In many ways, the course work for a marketing degree overlaps with the coursework for a business degree. This should come as no surprise, since both business degrees and marketing degrees help you learn practical skills that work across a broad range of industries. While each college or university names their courses a little differently, the type of marketing courses you can expect to encounter while working towards a bachelors’ degree in business or marketing, an MBA, or a master’s degree in marketing, will be similar regardless of the school you attend.
Of course, marketing students will focus on marketing principles. Frequently, the core principles of marketing are referred to as the 4Ps: selecting a Product; determining the Price; selecting a distribution channel or Place; and developing a Promotion strategy. However, marketing students need to understand marketing on a deeper level than a simple 4P overview provides. For example, marketing majors may not ever have to conduct their own market research, but they should understand statistics, as well as the tools and techniques market researchers use, so that they can evaluate that research. Marketing students also need to understand how to market to businesses, including a thorough understanding of the supply chain.
One of the ways that marketing courses deviate from business courses is that they emphasize the role of human behavior. In many ways, marketing is selling, and to sell products, one must know people. Consumer behavior, or the psychology of marketing, helps explain what motivates people to make purchasing decisions.
You can expect to encounter at least one business communications course. These courses focuses on those components of communications that are most relevant in a business setting. They may include international communication, managerial communication, and even business writing courses.
Marketing students will also need to be familiar with economics. While many times you will only be required to study macroeconomics, you may find it easier to understand economic concepts if you also study microeconomics. In different ways, both approaches to economics look at the core concept of supply and demand. A marketing professional’s job is not only to create demand for a product, but also to be able to realistically assess whether such demand can be created and what price point the demand will sustain. Although it is geared more towards understanding the supply chain, Forio’s Root Beer Game can really enhance student’s understanding of supply and demand.
Given the globalization of most businesses, marketing students have to be familiar with an international business environment. Strategies that work well in one situation may be completely inappropriate in an international context, therefore students need to learn global marketing strategies. Of course, if you intend to market to a specific international area, then taking courses that are specifically tailored to that area can be helpful, even if they are not in your degree plan. It is not unusual for marketing students to study sociology, foreign language, and culture in order to gain a better understanding of their potential consumers.
Programs is another element of the new four Ps. The company needs to have two programs. The first is that the launch program. The company needs a strategy to bring this product to market, and it needs to have a program that will allow it to gain exposure, build a brand quickly, and get the distribution it needs to compete. The second program needs to follow up the first one quickly, and take the product through the growth stage of the life cycle. This program has to continue to expand on the brand building, and get a strong follow-through on the launch. The key here is that the company needs to convince customers to drink the product regularly, and not just in a hiking context. That means that the company needs to keep the interest level high in the product. This is why the company needs to have the best people, so that all the ideas and energy are not expended on the launch, that the second program in terms of growing the brand is just as strong as the first one.
Performance is critical, and is another reason why the people element is so important. Performance reflects the measures of success that the team has for the product. The metrics need to be finely detailed, so that the marketing team knows everything there is to know about the product's performance, and the details of the people who are -- and are not -- buying the product.
Measurement is an essential part of this plan. Everything needs to be measure for a product launch like this. The target market needs to be understood intimately, so that the rest of the promotional program is on point. The performance measures needs to include target market measures, market share and penetration measures, store by store and region by region sales figures, test market responses and more.…… [Read More]
Yue Sai; Assessing Potential Marketing
Yue Sai, owned by L'Oreal, has not been performing as well as expected. Part of the issue may be related to the way that the brand has been managed and the current positioning, which maybe argued as ambiguous, there have been different approaches to marketing, and while L'Oreal have made investments in supporting the brand, they appear to have been unable to differentiate the brand sufficiently to increase sales. While it may be tempting to argue that brand should be repositioned again, given the history and the changes that have already been seen, it possible this would create consumer confusion, with memory and current messages creating a conflict and detracting from the brand. Branding can also take time to establish, especially when the message is the change or alter previous values (Kotler and Keller, 2011). Taking this into consideration it may be suggested that the current branding is supported and built upon, using similar messages, with aligned values, but with a higher level of targeting and improved differentiation.
To appreciate how the shift in brand strategy may be implemented one first has to appreciate the current problems. When the brand was first founded in 1992 by Madam Yue-Sai Kan, it was clearly positioned, supported by clear positioning, in which the brand benefited from gaining a first mover advantage; being the first Chinese premium brand of make-up designed specifically for Asian skin (Yang, 2013). Supported by a best selling book by the founder the brand became successful (Yang, 2013). However, when sold to Coty that firm focuses on distribution and not marketing; the differentiation was lost. By the time L'Oreal purchased the brand, the environment was different; many more, well differentiated brands were competition in the market, and Yue-Sui was an older brand, associated with the older generation, so found it difficult to gain market share (Yang, 2013).
However, the environment in China is also one where there is also recognition and affection for history and tradition; Yue Sai was the first Chinese make up, and this is something that those who were using it in the 1990's may still be aware of. The current message; with Yue Sai being a brand for confident modern Chinese women may be built upon, at the same time the newer…… [Read More]
Description of the Product
The product is coffee, or specifically it is high end coffee, expertly roasted and made available to coffee shops, institutional customers and retail customers over the Internet. There are several elements to the product. The first is the beans, which are sourced from equatorial regions around the world. There are different breeds and cultivars of coffee available on the market. Coffee, like wine grapes, picks up significant characteristics from its terroir as well. The result is that there can be tremendous differences in beans from different parts of the world, or even from different farms within the same part of the world. For all of the world's major coffee companies, beans from all over the world are blended together and roasted with the objective of creating a uniform taste that can be replicated all over the world. All major competitors, from Nestle to Kraft to Starbucks, utilize this basic formula.
High end coffee, however, is highly differentiated from this formula. Ultra-premium coffee is roasted in small batches with beans from individual regions and farms. The specific roast is designed specially to bring out the unique characteristics of the beans from that farm, and for the means of production (espresso or filter). Ultra-premium coffee therefore aims for a character that is anything but uniform -- each batch and indeed each cup could and should be entirely different from its predecessor. The appeal for consumers of ultra-premium coffee lies specifically in these differences. These are the same customers who spend hundreds of dollars seeking unique wines, beers and spirits, or unique dining experiences. Such tastes typically extend to other products as well, from clothes to entertainment to automobiles and vacations.
The Internet is the perfect vehicle for this type of business. There are two reasons for this. The first is that these consumers are diffused. While the nation is filled with millions of coffee addicts, those who take it seriously enough to pursue ultra-premium coffee tend to be diffused around the country. These consumers are therefore hard to reach via conventional channels because volumes in any individual city (with one or two exceptions) are too low. The second reason is that the Internet is often where these consumers learn about…… [Read More]
Email marketing is "the use of email in marketing communications." (Brownlow, 2012) Email marketing is reported as a term that "covers every email" that is ever sent to a customer, potential customer or public venue." (Brownlow, 2012) Email marketing refers to the sending of "…direct promotional emails to try and acquire new customers or persuade existing customers to buy again." (Brownlow, 2012) In addition, it is reported that sending emails which are designed in a way that will provide encouragement for customer loyalty and enhance customer relationships. In addition, placing your marketing messages or advertisements "in emails sent by other people." (Brownlow, 2012)
Three Primary Forms of Email Marketing
Email marketing is in three primary forms stated to be the following: (1) direct mail; (2) sending a print newsletter; (3) placing advertisements in subscription magazines and newspapers. (Brownlow, 2012) It is reported that email marketing's popularity is because: (1) sending email is cheaper than most forms of communication; (2) email lets you deliver messages to people unlike website where people have to come to the message; and (3) email marketing has proven very successful for "who do it right." (Brownlow, 2012)
II. Direct Email
Direct email marketing is sending of promotional messages in email such as a special offer or announcement of some sort. It is possible as well to rent email address lists from service companies, which allows for geographical or interest-based targeting of emails.
III. Email Marketing Software
Email marketing software allows for the creation of profitable customer relationships and includes tools such as professional email signup forms and autoresponder services. One such software advertised is AWeber Opt-In Email Marketing Software produced by AWeber Communications. Email marketing software enables management of client accounts from one location and creation of a new revenue stream with competitive wholesale pricing. In addition, simple design tools are included in many email software-marketing packages.
IV. Benefits of Email Marketing…… [Read More]
The cosmetics industry and market continually change to present players in the field with new opportunities and threats. In the context of the dynamic and competitive industry, Estee Lauder is seeking to introduce a new product line to better serve the changing needs of customers. The new product line would be sold with the Beautiful fragrance and would be distinguished by the fact that it is based on components such as antioxidants, peptides, minerals or growth hormones. The Beautiful product line addresses women in the baby boomer category and they target issues of skin rejuvenation.
The success of the new campaign and product line is based on the identification of all threats, opportunities, strengths and weaknesses. Upon the assessment of these features, two important issues are derived -- the barrier raised to the specific market segment by the cost, and the potential threats pegged to distribution channels. The future success of the campaign and the product line is directly linked to the ability to address these issues, and this is why the marketing campaign is crafted so that it answers these specific problems.
The campaign is expected to retrieve positive results starting from the first year of retail, and an important component of this triumph would be played by the precise and dedicated control system.
2. Current marketing situation
The cosmetics industry is a highly dynamic and competitive industry, often characterized by maturity and steadiness. The cosmetics industry is mature due to the presence of numerous players in the industry and the fact that the presence and market shares of the leading firms is undeniable and suffers few modifications. In terms of steadiness, the cosmetics industry provides established companies with the benefit of constant demand due to the commodification of cosmetics products (their transformation from luxurious items into daily commodities).
The primary consumers of cosmetics products are the women, of all ages and belonging to all income categories. The consumption of cosmetics products has been gradually increasing throughout the recent past, and this is due to the fact that there is an intense pressure…… [Read More]
Part of the marketing program is to broaden the customer base to be more reflective of LA's total demographics. Such basic information can be collected by the intake staff, and can then be compared against data from prior to the marketing effort. If there is a specialized campaign -- say taking out ads in an ethnic newspaper -- we can track to see if there was a bump in the demographics of that group among our customers. Such direct studies can also help understand how best to reach specific target markets, especially the larger ones that can be segmented.
The major evaluative categories are profitability, productivity and efficiency. All three derive from targeting certain customer types that will help improve each of these things. Efforts in these areas can indicate successful execution of the marketing plan. That said, successful conception of the marketing plan will be measured more on whether there is correlation between observed changes in patient trends vs. observed outcomes in the major evaluative categories.
Because of the wide range data that can have value, the evaluation of the marketing plan will be more comprehensive than simply measuring a few outcomes. The data will show us whether we met those basic targets, but we also want to see what else the marketing plan accomplished, and gain insight that will tell us why the reported performance was as it was. This way, we can make adjustments to our efforts in the future, to improve our marketing. If we can keep the cost of collecting marketing data down, there is certainly no limit on how much data would be useful, and the more we have for evaluation purposes the better.… [Read More]
CIC is a cardiac imaging center that has just opened, trying to win business from the established competitors in town with better equipment and service. The focus in terms of building market share is to oriented the marketing reps to build strong relationships with the physicians and the payers, both of whom are key drivers of business. This will help CIC to take advantage of the favorable social conditions of an aging population to build revenue and become profitable.
The challenge is to successfully market Cardiac Imaging Center. This is a new business, so there needs to be an emphasis on gaining exposure and gaining referrals in order to build the business. Key goals will be associated with revenue, market share, number of patients, number of partner physicians and profit.
Cardiac Imaging Center (CIC) is a new business that has just been completed. The service is a small imaging center with the most technologically -- advanced equipment. The business currently has very few customers, but it has costs, and so it needs to build its business up quickly. The new business has a technological competitive advantage, as the other cardiac imaging centers in the area are using older technology that is nowhere near as good. However, CIC charges a premium price. In this business, there is a reliance of physicians to refer patients to the imaging center, so one of the key critical success factors for this business is to build partnerships with local physicians to increase referrals. The first objective is to gain 50 area physicians for referrals, and from there to take 40% market share within the first year, of the local market.
The strength of the center lies with its modern technology, which is superior to the technology of any other clinic within a 50-mile radius. This technology is the primary source of competitive advantage. A secondary source of advantage is in the service dimension. This is important because customer service is a determinant of satisfaction. Two key characteristics of a high level of customer service is time and quality -- the equipment provides the quality and efficiency, longer hours will reflect on the time (Roslow, Nicholls & Tsalikis, 2011). Another strength is that the company is well-capitalized, as it started with a sufficient amount of capital to build the business.
The main weakness of…… [Read More]
Starbucks can be left without profits if it markets its products in the wrong locations. Place is the sites at which the company avails its products. This includes channels of distribution from the distribution point to the end customer. Starbucks attempts to minimize the distance customers have to move to the point where the product is sold. This is followed by targeting the appropriate target market before making decisions on how the products will be availed to them. For instance, because Starbucks is selling trendy food products, opening stores in rural areas will not bring any profits. They must take their products to locations where youthful people tend to hangout such as malls and multiplexes. This is the only way for them to gain maximum attention from the target market (Haberer, 2010).
Moreover, Starbucks must develop a pattern of being alert to offer the ease of shopping. When Starbucks diagnosed their customer based, they realized that they are serving the busy working class. These are financially stable people but lack the time to buy Starbucks products. Therefore, the product cost involves bot the price and time invested in purchasing the products. This means that if Starbucks reduces the price for their products, it will not make any significant changes. Instead, it would be advisable for the company to consider reducing the time involved in purchasing their products. This has been successful; the firm has introduced virtual outlets in bus stands and subway stations where customers can pick items on their way home. This strategy managed to increase their sales rapidly (Lamb, Hair & McDaniel, 2012).
Starbucks engages promotional tools that take products closer to the target market. In addition, promotional strategies have enabled the company increase awareness in the market. They achieve this through internet and TV advertisements. Their prices are not driven by optimum sales but their ability to promote products. They produce products meant for customers and ensure that customers…… [Read More]
Nostalgia and taste
Nostalgia for a comfortable life, sitting around the campfire singing songs with Jack, fun, happiness, acceptance, and comfort.
2. Ad strategy through components above: "Campaign -- Roses for Your Mother for Mother's Day From FTD." -- basic idea, field of roses, talking with each other, they can't wait to be picked fresh and sent for special occasion; vying for who gets to surprise Mom and why. Rather than animation, use of computer aided techniques, the real roses "appear" to talk in the field. No humans are shown in the commercial.
Roses for Your Mother for Mother's Day -- From FTD
Combination Conative and Promotional
Designed to convince consumers that roses are special and that for the upcoming MD holiday, it is best to send something unique that Mom would not expect.
Emotional -- Guilt, emotion
Consumers are usually at their wit's end trying to understand what to get Mom on MD. The emotional appeal of the "honest flowers" is designed not only to convince, but prove elegance.
Talking roses? Roses so eager to become a gift they vie for the chance? Fantasy with a twist.
Combination of emotion and Fear
The emotions tied up in MD and gift giving, the humor in talking roses, and the fear of forgetting Mom
Dramatization with use of magical realism
Consumers know what roses are -- and that the flower is the international symbol of love and fidelity. Showing the various colors and styles of roses eager for the chance to make Mom happy transcends culture, and moves towards emotional fulfillment.
The typical, but atypical "rose"
Eager to be chosen, eager to please -- eager to express the benefits and features.
Nostalgia, necessity, and the idea of need
Nostalgia for the "ideal" MD, even though we know that holidays are more ideal than real; necessity for having to purchase something, need because of the time frame -- with this advertisement, need is handled simply with a phone call, spending of money and the arrangement appears -- magically for Mom.
Goal -- to ensure consumers purchase roses for Mom at Mother's Day prior to spending money on any other gift.
Positioning -- Roses grown special for that special person.
Medium -- Television, Magazine advertisement -- can communicate the message…… [Read More]
Marketing stimulus constantly surrounds consumers. It is prevalent throughout much of the traditional forms of media with respect to print, television and radio. As such, due to the overall ubiquitous nature of advertising, ads that are often very well planned, do not receive the attention they should otherwise warrant. This occurs due to a litany of factors. Many of these factors pertain the nature of advertising itself. The sheer number of advertisements can be overwhelming for the average consumer. Studies have proven that a consumer needs roughly 7 views of a particular ad to simply remember the product or service. However, these 7 views must occur in the context of many thousands of ads that present themselves daily. Therefore the competition for a share of the consumers mind is tough given the circumstances prevailing today.
One company that does a good job with marketing is that of Nike. The company sells apparel such as shoes, shirts, sports clothing, and accessories. As such, Nike operates in a commodity like business. However, due to its marketing innovation, the company has been able to command a greater share of the consumers mind in regards to its products. Nike's marketing however has not been without its flaws. Below is an ad from Nike that I believe should be gaining more recognition than it should.
This ad was featured primarily on online, digital, and magazine mediums. This I believe was warranted as nearly 60% of Nike's revenue comes from the running segment. However, I believe there are 4 main aspects that could help this gain more attention. First is the use of non-traditional forms of advertising and stimulus. This ad would make an ideal attraction on frequented running routes. Trails or parks for instance, are frequented by runners on a constant basis. In fact, runners often use the same route on a daily basis. As such, placing the ad were it is most relevant would aid in its overall attraction and stimulus aspects.
The cost and feasibility of this action would be relatively modest as compared to many of the more traditional forms of advertisement. First, by placing this ad in online, digital, and print mediums, Nike is competing with many other forms of advertisement within the same channel. There is no guarantee that the…… [Read More]
Go to a Wal Mart or Target and find the following marketing strategies in action:
An example of how an end-cap is used to highlight a product
An end cap is a display product that is placed at the end of the aisle. An example of how an end cap can be used to highlight a product is with Coca Cola. As, this is place where they will build a creative display to capture the mood for a particular time of year (in this case it is football or Halloween). This helps Coke related products to stand out in relation to other merchandise. Once this occurs, is when consumers will choose the Coca Cola that is on display at the end of the aisle. ("End Cap," 2011)
An example of a product/service that might be targeted at a specific ethnic population
A good example of product that might be targeted to an ethnic population is Mexican food. As, those stores with high amounts of Latinos will carry more of the kinds of spices and foods that this group consumes. This helps to increase sales among this demographic of consumers and it is improving the brand image of the location.
3. A product that is targeted at lower or lower-middle class consumers
A product that is targeted at the lower income consumers is Sunnyside orange juices. As, this is on sale for: $1.00 (at the end of the display aisle), in order to reach out to this demographic of consumers.
4. A product that is targeted at upper-middle or lower-upper class consumers
A piece of merchandise that is targeted towards upper middle class consumers is: with Wal Mart selling Eternity for Men. This is because; they found that in many high end retailers such as Macy's demand for this product was strong. The fact that they are selling this item is an indication that they are reaching out to this group of consumers.
5. An example of demographic segmentation (Age, etc.)
Another example of demographic segmentation can be seen in the women's clothing department of Wal Mart. As, they have the different style categorized between: children, teens and the 20 something crowd. These different elements are important, because they are showing how Wal Mart is targeting this demographic of consumers (based upon the clothing, styles…… [Read More]
The attributes of the Smart Wall are that is offers the opportunity to change the look and feel of a room with some programming, in particular a smartphone app that can activate the wall covering. The wall covering is billed as a wallpaper but it is not really that, since it is comprised of LED lights that are controllable with the app, and thereby able to change the colors and patterns of the wall, giving total flexibility for the look and feel of a space. The app will be available for both Android and Apple and will use Bluetooth to communicate with the SmartWall.
The attribute is interesting, and certainly not something that has been seen much. Thus, there is some risk here in that the market for this is not all that well-known. For example, there have been a few things with variable lighting on walls that have been tested at some hotels but this is not widespread. So the idea of novel but untested, which means that while there is curiosity in the market about this product, it is as yet unknown what the actual demand is going to be for this attribute.
To estimate the demand, one needs consider the spaces. Now, changing the look of the room is only possible where the furnishings and fixtures allow it -- in some cases a new color or pattern on the wall will ruin the entire look, so this attribute is mainly for people who will be willing to design an entire room around the concept. By and large, this market is going to be commercial, especially sites like hotels, nightclubs and restaurants that can benefit from changing the look and feel of the room easily. Retail clients are likely the type who will dedicate a room for this and install furnishings in neutral colors in order to take advantage of this key attribute -- probably black and white (Doorknob, 2013). So there is definitely room to sell this attribute, because there should be customers who will benefit specifically from it.
When you have…… [Read More]
Review of marketing and promotional model
Any organization's marketing program must take into perspective its marketing strategy and analysis, the target marketing process, marketing planning program development, and the target market. As a person in charge establishing a marketing campaign for a product in its mature stage of the product life cycle, it is imperative that a marketing strategy is developed. The person establishing the marketing campaign has to determine the product or service area and market in which the product is to compete (Breaugh, 2011). The strategic marketing plan must take into consideration an organization's corporate strategy. The marketing strategic plan should act as a guide to specific marketing programs and policies. The process of development of a strategic marketing plan should be based on situational analysis. There are three steps that have to be followed in the process of developing a marketing strategy. These are opportunity analysis, competitive analysis, and target market selection. Opportunity analysis involves evaluating areas where customer needs are not being satisfied and where the organization can compete effectively (Breaugh, 2011). The process of developing a marketing strategy also involves analyzing the competition your product is likely to face in the market place. Competition can be there in the form of direct brand competition or other products and services consumers use to satisfy their demands. A lot of attention has to be paid on the competitors marketing programs as they adversely affect an organizations marketing strategy. When developing a marketing strategy one has to critically look at the special thing his organization possesses that gives it an edge over its competitors (Breaugh, 2011). Competitive edge can be achieved through product differentiation, provision of superior customer service, lowering the production cost of products, and dominating channels of distribution. An organization can have competitive edge when it also engages in excellent advertising and promotion. The final step in developing a marketing strategy involves selecting a target market of your product. An organization may select one or more target markets where it will develop its marketing program. An…… [Read More]
Marketing Effectiveness Memo:
Marketing is an important aspect of every business, especially hospitality establishments because they operate in an increasingly competitive market. Every business should develop effective marketing strategies that are geared towards attracting customers. When developing marketing strategies, the focus of the initiatives should be ensuring that the product and/or service meets the demands of customers. These marketing initiatives should also act as the foundation for developing and sustaining long-term relationships with customers. One of the major establishments in the hospitality industry that has benefited from comprehensive marketing strategies and initiatives is McDonalds Corporation in fast food operation.
McDonalds Marketing Efforts and Target Audience:
As previously mentioned, McDonalds Corporation is one of the establishments in the hospitality industry that has profited significantly from comprehensive marketing strategies and initiatives. The essence of the firm's marketing efforts is emphasis on becoming the best fast-food restaurant rather than becoming the biggest fast-food chain through an initiative called a plan to win. As a result, the corporation has continually focused on building its brand through listening to its customers in its various stages in the marketing process. McDonalds develops its marketing strategy after analyzing detailed information regarding its customers in order to create the correct marketing mix.
Under its product and service strategy, McDonalds Corporation has deliberately maintained a limited depth and width of its products and services ("Marketing Strategy of McDonalds," 2007). Generally, McDonalds Corporation develops its products based on the ever changing customers' desires and tastes. In relation to place, the corporation offers its products and services in distribution outlets and channel to ensure that they are available and accessible to customers. Since pricing strategy is an important aspect of marketing efforts, the corporation provides its products and services at reasonable prices. The firm has specific value pricing and bundling strategy that is geared towards enhancing the total sales of products and services. Promotion strategies for McDonalds include endorsement activities and advertisement that help in effective communication with probable customers.
Through these efforts, McDonalds use demographic segmentation strategy with age as the main parameter for developing effective initiatives for its target audience. Generally, the company seeks to provide a friendly and happy environment for all its customers to enjoy its products…… [Read More]
This is why those service providers to other businesses often stress customer results in the core industries they compete in. These customer successes show the depth of expertise in a given area. These success stories make services tangible to customers. Marketing strategies used to support this approach include the widespread use of video and interactive online materials to show the problems solved and results delivered with a service. The greatest proof point any business can have is their customer base explaining how they were able to solve a major problem or issue using the service.
Response to Question #4
The strategy for pricing the GasEnhance device needs to be more focused on how to create a long-term competitive advantage, and less about how to penetrate a market quickly to gain market share. This product needs to be launched with a premium, highly defensible pricing strategy that takes full advantage of how unique, differentiated and valuable the GasEnhance is. The more differentiation and unique value a product delivers, the higher the overall level of price inelasticity it achieves (Choudhary, Ghose, Mukhopadhyay, Rajan, 2005). As the GasEnhance is at a very high level of differentiation at launch (the only one in existence) the pricing strategy can be defined with the objectives of quickly capturing costs of development while also establishing a firm price/value relationship, which is consistent with Kotler's principles of pricing to a given market. With an uncontested market that doesn't have any competitors, the GasEnhance needs to capitalize on its unique first mover advantage, pursue an aggressive pricing strategy to recover both R&D expenses and generate the maximum amount of profit before competitors enter.
Response to Question #5
Wolfe Corporation is relying in a traditional, hierarchical sales model to compete in an industry that is very complex, requires a high level of expertise with the sales team and their support staffs, while also…… [Read More]
Marketing Mix and Kindle Fire
The Marketing Mix and Amazon's Kindle Fire
The marketing mix is an important tool used by organizations and individuals as part of an effective marketing strategy. "Every marketing strategy is composed of the same four components: price, product, place, and promotion" (Colbert, Nantel, Bilodeau, & Rich, 2001, pp. 19). A marketing specialist needs to know the function of each of these components and must also know how to balance them in order to create a successful marketing strategy. Most importantly, and before the marketing mix can be utilized, a marketing specialist must know the product he or she is marketing inside and out to best determine how to develop a marketing strategy. The combined components of the marketing mix are often also referred to as the four Ps. The four Ps can be used to show the marketing approach taken by e-commerce giant Amazon.com (Amazon) in marketing their line of e-readers, the Kindle, specifically, the Kindle Fire.
Product is the first P. Of the marketing mix. Colbert et al. (2001) state, "the product is the centerpiece of any enterprise" (pp. 20). The product can be either a good or service that is going to be sold to the consumer. While Amazon offers a wide variety of products, the most recent tablet, the Kindle Fire, will be the focus of this analysis. The Kindle Fire is the most recent eReader tablet that has been released by Amazon. The Kindle Fire reduces or eliminates the need for traditional books, magazines, or other paper-based documents. Additionally, the Kindle Fire has the capability to play music, watch movies and television shows, play online games, provides unlimited cloud storage, provides the user access to a lending library, and allows the user to browse the web (Amazon, 2012).
Pricing is the second P. Of the marketing mix. A product's price is the monetary value assigned to a specific product. "Price also includes the effort a consumer must expend in the act of buying the product. Thus, there is always a price to pay for a product, even when it's free" (Colbert et al., 2001, pp. 20). Because pricing is a "highly visible…… [Read More]
On the contrary, technology forces will impact the Hershey Company since the technological knowledge of consumers impacts their desires for products and services. This is primarily because technological advances have created opportunities for new products, new methods for influencing customers, and new selling methods.
Strategies for Overcoming Threats:
Generally, the technological, societal, and economic factors provide marketing environment factors that pose marketing threats to the approaches adopted by the Hershey Company is selling and distributing its products and services to its customers. Marketing threats are environmental factors that can hinder the organization from accomplishing its marketing goals and objectives. The identification of these forces in the external environment is part of the strategic planning process through conducting a SWOT analysis. Consequently, the firm needs to overcome these threats through adopting some appropriate and effective strategies.
For the Hershey Company to deal with these marketing threats, some of the most suitable strategies could include monitoring, developing new products, protection of customer base, and identification and minimization of weaknesses (Linton, n.d.). The need to monitor threats in the business is fueled by the pace of change in the economy in order to change the business strategy as new threats emerge. The firm should also incorporate new product development plans in its long-term business strategy in order to deal with the threats. In light of the emergence of new competitors, the organization should develop a customer loyalty strategy in order to protect its customer base. Furthermore, the identification and lessening weaknesses through prioritizing actions help the firm to deal with forces that represent greatest risk.
Notably, the success of marketing initiatives of products and services of the Hershey Company is also dependent on capitalizing on opportunities in the marketing environment. This can be achieved through various strategies like enhancing consumer confidence, creating awareness of products and services, and leveraging emotions. These strategies boost the existing marketing approaches and enable the firm to maximize on opportunities in the environment.
In conclusion,…… [Read More]
Satisfaction of Market Needs as the First Step towards Product Development
Product, Price, Place, and Promotion are the core foundation of the marketing mix. The designing of a product initially goes through the product-development process. It starts off with the idea itself, then the concept, followed by a prototype, which is then placed under a product test, market test, and then finally launched. The success of high performers in the market is highly dependent on a thorough understanding of the market demand. A Deep insight into the need that is being met is the best guarantor of success in the short and longer term (Kotler et. al 300).
A new product launched within a market would only be successful if its features and specifications truly resonate with clients' requirements, and if there are sufficiently large segments and demand structures at which the product launch is focused on. In order to satisfy customer needs before launching a product it is essential to focus on market segmentation, which implies investing deep consumer understanding and focusing first on clients and competition. For attaining relevant information regarding the market needs, market research is essentially required which helps in knowing potential target markets by first sending out an online survey to find out more about market demographics. Analysis of market needs caters in highlighting the areas requiring enhanced customer satisfaction efforts. Market sizing analyses are instrumental in estimating market opportunity potential, reachable market share, and potential revenue. Until these types of activities resolve themselves, ambiguity will rule the early launch environment, which might lead to unsuccessful product launch results. It is therefore imperative to conduct marketing activities, which drive and shape the go-to-market strategies and execution tactics required for the product launch. The lack a detailed understanding of your target markets attributes results in a knowledge gap that will flow through all product development and go-to-market activities and significantly weaken the launch efforts and post-launch business success (Kotler et. al 100).
Role of Internet in Product Distribution
The advent of Internet has actually made product distribution more interactive by launching fields like e-products, e-retailing (also called e-tailing), e-advertising, e-research, and even e-delivery in the form…… [Read More]
Marketing Is About Service Encounter
Concept of Marketing
Marketing as an Organization-wide Philosophy
Role of Marketing in Business
Marketing Begins and Ends with the Customer
Concept of Marketing Mix
Impact of Globalization on Marketing
What are Services
Service Encounters: The Building Blocks for Customer Perceptions
Impact of Globalization on Service Encounter
The Importance of Encounters
Marketing is about Service Encounter
Concept of Marketing
Marketing is all about managing strong relationship with customers. It is a process through which companies create value for their customers with the intention to build strong customer relationships in order to gain value from customers in return.
In this era of advancement, no company across the globe can ignore the significance of marketing. A company's monetary achievement mainly depends upon careful marketing efforts. Now the question arises that why financial success is linked with marketing. The answer is quiet simple. An excellent product with best quality and features cannot make any profit if people do not know about it. There will be no demand for the product and in turn sales will be adversely affected leading to no profit eventually. Thus marketing plays a significant role in today's modern era of global advancement.
Marketing as an Organization-wide Philosophy
The most vital purpose of marketing is to create awareness about products/services and make loyal customers. Through marketing customers get a chance to identify what a company is offering and company gets an opportunity to persuade them to buy products/services. In this competitive era, marketing is not only about making name of your product only. It's more about differentiating products from other competitors. It's about convincing the customer to spend his money on buying your product instead of the competitor's. It empowers organization to capture maximum market share, make brand name, make and retain loyal customers. As it fulfills several tasks, hence it is considered an organization wide philosophy.
Role of Marketing in Business
Marketing promotes awareness. This awareness is highly significant to make and retain loyal customers. Without awareness there will be no customers and without customers there will be no business. Hence, marketing is important for the success of any business.
Marketing Begins and Ends with the Customer
The concept of marketing revolves around customers. It is a process through which organizations create value for customers and build strong customer relationships. Marketing process can clearly indicate the significance of customers in the concept of effective…… [Read More]
Marketing Plan for Eleftria Tablet
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Marketing Plan for Eleftria Tablet PC
The Eleftria Tablet PC is a revolutionary product in that it combines the latest developments in networking technologies, open source operating systems to keep costs low, and the ability to act as a central scheduling device for busy households. As of September, 2011 there are no tablets or low-end smart phones that have the ability to synchronize to multiple schedules while also being able to communicate over Wi-Fi to all devices in a household. As this Tablet PC can also be used for managing a household's many tasks and drastically reducing trips and time spent coordinating with other household members around key tasks and activities. As this device will be able to interact and integrate with all other Wi-Fi networks in the home, enhancements could be built that would take inventory of commonly depleted items including milk, bread, cereal or frozen dinners. The ability to click on a single icon on the tablet while out shopping to see what is needed could save hundreds of trips over a year. The Eleftria Tablet PC will also have EV-DO technology included on the motherboard, ensuring the device can stay connected to the Internet regardless of location or the need for a Wi-Fi signal (Apple Investor Relations, 2011) . The unique value proposition of the Eleftria is to communicate convenience, efficiency and cost savings by communicating better throughout a home. There will need to be a customized version of the Google Android operating system created specifically to support this device. As Google has made the adoption of their operating system a priority, this will most likely be achievable quickly. In defining and marketing the Eleftria PC, it's important to ensure it aligns with the company's mission statement. The mission statement is "Our passion is improving the quality of life for our customers through the use of innovative designs and state-of-the-art electronics, freeing them to live life how they choose. Eleftria!"
Product Support of Mission Statement
Freeing our customers to live the life they want begins with a tablet PC that can literally be used anywhere, anytime, by anyone in the family. The Eleftria Tablet PC, which will…… [Read More]