Blog 8: Final Reflection

We have finally reached the end of the semester! This week marks my last week of marketing classes, and with it, I’m sad to say, will most likely be my final blog post. As a result, I wanted to reflect on some of the objectives that I have achieved this semester in my marketing class.

Without further adieu, here are five of the objectives I feel I have achieved this semester through taking this course.

Objective # 1: Understand that the marketing process starts and ends with customers and consumers.

This objective is arguably one of the most important takeaways of the course in my opinion, because if there’s one thing that I learned about marketing this semester its that consumers matter. Whether its their positive or negative input, customer feedback is essential to the marketing process because it dictates what changes will be brought about for the product in its production phases and furthermore it effects how many more consumers will be interested in buying the product in the future. Being aware that the marketing process is a continuous cycle implicitly tied to consumers and their opinions is extremely important.

Objective # 2: Analyze and evaluate basic financial statements and business formulas (profit, ROI, etc.)

I am most proud to have achieved this objective this semester, because financial analysis is not my strong suit. By working on my practice marketing simulation, I was able to further my understanding of how to analyze financial data in order to determine what decisions I should make for my business. Without the practice marketing simulation, I would not have been able to develop the skills necessary to perform such financial analysis all on my own.

Objective # 3: To have the opportunity to put marketing into action via team and individual projects, research, reports and presentations.

Throughout the course we were given the opportunity to integrate marketing concepts we were learning in class and from the textbook into our own work, whether it be individually or in teams. Specifically, I think that I was able to develop stronger presentation skills this semester by doing presentations such as my TED talk, commercial critiques, and practice marketing analysis.

Objective #4: Participate and communicate as an effective member of a team.

The hardest objective for me to achieve this semester was how to maximize the productivity of my practice marketing simulation team. This was a constant struggle for me throughout the course, however with time it got better as I learned how to properly communicate with my team members and how to work past certain road blocks we faced. Working with groups always has its challenges, but a major lesson I learned from my experience of working with groups this semester is that not everything is under my control, and sometimes that is okay.

Objective #5: Appreciate the integrated role of marketing in business decisions.

The last objective I wanted to highlight was learning that marketing is implicit in all business decisions. I think that this is really important, because a common misconception of marketing is that it only relates to the advertising and communications of a company. I learned that this could not be farther from the truth this semester, because marketing is a part of each and every business decision from research and development all the way to product distribution.

Before I sign off for my final post, I want to take the time to thank you all for reading my blog and hope that you were able to get something out of it! I had a lot of fun with this project this semester!

That’s all for now,

-XOXO M

Blog 7: The Importance of Knowing Your Audience

One of the most important aspects of marketing is knowing who your target market is, so for this blog post I wanted to spend some time discussing the various ways in which a company uses this knowledge to their benefit in order to sell the optimum amount of products.

Earlier on in the semester we learned about the basic definition of target market, which was defined as one or more specific groups of potential customers toward which an organization directs its marketing program. Identifying who your target market is and tailoring your marketing efforts towards them is thus essential for a company, because otherwise their marketing program could be reaching the wrong group of individuals entirely- or possibly none at all.

This past week we learned about distribution channels in class. You may be wondering how target market would fit in here, however it most certainly does! Knowing who your audience is is incredibly useful throughout the entire life cycle of a product, but especially at the level of distribution. This is because marketers need to be aware of something called density, which is the number of stores in a geographic area that sell to your target market. By knowing which particular amount of density the company is working with, marketing efforts can be best matched to the various types of target market coverage.

In our textbook we learned that there are three different types of target market coverage. The first is called intensive distribution. Intensive distribution means that a firm tires to place its products and services in as many outlets as possible. This type of distribution is mainly used for convenience products or services, because these are the types of products that are desired by copious amounts of consumers and target markets.

The second form of target market coverage we learned about was exclusive distribution. All exclusive distribution means is that one retailer in a specified geographic area carries the firm’s products. As you can see, exclusive distribution is the exact opposite of intensive distribution. Exclusive distribution is mainly used for specialty products or services and retailers favor it for a few different reasons favor it. The first reason being a limitation for competition. If there is only one business that is distributing a specialty good in a particular area, all the customers who want this product have no other choice but to shop at their store. Another reason why businesses may prefer exclusive distribution is because it provides a point of difference for them. Point of differences are very important in all industries, especially retailing, because it lets your customers know what is different about their products and why they should buy them over any others.

The third form of target market coverage we learned about was called selective distribution. Selective distribution is a form that lies somewhere in between the two other forms of distribution. This is because it occurs when a firm selects a few retailers in a specific geographic area to carry its products. Selective distribution is thus the most common form of distribution intensity because it provides a firm with the benefits from both exclusive distribution and intensive distribution.

I hope that this post helps clarify the reason why being aware of your target market is very important for a firm. It not only helps you customize your marketing campaign to the right viewer, but it even helps you know where you should be selling your actual products at the distribution level.

That’s all for now,

-XOXO M

Sources:

Marketing, 12th Edition Roger Kerin, Steven Hartley, William Rudelius. McGraw-Hill: New York, 2015

http://www.vpasp.com/blog/How-Identify-Your-Ecommerce-Target-Market/

http://www.slideshare.net/phanquoccuong/sales-and-distribution-management-11306715

Post 6: 3 Tips on How to Survive the Holiday Shopping Season

It’s almost that time of year again! The holiday season is one of the best seasons there is in my opinion, because it means a break from school, time to spend with my friends and family, good food, and most importantly some of the best shopping of the year. The American holiday shopping season begins with what could be regarded by some as the infamous day we call Black Friday, which promptly follows Thanksgiving. From then up until New Years Eve, we as consumers will be bombarded with promotion and sales offerings by all businesses no matter how big or small they are. This is because they want to cash in on our holiday spirit spending. The holiday season can be especially intimidating and tricky when making a purchase decision  so because of this I thought I would dedicate a blog post to my top three tips for how to scope out the best deals from the not so worth it ones. By the end of this blog post I hope you feel confident in your ability to survive the holiday shopping season and get the most for your money!

Tip # 1: For big purchases, research before you go to the store.

I think that this tip is important no matter what time of year it is, however it is especially relevant during the holiday shopping season. I know that whenever I go to a store and am presented with current deals and promotions that are being offered, I can become confused as to which ones are the best choices.  This is why I think it is important to do some research before you go to the store so that you know what your options are. This is good advice for all of your purchases, but especially your big-ticket items. There are two main product categories that fit here. The first are shopping products, which are products that can be expensive and require some research and opinion from close friends or family or those who have used the product before you purchase them, as well as specialty products, which are the most expensive types of products you can get and consequently require lots of research before a decision is made to buy them. Bottom line, don’t go into a store blind!

Tip # 2: Make a list, and check it twice!

This next tip relates back to the first. I am a big fan of list making. Although I am a very organized person, I find that this is a really helpful trick for those who lack in organization skills too because it forces them to engage with and sort out the task at hand. Going into any store during the holiday season will be tough, because you will be exposed to thousands of different deals and promotions that will all seem so appealing and fantastic. However if you go into a store with a pre-made list of the items you came in for, you will have stronger will power to avoid purchases that you did not intend for. Such purchases are known as unsought products. In this sense a list is like a pair of sunglasses, it shields away the glare from the harmful rays of advertisements.

Tip # 3: Don’t underestimate the power of small gifts!

Shopping can be hard, especially when you are trying to get a gift for a loved one and you have no idea where to start. Instead of putting down a lot of money on one large gift for someone, I would recommend getting them a bunch of little, less expensive items for a few different reasons. The first being that if you are uncertain if they will like the gift you got them, why not get them an assortment of little gifts you know that they will like rather than pooling all your money towards an item they may or may not end up liking and or returning. The second reason I recommend buying gifts this way is because it is more fun. I would much rather get a bunch of little gifts that had meaning to me than a large fancy gift that probably put a lot of pressure both emotionally and financially on the person who got it for me. Basically, I believe that it should not take much to impress your loved one. So if you are stumped on what to buy, don’t sweat it- just get them little things that have meaning that they’ll be sure to like!

That’s all for now,

-XOXO M

Sources:

Marketing, 12th Edition Roger Kerin, Steven Hartley, William Rudelius. McGraw-Hill: New York, 2015

http://www.dreamstime.com/stock-image-christmas-shopping-crowd-image12675931

http://www.truewoman.com/?id=886

http://www.foodiefriendsfridaydailydish.com/christmas-shopping-list-printable/

http://www.hercampus.com/school/strath/how-keep-sane-christmas-shopping

Post 5: Public SERVICE Announcement

This week I thought it would be a good idea to talk about the service industry and how heavily it relies on the notion of experience. Have you ever gone to a restaurant and had a rude waitress? How did this make you feel? Do you think it impacted your overall impression of the restaurant and the experience you had there? While you may not automatically assume that it had an effect on you, more often than not it certainly did! Recently I had such an experience while out to eat with my friends. Ever since then it has made me wonder just how important customer relations is for a company.

In earlier weeks we discussed some sociocultural influences on consumer behavior. From the textbook we learned that a consumer’s purchase is often influenced by the views, opinions, or behaviors of others. A main influence on a consumer is individuals known as opinion leaders. These individuals are considered to be very knowledgeable about a particular product or service and can have a tremendous impact on a potential customers likelihood of purchasing that product or service.

  

One of the ways in which consumers learn from opinion leaders is by means of word of mouth conversation. Word of mouth marketing occurs when those who have already used the particular product or service in question influence people in conversation about that particular product or service. Often times word of mouth marketing occurs naturally and is unprompted. It happens when a consumer has either a good or a bad experience with a business and as a result, feels the need to share that experience with others. This is why it is essential for businesses to pay attention to their customers and be aware of any feedback they may have to give, because otherwise word of mouth marketing can be very dangerous to their future success.

After a consumer has tried a product or service, there are several different forms of evaluation that occur afterwards. In the service industry, quality is assed by five dimensions. The first is reliability, which is the ability to perform the promised service dependably and accurately. If a service is not seemed reliable, it will most likely be forgone in the future. The second dimension is tangibility. This refers to the physical appearance of the facilities, equipment, personnel, and communication materials. For example, in a restaurant customers do not want to see a dirty table, bathroom, or kitchen because this will make them question the overall quality of the food and detract from their experience. The third dimension is responsiveness. Responsiveness refers to the willingness of employees to help customers and provide them with prompt service. This is arguably the most important dimension in the food industry. There is nothing worse than a rude waiter or waitress in my opinion and oftentimes a negative interaction as such will result in the customer not coming back and choosing to dine at another restaurant instead. The fourth dimension is assurance. This refers to the knowledge and courtesy of employees and their ability to convey trust and confidence to the customer. In my mind this sort of ties back to responsiveness, because a customer does not want to deal with a rude or disingenuous employee. The fifth and final dimension is empathy, which relates to employees caring, individualized attention that is provided to a customer. All five of these dimensions are integral to the success of a business and that is why it is very important for employees to be properly trained.

The main takeaway from this post is that impressions matter in the business world, so it is very important that a business gets it right with a customer not only during their initial contact with the company, but each and every time they return! Otherwise, they risk loosing not only that customer but also any or all of those in which they decide to tell about their experience.

I leave you with a funny piece of pop culture from the hit show Seinfeld.

That’s all for now,

-XOXO M

Sources:

Marketing, 12th Edition Roger Kerin, Steven Hartley, William Rudelius. McGraw-Hill: New York, 2015

http://www.wisegeek.org/what-does-a-waitress-do.htm 

http://crea-mc.co.uk/services/customer-relations

https://www.youtube.com/watch?v=2xqkpP59UgM