Marketing with mon
HEY HI WELCOME! I'm sorry these first two posts are a little blah blah with terms but on Sunday (Goooo Pats!) I'll be taking notes on my favorite commercials and then we can look at them, laugh and ugh, analyze.. But I promise some will probably include cute puppies & food. SWOT: One way a company is analyzed based on their perceived STRENGTHS, WEAKNESSES, OPPORTUNITIES, & THREATS. This analysis is the first part of the planning phase, later followed by setting market goals for specific products. Let's break it down and WOAH SURPRISE! Let's use Apple as an example: STRENGTHS: This is an internal factor within the company, meaning something that comes straight from them and that they can control. Apple is a well diversified company, meaning they have a ton of products and are constantly developing their software, they have strong distribution channels in the US (and making their way around the world), and EVERYBODY and their grandmother knows who Apple is (not talkin' granny smith here). WEAKNESSES: Again, internal factor here. Who would have guessed that these are things the company needs to work on?! Well if that's what you guessed, up high. Even a company as big and successful as Apple has some weaknesses. First of all, they lack serious innovation. Yeah we mentioned they have a variety of products but they are all the same, maybe just different sizes and maybe the phone has a camera that is maybe .000001 megapixels better than the previous version. Their products are also relatively expensive which is why really only materialistic countries have them EVERYWHERE (lookin' at you, US of A). They also really place a lot of their sales into iPhones & iPads which could mean that when the next best thing (Samsung???) takes over, hasta la vista Apple. OPPORTUNITIES: Now, this is an external factor that companies need to take advantage of. There are so many innovators out there that are selling their ideas. Apple has a couple opportunities that they're starting to turn into a reality. EX: iWatch & Apple Pay. They are also capable of teaming up and buying companies like the headphones everybody swears by, a little thing called Beats. THREATS: HEY WATCH OUT! These are obviously the things companies have to look out for. Biggest one: Competition! Competition! Competition! Apple needs to keep their eyes out because Samsung is creepin' around the corner and sticking their products right under our noses. DIVERSIFICATION: This is another type of analysis that helps a company search for growth opportunities from current & new markets// products. It includes 1 new introduction strategy & 2 new developmental strategies and then one other thing real original. Ready? It's called diversification. THEY ARE: market penetration: a marketing strategy to increase sales of current products in current markets. Example: selling more of 1 special product to a market. Think special editions. A couple years ago, Apple introduced the (Product) Red iPods and every time one was bought, a portion of the sales would go towards the fight against AIDS. I still have my special edition RED nano and my 12 year old self at the time just thought it was a cool color but my 20 year old self now realizes, hey that idea was kinda cool. Golf clap for Apple. market development: a marketing strategy to see current products to new markets. Think reaching new countries. If we can remember to when we were super young and Apple only sold to a small market of people that loved to create videos, listen to music, be *hipster*. Now, you walk down some deserted street in the middle of absolutely no where and the people there STILL HAVE iPHONES. That's because Apple has made their product more appealing to businesses, easier to use, and believe it or not, more affordable (LOL that $1200 for a computer is considered cheap..?) product development: a marketing strategy of selling new products to current markets. Apple Pay! iWatch! NEW THINGS! HOW FUN! Apple realized people are catching up to them and they need to create their own products to keep them at numero uno. That's where Apple pay and iWatch come in. These are both responses to other products by mainly, Google & Nike. diversification: a marketing strategy that involves developing new products & selling them in new markets. Okay, #tbt to when Steve Jobs & Steve Wozniak created the first Macintosh computer in 1984 (mom? dad? remember this?). There was such a small market for computers. It wasn't until this time that businesses started to really implement them in daily tasks. Cue J & W, workin' hard hardly workin' in (supposedly) Jobs basement. Their market? Homes & small businesses, creating THE turning point in the way life is. OKAY OKAY SO SORRY THIS WAS LONG BUT I PROMISE CUTE PUPPIES (and probably horses) NEXT WEEK! I hope this was clear enough and my apple + beets pun wasn't too lame.
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Hi! Let me introduce myself. My name is Monica Andreani and I am currently a junior at Saint Michael's College in Colchester, Vermont. I'm pursuing a Media Studies, Digital Arts and Journalism degree and a minor in Business. For the next semester, I'll be keeping you updated on new topics we talk about in my marketing class and just how you can apply it to your life! I'll try to keep it interesting with photos and fun concepts so please bear with me! The 4P's: If you learn anything from this, please learn this. These four simple words are the most important words any advertiser or marketer must know. They are the basics of marketing, for any situation. If you can answer all of these questions about the 4P's, you're on the right track.
Together, these four elements are part of the marketing mix. These elements are considered "controllable factors" and managers use them to solve their marketing problems. Target Market: Wondering who is going to buy your product? As a marketer, it's important to dial in on certain ages, gender, education levels, hobbies, location, etc... The results? Your target market! This should determine how you reach them and promote your product. For example, if you're trying to sell to college students, you might want to try advertising on college campuses and through social media. If you're trying to sell to an older generation, your best bet might be infomercials and home and senior health magazines. HEY THANKS FOR CHECKING THIS OUT! Swing by next week for things like SWOT & Diversification Analysis. "Creating Customer Relationships & Value Through Marketing." Marketing. 11th ed. New York, NY: McGraw-Hill Irwin, 2013. 3-23. Print. |
Monica AndreaniJunior at Saint Michael's College, MJD major, Business minor. Here to teach you the basics of Marketing. Archives
April 2015
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