Wednesday, May 1, 2013
I believe that owned media is the most beneficial and effective type of media. With today's society, social media is a part of everyday life, and people make an effort to stay tuned into social media throughout their day. A lot of the content for owned media is based online, and the online market has been getting more and more popular as the years go by. Owned media can also include blogs. I believe that blogs can tell a lot about a person, or a company, and if a company were to have their own blog, they will be able to reach out to consumers on a deeper level. I firmly believe that social media is one of the strongest ways to market and sell a product with today's society
1. Introductory stage
2. Growth stage
3. Maturity stage
4. Decline stage
The Product Life Cycle can be used to analyze a brand, a product form, or a product category. The product life cycle for a product form is usually longer than a product life cycle for any one brand. The exception would be a brand that was first and last competitor in a product form market. In that situation, the brand and product form life cycles would be equal in length.
Can you think of a product that is in the decline stage? If so, why do you think the product is in this stage of the Product Life Cycle?
Wednesday, April 24, 2013
I personally believe that social media marketing is beneficial. Social media is becoming more and more popular with today's society, and does not have any intention of stopping. Within the upcoming years, social media will continue to grow, and I feel as though social media marketing is great for making a business successful. For businesses that have Twitter or Facebook pages, this opens up an entire world for the business to market in. Overall, I think that social media benefits businesses substantially.
When sampling, there are two different types of sampling, a sampling error, and a non sampling error. A sampling error occurs in the difference between the truth of the target population and its sample estimate. Non-sampling error is a measurement error, which are mistakes made by the researcher such as recording the information incorrectly, gathering it incorrectly, etc.
Can you think of a point in time where there was a sampling error? What about a non sampling error?
Wednesday, April 17, 2013
I believe this change in marketing may hurt Dunkin Donuts. After many years Dunkin Donuts has been known for their donuts and pastries; even their name has "donut" in it! The reputation that Dunkin Donuts has built up has been centered around donuts so straying away from this product might hurt them quite a bit. I think that in order to stay financially stable, Dunkin Donuts is going to have to come up with a new idea that will overpower their well known reputation for donuts.
These are the parts to the promotional mix:
Advertising is "any form of impersonal, one-way mass communication about a product or organization that is paid for by a marketer."
Public Relations is "the marketing function that evaluates public attitudes, identifies areas within the organization the public may be interested in, and executes a program of action to earn public understanding and acceptance."
Sales Promotion is "marketing activities that stimulate consumer buying and dealer effectiveness."
Personal Selling is "a purchase situation involving a personal, paid-for communication between two people in an attempt to influence each other."
Social Media are "promotion tools used to facilitate conversations among people online."
Do you believe that promoters need all parts of the promotional mix in order to promote their product? If not, why?
Saturday, April 13, 2013
Another example of an inelastic demand is heat. People need heat in order to stay warm during the winter, and sometimes the spring and fall. No matter what the price of heat is, society still finds it a necessity to pay for it in order to survive. I do not believe that the consumer has control over the price of heat. The more people that need heat in their homes, the more that it is going to cost the company to supply the heat.
Tuesday, April 9, 2013
- Confronting a flood of new products, potential buyers carefully evaluate the price of each one against the value of existing products.
- The increased availability of bargain-priced private and generic brands has put a downward pressure on overall prices.
- Many firms are trying to maintain or regain their market shares by cutting prices.
- The internet has made a comparison shopping easier.
- The United States was in a recession from late 2007 until 2009 and was still recovering very slowly in 2011.
How do you think marketing managers choose the appropriate price for a product? What factors do they take into consideration when setting a price?
Saturday, April 6, 2013
After reading Melissa's post, I believe that the April Fools Day products could help or hurt the brands depending on the audience. I think that younger generations would like the commercials because of the sense of humor used in the ads. Especially with younger people, the funny commercials will stay in their minds when they are out and about or out shopping. As for the older generations, I feel that if the consumer already uses the product and sees a funny commercial about it, they will find it funny, but as for adults who do not use the product I do not see how they would be affected by the funny commercials.
Producer Factors: Factors having to do with the producer are very important to the selection of a market channel. In general, producers with large, financial, managerial, and marketing resources are better abel to use more direct channels
Product Factors: Products that are more complex, customized, and expensive tend to benefit from shorter and more direct marketing channels.
Market Factors: Target customer considerations is one of the most important market factors affecting the choice of distribution channel. Specifically, managers should answer certain questions: Who are the potential customers? What do they buy? Where do they buy? When do they buy? How do they buy? In addition, the choice of channel depends on whether the producer is selling to consumers or to industrial customers.
Out of these 3 group factors, which one do you think is the most effective when it comes to channel choice?
Sunday, March 24, 2013
As an Amazon user myself, I think that this company is doing very well using the one on one marketing. Whenever I purchase a product from Amazon, they always recommend me another product that I may be interested in or something similar to what I have already purchased. Overall, I feel that Amazon has a great amount of success from one on one marketing.
Self concept combines two different types of self image. The first is ideal self image, which is the way an individual would like to be perceived. The second is real self image, which is how an individual actually perceives himself or herself. In today's society, we generally try to raise our real self-image toward our ideal self image or at least narrow the gap between them. An example of this would be someone who sees herself as a trendsetter, and wouldn't buy clothing that doesn't project a contemporary image.
Can any of you think of a certain time that you wanted to buy a product to raise your real self-image? If so, did you end up buying the product?
Thursday, March 7, 2013
1. Previous experience- when consumers have had previous experience with a good or service, the level of involvement typically decreases. After repeated product trials, consumer learn to make quick choices.
2. Interest- Involvement in directly related to consumer interests, as in cars, music, movies, or electronics. A person highly involved in their interest, such as bikes, will be more interested in that topic and spend much more time evaluating different types of bikes.
3. Perceived risk of negative consequences- As the perceived risk in purchasing a product increases, so does the consumer's level of involvement. The types of risk that concern consumers include financial risk, social risk, and psychological risk.
4. Social visibility- Involvement also increases as the social visibility of a product increases. They make a statement about the purchaser and carry a social risk.
What level do you think relates most to your consumer involvement?
Wednesday, March 6, 2013
After doing some research, I found a product in which consumer perception caused them to flop. According to the website, The Research Bunker, a product called LifeSavers Drink suffered from consumer perception.
Thursday, February 28, 2013
I believe that the category of new product that is most popular would have to be additions to existing product lines. Many companies already have really successful product lines that they would not think to get rid of, but they also want to expand on their customer's favorite products. Additions to existing product lines would expand the products, and give consumers a bigger variety of the the product that they love and enjoy.
Looking at the new product of Diet Pepsi, I would definitely buy the new product. The new product packaging is sleek, new and fresh for todays consumers. If I saw new packaging for Diet Pepsi, I would definitely want to try it out considering I already enjoy the other Diet Pepsi products.
We also went deeper into branding with its benefits. Branding has three main purposes:
1. Product Identification: Branding allows marketers to distinguish their products from all others.
2. Repeat Sales: This is the best generator to satisfy customers. Branding helps consumers identify products that they want to buy again.
3. Facilitate New-Product Sales: Having a well-known respected company and brand name is extremely useful when introducing new products.
With these benefits, a company can continue to gain sales, have their customers identify their products, and keep them interested when introducing new products.
Do you believe that one of these purposes are more significant than another when it comes to branding? If so, why do think so?
Friday, February 22, 2013
I disagree with Nick on this. I believe that advertising on uniforms is a great way for a professional/ club sports team to gain an income when they need it. Although on some uniform designs, the advertisement is front and center, and the team name is much smaller and normally in the corner, I believe it is a great way for the team to get their names out there in the market and get more offers for advertisement. Even though the uniforms with the advertisement logos don't necessarily show off the team name, the uniforms will be rememberable by the unique design of the advertisement.
An example of culture differences is when people in India shake hands, they sometimes shake hands rather limply. This is because in India, a soft handshake conveys respect, and not as a sign of weakness or disinterest.
Another example of culture differences in other countries is selling Broadway plays to other countries. The rights to reproduce Broadway plays are increasingly being sold overseas. However, the plays encounter some difficulty in translating cultural idioms and humor in other languages.
Can you think of any companies that have gone through a cultural roadblock? If so, what did they do to overcome this problem?
Sunday, February 17, 2013
Were you satisfied with a product targeted towards your lifestyle?
Do you know of a company that relies solely on government regulation?
Sunday, February 10, 2013
After becoming familiar with CSR's components(philanthropic, ethical, legal, and economic), I firmly believe that it is a mixture of all four responsibilities that is right for society, considering it is a business's concern to maximize its positive impact and minimize its negative impact on society.
Ethical responsibilities are about doing what is ethical. In other words, corporations doing what is morally right and avoiding harm.
Legal responsibilities are about obeying the law. Corporations are legally obligated to do what is right and not wrong. If companies and corporations do not obey the law there can be serious legal consequences, and can therefore hurt the company.
Economic responsibilities are about being profitable. If a company is not profitable, they cannot succeed.
Philanthropic responsibilities are about being a good corporate citizen. Companies and corporations take on the philanthropic responsibility by giving resources back to the community and society. Large corporations have a significant amount of power in society that they should take on this responsibility.
With all of the responsibilities combined, I believe that a corporation or company can improve society as a whole and greatly succeed.
As a consumer, looking at a company as big as the Gap, I can safely say that a partnership with Product (RED) can significantly improve the company's image. The retail world has a significant amount of competition, and with Gap falling behind on the latest trends, teaming up with a foundation like Product (RED) can not only improve the trends and image of the Gap, but also updating their products to attract new clientele.
The partnership with Product (RED) is a commitment to corporate social responsibility. By agreeing to a partnership the Gap is doing good for not only the company but for others in need as well. I believe that this is good for any company in any form of business. The popular restaurant chain, Chili's Grill and Bar teamed up with St. Jude's Children's Hospital to help donate money during the month of September for childhood cancer victims. This just shows how any company, including the Gap can commit to CSR and still do good for the company and others in need.
If the Gap had never taken on a partnership with Product (RED), how do you think the company would be doing today?
Wednesday, January 30, 2013
In today's market, customers are generally attracted to products that have many options and choices to pick from. You can never have too many choices, because this gives customers a wider range to pick what is attractive to them. Having limited choices when it comes to a product limits customer satisfaction and value. If a customer does not like the choices of a product, they might gravitate towards a product that does provide the type of product that they desire. Consumers love choices when it comes to products they love, which not only benefits the customer, but the company producing that product as well.