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.