Week 8 EOC: Creative Content

For my creative content I decided to go with something that is both simple and effective in the world of audio. I decided to create a 30 Sec. radio commercial that will be aired on many different means of media. I plan to use it by uploading it to Youtube, along with other social medias such as Facebook, Twitter, Sound Cloud, and Pandora. Though many people prefer to skip the ads it is more likely that they are going to have to listen to it at some point in their life, or they can just hear or refer to it through another person. I guess the main challenge when it comes to radio broadcasting or commercials is getting people to want to hear it and not skip. Mainly getting it out there will pose as a threat.

Marketing Quotes

1. A strategic error can threaten a firm's survival. (Page 14)
2. A product development strategy entails the creation of new products for present markets. (Page 16)
3. By specifying objectives and defining the actions required to attain them, you can provide in a marketing plan the basis by which actual and expected performance can be compared. (Page 20)
4. A new-product strategy links the new-product development process with the objectives of the marketing department, the business unit, and the corporation. (Page 193)
5. The Internet is a useful tool for implementing simultaneous product development. (Page 197)
6. Despite the amount of time and money spent on developing and testing new products, a large proportion of new product introductions fail. (Page 199)
7. A relative product failure results when the product returns a profit but fails to achieve sales, profit, or market share goals. (Page 199)
8. An innovation is a product perceived as new by a potential adopter. (Page 200)
9.  Retailing affects all people directly or indirectly. (Page 258)
10. First, marketers must realize that they often do not control the content on social media sites. (Page 336)
11. Customer-centric companies continually learn ways to enhance their product and service offerings. (Page 321)
12. Initial groundwork must precede communication between the potential buyer and the salesperson. (Page 322)
13. Price plays two roles in the evaluation of product alternatives: as a measure of sacrifice and as an information cue. To some degree, these are two opposing effects. (Page 357)
14. The price they set for each product depends mostly on two factors: the demand for the good or service and the cost to the seller for that good or service. (Page 361)
15. Relationship selling, or consultative selling, is a multistage process that emphasizes personalization and empathy as key ingredients in identifying prospects and developing them as long-term, satisfied customers. (Page 319)

Week 10 EOC: Benefit vs Features

What are the benefits vs the features for your product? One of the biggest factor from my product is being able to enjoy a snack that is tasty and affordable. Think about a handful of treats that include chocolaty goods in the mix along with peanuts, dried bananas, apricots, and much more. So you get the same experience of enjoying a trail mix from a brand that is not as costly and contains less calories than those brand names.For the most part, chocolate IS chocolate, that’s just how it is. The trick with creating chocolate products is of course trying to make and create a new feel and twist on such a classic product that has been around since forever. A key to making a new twist and feel is definitely knowing how to make the best of what you have and what you can work with.“A market-oriented firm defines its business in terms of the benefits its customers seek” (Pg. 10). “A competitive advantage is a set of unique features of a company and its products” (Pg. 23). Features of course depends on whether or not you have a product or a service.

Week 9 EOC: Social Media

Social media plays a big part especially when it comes to marketing. It is important to know how to market your product, and know how to reach your marketing target. This is why social media plays a big factor. For us in the audio world I can't think of anything better than reaching our audience through the medias of television or radio. I say this because we all listening to the  radio weather on the way to work, school, home, or other destinations. The other option would be to get our product out on a television commercial.“What exactly are social media? They are Web-based and mobile technologies that allow the creation and exchange of user-generated content.” (MKTG pg 51) With almost everyone on the face of the planet being on one form or another of technology, there are also this many people who are on at least one form of social media or more. This being said, utilizing one of the most frequented and popular social media sites, Facebook, will of course be a no-brainer. “The Internet and the widespread use of social media have accelerated the shift in power from manufacturers and retailers to consumers and business users.”“What exactly are social media? They are Web-based and mobile technologies that allow the creation and exchange of user-generated content.” (MKTG pg 51)

Implementation Evaluation Control

Implementation - OP-4 will be running televised ads our first week our business goes public, from there we will have our t.v ads run sparingly throughout the week. Our business will also have a billboard up in the cities and towns where our product will be specifically I.e. Bases. Once our company goes public that's when we will also be launching our website simultaneously so that our customers and potential clients can better understand our company and values.“No one has the right to put anything on [your computer] that you don't want,” said Jon Leibowitz, chairman of the FTC“The ways in which consumers interact with their bank are constantly evolving,” said Larry McClanahan, vice president and director of Digital Delivery for Fifth Third Bank.
Evaluation - For our quantifiable aspects obtaining our sales leads and customers reached will be a more reasonable number to account for seeing as our customers and accounts are military and service members, and for the qualitative factors examining if our product is delivering the expectations that we set forth and marketed we will have a section of our staff that travel, visit, and report throughout the year on our products at different sites.
Control - Our main goal for the company is to deliver the best tasting coffee to the men and women who put their lives second to their country. Secondly we want to be the leading innovators of the coffee industry. Creating new and exciting drinks that questions yourself if you really understood what the word delicious really meant

Marketing Mix: Price

To survive in today's highly competitive marketplace, companies need pricing objectives that are specific, attainable, and measurable. Realistic pricing goals then require periodic monitoring to determine the effectiveness of the company's strategy.” (Lamb, Charles W.MKTG 9, 9th Edition. Pg 359). We believe our pricing is realistic. We are not the cheapest  but we are the only one of its kind to provide the same taste as the leading brand features less calories and price is lower.The price of the product will always and forever remain the same. Obtaining and keeping customer loyalty can easily be achieved by staying true to the value of your product even when it becomes widely known and vastly popular throughout the world. “Price is a component of value (a $4,000 handbag is perceived as being more luxurious and of higher quality than one selling for $100), but low price is not the same as good value. Instead, customers value goods and services that are of the quality they expect and that are sold at prices they are willing to pay.” –MKTG Page 7.

Even if the competition falters or completely disappears the price will always remain the same (unless it is sold in bulk or bundle). “Some attributes of an attractive market are high profitability, rapid growth, a lack of government regulation, consumer insensitivity to a price increase, a lack of competition, and availability of technology.” –MKTG Page 19.

Marketing Mix: Promotion

We will primarily be promoted on social media, which includes: Youtube, Vine, Instagram, Tumblr, Twitter, Facebook, even Pandora etc.As the product will grow and become more popular then will it be advertised more prominently on social media sites with the promotion of popular users showcasing the product on their profiles and channels. To even further improve the product the popular users will also introduce the product to a whole new audience as friendly. “Because target consumers have incorrect beliefs about 24 Hour Fitness's attributes (the number and variety of classes), the gym must advertise and do other forms of promotion (such as an open house) to correct the misimpressions.” –MKTG Page 114. Aware of the aging population's health fears, the retail medical imaging centers Heart Check America and HealthScreen America advertise that they offer consumers a full body scan for early detection of health problems such as coronary disease and cancer.” –MKTG Page 112.