"A market-oriented firm defines its business in terms of the benefits its customers seek. People who spend their money, time, and energy expect to receive benefits, not just goods and services" (Chapter 1 pg 10). One benefit of getting my product would be the mixture of taste between chocolate and whatever beverage the customer puts into the mug. Mixing chocolate with a drink such as milk has primarily been loved by the American society. This product just makes it easier for my customers to mix chocolate and their drink, plus it gives them even more chocolate to eat. Additionally, the drink that doesn't leave the sides and bottom of the cup would continue the mixed taste even as you eat the cup. "Consumers usually buy a shopping product only after comparing several brands or stores on style, practicality, price, and lifestyle compatibility. They are willing to invest some effort into this process to get the desired benefits" (Chapter 10 pg 176). Another benefit is the lack of dishes that need to be done. Nobody likes the hassle of constant dishes, after using my product the customer will have at least one less dish to do, along with the treat of eating chocolate. One more benefit out of many is the fact that my customers get to eat their entire cup and enjoy the chocolate that they pleasure. "Promotion includes advertising, public relations, sales promotion, and personal selling. Promotion's role in the marketing mix is to bring about mutually satisfying exchanges with target markets by informing, educating, persuading, and reminding them of the benefits of an organization or a product" (Chapter 2 pg 28)
Friday, December 9, 2016
Friday, December 2, 2016
My plan to showcase my creative content is to create an holiday-themed website. I'm going to upload a screenshot of the homepage in my blog post. There will be options on the bottom to see my fundraisers, locations to buy my products at, and more things you would typically find on a website. I will also put down a link for my company, where anybody can see information about us or even apply for a job, and a merchandise link so customers can buy clothing or bags about my brand. I'm going to make it holiday themed so it appeals to today's audience, since almost everybody is getting in the Christmas spirit. I'm going to have my product stand out, but also incorporate a "Best-Selling Items" list on the page that won't draw as much attention, but since the Chocomug is new product I want sold the most I'll be sure customers see them both. The Chocomug will take up about half a page and have a border around it, and I will also have it especially Christmas themed. I want customers to begin acclimating the cup with their holidays, so I will promote it towards their holidays. I'll also put down the name "Chocomug" and the price of the mug in Christmas colors. I need to make an advertisement that has the perfect mix of detail and quality that will keep the customers interest, and that informs the public about my product. My only challenge will be finding that t mix, but I know I will do it and make a successful and informative website.
Friday, November 18, 2016
"Market segmentation plays a key role in the marketing strategy of almost all successful organizations and is a powerful marketing tool for several reasons. " (Chapter 8 pg 136). I plan to be sure I follow through on my plan by just constantly checking up on my product and seeing how it's selling. If it's overachieving, I'll set new goals so I'm still reaching to be greater. If I'm not doing good enough, I'll check everything and see exactly what's going wrong, then I'll fix it and find new, more innovative ways to market my product. "Few goods or services, no matter how well developed, priced, or distributed, can survive in the marketplace without effective promotion" (Chapter 16 pg 277).
"The customer relationship management (CRM) process enables companies to prioritize their marketing focus on different customer groups according to each group's long-term value to the company or supply chain" (Chapter 13 pg 228). Using such research, the price of Chocomug will be $11.99 individually so it's affordable but people also know its not some cheap chocolate, there is some quality to it. Also, since it is affordable and it is a good treat for most people, it is going to sell at a very efficient rate, primarily during the holidays when the most focus is on Chocomug. The reason it isn't priced higher is because I want everyone to be able to afford and enjoy my product, and I know the rate it will sell at will earn me a very reasonable profit. It's a treat that will be enjoyed by every age, ethnic, and sex group, so pricing it perfectly for everyone to afford it is very important for me. "Price is the fourth way to position retail stores. Traditional department stores and specialty stores typically charge the full “suggested retail price”" (Chapter 15 pg 261).
"Product lines provide economies of scale in advertising. Several products can be advertised under the umbrella of the line" (Chapter 10 pg 177). I will make sure I use as many forms of social media as I can when I am promoting my product. From Facebook and Twitter, to Snapchat and YouTube, I want to promote my product in as many useful ways as I possibly can without completely overwhelming my market with advertisements. "The use of the Internet to facilitate activities between organizations is called business-tobusiness electronic commerce (B-to-B or B2B e-commerce). This method of conducting business has evolved and grown rapidly throughout its short history" (Chapter 7 pg 118). I plan on not needing to come back from customer dissatisfaction because my customers will always be satisfied and pleased with my product. I will also give out a few free products to friends and family so they can show their friends how much they enjoy it, which is a way to get a few more people talking.
"Most successful relationship marketing strategies depend on customer-oriented personnel, effective training programs, employees with the authority to make decisions and solve problems, and teamwork" (chapter 1 pg 9). For this reason, my product will be distributed to as many retail stores throughout the west coast of the United States as possible to begin sales, but may over time spread to the rest of the country. They will be sold in boxes of one, two, and three, and if there's ever a box bigger then three Chocomug's they will be limited and a special promotion, as the size of the Chocomug and the fact that it's made of chocolate makes it risky to add more then three mugs in one box. They will be stored in the fridges of each retail store, like the pizzas, chicken, and waffles are in most locations. "A new-product strategy links the new-product development process with the objectives of the marketing department, the business unit, and the corporation" (Chapter 11 pg 193).
"Today's consumers are demanding, inquisitive, and discriminating. No longer willing to tolerate products that break down, they are insisting on high-quality goods that save time, energy, and often calories" (Chapter 4 pg 51). The product will be called Chocomug. It is a chocolate mug that will be sold all throughout the year, but will be focused on being a holiday treat. It will be a chocolate mug, or glass, that customers will drink whatever beverage they prefer out of, most likely drinks you would dip chocolate in or drinks that go with the holidays, and then they will proceed to consume the cup. My customers can drink hot chocolate, milk, or whatever else they wish to drink out of the chocolate mug, and then they can will the chocolate cup. "Advertising and marketing services, agencies, and other firms that provide marketing and communications services employ millions of people across America" (Chapter 17 pg 297).