Response to Kristen's post, Specials

Specials at restaurants is a great marketing technique to get more customers.  A lot of times I have gone into a restaurant knowing what I was going to get, but saw the specials and changed my mind.  I think it is a great idea for restaurants because people are intrigued with specials in general.  They usually save you money and is a great deal.  I agree with Kristen that the detail which goes into specials, especially at restaurants attracts a lot of people because they like trying new things.  The best part about specials is that it helps the business and the consumer.

Why are specials so attractive and inviting to consumers?

Bud Light Marketing Problem and Solution

Bud Light is one of my favorite beers.  I like how they market their beer through sports which attracts a lot of people.  For me, coming out with new creative marketing techniques isn't a big deal for me as a consumer because I enjoy the product for its taste, so I'm going to continue to buy it anyways.  However, this isn't how everybody looks at this product.  One problem Bud Light has taken some heat for is its flood of options which dilutes the brand.  Last year consumers were introduced to the high-alcohol beer Bud Light Platinum with an ad during the Super Bowl, they saw the launch of the margarita-flavored Bud Light Lime Lime-a-Rita,  and they witnessed the demise of Bud Light Golden Wheat.  The ever-changing product line makes it hard for consumers to know what Bud stands for and apparently a Bud is now just some form of alcohol-based liquid which isn't what management had in mind.

With the Budweiser name standing for so many different things, customers can get confused when standing in front of store shelves. The worst thing you can do is make it difficult for consumers to figure out your brand. Their purchase decision should be immediate, and that's always easier when you stand for something singular.  Too many variations on a brand can come at a cost. To grow the brand, they must forgo their ego. Bud's a great name, but when launching a new off-core brand, like Lime-a-Rita, they should create a new brand rather than hang the Bud name on it, ultimately watering down what Bud stands for.

Does the brand name standing for something affect whether you like and/or buy the product?

Response to Kendra's post, AMA Should John Sell the Information?

I agree with Kendra's post that nowhere in the statement of ethics for AMA does it clearly state John's accepting of the cash for the survey is un-ethical.  I also voted that John should sell the survey which saves his company and delays if not cancels the lay off of members of his business.  Kendra brings up a good point that it would be un-ethical if John told those taking the survey it would be confidential and then sell it which wasn't the case.  Nothing is stating selling the survey is illegal, so it is more beneficial for John's firm to sell it than to not to.  Big businesses want information which leads to more money for them.  If they can pay a small business not a lot of money and get the information which leads them to gain a lot more money, their going to do it.  Small businesses can't say no a lot of times because they don't have the leverage or profits to.  If small businesses were smart, they would realize the information they have is worth something and sell it to the highest bidder.

Do you think companies help each other out like sending information about their customers to each other?

To Sell or Not to Sell?

John Smith should sell the names because his business is about to be bankrupt and this is his only choice if he wants to stay in business.  The AMA Statement of Ethics talks about doing the right thing and promoting the highest standard of professional ethical norms and values for its members.  Their ethics concentrates on three main points which are do no harm, foster trust in the marketing system, and embrace ethical values.  I believe that collecting money for a survey done from a bigger company when in need doesn't go against these ethics.  Good things can come from this transaction for John's small marketing research firm because more bigger businesses can acknowledge this and realize it can help their business out.  Having John's firm do the dirty work and pay them less than you're going to gain from it is a win win situation for both businesses.  I do believe this is a common dilemma because bigger businesses take advantage of smaller ones like John's in which they gain a profit from it.

Could John turn this deal down and stay in business? If yes, how so?

Response to Kendra's post, Producing your own Product Line

I agree with Kendra's thoughts on producing your own product line.  It absolutely takes a lot of risks off the table and does cut a lot of costs you would deal with if you just jumped right into a store.  There are a lot of factors when you're opening your own store which Kendra talked about which can get difficult if you don't know what you're doing.  I do think more people should start out with their lines and work their way up because it prevents them from failing miserably and going into debt which could happen with opening a store.  I agree that when people believe in their ideas they really take off with it, sometimes not knowing when to slow down.  With the economy these days, taking it slow and going from there might be the best decision.  Sometimes you have to gain a little to start thinking long term and gaining higher profit down the road.  Creating a line and opening a store are both tough and it takes a strong person and a lot of money to stick with it, especially when you're not as successful as you expected to be.

Giving up on your dream is one of the hardest things to do, but in the business world when is it clear you need to move on?

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?

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?

In response to Kendra's post, Globalization Relative to Business

I agree with Kendra that globalization has had a large impact on society today, especially as it relates to business.  The opportunities for businesses to go overseas are high, but the risks are also high which Kendra pointed out well.  A lot of businesses go overseas because the cost to make products are so much cheaper than in the United States.  This allows a business to earn more revenue and have more money to invest in other things.  Also, the labor costs go down which helps a company/business save money.  There are many factors that come into play for a business that I don't think managers really look into as much as they should like working conditions, hours, etc.  People overseas are working their tails off for minimum wage, working long hours, and not the greatest working conditions.  It is hard for a manager to keep track of all this, especially when their mainly posted in the United States.

I think mangers need to get more involved with their overseas factories and workers because it's the right thing to do, especially when their the ones working hard to make your product which earns you more money.  The world is globalizing at a quick rate and more and more businesses are going overseas and taking advantage of the lower costs.  To answer Kendra's questions I think the biggest risk of becoming an international business is making making sure the job is being done right at all times. Management needs to communicate extremely well with whomever they part in charge overseas to make sure their on the same page.  I do however believe the benefits outweigh the risk of becoming an international business because of the lower costs and how much money it saves your business.  The big issues like communication and working conditions can be sorted out seemingly easy if done correctly by management.

What can the United States do to get businesses to stop/working going overseas and stay here?

Purpose Marketing

The purpose of marketing is to sell products, but there is also a new way, known as purpose, purpose-based, or pro-social marketing, to do it.  Purpose marketing is advertising for good and conscious capitalism, it informs consumers with information about the values, behavior and beliefs of the companies that sell the products. The goal is to convince potential customers that the companies operate in a socially responsible manner.  So in other words, it's selling products by selling shared values which goes beyond strategies like making charitable contributions or selling a product in recyclable packaging.  Purpose marketing is becoming popular because of the growing number of shoppers who say that what a company stands for makes a difference in what they do and do not buy.  A company that pursues purpose marketing must communicate what its core values actually are.

A good quote on this topic is from a New York Times article, "Consumers are seeking 'authentic emotional connections' with brands", said Mandy Levenberg, vice president and consumer strategist for cause and sustainable living at CEB Iconoculture, a consumer research and advisory firm that is part of the Corporate Executive Board Company, and the perception that certain “shared values” can increase loyalty.

Is this the next big successful move in marketing for years to come?