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.