Discussion:
Up until this point, you have developed sections 1, 2, and 3 of your basic marketing plan. Now, it is time to share your idea with your fellow learners. Present the details of your new product idea and brand to include a Discussion on the product characteristics.
First, to learn about the various characteristics of the Product component of the marketing mix, watch the following presentation on Marketing Strategy-Product
Obtain feedback from your fellow learners and use it to refine and further develop your new product idea concept. Provide viable feedback to a minimum of two of your fellow learners to help develop and refine their new product idea concept.
Checklist:
• Product description: Give details about the product and its purpose.
• The basic elements of the brand: Discuss why this new product idea fits the company's image.
• Describe the adopter category that would be attracted to purchase your new product idea (p. 179-181 of your etext)
• Product features and benefits: Identify the most important features and benefits of the product that differentiate the product in the marketplace.
• Packaging and labeling: Describe the packaging and labeling for your new product idea.
• Service characteristics and Relationship marketing: Describe the service characteristics and relationship marketing strategy for your new product idea.
Important Note: After completing the Discussion, you should work on developing the first part of Section 4 of your final project. Use this opportunity to develop the Product component of Section 4 of your Basic Marketing Plan for your final project by using the following template: Section IV- Product template
Discussion:
Retailing has an impact on the daily lives of each individual all over the world. Retailing is "all the activities directly related to the sale of goods and services to the ultimate consumer for personal, nonbusiness use" (Lamb et al., 2012, p. 231). After reading the chapter 15 in MKTG 5th edition, you will understand the importance of retailing within distribution channels, and differences in retailing strategies.
To better understand the relationship between strategic retailing factors and consumer perceptions, you will conduct a simple observation exercise. Follow these three steps to successfully execute this Discussion:
Step 1: Pick a product to shop for, and then identify two stores as places to look for your product. The two stores must be different types of retailers. For example, you can shop for a new HDTV at Best Buy® and at local electronics stores (specialty retailer). Once you have identified what you are looking for and where you are going to look, visit each store and record your observations of specific strategic retailing factors.
Step 2: Observations- When you visit each store, record your observations by taking notes on the following topics:
• Location: Where is each store? How congested is the area of town where each store is located? What influence does the neighborhood have on your impression of the store? Would you travel to this store under normal circumstances? Write a detailed paragraph on the location of each store.
• Exterior atmosphere: How convenient is parking? Is parking adequate? How are other issues concerning parking (cleanliness and size of the lot, size of spaces, well-lit, etc.)? What kinds of stores are around the store you are visiting? Do you think being located next to them increases traffic at your store? Are direct competitors nearby? Is the building modern or historic? Is it attractive, clean, and appealing? Is the entrance inviting to shoppers?
• Interior atmosphere: Compare the following attributes at each store: aisle width; lighting; number of customers; noise (background music, loudspeakers, etc.); store layout; signage; accessibility of the cashier; number of products available (depth and width of assortment); ability to inspect the product before purchase; quality of the fixtures (shelves, lights, etc.); availability of salespeople and their knowledge about the product; willingness of salespeople to help.
• Product: Is your product available? If not, is there a satisfactory substitute? What is your perception of the quality of goods offered? Why do you think as you do?
Step 3: Answer the following questions based on your observations:
1. From which of these two stores would you actually purchase the item? Why, specifically?
2. List the factors that played a role in your decision. Which factor is most important to you? If you would not purchase the item at either store, why not?
3. What are the three most important differences you observed between the stores?
Discussion:
Organizations use Integrated Marketing Communications (IMC) to carefully coordinate and deliver a consistent promotional message to every customer that comes in contact with any advertising, public relations, personal selling, and sales promotion effort. To learn how Integrated Marketing Communications is used by organizations, watch the following video on Vans®, a popular sneaker company:
Integrated Marketing Communications
Advertising and Public Relations
Sales Promotion and Personal Selling
Subsequent to watching the videos on Vans®, go to the vans website (https://www.vans.com) to explore their promotional strategy.
Choose one Vans® product that interests you from their website.
In essay format, discuss the following questions related to the promotional strategy used by Vans®:
1. Describe the promotional strategy employed by Vans® for the product that interests you.
2. Explain how the AIDA process might affect a consumers buying experience for the Vans® product you chose.
3. Discuss the factors that affect the promotional mix of the Vans® product you chose.
4. Does Vans® use Integrated Marketing Communications effectively to deliver the message for the product you chose?
Discussion:
Being up to date with current events is an important part of becoming a business professional. In marketing, it is part of an important responsibility to continuously scan the external environment for opportunities and threats. Execute the following steps to successfully complete this Discussion on the pricing component of the marketing mix:
Step 1: Choose a current events article from one of the following websites to study:
KnowNOW!® https://community.cengage.com/GECResource/blogs/marketing/archive/tags/Pricing/default.aspx
Learn the 4 P's© go to:
https://www.learnthe4ps.com/category/price/
Step 2: Cover the following topics in your Discussion answer in essay format:
• Discuss the key purpose of the article in relation to the pricing component of the Marketing Mix.
• Identify two pricing concepts that you learned from reading this article.
• From the perspective of a professional, what impact does the information on pricing in this article have on the marketplace?
• From the perspective of a consumer, what impact might the pricing concepts in the article have on the buying decisions of consumers?
• How might this information on pricing affect you personally?
Discussion:
Using the company you chose to study throughout the term to build your Basic Marketing Plan for your final project, research how the company employs a social media strategy to build and manage customer relationships. Compare the company's social networking sites and mobile applications with its official Web site to understand the CRM strategy and corporate social media strategy. In essay format, answer the following questions about the customer relationship management and social media strategies for your chosen company:
1. What elements of a good CRM program does this company use to build and manage customer relationships over the internet?
2. Who is the company's target market, and how does the company interact with these customers using social media and mobile technology channels?
3. Social media objectives are listed in Chapter 22 on page 356. Identify the company's primary social media objectives based on actual communications on its social networking sites. Be sure to provide examples.
4. Discuss the kinds of promotions used on the company's website, social media sites, and mobile applications that might encourage continued loyalty and online collaboration from customers.
5. What do you recommend that the company do to improve the effectiveness of its social media sites and mobile applications?
Discussion:
In this Discussion, you will use what you learned about the fundamentals of marketing to define your personal brand. You are a product in the career marketplace, and it is essential that you use fundamental marketing skills to differentiate yourself from your competitors. Networking can play an integral role in building awareness and delivering your personal brand to find opportunities in the career marketplace. A recognized conceptual model that can be used to manage your networking throughout your career is called a personal learning network. To begin the process of defining your personal brand and establishing your personal learning network, follow these four steps:
Step 1: View the Kaplan University video regarding the use of Social Networking for your career at: https://khe2.adobeconnect.com/p1bjjq54gxh
Step 2: View the presentation on developing your personal learning network: Click here.
Step 4: In essay format, write your Discussion answer to develop your personal brand and establish your personal learning network using the following instructions:
• Define your personal brand by establishing your unique selling proposition.
• Develop a brief marketing mix of you as a person and a product in the career marketplace that interests you. Make sure to provide all Four P's- Product (you are the product), Price (wages you would expect), Place (location where you would be available), Promotion (how you would promote yourself as a candidate for employment).
• Outline a framework for establishing your personal learning network.
• Discuss two types of networking that you will use to effectively distribute and promote your personal brand, and provide reasoning for your choices.