Social Marketing

There has been a growing interest among marketers in digital realms like social media, in which agencies in New York are increasingly proficient.  In New York for example, where there's a lot of money and a lot of businesses trying to gain more of it, the whole area of digital, social, and content creation is exploding.  New York is a vibrant market where big things can happen for businesses who market well.  Using stars and celebrities in ads really catch the consumers eyes because we look up to them.  Endorsement deals with these people have become very successful and make it easy to activate the extraordinary fan base of celebrities through social media.  You would think New York which is known for big things, would be the place where the next bright light or the next creative idea would come from.  You're surrounded by creativity and culture in New York making it hard to not be inspired to market your product or service as best and creatively as you can.  The city also offers marketers so many unique ways to engage with the population, whether they want to reach tourists or residents.

Why are businesses so popular marketing in New York?

Response to Kendra's post, Samsung - Apple Fight Moves to Marketing

Samsung - Apple fighting the marketing tactics of the iPhone 5 isn't a smart move because of how popular the iPhone 5 is.  Apple is one of the most recognized technology companies in the world and most successful.  I think brand recognition comes into play when consumers are looking to buy a product and marketing for Samsung and its new and improved phone isn't easy when a lot of people already have the iPhone with little to no issues which Kendra pointed out.  The downfall of not having specific patents like the shape of the phone for example can hurt your company because people take a lot of things into consideration when purchasing a phone or just any product in general.  I do think Samsung's ads will benefit their sales but it won't be as successful as they want it to be just because how popular the iPhone 5 is.  Apple does a great job marketing their products.  I don't believe any other phone will surpass the iPhone in the near future because the iPhone is very popular and keeps coming out with updated ones which everyone wants to get their hands on.  I could see how consumers could get blinded to better/new technology because of being caught up in having an iPhone.

What is it gonna take for Apple and the iPhone to not be the most popular company/product for technology?

Profits and Markups in the Fashion Industry

Buying clothes is fun, but there is a lot more to it than meets the eye.  What about the effects it has on retailers before and after discounts.  Do retailers make profits when you have a discount to that certain product?  I found it interesting in this article the basic costing formula for ready to wear apparel which is total of all raw materials x 2 equals wholesale price and wholesale price x 2 equals suggested retail price.  You always need to provide the suggested retail price because this gives all of your retailers the same opportunity to sell the goods at the same price. It puts all of your customers on a fair playing field so that no one undercuts another.  Sometimes retailers make a profit yet it's not a healthy profit margin.  It's really interesting how finance comes into fashion and clothing.  I always thought buying clothes was just like it sounds, yet there is a lot of things happening behind the scenes which makes it possible for us to even buy their products.

What's the best way retailers can achieve a healthy profit margin?

Response to Kendra's post, Market Coverage

I agree with Kendra that a selective level of distribution within the market coverage is the best option.  When it is convenient to find the product, there's a better chance the consumer buys the product and continues to in the future.  The Pandora example Kendra brought up is good because that's a perfect example of market coverage and how a product should be shown off in different places.  This makes it easier for consumers to find them and more enjoyable to buy.  I do believe market coverage varies with certain products because of the nature of sales.  For example, you wouldn't expect to see a very expensive necklace sold at a convenience store.  At times, it could be more about the exclusivity than the actual product because that attracts people to want to buy the product.

Are you attracted to a product if it's exclusive and why?

Fundamental Principles of Small Business Marketing

Small businesses are already at a disadvantage compared to big businesses because they have less money to work with.  In order for them to be successful being the underdog in the market, they have to focus on specific things more closely.  For example, really focusing on your clients because client goals and concerns are the reason they are in business to begin with.  Clients buy your products and services to meet their needs.  Focusing on client problems and fixing them will attract future prospects and clients and will guarantee your current clients will be loyal to you.  Targeting your market is crucial for small businesses because they can't afford to waste any time as they are already playing at a disadvantage because of bigger businesses.  Marketing to people who don’t want what you provide is a waste of time and money. 

Demonstrate value is important because before a prospect becomes a client and a client becomes a repeat client, they need to be convinced of the value of your products and services. They need to feel confident that your products and services will do what they are supposed to do.  Getting your name out as a small business is important in growing your network so you have the opportunity down the road to become a big business.  Finally, building relationships is important for all of business.  People like to buy from others they know and trust and attracting new clients takes a lot more effort than selling to a repeat client. To grow your business, find ways to regularly stay in touch, educate them, and explain the ways you can help solve their problems.

Out of all these principles I just mentioned, which one do you believe is most important for small businesses and why?

Response to Kendra's post, Dr. Pepper 10

I also have seen many commercials of this product and was glad when we discussed this topic in class.  Sometimes the target market for a business is more direct than others, like in this case where it's just advertising for men.  The Dr. Pepper 10 commercial really goes above and beyond with its stunts and explosions to get across the point that this drink is for men, not women.  I could see how some women, maybe even men, could find that offensive, but I don't think it was made to be thought of like that.  Targeting your market on just men takes away almost half the population, but makes men want to have your product more.  To answer Kendra's question, I don't think companies would be more successful if they market towards one gender only because you aren't working with as many people.  If you cancel one gender out then you have to be very confident that one gender you are focusing on will want your product more than ever which doesn't always happen.  I have a feeling Dr. Pepper's research team found that more males drank it than women which brought out this marketing idea.

Do you think we will see more of this marketing scheme as time goes on, and why?

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?