May 2, 2011
Graduate students in Dr. Mayukh Dass' Marketing Concept and Strategy course have teamed up with the Texas Tech chapter of the Formula SAE (Society of Automotive Engineers) to develop a unique marketing plan that will be presented to a panel of venture capitalists in Detroit, Michigan.
Each year, the Formula SAE club designs and builds their own original Formula 1 race car, ultimately racing the vehicle in an annual competition sponsored by SAE International. The competition will run May 9-15 in Detroit and will feature hundreds of entrants from universities all across the world.
While one part of the competition involves physically racing and testing each entrant's automotive capabilities, teams are also expected to create and present a marketing plan for their vehicle, taking into account finance, accounting and other business aspects of a commercialization process that could ultimately decide whether the vehicle will be chosen to go into production by a group of venture capitalists.
To strengthen their overall chances of success, the Formula SAE Club, whose members are mainly based within the College of Engineering, have linked up with Dr. Dass, who has applied the spirit of competition into his own course. Students in the class competed in teams to develop the most appropriate marketing plan for the vehicle the Formula SAE Club has created, and the team chosen with the best marketing plan will be able to accompany the club to Detroit, and present on behalf of the chapter and Texas Tech University. The team comprised of first year M.B.A. students including Ms. Hope Brinkmeier, Mr. Travon Hill-Chadwick, Mr. Rikhyashin Das, and Ms. Jackie Posenecker were chosen winners for this in-class competition.
"This has been a great experience for our business students." Dr. Dass said. "They not only learned about Marketing in the class, but also did a class project where they were able to apply their knowledge in a real world scenario. I think future inter-departmental collaborations like these will be beneficial to the students."