The fastest and least expensive way to get my product out to the people or at least inform them of the existence of the product would be to start with a viral campaign online with YouTube. It is free to post and the tracking on how many hits is a great way to get some semblance of how many people are checking out the advertisement. It would have to have a twist to it in a comedic medium to really get people to look at it. A web page is helpful to provide additional contacts or information, but it is not the primary way to get people to look and smell your fragrance.
Relationship marketing in services involve ongoing interaction between the service organization and the customer. Thus, they can benefit from relationship marketing, as a means of attracting, developing, and retaining customer relationships.
(Lamb Hair McDaniel MKTG Chapter11 page 166)
The idea of relationship marketing would work with this company because it is dealing in something that needs to be replace every six month due to the freshness date on the bottle. This is unique in that we would be able to have a simple call center to take calls about the expiration dates, we would have contact with the clients more often than any other fragrance company and so we would be able to build a strong relationship versus another fragrance company. Creating satisfied customers would be a goal that would create a lot of return business as well as help create repeat business.
Intensive Distribution is a form of distribution aimed at maximum market coverage. The manufacturer tries to have the product available in every outlet where potential customers might want to buy it. If the buyers are unwilling to search for a product the product must be very accessible to buyers.
(Lamb Hair McDaniel MKTG Chapter12 page 181)
Again, I would want the product to be marketed like Red Bull which shows up to events gives out some free product, sponsors events, sponsors athletic or celebrities to endorse the product. The product would be sold at department stores as well such as Macy’s and Dillard’s, but also be available on line.
Retail promotion strategy includes advertising, public relations and publicity, and sales promotion. The goal is to help position… in consumers’ minds.
(Lamb Hair McDaniel MKTG Chapter13 page 205)
Implementation of the product would not conceivably be ready by 2013 or 2014 in which case it is possible some of the ideas developed so far may be used by other companies. In summary, the finances would be major contributing factors in getting this project up and going, finding the necessary backers. The design and website would be a major cost savings for the project since I would do that work myself.
Available Funds…Money, or lack of it, may easily be the most important factor in determining the promotional mix. (Lamb Hair McDaniel MKTG Chapter14 page 223)
Thursday, March 25, 2010
The Marketing Mix
Packaging Design
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Branding is the main tool marketers use to distinguish their products from the competition’s. (Lamb Hair McDaniel MKTG Chapter 9 page 135)
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Product:
Marketing Mix refers to a unique blend of product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market according to MKTG book. Product includes packaging design, after the sale service, brand name and company image. It is a broad, but important topic.
Distribution:
My place of distribution will have to be distributed through Las Vegas based. It would be produced in France as many other fragrances are made. It would have to be shipped here and warehoused here.
Promotion Strategies:
The advertising and public relations would have to be out sourced to provide better return on investment. Sales promotion and personal selling need to be handled by me. The promotion strategy can dramatically increase sales if it is implemented correctly. This can be a reminder of the product benefits.
Pricing Strategies:
Pricing is what a buyer must give up to obtain a product. According to the class book it is the most flexible of the P’s the four elements of the marketing mix.
Development. In the early stage of development, the R&D or engineering department may develop a prototype of the product. During this stage, the firm should start sketching a marketing strategy. The marketing department should decide on the product’s packaging, branding, labeling, and so forth.
(Lamb Hair McDaniel MKTG Chapter 10 page 149)
Target Market Strategy
Bottle design.
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All the formal and informal groups that influence the buying behavior of an individual are that person’s reference groups. Consumers may use products or brands to identify with or become a member of a group. They learn from observing how members of their reference groups consume, and they use the same criteria to make their consumer decisions. (Lamb Hair McDaniel MKTG Chapter 5 page 73)
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From the book MKTG a target marketing strategy involves activities that select and describe one or more target markets and developing and maintain a marketing mix that will produce mutually satisfying exchanges with target markets.
My target market which has been discussed before is Generation Y and the younger parts of Generation X. Gen Y was born between the years of 1979 and 1994. This is an important segment since they spend $200 billion annually and in their lifetime it is said that they will exceed the $10 trillion dollar mark.
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Accurate and timely information is the lifeblood of marketing decision making. Good information can help an organization maximize sales and efficiently use scarce company resources. (Lamb Hair McDaniel MKTG Chapter 8 page 113)
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Researchers have found that because the company has limited resources the niche competitive advantage will be the direction, this market has excellent growth potential since other manufacturers concentrate on releasing one or two new fragrances a year and is not crucial to the success of major competitors.
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For small companies with limited resources that potentially face giant competitors, niching may be the only viable option. (Lamb Hair McDaniel MKTG Chapter 2 page 21)
……………………………………………………………………………………………………………………………………………
Some characteristics of Gen Y:
Family Oriented, Inquisitive, impatient, opinionated
Diverse, good time managers, street smart and
Connected to social networks.
Situation Analysis or SWOT
……………………………………………………………………………………………………...
U.S. managers must develop a global vision not only to recognize and react to international marketing opportunities but also to remain competitive at home. Often a U.S. firm’s toughest domestic competition comes from foreign companies.
(Lamb Hair McDaniel MKTG Chapter 4 page 47)
…………………………………………………………………………………………………………………………………………………
Selecting a strategic alternative according to the MKTG book is the next step in marketing planning. To discover this opportunity the management has to know how to identify these by the Ansoff’s strategic opportunity matrix which matches products with markets. It must also be identified the strengths and weaknesses and the opportunities and threats that a marketing manager will come across so that they will have little to none surprises.
Strengths:
• A different approach to fragrance with the use of Italian herbs and citrus from renewable sources.
• No other fragrance that I could find with a freshness use through date.
Weaknesses:
• Me not having knowledge of the industry or if my marketing strategy is enough to sell financial backers when I pitch them my idea.
• Needs more market research besides my brother and a couple of his friends and my dad. Some were mixed in feeling, but I said that it would not be a strong scent.
• Finances will also be an issue.
Opportunities:
• An opportunity to make changes in the fashion industry with regards to a new direction in fragrance.
• An opportunity to use all the tools used in marketing class to the fullest extent just to try and make a dent in a highly profitable, but very brand loyal market.
Threats:
• Again everyone has a favorite go to fragrance so brand loyalty will be something that has to be overcome.
• The competition has more finances to work with in advertising.
U.S. managers must develop a global vision not only to recognize and react to international marketing opportunities but also to remain competitive at home. Often a U.S. firm’s toughest domestic competition comes from foreign companies.
(Lamb Hair McDaniel MKTG Chapter 4 page 47)
…………………………………………………………………………………………………………………………………………………
Selecting a strategic alternative according to the MKTG book is the next step in marketing planning. To discover this opportunity the management has to know how to identify these by the Ansoff’s strategic opportunity matrix which matches products with markets. It must also be identified the strengths and weaknesses and the opportunities and threats that a marketing manager will come across so that they will have little to none surprises.
Strengths:
• A different approach to fragrance with the use of Italian herbs and citrus from renewable sources.
• No other fragrance that I could find with a freshness use through date.
Weaknesses:
• Me not having knowledge of the industry or if my marketing strategy is enough to sell financial backers when I pitch them my idea.
• Needs more market research besides my brother and a couple of his friends and my dad. Some were mixed in feeling, but I said that it would not be a strong scent.
• Finances will also be an issue.
Opportunities:
• An opportunity to make changes in the fashion industry with regards to a new direction in fragrance.
• An opportunity to use all the tools used in marketing class to the fullest extent just to try and make a dent in a highly profitable, but very brand loyal market.
Threats:
• Again everyone has a favorite go to fragrance so brand loyalty will be something that has to be overcome.
• The competition has more finances to work with in advertising.
Objectives
………………………………………………………………………………………………………
…The marketing plan allows the marketing manager to enter the marketplace with an awareness of possibilities and problems…without objectives; there is no basis for measuring the success of marketing plan activities. (Lamb Hair McDaniel MKTG Chapter 2 page 18)
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A marketing objective is a statement of what is to be accomplished through marketing activates. The objectives themselves must follow realistic, measurable goals and be time specific.
• Increase product awareness among the target audience by 25 percent by focusing on college campuses across the country.
• Inform target audience about features and benefits of our product with a goal of increasing sales by 10 percent in one year.
• Set up the fragrance within social networks such as Facebook and Twitter, organize viral campaigns on YouTube to increase awareness of our product by 10 percent within the first six months of release.
• Setting up organized attendance to all major sporting events including XGames with booths to give away samples of our product with a goal of increasing awareness and sales by 5 percent.
• Pricing structure is to be set at $25 for a 1.7 ounce bottle of Quest’ la Vita is a reasonable amount to as for with stipulation that there is freshness date and the fragrance must be replaced after six months of use.
Competition varies during the product life cycle, of course, and so at times it may strongly affect pricing decisions. (Lamb Hair McDaniel MKTG Chapter 17 page 273)
………………………………………………………………………………………………………
Demographic Factors
…Generation Y were born between 1979 and 1994…Inquisitive. Gen Yers tend to be inquisitive, wanting to know the reasons why things happen, how things work, and what they can do next. Connected. Fifty-four percent use social networking sites like …Facebook and 44 percent have created profiles featuring photos, hobbies, and interests…Gen Yers are not easily shocked. They’re much more aware of the world around them than earlier generations were. (Lamb Hair McDaniel MKTG Chapter 3 page 35)
…………………………………………………………………………………………………………………………………………………
As stated in chapter two of the book, promotion includes advertising public relations, sales promotion, and personal selling. Promotion’s role in the marketing is to bring about mutually satisfying exchanges with the target markets by informing, educating, persuading, and reminding them of the benefits of a product.
Penetration pricing is at the opposite end of the spectrum from skimming. It means charging a relatively low price for a product as a way to reach the mass market. (Lamb Hair McDaniel MKTG Chapter 18 page 279)
…The marketing plan allows the marketing manager to enter the marketplace with an awareness of possibilities and problems…without objectives; there is no basis for measuring the success of marketing plan activities. (Lamb Hair McDaniel MKTG Chapter 2 page 18)
..........................................................................................................
A marketing objective is a statement of what is to be accomplished through marketing activates. The objectives themselves must follow realistic, measurable goals and be time specific.
• Increase product awareness among the target audience by 25 percent by focusing on college campuses across the country.
• Inform target audience about features and benefits of our product with a goal of increasing sales by 10 percent in one year.
• Set up the fragrance within social networks such as Facebook and Twitter, organize viral campaigns on YouTube to increase awareness of our product by 10 percent within the first six months of release.
• Setting up organized attendance to all major sporting events including XGames with booths to give away samples of our product with a goal of increasing awareness and sales by 5 percent.
• Pricing structure is to be set at $25 for a 1.7 ounce bottle of Quest’ la Vita is a reasonable amount to as for with stipulation that there is freshness date and the fragrance must be replaced after six months of use.
Competition varies during the product life cycle, of course, and so at times it may strongly affect pricing decisions. (Lamb Hair McDaniel MKTG Chapter 17 page 273)
………………………………………………………………………………………………………
Demographic Factors
…Generation Y were born between 1979 and 1994…Inquisitive. Gen Yers tend to be inquisitive, wanting to know the reasons why things happen, how things work, and what they can do next. Connected. Fifty-four percent use social networking sites like …Facebook and 44 percent have created profiles featuring photos, hobbies, and interests…Gen Yers are not easily shocked. They’re much more aware of the world around them than earlier generations were. (Lamb Hair McDaniel MKTG Chapter 3 page 35)
…………………………………………………………………………………………………………………………………………………
As stated in chapter two of the book, promotion includes advertising public relations, sales promotion, and personal selling. Promotion’s role in the marketing is to bring about mutually satisfying exchanges with the target markets by informing, educating, persuading, and reminding them of the benefits of a product.
Penetration pricing is at the opposite end of the spectrum from skimming. It means charging a relatively low price for a product as a way to reach the mass market. (Lamb Hair McDaniel MKTG Chapter 18 page 279)
Business Mission Statement
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Marketing Affects Your Life Every Day
About half of every dollar you spend pays for marketing costs, such as marketing research, product development, packaging, transportation, storage, advertising, and sales expenses. By developing a better understanding of marketing, you will become a better-informed consumer…you will be better prepared to demand satisfaction when the goods and services you buy do not meet the standards promised by the manufacturer or the marketer. (Lamb Hair McDaniel MKTG Chapter 1 page 12)
…………………………………………………………………………………………………………………………
The mission statement is defined by the book as “a statement of the firm’s business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions.” What is important is that the mission statement is also the foundation of any marketing plan which answers the question “What business are we in?” This gives direction to all present and future decisions since it is the statement of the company that you will be following, so it is not to be taken likely.
Experts agree that a relationship between the salesperson and customer will always be necessary.
(Lamb Hair McDaniel MKTG Chapter 16 page 259)
On my mission statement I wanted something to do with the freshness of the product and the quality of the ingredients. Other key words would include “renewable, green and rugged.” Since the fragrance is also cast in a Mediterranean setting with ingredients from Italy, my product name would also be in Italian. “Quest’ la vita” means “this is life.” My mission statement is simple stated:
“Quest’ la Vita offers a fun, unique fragrance profile reminiscent
of a Mediterranean lifestyle designed from high quality, fresh
Italian ingredients with a commitment to promote business practices
that support green, renewable sources.”
This mission statement focuses on the market the fragrance is trying to serve while incorporating a green message.
Advertising strategies are typically organized around advertising campaign.
(Lamb Hair McDaniel MKTG Chapter 15 page 229)
Marketing Affects Your Life Every Day
About half of every dollar you spend pays for marketing costs, such as marketing research, product development, packaging, transportation, storage, advertising, and sales expenses. By developing a better understanding of marketing, you will become a better-informed consumer…you will be better prepared to demand satisfaction when the goods and services you buy do not meet the standards promised by the manufacturer or the marketer. (Lamb Hair McDaniel MKTG Chapter 1 page 12)
…………………………………………………………………………………………………………………………
The mission statement is defined by the book as “a statement of the firm’s business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions.” What is important is that the mission statement is also the foundation of any marketing plan which answers the question “What business are we in?” This gives direction to all present and future decisions since it is the statement of the company that you will be following, so it is not to be taken likely.
Experts agree that a relationship between the salesperson and customer will always be necessary.
(Lamb Hair McDaniel MKTG Chapter 16 page 259)
On my mission statement I wanted something to do with the freshness of the product and the quality of the ingredients. Other key words would include “renewable, green and rugged.” Since the fragrance is also cast in a Mediterranean setting with ingredients from Italy, my product name would also be in Italian. “Quest’ la vita” means “this is life.” My mission statement is simple stated:
“Quest’ la Vita offers a fun, unique fragrance profile reminiscent
of a Mediterranean lifestyle designed from high quality, fresh
Italian ingredients with a commitment to promote business practices
that support green, renewable sources.”
This mission statement focuses on the market the fragrance is trying to serve while incorporating a green message.
Advertising strategies are typically organized around advertising campaign.
(Lamb Hair McDaniel MKTG Chapter 15 page 229)
Thursday, March 18, 2010
EOC Week 10 Volkswagen
1. The idea for the Beetle came from Adolph Hitler, Hitler also had plans for the styling of the Volkswagen, he is reputed to have said "It should look like a Beetle, you have to look to nature to find out what streamlining is.” Hence the name Beetle. http://www.myvwsite.com/linkspage2.html
2. In Brazil the Beetle remained in production until the nineties, the production continued in Mexico until 2003. Beetles from these countries were then exported to Europe until 1985. With over 22 million cars built to date, it's the largest-production car of a single design; so one could argue that it's also the most significant motor vehicle ever produced. It has provided economical motoring to vast numbers of people. http://volkswagenbeetle.goyalive.com/
4. Who designed the Beetle? Ferdinand Porsche
5. Which engine component don't original Beetles have? Radiator
6. Where in the world did Beetles originate? Germany
7. What two countries still manufacture Beetles? Brazil and Mexico
8. Nazi war criminal Adolf Eichmann worked as a foreman at a Volkswagen factory in Argentina before being captured by the Mossad in 1960.
9. You can identify early Volkswagen engines by the serial number on the crankcase. To tell if your vehicle has its original engine, you can match its number against the chassis number. That number is under the Beetle's rear seat, or on the frame in front of the transmission on other models. http://www.ehow.com/facts_5513364_early-vw-engine-identification.html
10. Early VW engines were air-cooled, horizontally opposed, four-cylinder power plants ranging from 1,100 to 1,600 cubic centimeters, according to Oldandsold.com.
11. Volkswagen literally means the ‘people’s car’ and it is thought that the brief that Hitler gave Porsche was that he should design and produce a car that would carry two adults and three children at a speed of 60mph with at least 33 mpg. This was the sort of thing that Porsche was looking to produce. Hitler set the price at 1000 Reich marks, the equivalent of 250 dollars in 1933 which was about the price of a motorcycle at the time. It seemed an unrealistically low price to Porsche, but nevertheless he accepted the challenge and the Volkswagen Beetle was born. http://www.helium.com/items/1762045-the-history-of-the-volkswagen-beetle
From the TV series “Mad Men” the discussion in the office about the Volkswagen ad that caused a 15 minute discussion was from this original ad found at http://www.powerwriting.com/vw-lemon-ad.html:
Volkswagen of America
(A) Doyle Dane Bernbach, New York
(Ad) Helmut Krone
(P) Wingate Paine
Circa 1960s
Ad copy
The Volkswagen missed the boat.
The chrome strip on the glove compartment is blemished and must be replaced. Chances are you wouldn't have noticed it; Inspector Kurt Kroner did.
There are 3,389 men of our Wolfsburg factory with only one job; to inspect Volkswagens at each stage of production. (3,00 Volkswagens are produced daily; there are more inspectors than cars.)
Every shock absorber is tested (spot checking won't do), every windshield is scanned. VWs have been rejected for surface scratches barely visible to the eye.
Final inspection is really something! VW inspectors run each car off the line onto the Funktionsprüfstand (car test stand), tote up 189 check points, gun ahead to the automatic brake stand and say "no" to one VW out of fifty.
This preoccupation with detail means the VW lasts longer and requires less maintenance, by and large, than other cars. (It also means a used VW depreciates less than any other car.)
We pluck the lemons; you get the plums.
This ad was particularly interesting about how it states the car is a “lemon,” but as you read through the ad it actually states that there are rigorous quality standards and requirements that the VW must meet after it has been built in order to leave the production line. My interpretation of the scene in Mad Men was that there was not much humor or sarcasm used in advertising at the time and that even though they did not care for the car, the ad was unique and funny.
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