MKT 208

American Values

dee2127 — Mon, 10 Aug 2009 17:34:57 +0000

American Values, that is what is all boils down to in this economy the baby boomers and the generation Xers are going to consume on what we believe in and budget for our toys. American Values are really four basic rules. Self-sufficiency every man for him self, we are pushing our kids to push for there own dream with there own cash. Next you have Upward mobility to anyone who got an education, worked hard and played by the rules, well yes that is right but there are millions of people who did not get any education and are very successful and wealthy. Then we have work ethic and dedication to family which is what keeps Americans pushing towards a dream of survival for your family and your lifestyle. The last core value is Conformity everyone wants to be treated equal no matter what it is that you are doing, there are still some challenges we all have to make.

Identity Theft and Internet Consumers

dee2127 — Mon, 10 Aug 2009 16:02:28 +0000

In this country Identity theft has become a huge problem on the Internet I know of a hand full of people that are still not comfortable about buying things on the Internet. There is so much fear that they will be that lucky person to have there Identity stolen. So many people are afraid to even do there banking online, I know it took my husband up until this year to be comfortable with it. And there are 38% of people that never tell that it has happened, in 2001 750,000 people were victims with a total loss of $5 billion dollars, and in 2004 three (3) years later 10 million people had been defrauded for up to 54 million dollars. With Identity theft it can be prevented at around $881 a month for monitoring fees and about $1,378 to correct but this was back in 2004 you can only imagine what it would cost now. This Identity Theft protection has become a huge business for credit card companies and for Internet marketers. I am still not completely comfortable to buying on line but there are just somethings that you have to purchase on line like Airline tickets, Concert Tickets and books etc. This where the marketers get smart they offer stuff and then say web deal only so in order to get it at that price you have to purchase it on the Internet. But It makes you feel good cause you feel like you got a good deal. Now that the recession has come in to play and everyone is believing it spending on the Internet has changed even the government encourages everyone to slow down on credit card spending.

Goals of Promotion

dee2127 — Mon, 03 Aug 2009 19:11:52 +0000

From my earlier blog promotion is the key to the successof a product by word of mouth because people are going to talk about a product if it is good especially when they really like it. For instance I love Press-N-Seal I believe its by Gladthat product really works I tried it, I did just what they did in the commercial I love it and I tell everyone about, that’s promoting a product. There are three ways to promote a product and if all three are used effectively it should be successful. The first one is Informing it just like what I said earlier Toyota products are just more efficient it is proven every time they show a commercial it is advertised about its standing record of excellence and dependability and how well built there product is my husband won’t buy anything else. Second you have the Persuasive promotion encouraging brand switching, changing customers’ perceptions of product attributes, encouraging consumers to call and buy now. Like for instance I just switched over to TXU energy because I was trying to lower my electric bill so one day they called on the phone and I signed up, it wasn’t because I was talked into it was because I had already been receiving info mail and there rate was better plus they had a cool incentive. Third you have the reminding promotion it is designed to keep the product and brand name in the public eye. With all of the little jingles and cute commercials its not hard to do, expensive but not hard. Maintaining consumer awareness is the main focus because if you are not in the market for a product at that time when you are ready it will be there.

Promotion in the Marketing Mix

dee2127 — Mon, 03 Aug 2009 18:13:49 +0000

Promotion is the communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response. Promotion is valuable to moving a product without it no one would know it exist, by word of mouth or TV advertisement its fatal. Every company has a promotional strategy for each and every one of its products on its line. The Promotional Mix elements are advertising, public relations, personal selling, and sales promotion. Like we talked about in class it is part of the overall Marketing Objectives the 4 P’s Product, Place (distribution), Promotion and Price. The Marketing Mix and the Promotional Mix which is what you will need to target the market. Companies have to use promotions and promotional strategies to get the word out make them stand out, and make you interested in trying there product and they have to come up with competitive advantages to do so. Competitive advantages means that a company has something that another company does not. Toyota and ford products Toyota is leading the market in car sales because Toyota sales the fact there vehicle is a better built and in the long run will save you money this is proven I have 3 Toyota’s and one has 289 thousand miles on it and still running good. You also have Cost advantages and differentiation advantages such as lower prices with this economy people are looking for good prices. And then you have products that have an advantage because its different than anything else out there.

Personal Selling

dee2127 — Sun, 26 Jul 2009 23:24:28 +0000

Personal Selling is direct communication between a sales representative and one or more prospective buyers in an attempt to influence each other in a purchase situation. Before I started reading about Personal Selling I would of said that it was when you go into a liquor store and someone was standing there to wanting you to try their brand of liquor, which is not all wrong its just more to it. Personal Selling is just what it is personal, I always say I can’t sell any thing but that is not true either, from what I understand everyone that has a job had to sell their self to that employer. Selling yourself, your product, Idea what ever the situation may be, it is considered Personal Selling. Also Personal Selling has several advantages first it provides a detailed explanation or demonstration of what you are selling. Second You can alter your message to the prospective customers because you can’t approach everyone the same way. Third Personal Selling can be directed only to qualified prospectives, like when you are selling pots and pans at a SAM’s only the people that are interested will stop. Fourth selling cost can be controlled by adjusting the size of the sales force like having one person per store every other week. Fifth and most important advantage is that personal selling is considerably more effective than other forms of promotion in obtaining a sale and gaining a satisfied customer. To me the personal selling where the sales person is demonstrating the product is the best because I like to see the product work before I buy it.

Effects of Advertising

dee2127 — Sun, 26 Jul 2009 19:58:10 +0000

The Effects of Advertising is all around us between Television Ads, and computer radio we are surrounded by Advertising. Advertising is an impersonal, on-way mass communication about a product or organization that is paid for by a marketer. To companies advertising is huge, and it is said that enormous amount of money is spent on advertising every year by companies like Procter & Gamble, AT&T and Time Warner just a few spent almost $4 billion annually in the United States alone. That is about $10 million dollars a day that is a lot of money companies pay fees every time a commercial is shown on TV heard on the radio and seen on your computer, even those ads that come to you on your phone are included in that number. Depending on the product some products are advertised even more because of the audience they are trying to reach for instance the Game and Toy industries which are one of the highest ratios of advertising . The effects of advertising on consumers is huge I look at it as informational because I really don’t read the newspaper ads so I look at them as informational when I am looking for something I don’t like to shop so when I see it advertised at a discounted then I go get it. I’m not a shopper so advertising is great. But I am not the only one it is proven that people who watch or read consumers are influenced one way or the other with fancy slogans and cute jingles, Like the McDonalds jingle about the Big Mac It was huge and it made McDonald’s the hamburger chain a lot of money.

Marketing Channel Relationships

dee2127 — Mon, 20 Jul 2009 18:58:00 +0000

Marketing Channels is a form of networking between companies, distributors and consumers managing the social relationships among members in order to achieve synergy. There are three different types of Channel Relationships the first one is Arm’s-Length Relationship which is a relationship between companies that is loose, characterized by low relational investment and trust, and usually taking the form of a series of discrete transactions with no/low expect ion of future interaction or service. This type of marketing is commonly used at car dealers where they have a contract with Bridgestone tires to supply them with tires at the Toyota manufacturer are is having a production problem so what Toyota will do is call upon Michelin to supply them tires until Bridgestone recovers. I can see other companies doing this especially in this economic situation that we are in. The second type of marketing channel is Integrate Relationships is between companies that are tightly connected, with linked processes across and between firm boundaries, and high levels of trust and internal commitment. This is used by food chains that have relationships with everyone that they receive product from to be sold in there stores with out the integrated relationship if there is a misunderstanding then the company could be without a particular item for a while and could hider profits. The third one is Cooperative Relationships are more flexible and require some sort of contract. Cooperative Relationships are typically use at companies that want less ambiguity and is not like either of the other types.

Different Product Types

dee2127 — Mon, 20 Jul 2009 18:03:03 +0000

First of all product may be defined as everything, both favorable and unfavorable, that a person receives in an exchange. It is interesting it can be anything ear rings, a perm, or service like a pedicure even the ingredients in a TV dinner are considered products. Even though Product is considered tangible good there are different types of products land they fall under two categories Business (Industrial) or Consumer. A business product is used to manufacture other goods or services, to facilitate an organization’s operations, or to resell to other customers. And the Consumer product is bough to satisfy an individuals personal wants. So the business product is everything that is bought and is resell to companies to manufacture products like vanilla to Betty Crocker for the cakes and No#5 Red dye for lipstick and the Consumer products are the things that we buy for our own personal use. Thefour things that fall under them are Convenience Products are things that we shop for without thinking about it sodas, gum, combs etc. mostly sold in convenience stores or gas stations. Just the other day I had to go to a Shell to get some milk to finish my mashed potatoes I did that because it was convenient. Second you have Shopping Products are more expensive items that may not be at every store so you will have to go out and shop for at a particular store, I like to buy my crab legs at Albertson’s but I like to do the rest of my shopping at walmart. Specialty Products are very expensive like Chanel Bags, Rolex Watches things that you have to order or go somewhere special to get what you are looking for. And Last the Unsought Products are things that people will need but don’t shop for like burial plots, life insurance etc. This is what I understand about the different product types.

Scanner-Based Research

dee2127 — Mon, 20 Jul 2009 03:40:04 +0000

Scanner-Based Research, is just what is says but it also seems like a violation unless you join a panel and are geeting paid for it. This is a type of survey bu is done with out you having to sit down and discuss it or answer a bunch of questions. There are only to companies in the world that offer this type of research. (IRI)Information Resource, Inc. and The A.C. Nielsen Company. These companies provide a valuable service to major companies like Proctor & Gamble, Quaker Oats, Sara Lee etc., with two different types of scans one is Behavior Scan which is done when you are sent out to the retailers like a grocery store or the hardware store any where you shop this scan is done to let retailers know what products that are purchased the most and in what season they are most purchased. The Second one is the Info scan and that is where they advertise certain infomercials in certian areas and then monitor to see if it increase the spending of the product. This will also determine around what time of the year to start advertising for seasonal stuff and how tho market it. Also Knowing when to get this type of research done is very important and costly and have been known not to be used like when Proctor & Gamble decide that their product was going to make it big (Encaprin asprin) the product was such a flop they had to yank it from the shelves this maketing technique is clever. I wonder if I am participating in a scan when I go into a store to purchase something and they ask for my zip code! Just something to make you say Hummmm!

Postpurchase Behavior (Guilt)

dee2127 — Mon, 20 Jul 2009 03:06:54 +0000

Guilt, Postpurchase behavior! we all do it I do it more because I am not employed so trying to buy something for me is almost impossible. Retailers all of the world are feeling the pain from the Postpurchase Behavior. You either have consumers not going to their favorite place to shop because they know they will find something they will be dying to purchase. Me I walk around the store pick up a few things that I really like and want to purchase. But then I continue to keep walking around then this thing called Cognitive dissonance kicks in (that guility feeling) and I start wondering what if? and is it really needed? before you know it I have shopped for an hour and everything I picked up I put back. Retailers are begining to notice this so what they are doing is puting up signs to make you feel better about your purchase. Things like (This product is the top of its class, Ranked #1) or (staff telling you Congradulations on your Fine Purchase you are going to love your new 60 inch flat screen tv) any thing that can help you justify your purchase even 100% money back guatantee, but it can’t keep you from bringing it back and getting your money back.