Blog for marketing class 4-25-2012

This week we read chapter 18 in our MKTG book by Lamb, Hair & McDaniel.  The chapter was on setting the right price. Our learning objectives where as follows

·         How to set a price on a product

·         The legality and ethics of price strategy

·         Tactics for fine-tuning the base price

o   Discounts, allowances, rebates and value-based pricing

o   Geographic pricing

o   Other pricing tactics

o   Consumer penalties

This is how all of the above fit together, I love this graphic it explains a great deal all in one little graphic.

·         Product line pricing

o   Relationship among products

o   Joint costs

·         Pricing during difficult economic times

o   Inflation

§  Cost oriented tactics

§  Demand-oriented tactics

o   Recession

This will be my last class post for Business 3500 (Marketing). The class has been very informative and a good learning experience.  It was the first broadcast class I have taken with other students in the room with me; that was sure nice. The part of this chapter I learned the most from was the fine-tuning the base line, this is great knowledge that will come in handy when I go to price a product.

e Social Media Revolution 2012

Here is a video that professor Allen showed us in class on wednesday, I find it very infomative. Go and check it out. its social media revolution 2012
http://www.youtube.com/watch?v=0eUeL3n7fDs

For marketing class 4-18-2012

This will be one of my last posts for my marketing class as we only have one class left before the final.

This week we studied chapter 16 on sales promotion and personal selling. We covered the topics of:

·         Sales promotion

·         Tools for consumer sales promotion, that are as follows:

      ·         Tools for trade sales promotion, that are the following:

·         Personal selling.  Listed below is the difference between personal selling and adverting & sales promotion. I found this to be a very interesting slide.

·         Relationship selling, listed on the next graphic is the differences between traditional personal selling and relationship selling.

·         Steps in the selling process. There are seven steps; the most important is the first one of generating leads.  Also note the last step “Follow up” this means the job isn’t done once the sell is made.

I found that this entire chapter was full of good information.  I also loved the video our professor showed us at the beginning on class about how the internet and social media is growing so fast, it also explains that the social networking isn’t going anywhere. However, the most important part to me was on the tools for consumer sales promotion.  I like the great detail the chapter goes into on the coupons, rebates, premiums, loyalty marketing programs, contests, sweepstakes, sampling, point-of-purchase promotions and online sales promotion. All of these are great to know about and understand. They will come into great use for all of us to know that plan to go into business.

Marketing Class blog for 4-11-2012

We didn’t have class last week due to Entrepreneur week.

This week we read chapter 15 in our book, it was on Advertising and public relations.  We learned about: The effects of advertising, Major types of Advertising, Creative decisions in advertising, Media Decisions in advertising, and public relations.

The part I found most interesting is, the major types of advertising.  Before reading this chapter I hadn’t realized all the different forms of advertising and what the most effective was.  I had thought that one of the best ways to have market selectivity would have been television (I was proved wrong on the exam), instead it is magazines, because magazines are selected according to such things as: age, hobbies, sex, race, and marital status.  So there for advertising in magazines can be geared to that exact group of people you are looking for.  The different kinds of advertising will become useful knowledge in my future; therefore, I know my choices for how and where to advertise.

Weekly class blog for class on 3/28/2012

           I had a hard time rapping my head around this week’s chapter, it could have been due to all the other work I had in my other classes. Anyway, this week we studied chapter 14 it was on "Integrated Marketing Communications." The chapter was mainly about one of the 4 p's, Promotion (Communication by marketers that informs, persuades and reminds potential buyers of a product in order to influence an opinion or elicit a response).

The four elements used in promotion are: Advertising, Public relations, sales promotion, and personal selling.

There are also some different kinds of Advertising Media.  Some listed in the PPT both traditional and new advertising medias, such as: Television, radio, newspaper, magazines, books, direct mail, billboards, transit cards, internet, banner ads, viral marketing, e-mail, and interactive video.  This is an interesting the thing how the advertising has changed over just the last few years with more and more advertising using the internet and e-mail.  It will be interesting to watch and see how it changes more over my lifespan.

I really like this graphic and how it demonstrates the promotional mix.  It accurately shows how the mix and mingle together.

      

                Much of this chapter was review for me from one class or another, either my business communications or my managerial accounting (Maybe that is why I had a hard time getting into it this week).  This chapter also talked about the Communication process, which I covered last year in my communications class.  This chapter talked about “pull” and “push” strategies again, which I also covered in my Managerial accounting class last year. 

                Even though this chapter was partly review, the main thing I think will come in handy in my future is the different kinds of advertising and promoting you can have your any business.  Your case this week “Wicked” talked about different types of promotion, and showed some great examples.

Marketing class 3/21/2012

This week we where able to study chapter 12 in our book on “Marketing channels and soppy chain management.”

We learned about the marketing channel functions which are: specialization and division of labor, overcoming discrepancies, and providing contact efficiency.

We also learned about different discrepancies and how to overcome them.  There are discrepancy of quantity, discrepancy of assortment, temporal discrepancy, and spatial discrepancy.

I love this graphic, it shows how providing contact efficiency works. (Except change circuit city since they went out of business a few years ago.)

We learned about channel intermediaries

We defined supply chain management which is: “A management system that coordinates and integrates all of the activities performed by supply chain members into a seamless process, from the source to the point of consumption, resulting in enhanced customer and economic value.”

The responsibilities of supply chain managers are:

·         Channel strategy decisions

·         Sourcing and procurement of raw materials

·         Production schedules

·         Order processing

·         Inventory management

·         Finished goods/supplies transportation and storage

·         Customer service coordination

·         Supply chain information flow management

·         Partner relationships

This is a graphic of the supply chain process. (I have covered this in a few of my other classes too.)

We also learned about Levels of distribution intensity. The intensity levels are mainly designated by the number of intermediaries they have.  For instance intensive level has many intermediaries; the selective level has several intermediaries, and last is the exclusive level with only one intermediary.

I think this chapter with learning about the place of the product will come in very handy since if the product isn’t in the right place at the right time then the product has a potential loss of sales.

(all slides and information taken from "MKTG" Lamb, Hair, McDaniel)

Marketing class 3-7-2012

Blog for class on 3-7-2012
We covered chapter 10 this last week after taking the midterm. Chapter 10 talks about

Developing and marketing products. We first defined a new product as: A product new to the world, the market, the producer, the seller, or some combination of these. Then we discussed the categories of new products that are: 1- New-to-the-world, 2- New PRODUCT LINES, 3- Product Line Additions, 4- Improvements of Revisions, 5- Prepositioned Products, and 6- Lower-priced Products.

We also discussed the new product development process, and how at you do all of the steps it works like a cone and funnels it down to the new product. According to the book only 4.3 percent of all new products succeed.

Then we talked about why products fail

·         No discernible benefits

·         Poor match between features and customer desires

·         Overestimation of market size

·         Incorrect positioning

·         Price too high or too low

·         Inadequate distribution

·         Poor promotion

·         Inferior product

So there are many reasons why your new product might be one of the 95.5% that fail.

We defined Diffusion as The process by which the adoption of an innovation spreads.

The different categories of Adaptors are: 1- Innovators, 2- Early Adopters, 3- Early Majority, 4-Late Majority, and 5-Laggards.  This categorizes how fast people adopt new products such as a new Ipad.

We also learned about a products life cycle and how it is similar to the biological life cycle such that the product is born, matures, and dies. Just like animals, plants, and people.  Below is a graph showing both the diffusion and life cycle of a product.

I think this is the most important part of this weeks lesson.  To understand how the diffusion curve and the product life cycle curve coincide.  This will come in handy in any type of product situation.

For marketing class 3/1/2012

We didn't have class tonight; instead we had to take our midterm exam. I tried to study and properly prepare for the exam. I got an 84% (B) on the exam. Not too bad, if I do say so myself. Next week we are going to talk about chapter 10 which is "developing and managing products."

Marketing Class blog for 2/22/2012

We studied chapter 9 this last week and it was about product concepts, the professor had assigned the chapter to be read, along with having 3 other articles to read.  It all became very confusing by the end of the week.  But I managed to make my way through it.

Some of the main concepts we covered where:

-what is a product? Product is the starting point of marketing mix. The 4 p’s Product, Price, Promotion, and Place

-The different types of products:  Business product (A product used to manufacture other goods or services, to facilitate and organization’s operations or to resell to other consumers.) and Consumer Product (A product bought to satisfy an individual’s personal need or wants.)

-The types of consumer products

-we also learned about Product items, product line, and product mix

This week we also learned about Brand (a name, Term, symbol, design, or combination there of that identifies a seller’s products and differentiates them from competitors’ products.) and the different kinds of brands

We also learned about Packaging that is meant to: Contain and protect, promote, facilitate storage, use, and convenience along with facilitate recycling.   Then we focused on labels and there usefulness.

And finally we learned about product warranties and the different types of warranties.

All in all I think the most important part we learned this week is that on your product the most important thing is the label and packaging.  On the label you have your brand and trademark along with any extra warranty.  So I feel the most important part is the label.

(these pictures and information came form the textbook listed previously of MKTG by Lamb, Hair and McDaniel.)

Marketing class this week 2-15-2012

Marketing class this week 2-15-2012

This week we discussed Chapter 8, Decision support systems and marketing research.
Marketing decision support systems.
This week my marketing, Economics, and Statistic classes seemed to merge together for market research.  Because lets face it statistics is the main market research tool. 
Marketing research studies all of these things

Here are the steps to the marketing research process

I also learned about second data: data previously collected for any purpose other than the one at hand. Where as primary data: is information that is collected for the first time; are used for solving the particular problem under investigation.

Second data

 

Primary data



















All of this information will be vital to me later when I’m working in business.  Knowing how to get data and access it from secondary sources can help save money and time.

Blog for class 2-8-2012

This week’s class was on chapter 7 segmenting & targeting markets. Some of the things I learned this week where:

Market segmentation, a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.  As well as market: segmentation, the process of dividing a market into meaningful, relatively similar and identifiable segments or groups. I like the way the power point slide demonstrated the market segmentation; it really made it sink in for me.

Also the criteria for segmentation: 1) Substantiality, 2) identifiability and Measurability, 3) Accessibility, and 4) Responsiveness

The bases for segmentation are: 1) Geography, 2) Demographics, 3) Psychographics, 4) Benefits and 5) Usage Rate.

The 6 steps to segmentation: 1) select a market for study, 2) choose bases for segmentation, 3) select descriptors, 4) profile and analyze segments, 5) select target markets, and 6) Design implement and maintain marketing mix.

I think all of these steps and processes used in segmenting markets will come in handy once I have my degree and need to start drawing in customers.  My product will be able to be targeted to specific groups rather then to everyone in general.   ( All pictures are taken form the Power point presentation from chapter 7 in MKTG student edition by Lamb, Hair, and McDaniel).

Marketing class 2-1-2012

I gave a presentation this week about LinkedIn for business.  I struggled with this all week, but I learned a lot of information and had a hard time fitting it into a small (less then 5 minute presentation.)  I biggest thing I took away form LinkedIn was that it is all about the network, and the number of people you can connect too.

This week’s chapter was on Customer decision making.  I liked learning about the stages of consumer decision-making process. 1-need recognition, 2- information search, 3- evaluation of alternative, 4-purchase, and 5- post purchase behavior.

I really liked that part on “post purchase behavior.” This will help in the future, so I know steps to take to help customers have less anxiety after buying a product from me.  This can also help me to lessen my buyer’s remorse. By reducing any lingering doubts that I might have, before, I buy.

Marketing Class 1/25/2012

Well I got up the courage to offer to do a presentation on LinkedIn; I have very litter experience with LinkedIn. I did some research on it last night before I headed to bed and there are many websites that can help me with setting up my presentation. I hope I can keep the courage up and not get to nerves.

           At class last night we discussed Chapter 3 that we read over the week and took the quiz on. I had received a 23/25 on the quiz, so not bad, but I could have done better. In Chapter 3, some of the interesting stuff I learned with the different demographics of people. Such as Tween (ages 8 to 14), Gen Y (Me, Born between 1979 and 1994), Gen X (My husband, Born between 1965 and 1978) and the baby boom generation (My parents, born between 1946 and 1964). I like the in-depth descriptions of all 4 of these demographics.

            Another interesting thing we learned in class is the "Pyramid of Corporate social responsibility." The book talks about the pyramid but is missing a visual. In class professor Allen showed us the visual of the pyramid, I understood it right away.

(From MKTG by Lamb/Hair/McDaniel, Power Point Sildes)



I think that both of these things will come in handy in the future, I know what I need in business for reaching each demographic specifically and how economic, Legal, Ethical, and Philanthropic all fit together in business.

Marketing class Jan 18, 2012

I learned many useful things in marketing class last night. I learned what the 4 p's of marketing are. 1-promotion, 2- Product, 3-Price, and 4- Place, and how they all affect and work together in marketing as demonstrated in the graphic below (Barrowed from Cengage Learning Inc.)

We also learned about exchange and what the 5 conditions of exchange that is required for exchange to happen.

1- There must be at least two parties

2- Each party has something that might be of value to the other party.

3- Each party is capable of communication and delivery

4- Each party is free to accept of reject the exchange offer.

5- Each party believes it is appropriate or desirable to deal with the other party.



But even if all 5 of these conditions are meet, the exchange still may not happen. Just because the opportunity is there doesn’t mean that it has to take place.

Both of these examples, the conditions of exchange and the four p's are important for a business to know, to help them market them selves and there products and to know what is needed to be able to make and exchange. This will come in very handy in the future.

For marketing class 1-11-2012

in my marketing class my professor has asked me to keep tabs on the class each week with my blog. 
One thing I learned today is that there are 4 pillars of the Jon M. Huntsman business schoool and they are Entreprenual spirit, Global vision, analytical regor, Ethical leadership. In the middle it states Career accelerator &  Engine of growth.  all 5 of these catagories are needed for Marketing.  I also learned that "marketing is the heart of every business" if the business dosen't sell there items there is no business and along with no business there are no jobs.