Final

Well, today is the final, the last day of class. I have to say that I have learned a lot in this Marketing class. And I'm really grateful for the push to get a blog. I've always wanted to do a blog but never felt like a single girl such as me should need one. Blogging seemed more for those people who were married and had families to stay connected with their family and friends. I love to do journal entries so it was nice to record my thoughts, feelings, learning’s, and whatever else I felt like writing on something that I could resort back to with pictures, comments and a creative way of expressing how my single life has taken place over the years.


The more entries I wrote per each class in marketing the more I felt I understand each concept because I would look up pictures, find things I could compare the concept to and with each experience I could see how marketing places a role in pretty much every day of my life. Although I couldn't add any pictures per each blog, because I couldn't figure that out, hopefully over time I'll grasp this blogging technique and will have a better blog to show in the future.

Thank you Professor Allen for all of your effort and dedication to teaching me and fellow classmates, for the help you rendered and over all the experience I had in Marketing. I hope to pursue in the Marketing field and one day be as successful as I desire.

Chapter 18: Setting the Right Price

I liked learning about Price Skimming and Penetration Pricing because I can apply these two terms to my daily life. Price Skimming is when the product has a unique advantage and the product is marked up above the average price and people are still willing to pay for the product. I’m a culprit of this because sometimes I think that if the product is priced higher than other similar products then the higher priced item must be better quality so I pay more. I should know better because I actually did a report on generic brands versus name brands and low and behold all products are the same and all approved by the FDA.

Penetration Pricing is when you charge a low price for a product but sell a lot of that product to make the break-even point. I like Penetration Pricing and I like Wal-Mart, they go hand in hand. Who doesn’t like low prices?

I believe Wal-Mart must be value-based pricing or value pricing because they are all about customers. Wal-Mart has set a price at a level that seems to customers, like me, to be a good price, a price that keeps us coming back time and time again. We just can’t get enough of Wal-Mart. Most customers like me know that we don’t need to compare prices with other stores because more than likely Wal-Mart will be the cheapest because they’ve settled on a price that is below their competitors and pleasing to their customers.

I learned about Price lining and Odd-even pricing….interesting. I never would’ve thought sellers would establish a price series such as these two. Now I’ll know when I see an item for sell that they may have three different prices that are marked between certain figures. And how Odd-numbered prices are to connote a bargain and even-numbered pricing are to imply quality. Never knew that and that’s good to know. I’ll be the shopping smarty.

Chapter 16: Sales Promotion and Personal Selling

What’s not to like about Sales Promotions: an incentive to motivate consumers to purchase a good or service? I just like to see what sales people can come up with. I like coupons that entitle consumers an immediate price reduction compared to rebates, where most of the time we forget about the rebates or the effort to redeem them is just too time consuming we don’t even bother so in the end the manufacturer still gets the best deal. I also enjoyed learning about Premiums. What kid can’t convince their parents that the Happy Meal is the best deal because it comes with a toy that will keep them entertained for a merely 2-3 minutes. But hey, it’s free with your meal right? ;)

SAMPLING!!!! MMMM, I know I LOVE SAMPLES! I heard a good date idea was to take a date to Costco and try all the samples, it’s a good appetizer. Whether it is a product of some sort, my favorite samples are for hair care, make up or food samples…no one can resist or turn down a FREE SAMPLE. Sampling is definitely a good way to attract people to your product or food. And what about generating leads these days….isn’t that why we’re all on Facebook, Linkedin, Twitter and other social networks. When we need something all we have to do is submit a post and all our friends become social leads.

The one thing I have to emphasize per this chapter is Step #7: Following Up, per the salesperson’s responsibilities. We ordered a couch on Christmas Eve and finally received the couch in April only to find out that our specially ordered couch was made wrong. We contacted the Salesperson who assured us that a new couch would be delivered to us a week later. It’s now been 4 weeks and the sales person hasn’t even called to let us know. We will never purchase anything from that store again and we’ll be sure to vocally announce to our friends through our social network(s) not to purchase there either.

Chapter 15: Advertising and Public Relations

What effect does advertising have on consumers? Surely advertising cannot change a person’s deeply rooted values but is sure can succeed in transforming a person’s negative attitude toward a product into a positive one. I mean take a papertowel that is cheap and falls apart when you try to absorb your spilled milk, only to be disappointed that you have to grab 3-4 to wipe up the mess you just made with the leaky papertowel you first used. Yep, your attitude toward papertowels isn't great until you see an ad where a new and improved papertowel has been designed to absorb in one wipe and can be used over and over again with continuous washes. Amazing how commercials can change the way you feel about something.

 I personally like Institutional advertising, this is where the goal of the advertisement is to build up the image of the company instead of enhance the sale of a specific good or service. I like to see how companies are helping and benefiting people and not so much what they do to get you to focus on the company: "me, me, me". Pioneering advertising was also easily understood because it’s intended to promote the demand of a new product. The one we often see is comparative advertising with the comparison of two or more competing brands per one or more attributes. We see this in politics, and when it comes to comparing paper towels or laundry detergent. Someone is always trying to get the consumer to purchase their product because it’s so much better than the other brand. Another fun one is identifying product benefit. When a consumer looks at a product they say “What’s in it for me?” An easy way to remember if the ad is an attribute or a benefit you see if it provides details and information or if it tries to catch your attention and what it will do for you. Info=attribute; satisfaction=benefit.

No Class

Today we didn't have class. Looks like it's a day to study. :)

Chapter 14: Integrated Marketing Communications

Did you know that a promotion informs, persuades, and reminds? It’s a plan for optimal use of the elements of promotion: advertising, public relations, personal selling, and sales promotion. Its main function is to convince target customers that their product being offered provides a competitive advantage over the competition. Advertising is also an important term to know because advertising is used every day, it’s any form of impersonal paid communication in which the sponsor or company is identified. These are all forms of transmit advertisements: television, radio, newspapers, magazines, books, direct mail, billboards, and transit cards. Also make a note that even in public relations, even though an organization doesn’t have to pay directly for its publicity it should not be viewed as free.

I also learned in this chapter that some corporates have blogs. They are maintained by one or more of the company’s employees and they disseminate marketing-controlled information. A non-corporate blog is not associated with the marketing efforts and are nonmarketing controlled information and are perceived to be independent and more authentic than a corporate blog.

Chapter 12: Marketing Channels and Supply Chain Management

A marketing channel is a business structure of interdependent organizations that reach from the point of product origin to the consumer. Something I like: Discrepancy of quantity-marketing channels overcome quantity discrepancies by making products available in the quantities that consumers desire. And I like that idea. If you want to buy large quantities you go to Costco and if you want small quantities you can go to a local grocery store.

E-Week

We didn't have class this week because it's E-Week for USU. I live in Salt Lake and had to work so I couldn't participate. Maybe next year, hopefully. More study time :)

Midterm

Well, today was the midterm. Hmmm, didn't do as well as I was hoping I'd do. Guess I don't know my stuff that well. I'll really have to study hard for the final so I can get the grade I want. Crossing my fingers. Wishing myself good luck studying!

Chapter 10: Developing and Managing Products

If a product is new to the world it’s called a discontinuous innovation. These products are entirely new to the market. I think idea generation is a new tool. New-product ideas come from many different sources such as customers, employees, distributors, competitors, vendors, research and development, and consultants. If you remember brainstorming in school, you’ll remember that is was a good tool to use, and you’ll be happy to know that it was one thing worth learning. You can apply brainstorming to marketing because it’s a way to get a group of people to think of unlimited ways to vary a product or solve a problem.

Chapter 9: Product Concepts

What is a product you ask? Taken straight from the book "It’s the starting point in creating a marketing mix. It’s everything, both favorable and unfavorable that a person received in an exchange. A product may be tangible like a pair of shoes, a service like a haircut, an idea like “don’t litter," or any combination of these three. Packaging, style, color, option, and size are some typical product features. All just as important are intangibles such as service, the seller’s image, the manufacturer’s reputation, and the way consumers believe others will view the product."

I like convenience products, an inexpensive item that merits little shopping effort. I don’t often do a lot of planning so it’s nice to purchase a convenient product which is provided to those who don’t do the needed planning and are in need something right away. What's interesting is that a shopping product would be more expensive than a convenience product and is found in fewer stores. These are often the type of products that one would compare several brands or stores on style, practicality, price, and lifestyle compatibility. I love when specialty products are distributed to only one or very few outlets in a geographic area, makes it so inconvenient for us consumers when we’re looking for an item which we can’t get.

I often like to observe the way a package has been assembled. The three most important functions of packaging are to contain and protect products, promote products, and facilitate the storage, use, and convenience of products. I liked the example they gave in the book of the packaging decision on Barbie. Very interesting.



Warranties: My favorite...Why is it that most warranties are up when we have a problem? If a warranty confirms the quality or performance of a good or service then we should be assured that the product should work properly for some time right? Also, note that all sales have an implied warranty under the Uniform Commercial Code.

Chapter 8: Decision Support Systems and Marketing Research

This chapter is neat because it teaches about a decision support system that is an interactive, flexible, computerized information system that enables managers to obtain and manipulate information as they are making decisions. Now how cool is that! Another thing to know about this chapter is the Marketing Research Process: #1: Identify and formulate the problem/opportunity, #2: Plan the research design and gather primary data, #3: Specify the sampling procedures, #4: Collect the data, #5: Analyze the data, #6: Prepare and present the report, #7: Follow up.

For me specifically, the one thing I remember about this chapter is Secondary Data. The quality of secondary data may pose a problem and very often do not give detailed information that would enable a researcher to assess their quality or relevance. If you ever become a researcher there are a few things you'll need to be sure to address. These important questions are: Who gathered the data? Why were the data obtained? What methodology was used? How were classifications developed and defined? When was the information gathered? Now primary data is different the secondary data. Primary data is information collected for the first time, used for solving particular problems under investigation. Primary data will answer a specific research question that secondary data cannot answer. There are many options for obtaining information: surveys, mall interviews, telephone interviews, mail surveys, questionnaires, focus groups, and executive interviews.

Chapter 7: Segmenting and Targeting Markets

Did you know that "market" means different things to different people? There is quite a variety of "markets" if you think about it, supermarket, stock market, labor market, fish market, and flea market. On an important note a market is 1) people or organizations with 2) needs or wants with 3) the ability and 4) the willingness to buy. If one of these characteristics is missing, it is not considered a market.

For a successful a segmentation scheme must produce segments that meet four basic criteria:
1) substantiality, 2) Identifiability and measurability, 3) Accessibility, and 4) Responsiveness.

Chapter 5: Consumer Decision Making

Hmmmm, consumer decision making...Stimulus? What is that? Input affecting one or more of the five senses: sight, smell, taste, touch, and hearing. It's fairly simple to understand... you have either external or internal stimulus. Internal is basically your inner desires for hunger or thirst and external is the influence you get from someone on the outside. Many times people on the outside give you a recommendation for a new place to eat, how to decorate or design something or you obtain information from an ad on tv or the radio.

Chapter 3: Social, Responsibility, Ethics and Marketing Environment

Marketing can be seen where ever you go. Often times it becomes a game for me to see if I can figure out which target market marketers are trying to attract through various social factors, demography such as: age, race, ethnicity and location and whether its for tweens, gen Y, gen X or possibly the baby boomers. There are numerous factors marketers have to keep in mind as they decide how to approach their marketing.

Chapter 1: An Overview of Marketing

Well, I missed the first day of class due to registration issues so I missed the delightful Introduction to the Course lecture.

Week 1: "What is Marketing?" So, what is Marketing? "It's the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large."

My favorite vocab word for this chapter is Customer Satisfaction. Is the value of a car equal to the value of a TV dinner? Customer's evaluation of a good or service in terms of whether it has met their needs and expections is a huge factor in many cases these days.

Just a personal story on Customer Satisfation: We special ordered some couches on Christmas Eve for Christmas. We were told they would be here in 4-6 weeks, but phone call after phone call to our disappointment the sales rep continued to give us false ETA's for our couches, on April 10th we received our couches only to discover they made the couches wrong and we had to place a new order to replace our first order. They told us it would be here in a week.....let's see how well their customers are satisfied...Survey please! Needless to say, we are not Satisfied Customers with Furniture Warehouse on Road Redwood.

Syllabus

Today was the first day of class, however, I did not attend because I was still trying to get added to the class. Thank goodness the syllabus was on line so I could review what I missed. :) Good luck this semester!