I’m working on a Marketing question and need guidance to help me study.
As you look back on the course, consider how marketing affects your daily life and how your understanding of marketing has changed. To illustrate some of the marketing components that you have learned, identify a specific product that could benefit from a new marketing strategy. Describe this product and explain how you could use the information from this course to recommend changes. Make sure to include what research strategies you would recommend the company use to inform the new strategies.
In response to your classmates, discuss the new marketing strategy they are proposing.
To complete this assignment, review the Discussion Rubric document.
I need 2 responses done on these two classmates.
1st response needed
8-2 Discussion: Making Connections
Michael Hildreth posted Feb 26, 2020 9:35 PM
I started this course with the mindset of being personally unmarketable, I couldn’t have been more wrong. I have now had an opportunity to use the knowledge this course has given me to focus on the products I buy. I now ask myself, why am I purchasing this item. I ask myself if it is a necessity, or if f I am looking for an item I don’t need, and am I being coerced into this purchase. Those questions have made me realize I am overspending on products I purchase often. Now that I am implemented this into my family’s biggest expense, the weekly shopping list, it has made an impact on the quantity and quality of products purchased.
My family has always tended to avoid buying a generic brand, assuming it was lesser quality. This class has opened my eyes to the marketing ploys brought to us by the big corporations. It had me understand that these companies are typically using brighter colors, better pop out the wording and ideal shelving location. The main thing that my family has started buying generic brands was cereal. This product is packaged differently, sometimes by the retailer just placing the product in bags, not including a box, this seems like a cheap way out initially. This class has me now thinking the smaller company knew they could not compete with the main brands if they went box to box.
These low bag brand cereals promote themselves by creating very close names to the main brand they are replicating. This small change can create a connection from the consumer to the product they really want to purchase. When these smaller brands are successful in a purchase it is a win for them and not because their product falls short of delicious. Most of these products match almost identically taste-wise, having the only thing that truly separates them is the price.
These brands are promoted in the general weekly ad from our local store. Seeing that I cannot find anywhere else they put themselves into the public eye I would suggest putting a local ad campaign out there. These campaigns would include putting advertisements on the back of receipt paper that gets printed in the local area. I would also suggest promoting the product by attaching coupons to the market brand company milk. This would be a perfect place to put a promotion for a cereal, seeing the two can get paired together. This coupon should be creating a savings only if you purchase the milk cereal combo.
In the end, I will be purchasing more off-brand cereal regardless of their future promotions. I want to see these brands become more popular so they can provide savings for families. This class has opened my eyes and will hopefully keep my diligence to what I purchase. I do not want to be convinced by marketing alone, I would need the product to match equally.
2nd response needed
Discussion 8: Making Connections
Carlos Abreu posted Feb 27, 2020 10:40 AM
We’re down to the last week! Marketing had and has affected our daily lives through forms of in-store promotions, ads, social media campaigns, etc. One way to see this is by looking around at your surroundings and seeing all the items you have purchased in the last month. Whether it’s a new mobile phone or a detergent, some form of marketing convinced us to want to purchase this product. By taking this course I have understood more of the ins and outs of marketing. The research that goes into deciding how to market a new product or what market segment to promote this product to.
One product I believe can benefit from a new market strategy would be Build A Bear Workshop. I remember as a kid going here on my birthday and having such a fun experience making my teddy bear in store and picking it’s name and the clothes I wanted it to wear. Today, I don’t really see or hear about Build A Bear Workshop on TV. “In its quarterly call with investors, CEO Sharon Price John said the company expects to close up to 30 stores over the next two years.” (Wilson, 2019.) I believe there should be more advertising efforts on their end on channels that children are watching and when they are home to watch it. They can also partner with streaming services like Hulu that run commercials to make sure kids are exposed to their product.
I think it’s important to research areas where this type of product would appeal to. Some areas that have families with more disposable income, for example, will be more likely to want to take their kids there to shop. I would also look at internal databases to see what trends have worked in the past and what hasn’t. Social responsibility is another factor that encourages a consumer to shop at a brand’s store. A good idea would be to donate build a bear to foster homes and shelters on Christmas, this would give the brand some recognition. Doing an in-store promotion like “Buy one, donate one” would encourage families to want to participate and get them to come to retail locations.
- Wilson, M. (2019, March 13). Build-A-Bear in Q4 loss; will close up to 30 stores, focus on off-mall expansion. Retrieved from https://chainstoreage.com/finance-0/build-a-bear-workshop-in-q4-loss-sales-fall