consumers feel love and happiness. While Canada and the United States’ versions of Shark Tank  differ in their cultural values, Shark Tank South Africa i s very similar to the American version with only slight differences. When watching clips from the United States Shark Tank, t he two products that were introduced were Aquapaw and Polar Pro. Aquapaw is a device that sticks to the walls of your shower, or any surface, and allows you to put treats, such as peanut butter, on it for your dog to eat. This device distracts dogs while you bathe them. Polar Pro is a company that creates tech accessories for your phone, including selfie sticks that charge your phone and cameras with HD filters that enhance your photos and videos. The companies presented in the South Africa Shark Tank c lips were Native Decor and Rydawi Fish Farms. Native Decor manufactures home decor made out of wood and Rydawi Fish Farms are a collection of fish farms where fish, mainly tilapia are raised and then sold. Both Shark Tank a nd Shark Tank South Africa s hare the same title, which leads to the shows sharing the same theme song and the investors being referred to as “sharks”. Also, there is a brief introduction for each entrepreneur that includes their name, age, and a brief introduction to their business in both shows. Moreover, there is diversity among the investors in both shows by including both men and women, investors of different ethnicities, and areas of expertise. Furthermore, the goals of the entrepreneurs in both shows is the same, which is seeking an investment from the sharks in exchange for equity stake in their businesses, although the currencies differ in both countries. Also, the offers presented by the investors were similar with

several offers being presented, including partnerships among multiple sharks, lines of credit being offered, and the entrepreneurs allowing the sharks to try their items. On the other hand, we witnessed cultural and behavioral differences between the two shows. For example, the investors are referred to as “sharks” partly because they are hungry for great investments, but also because they are aggressive and vicious; therefore, the sharks in the American version of Shark Tank a re more defensive, rude, and outspoken. The American sharks repeatedly interrupt each other while speaking, try to talk over one another, and attack each other by explaining to the entrepreneurs why they as an investor are better than the others. On the contrary, the South African sharks were much nicer and considerate of each other and to the entrepreneurs. They don’t talk over each other, speak in respective and calm tones, and point out the strengths in each company. After doing some research, we found that South Africans frown upon confrontation, which explains their more reserved nature. Whereas the American sharks will point out weaknesses and shortcomings in a company as reasons why not to invest, the South African sharks are more thoughtful and explain their genuine concerns and lack of expertise as reasons to not invest. After watching clips from both the US and South Africa, the main GH dimension that was apparent in both cultures was the Uncertainty Avoidance Index, which measures the degree to which society feels comfortable with accepting uncertainty and vagueness. Some societies want to know what to expect and don’t welcome surprises, while other cultures embrace risk. It seems that the American sharks were more risky and up for a challenge than the South African sharks. For example, when Polar Pro, which is a technology-based company, was introduced to the sharks, many of them expressed that they did not possess the expertise to excel in this industry, but they were willing to take the risk of investing anyway because they loved the idea of the company. On the other hand, when Rydawi Fish Farms was introduced in the South African episode, the owner mentioned that the government had just recently approved fish farming in the country and was only approving permits for certain companies; therefore, there was a risk involved in investing in the company because if the government did not issue them a permit, the business could not continue. All the sharks, except for one, named that risk as the reason for not investing. Therefore, the South Africans were more hesitant about uncertainty.

Finally, several aspects of consumer behavior were apparent in both shows. The psychological core involves possessing information and knowledge to base your decisions off of. For the most part, the sharks on both shows were more likely to invest in a company that was in the realm of their knowledge so that they were more confident in their abilities. This relates back to the Rydawi fish farms example, because there was not only a risk of not obtaining a permit, but many sharks were not experienced in fish farming so they opted out of investing. Also, all of the entrepreneurs have strong motivation to grow their businesses because they are passionate about what they do. They invest their time and money into their ideas, thus, their companies are personally relevant to them and directly affect their lives. Furthemore, there are performance risks for entrepreneurs, or the risk that the product will not work as expected, and financial risk that the entrepreneur will lose money if their company fails. Finally, the concept of ability is prevalent in both shows because most entrepreneurs on the show don’t have the financial and physical resources to grow their companies which is why they seek the sharks’ help.

Programs watched: United States: Shark Tank ● https://www.youtube.com/watch?v=VWRSxR1IIXA ● https://www.youtube.com/watch?v=3VBmLGUDxWA Canada: Dragon’s Den ● Season 14: clip for Hush Blankets https://youtu.be/WXenKE0eWws ● Season 14: clip for Good Food for Good https://youtu.be/PqjxO60UY2c South Africa: Shark Tank SA ● https://www.youtube.com/watch?v=fcDIUeblfH8 ● https://www.youtube.com/watch?v=508i71ETwEQ...