Adv. Economics News
On February 5, Mr. Skoglund’s Adv. Economics class was in for a treat: David Splawn, older brother of Dean of Academics Clay Splawn, lectured the class on marketing, advertising, and the fundamentals of a successful business plan. David Splawn is a co-partner in Splawn & Ward, which helps banks and other business clients develop plans for sustainable growth using a "scientific, analytical approach to sales and marketing." Mr. Splawn received his undergraduate and Business degrees from the University of Alabama and started Splawn & Ward in 1997.
After sharing stories about Clay Splawn's "heavy metal college days,” David Splawn spoke of the importance of Supply&Demand (yes, he insisted they be considered as a single concept); the “4 P’s” of marketing: product, price, promotion, and placement; and pro-formas, how the business will make money. He posed to the class questions like “What am I selling? How should I price the good relative to my competitor? How do I communicate my advantage? What is the best way to distribute the goods?”
Students in Mr. Skoglund’s class are divided into five groups and each is charged with developing a plan for an entrepreneurial business. Like last year, each group will present their proposal to a panel of judges on April 26 in hopes of winning the Sabin Prize.
Click here to learn more about each group's proposed business.
"What the students learned from David Splawn's presentation is directly related to what we have been learning in class about business plans and market research,” said Mr. Skoglund. “However, the most enjoyable part for me was to see the students actually engage with a person who is working in the business world and have the opportunity to ask questions and receive relevant feedback regarding their own business plans."
"It was my pleasure to listen to Mr. Splawn's presentation,” Michelle Jung '14 said. “Through his lecture, I learned that business requires not only a great idea but also the skill to implement the idea efficiently."
This Friday, students will have the opportunity to augment their practical knowledge further. The Adv. Economics group will travel to Yale University to sit in on a MBA class about crafting a business plan, and will participate in a Q&A session with a current Yale student entrepreneur.
-- Britt Brown '13