Showing posts with label Fundamentals of Marketing. Show all posts
Showing posts with label Fundamentals of Marketing. Show all posts

Friday, February 5, 2016

Week 4 EOC: The Cult Of Apple


A great revolutionary application for our cellphones could change the way we live forever. We are all busy and all have things that we need done in order to feel successful when the day is over. Working Full-Time, going to college part-time, and trying to keep up with social life and marriage can be extremely overwhelming. What if there was an App that you could download that mapped/planned out your entire day based off of your personal preferences, life situations, and needs? There is now an App that can do just that! Life Leaf is the app that has it all. You first log in with your personal email account so that the “Life Tree” can take in some information about you. This will be stored in the “Life Tree” through the entire span of your account and will evolve overtime as you grow older and change interests. After that you take your Life Personality and Preference Test. You will answer basic questions about your likes and dislikes and enter in important responsibilities or tasks that you participate in every day. You will also have an opportunity to sort out your “Leaves”. These icons are all bullet points that make up your entire tree, and consist of events that are important to you, deadlines, and personal life goals. After that you will have a complete Life Tree full of Leaves that contain all of the information needed to use the App properly. This App will order your days chronologically in what you need to get done and what is coming up. Much like a planner, this App is different from the rest with its personal evaluation/analysis core that truly understands who you are and what you need. This will be your go-to App that organizes your day allowing you to take into consideration things that are important. For an overall example; you may have put leaves that emphasize family time, school work, and exercise. Life Leaf will remind you when it is appropriate to make time for each of these while making sure you have all of your important tasks completed.

Thursday, February 4, 2016

Week 3 EOC My Demographics

     The Millennial is, by definition, a person who is reaching young adulthood around the year of 2000. You may also recognize the generation as "Generation Y". There are many characteristics that are very apparent in most Millennials and some that are stereotypical for the group. As a Millennial I can say that I am very determined, open-minded, and adaptable. Other age groups seem to have their own distinctions that set them apart but the Millennials are drawing more and more attention from the government, producers, and social/economic organizations that fuel our America. They have formed their own opinions and observations in order to develop consumer behavior analysis, but most importantly marketing and advertising strategies.
     "This group includes several age cohorts: tweens (aged 9–12), teens (13–18), and young adults (19–32). With total purchasing power of more than $733 billion, the Millennials make up a huge and attractive market." (Marketing: An Introduction Page 73) It is become very clear the most producers look at the Millennial group as their biggest demographic. They are always looking for innovations to remain current and keep them interested. Although there are plenty of other generations trying to understand the newest trends it seems that most of the attention is pushed towards us Millennials. "Some experts warn that marketers need to be careful about turning off one generation each time they craft a product or message that appeals effectively to another." (Marketing: An Introduction Page 74) Companies should be well aware that there are other demographics to serve but the interest may be coming from how intrigued the producer is with the Millennial generation's diversity. "Many Millennials are immigrants or the children of immigrants who arrived in the United States as part of an upsurge in immigration that began in the 1940s. The share of people age 20 to 34 who were born in a foreign country is now around 15 percent – much higher than it was in 1950 and near the peak of almost 20 percent seen in 1910 during the last great wave of immigration to the United States." (Millennials Report Page 5)
     Demographics have so much affect on production and marketing that without them there would no purpose for selling. It is always important to understand the target demographic and keep an open mind. Millennials have opened doors that other generations never spoke about. For example, "...many major companies have recently begun to explicitly target gay and lesbian consumers. According to PlanetOut Inc., a leading global media and entertainment company that exclusively serves the lesbian, gay, bisexual, and transgender (LGBT) community, the U.S. gay and lesbian segment has buying power of $690 billion." (Marketing: An Introduction Page 77) When a generation like the Millennials create milestones like Gay Marriage Equality, Freeing the Nipple, and legalizing Marijuana other generations may look at these accomplishments distastefully. They do not realize how many opportunities this creates for others around them and future generations.
     Despite all of the opportunities and successes Millennials have created you may still be wondering what an "average Millennial" may look like or act like. In this case looks are not as important because there are so many cultures and ethnicities that make up Gen Y but you can definitely tell them apart based on personality difference and moral beliefs. According to MindTickle.com Millennials have the following traits and/or habits:
1.) Millennials are motivated by "Meaning"
*Share Gifts
*Make an Impact
*Live Your Desired Quality of Life
-As A Millennial I completely agree with being motivated by these 3 points. I always feel like it is my job as a human being to be kind and make an impact on someone's life at least once a week.

2.) Challenge Hierarchical Structures
* Not being afraid to question authority and form different opinions.
-I can also agree with this point because I do not feel the need to back down in situations just because someone may hold a higher position than me.

3.)Want A Relationship With Their Boss
* Feeling comfortable in asking questions and taking in feedback. This is important in order for a Millennial to enjoy their job.
-It is important to me and co-workers that we get along with our bosses on a friendly level so we feel comfortable in our work environment.

4.)Tech Savvy
*Understanding New Technologies and being able to adapt to new electronic devices and concepts.
- Many Millennials are confident using new technology and software. I have had several technological updates and have not had to read instructions.

5.) Open To Change
-I am extremely open to change and often use this as a strength of mine when filling out resumes.

6.)Task Oriented
*Tasks are important because they believe in productivity, not necessarily the amount spent doing something, but whether it gets done or not.
-I also agree with this point due to the fact that I feel comfortable completing tasks and accomplishing small goals.

7.) Hunger For Learning
*Learning as much as possible in all aspects of life.
-Learning is on of the most important tools we can use to better our lives. I believe there are endless opportunities to learn something new and develop skills.

8.) Desire Constant Feedback
* Feedback is vital for a Millennials improvement and goals.
-I love feedback myself and feel that it is better to understand what you are doing right and what you need to work on in order to evolve and grow in any area.

9.) Recognition
*They do not need to be awarded but at least want to feel recognized for their work and achievements.
-Recognition is really important to me because it gives me the opportunity to create a credible source of my accomplishments. It also boosts my self-esteem and mood.

10.) Love Fun Environments
*Even the workplace should be a fun atmosphere!
-Fun is one of the number one things I look for in a person, job, or event. Having fun doesn't mean slacking off but it means that you are enjoying what you are doing despite the circumstances.

 (http://www.mindtickle.com/blog/10-millennial-personality-traits-hr-managers-cant-ignore/)

    I really believe that as a Millennial I identify with most of the characteristics that are given to Millennials. Although there have been negative images made by other generations or those who do not understand the Millennial mind I think it is correct when I say Millennials are outgoing, motivated, and energetic beings full of moxy and ambition. We do not let our obstacles get in the way of making our dreams a reality and pushing the envelope even when it is sealed. We are more than a bunch of young individuals who are seeking the fullest potential of happiness in life, we are the kids/adults of the future.

Friday, January 29, 2016

Week 3 EOC Making Money For Good

     We all have school supplies we use from Kindergarten to High School graduation and even our college educations. Bright colors and a toucan bird are not all that company Yoobi represents. This company represents charity and a bright future for those working towards their education. Their mission is very similar to TOMS which is to donate a product of theirs each time that one is purchased. "Many kids in the U.S. don’t have access to basic school supplies, unless teachers pay for them out of their own pocket. We don’t think that’s right and we bet you don’t either!"-Yoobi.com
     I have actually purchased products from Yoobi and never knew that they were a charitable organization. When I did some research on them I found out some really interesting facts and more importantly more about their mission. Did you know that 99.5% of all teachers buy essential classroom materials out of their own pocket which amounts to $485 as a n average per year? This is $1.6 Billion being spent for K-12 teaching per year.
     For each product purchased, which can range from pens to notebooks, Yoobi donates an item to a Yoobi Class Pack. Yoobi Class Packs are a number of collected products that are necessary in the class room and consist of 12 Yoobi Products. Once the pack is ready to be taken to a school the Kids In Need Foundation partner up with Yoobi and help distribute these supplies in schools across the United States. They exclusively work with Elementary Schools but have products that anyone can use.
     It is really interesting to see how a company that is so simple can accomplish something so great and helpful. School supplies are one of the most important tools a child needs in order to get the education the deserve. There is still much that Yoobi could do to really capitalize on giving back. Their products are only sold on their website and at Target stores. If they moved to other department stores and increased their marketing they would accomplish even more if their consumers were more aware of their mission.
     Marketing and advertising can make all of the difference in the success of a company and what they do. "To create value for customers and to build meaningful relationships with them, marketers must first gain fresh, deep insights into what customers need and want. Companies use such customer insights to develop competitive advantage." (Marketing Information and Customer Insights Page 101) Although companies that do charitable things do not need to necessarily compete for profit they need to compete in making their consumers want to become a part of what they are doing. Charity is important and can really be spread if the right attention and awareness are brought to it through marketing and advertising strategies.

Friday, January 22, 2016

Week 2 EOC: Boston Consulting Group - Video Games

     There are many ways that you can argue or discuss a company, brand, or industries success. Some people may tend to lean towards the opinions and decipher which ones they agree with and which ones they don't. Others may opt to use a more structured and factual basis to conclude how the business is really doing. According to the Boston Consulting Group you can find out what the companies SBU's, or Strategic Business Units, that will help you understand where they stand in their industry. "SBUs are classified as  stars, cash cows, question marks, or dogs." (Armstrong & Kotler 2011 Marketing Page 44) If you are wondering what these terms mean you can be sure that they all correlate in importance to the business and which concept is going to be better for the company in the short and long term sense.
     "Cash Cows. Cash cows are low-growth, high-share businesses or products. These established and successful SBUs need less investment to hold their market share." (Armstrong & Kotler 2011 Marketing Page 44) This is a quick way for the company to make enough money to pay their bills and take care of any other financial investments that may be important to the business. The opposing term to a Cash Cow would be the Dogs. " Dogs. Dogs are low-growth, low-share businesses and products. They may generate enough cash to maintain themselves but do not promise to be large sources of cash." (Armstrong & Kotler 2011 Marketing Page 44) It is easy to understand which one is more important. Cash Cows are the quick and reliable source that keeps the goods coming while the dogs are not really worth paying attention to. They do not hold as much promise as a cash cow and can often times be a source that needs more care and maintenance to grow, than it can produce profit.
     "Question Marks. Question marks are low-share business units in high-growth markets. They require a lot of cash to hold their share, let alone increase it. Management has to think hard about which question marks it should try to build into stars and which should be phased out."    (Armstrong & Kotler 2011 Marketing Page 44) The Question Mark draws the most attention from the company because it requires the most consideration. The Question Mark that is chosen can make or break whether the investment was good for the company or a complete flop.          
     When using this approach you must ask yourself, "Is this approach cost effective, and can the companies "SBU's" be measured?" If you can answer yes to both questions you should not have any limitations that make this approach irrelevant or inconsistent. In the case of the video game market, the BCG Analysis approach suggests that the market is growing and expanding in a healthy business aspect but may need to strengthen areas such as their Cash Cow opportunities and Stars. "Stars are high-growth, high-share businesses or products. They often need heavy investments to finance their rapid growth. Eventually their growth will slow down, and they will turn into cash cows." (Armstrong & Kotler 2011 Marketing Page 44)
    "As recently as six months ago, the videogame industry was racking up strong growth even as other businesses reported sharp declines in sales and profits. U.S. videogame sales jumped 10% in January as consumers snapped up $60 to $70 games, which can bring dozens of hours of at-home family entertainment." (http://online.wsj.com/article/SB124865158612682399.html#printMode) This source was written in 2009 and boy has it changed since then.
     We now have a clear insight of what brands and components of the video game industry play which role in the BCG Matrix. The Cash Cows in the industry would be the companies that have officially made a name for themselves like PlayStation, Nintendo, and Xbox. These are the big league players and they do not have to focus on being relevant because they have been for over 10 years now. The Stars are the new game release or consoles within these brands that create attention and also interact with the customer and their needs. The Question Marks are the concepts that may take time to develop like real-life simulation games and new gaming programming. The Dogs in this industry can be identified as the games or products that are not as successful and may not have a broad demographic that the industry currently produces for.
     There are so any variables that drive the customers to stay loyal to a company and strictly buy their products. Quality, consistency, and creative ability all are important but there are even more sub-categories that the marketing team of the company must take into consideration. For example, "On the side of system implementations, Microsoft has somewhat locked in customers. Once a customer has purchased a console at, say for example $300, they are essentially making an investment and will most likely purchase games for that specific console in order to get their money’s worth. The games are where Microsoft makes most of its money, so the strategy works. Access to the Xbox platform is said to be ‘rigorously controlled by Xbox’, creating a barrier to entry in an already difficult to enter market. [11] Xbox developers also established a major alliance when one of the most popular game developers, EA Games. This "alliance factor" also holds true with Xbox being the only one to carry Halo and Gears of War." (http://teamxbox.wikidot.com/marketing-strategies) This is only a small fraction of what goes into decision making and investing. You can only imagine what other SBU's there are to look at in the video game industry.



Armstrong & Kotler (2011). Marketing: An Introduction, 10th Ed. Prentice Hall Publishing   Page 44-47

Friday, January 15, 2016

EOC- Best Customer Service Experience

There are many times that we have memorable shopping experiences both good and bad. Many of the experiences help us decide whether or not we want to continue having these types of experiences and can make or break our relationship with the brand and/or company. I frequently shop for clothes for myself and loved ones and have had over a thousand experiences, but one experience will forever stick out in my mind. Your wedding is supposed to be one of the biggest days of your life, and for women picking out your dress is just as important as saying the big "I DO!" My bridal party and I had pre-planned what we wanted to do and what stores we wanted to go to so we could find the perfect dress. I knew what I wanted but had a budget that most women would consider ridiculous. I had $400 I could spend on the dress. Keep in mind this is what you dream of since your about 7 years old. I wanted the classic princess style ball-gown dress that would make me feel special on one of the biggest days of my life. We started out at a thrift store of all places to see if there were any good finds. After trying on two oversized dresses it was time to play ball in the big leagues. We went to David's Bridal because it was the perfect season for discounted dresses and they have virtually every style you could think of by a variety of designers. I tried on several gowns but even after I told the specialist about my budget I ended up falling in love with the puffiest...and prettiest... gown I had seen all day. I had my heart set on it from the moment I saw it but then came crashing down back to reality when the ticket said $900. After that disappointment we all regrouped to justify if this was really the dress and if going over budget was worth it. My friend suggested we try one last stop, trying to pull me out of my discouragement. We then headed to Celebrations which was a shop I had know for many of my friends getting Prom and Homecoming dresses there. I remember always hearing about how much their dresses were and felt even more reluctant looking for a wedding gown which is always more expensive then High School dance dresses. We walked inside and were instantly greeted. I was very honest about my budget but never once felt like I wasn't important. The woman that assisted me was kind and reminded me that anything is possible. She picked a few silhouettes for me that I did not think of trying which helped ease me into trying on more dresses. She could tell I was comfortable now and got the gowns that I had been drooling over previously. The first two ball gowns were gorgeous but they didn't scream what I was looking for. She then pulled the last one in my size and helped my try it on. It fit like a glove and was everything that I envisioned even after my David's Bridal dream dress nightmare. I got the approval from my bridal party and decided this was the one. As I walked up to the register all of the ladies made me feel very confident in my decision and made genuine small talk that made me feel comfortable. They brought the dress out for me and offered complimentary services that I respectfully declined and gave me a gift with my purchase. I had gone through what I thought was going to be a disastrous dress hunt and ended my day feeling happier than ever thanks to the great customer service they offered me. They were attentive the entire visit and were most importantly genuine about what they were helping me with. If I could suggest any place to go dress shopping it would always be Celebrations. Sometimes the smallest shop can make the biggest difference, and they did just that.