BUS 620 Week 1 DQ 2 Responses Needed

Marketing Strategies

Complete the “Think About It” activity in Section 1.2 of the text:  Select a consumer product of personal interest—one that you have purchased within the past six months. It can be anything, just as long you are familiar with the product and generally understand how it is marketed. Using the matrix model of marketing management in Table 1.2, fill in the cells of the matrix as completely and thoroughly as you can for the brand that you purchased. Be sure that your entries correspond to your perspective as a customer for this brand. In short, you are the target market. You may wish to create one or more positioning maps to help illustrate how you perceive the competitive playing field. Once you’re done, examine the intersection of each cell.

· How do the elements of the marketing mix align with the four strategy categories in the left-hand column?

· Does every one of the 4 P’s contribute to each of the strategic objectives established in the left-hand column?

· Do you see room for improvement? How would this assessment be different for other types of customers?

Respond to at least 3 of your classmates.

Respond to Marcus Dillard

YesterdayMar 28 at 11:46pm

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Week 1 Discussion 2

 

Hello Everyone,

 

The Marketing Matrix for Big Screen Television

	The Marketing Mix
	Product	Price	Place	Promotion
Generic Marketing Strategy	60” LG LED Television	$499.99	Amazon.com Wal-Mart.com	Attract larger consumer base with price and coupons.   Also discount for online purchase.
Marketing Segmentation	Men age 35-60, Sports fans	Lower pricing than most competitors	Sales will be generated online	Social media and TV commercials
Product Differentiation	Pricing and product performance	Lower pricing than competitors and convenience of online shopping	Product will be sold online	Free shipping
Brand Positioning	Product continues to sell at lower price, while providing current technology to consumers	Lower cost with the same service as other providers	Selling online provides the ability to service customers locally and globally	Utilize the convenience of online shopping to take the business global

 

The product described aligns with the “4 Ps” by providing the current advancements of technology at a price point that is attainable by a large number of consumers. The LG brand has done a good job of of crafting out a strong position in the market. The brand has a solid price point and customers are able to afford the products.

Capitalizing on the ability to sell online allows the product to be sold through mass market channels such as Amazon and Wal-mart. Online marketing allows the product to be sold at a lower price.

There is definitely room for improvement, although the brand is well known there is a window of consumers that have to be convinced to switch from the name products that include Sony. There is a group of consumers that are loyal and have to know that the product is not only cheaper but of a high quality.

 

Respectfully,

 

Marcus Dillard

 

 

 Reference

Finch, J. (2012). Managerial marketing [Electronic version]. Retrieved from https://ashford.content.edu

 

Respond to Nicole Smith

YesterdayMar 28 at 11:23pm

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I had a difficult time deciding for this one, however I decided to go with coffee; Dunkin’ to be more specific (this was also a hard choice to make. I’m a regular at a lot of coffee shops!)

 

	The Marketing Mix
	PRODUCT	PRICE	PLACE	PROMOTION
Generic Market Strategy	That lovely ‘pick me up’ coffee	Neutral pricing. 2PM-6PM discounted coffees	Worldwide	“America Runs on Dunkin’”
Market Segmentation	Those who are on the go; students; ages vary	In-app ordering allows to purchase while on the go.	Dunkin’ can also be found in grocery stores	Free coffees or other discounts. Skip the line.
Product Differentiation	Unique roasts; limited seasonal flavors; fair trade	Slightly lower prices than competitors	Far more Dunkin’ Donuts than other coffee shops.	New and limited time roasts of beans; limited seasonal flavors such as Girl Scout Cookies
Brand Positioning	Orange and Pink theme	Making menu with healthier options	They are beginning to add ‘higher’ end coffee drinks to compete with rivals	Support local charities, coffee farms, and even races such as the Boston Marathon

How do the elements of the marketing mix align with the four strategy categories in the left-hand column?

            The four P’s are crucial elements for any marketing strategy. You need to know what you are selling (the product) where you will sell it (place) How you will sell it (promotion) How much you will sell the product (price). It is what is needed to be able to form a plan successfully. “the 4 Ps of the marketing mix provide the strategy planning platform for the pursuit of market opportunities identified in the environmental and consumer analyses” (Finch, 2012, sec 1.1 para 19).

            The generic strategy is to be there for the on the go people. They have become increasingly popular with the mobile app which allows you to place an order wherever you are. This is something they also had new in the area.

 

Does every one of the 4 Ps contribute to each of the strategic objectives established in the left-hand column? Do you see room for improvement?

            Each of the four P’s contribute in some form or fashion.  They also seem to inter mingle throughout the groups.   Dunkin’ is a widely recognized brand who have been around for quite a while. They have been able to do this by marketing many new items, something old, something new. when the target market seems to be aging as well. Being able to carry on with some older store traditions while blending it with the new would help tremendously.  

 

How would this assessment be different for other types of customers?

            Assessments change when either the market becomes over-saturated with other coffee shops that compete. Another differing way would be that the demographics change in areas over time. What once working during this month may not a year from now.

 

Finch, J. (2012).  Managerial marketing  [Electronic version]. Retrieved from https://ashford.content.edu

Respond to Darlene McCurry

YesterdayMar 28 at 9:37pm

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Maybeline	The Marketing Mix
	PRODUCT	PRICE	PLACE	PROMOTION
Generic Market Strategy	Customer fulfillment acquision and retention	Meets elasticity of demand. Appeal to consumers in all economic locations	Available in retail stores and online	Focuses on target needs and offers numerous sales and discounts
Market Segmentation	Demographic and behavioral based segmentation	“One size fits all” pricing strategy Affordable for majority of consumers	Maintains channel relationships and distribution coverage	Established economical promoting, large tv advertising and social media promotions
Product Differentiation	One of few brands catering to all skin tones and types allows for best position in market.	Prices vary based on demand and market saturation. Remains affordable to all economic levels	Studies market and the needs of targets	Have offered a variety of products for different(darker) skin tones. This keeps them above competitors
Brand Positioning	Current and new Product enhancements, designs, packaging and ingredients	Price variances to meet consumers & beat competitors	Continued focus on full targeted audience will contribute to growth of company	Increased representation of product to  different skin tones

In all areas of the strategies to the left, maybeline seems to stay in line with the overrall objective. From this chart, one can make the assumption that their targeted plan of action is the audience demographics, location of products and product variety. Vice versa, the marketing mix also contributes to the objectives. It list specific areas, its strengths and need improvements. Supply and demand is important for any testing group, if you are not hitting the target area that is a major consumption of your product will decrease demand.

There are always need for improvement when meeting the lifestyle changes of the world. This assessment would be different for customers who majority of similar brands already cater to. An individual with fairer skin would have a different reaction as the market for them is deeply saturated so the demand for it is low.