Marketing Budget

Every business has a marketing budget, and are especially felt with small businesses who don't have as much money to spend.  In these cases, they need to over come that by being more creative to keep up with the field.  Reading through articles online, I found some tips on how to get better results with a small budget.  First, use your ads for more than just space advertising.  Distribute ads internally to other departments like engineering, production, sales, customer service and research and development to keep them up to date on your latest marketing and promotional efforts.  Also, if something works, stick with it.  A lot of times marketers scrap their old promotions and create new ones because they're bored with their current campaign.  Don't over present yourself, especially when you gain some more money in your marketing budget.  Be true to yourself and remember tone and image of your promotions should be dictated by your product and your market, not by what other companies in other businesses put out.  These are just some tips of many on how to over come a small marketing budget.  Money isn't everything.

Does it make you be more creative if you have a smaller marketing budget?

Response to Kendra's post: Places and the Products Being Sold

I think businesses would be more profitable if they changed their prices and or products because of the facts that Kendra brought up.  The economy has changed the population her town see's during the summer time which consisted of more people in the past.  Stores would see this coming and jack up their prices, knowing it would all work out because people would be there to buy their products.  Kendra brings up a good point that the stores aren't thinking about the locals and the people that have been there as long as they have, and some even longer than them.  Selling the product is only one concern, as the right place, price, and time are just as important to a product selling and selling successfully.  These stores in her town should realize they will improve their income and profits if they lower their pricing and help out the people who are buying their products year round, not just in the summer time.  I don't think it is good for a town to only rely on tourists to earn profit because it is too much of a risk and is just setting you up for a problem if the number of tourists aren't exactly where you want/need it to be.

What would be the best move for these businesses to improve their sales?

Marketing Techniques

What's the best way to sell a product? How do you separate yourself from the rest of the field? I have always been curious what marketing teams focus on and the different approaches they take to market their product or service so that it appears to be the best option out there to the consumers. You can have the greatest new product or service in the world, but if no one knows about it, who cares? When cash is tight, marketing budgets suffer. A lot of different factors come into play and after doing some research online, I came up with a couple ideas.  Spicing up your message and making the consumer laugh is a good marketing technique.  It is showing that you are not afraid to try something different and take chances.  Personally, if a marketing ad or commercial makes me laugh then it is more likely I remember it which leads to buying the product.  Whether you sell real estate or fix teeth, you know a whole lot more about your business than your customers do. Attract attention by sharing that expertise.  People buy things because it makes them feel better about themselves when their using that product and it is the marketing teams in businesses that are responsible with getting that message out to its customers.  Using social media to your advantage is also a great way to get your name/brand or product out there.  Working the press is important because mentions in the news media offer what traditional marketing and advertising can't, which is exposure with implied credibility.

Which option that I just brought up do you think marketing teams focus the most attention on, and why?

In response to Kendra's post Companies Pairing up...

I believe companies pairing up to create new products is smart and is a good idea.  The main reason I think it's a good idea is because of the point Kendra brought up how she uses both products which then makes her more attracted to buy the product combined.  That is exactly what the companies have in mind when creating products with another company.  I think the time one company benefits more than the other is when one of the company's is more popular than the other.  Also, the example Kendra gave where Venus and Olay paired up and Olay has a moisture bar on Venus's razors for a more comfortable shave.  I believe in this case Venus would benefit more than Olay because the core product belongs to Venus while Olay has just added something to it.  This is a good way of marketing and I believe we will see more of as the years go on.

If you could combine two of your favorite companies products together, what would it be?

Marketing Strategies for the Future

Marketing is done in so many different ways and by so many different people or businesses, so how does one get the edge?  Having marketing teams in your company help because it allows more than one head to brainstorm ideas and come up with the best one to attract your consumers.  The old situation where businesses produced, marketers talked, consumers listened and sales followed ­ has given way to an economy where customers co-create, marketing involves two-way interactions, and customized product offerings move into the marketplace via channels unheard of even a few years ago.  Marketers can't resist change or they will pretty much be giving up as it is proven change will happen as time goes by.  Consumers are hard to read these days because of the struggling economy so marketers aren't necessarily going in blind, but don't have as much to go on these days which means bigger risks are occurring.  Businesses need to focus on consumers interests by really addressing what customers love about their business and what they don't like.  Going out on a limb, taking chances, is also very important in these days if done right.  Change happens when you view and tackle problems from new perspectives.  The big question that needs to be answered is, will it work and most likely will happen if you positively alter customer experiences, opinions and behaviors which is what marketing is all about.

What is the biggest edge one business has over the other in marketing?

In response to Kendra's post, Brands

Kendra brings up some good points of branding.  There are so many brands out there today, but what makes some of them so much more successful than the rest.  Kendra brings up McDonald's which is one of the most popular brands not only in the United States, but in the world.  How did they get so popular over the years? Was it their marketing schemes, how they pretty much invented fast food, or something else.  I agree with Kendra that people are purchasing generic brands to save money, I know I have in the past.  The example Kendra brought up was Walmart's generic brand Great Value which is a good example.  I have bought great value products at Walmart because they were cheaper and honestly tasted the same as the more profound brand.  To answer Kendra's questions, I am not sure if generic brands will become more popular than brand names because of the economy.  It's hard to say because yeah generic brands are cheaper, but the more popular brand names market so much and people are loyal to those brand names because they are overall just better than the generic ones.  Once a consumer has been buying the same brand's product for awhile and hasn't had problems with it, they are going to become loyal because why change to something else when the brand and product you continue to buy has proven it is a good product.  I don't think popular brand names have the right to mark up their prices just because it is a brand name compared to generic, but they can because people have shown they will buy it and why not make more of a profit.

What is the main reason people are loyal to brands?

Response to Blackboard article Naomi Klein on how corporate branding has taken over America

This article brings up some good points.  One that stuck out to me was how corporate branding is taking over America and the affect it has.  The Absolute Vodka example was really interesting how they put out a bottle with no label and and no logo, to manifest the idea that no matter what's on the outside, it's the inside that really matters." I find that interesting because with all the different marketing techniques going on these days, it's almost like people are buying things for the brand and not the actual product.  The brand shouldn't be more powerful and more important than the actual product itself.  Sure, there are a lot of similar products and the different brands are the factor that separates one from the other, but we need to realize as customers and consumers that the brand is just a name when it's really the product we are buying.  With so many brands out these days I feel like we forget that.  The article brings up a good point of brand management which consists of finding your message, trademark and protect it and repeat yourself  through as many synergised platforms as possible.  I never really thought about this before reading this article, but it makes sense.

 Does branding make the product?