Blog Post for Nov 30

Blog Post for Nov 30
CH 18-19

Today's class was much like the other classes, in that we did a small group activity, watched Shark Tank video's (which I still enjoy!), watched a Shark Tank presentation and took pages and pages of notes. However, today's small group activity was a little confusing to me, but we eventually figured it out and came up with a beautiful (I thought) fish tank drawing. Regarding the Shark Tank videos; they never get old! Barbara is always mean, Kevin is always just Mr. Wonderful, and my favorite shark is Robert Herjavec.

Today in class some of the interesting points that we talked about were the AIDA model, the marketing communications mix elements and the push/pull strategies.

The AIDA model outlines the process for achieving promotional goals regarding the stages of consumer involvement with the message. The acronym stands for awareness, interest, desire and action. and in order to achieve these goals you need to inform, persuade, remind and connect (in that order). I liked the idea of the funnel diagram because it makes it easier to grasp that a lot of people are aware of the product, less people have interest in the product, even less people have any desire to buy the product and even less people actually take action to buy the product. I thought this was interesting because I never really thought about the idea that there are four stages in which consumers are located, whether it's the awareness stage or the action stage, or about how much marketers/sellers/distributors need to think about this concept. When I think of the AIDA model, I think of concerts, particularly a Selena Gomez concert. Personally, I love Selena Gomez and when I heard she was performing at a nearby stage, I immediately looked for someone to go with me. I eventually found someone and bought the tickets. I am in the action stage of the model. Some of my friends that I asked were not interested at all, in Selena or spending the money; they were in the awareness stage. A few other friends were interested in the concert itself, but weren't to excited about the cost; they're in the interest stage. A few other friends were interested in both the cost and the concert itself, but were either working or busy with something else; they were in the desire stage. I think when I am able to make connections like that, I have a much easier time remembering the concepts.


Another concept that we talked about in class was the marketing communications elements. The marketing mix elements include advertising, public relations, direct marketing, sales promotions, event marketing, digital marketing and personal selling. I enjoyed the activity that we did in class today where we use the Shark Tank video and saw which marketing communications elements we could apply to the video, then chose one element and made up an example for it. It really helped me understand the elements a little more. However, I did mix up a few of them at one point because I think they're so similar (advertising, direct marketing and digital marketing), but I eventually was able to differentiate them from each other and understand them more. From now on, I feel like whenever I see some type of marketing, I'm going to relate it back to this class and think "oh, that's definitely personal selling!"

Another concept we talked about was the push/pull strategies. The push strategy is a marketing strategy that uses aggressive personal advertising to convince retailers or wholesalers to carry and sell a particular product. An example of a push strategy that I have seen is one of those taste testers in Sams Club or BJs that hand out a piece of food, and if you like it, magically pull out boxes from under their little tables. The pull strategy is a marketing strategy that stimulates consumers to obtain product distribution. A personal example of this is when I go to a store like American Eagle or Victorias Secret and buy something, they always put a little coupon in the bag that says something like "15% of entire purchase" and in smaller letters, "only valid from this date to this date", to make you want to go out and buy more products or services from their store.

Some interesting points that we didn't talk about in class, but that I read in the chapters was institutional advertising v product advertising, interpersonal communication v mass communication, and integrated marketing communications (IMC).

Institutional advertising is when a company or business advertises not to promote a particular product but to enhance their companies image. Product advertising is when a company or business advertises to benefit the selling of their particular product or service. I actually never knew that institutional advertising was a thing, so I can't think of a personal example. The example given in the book does help me understand the concept a little better, though. I have seen beer companies running commercials on safe driving, but I never knew that was institutional marketing! A personal example of product advertising that I have seen are commercials on TV and on the radio (especially Pandora radio!!), talking about a certain product and why one should buy the product. Instead of giving one specific example in the book, they gave several different types of product advertising, which include pioneering advertising, competitive advertising, and comparative advertising. I never knew the advertisements that I see on TV and hear on the radio actually had names!

Interpersonal communication is a direct and face to face communication between two or more people. The benefits of interpersonal communication are that the people see the other persons reactions and can respond accordingly. An example of interpersonal communication that I have experienced was in Sephora (which is oddly the example they gave in the book!). In Sephora, they will sit down and do your makeup, while talking you through it, they answer all of your questions fully and helpfully and sometimes they give away free samples (my favorite part!) Mass communication is the communication of a message to a large audience. The first example of this that popped into my head was the president, standing at a podium, talking to the American people, but the book gave another Sephora example (because they're just plain awesome!)

Integrated marketing communications is the coordination of promotional messages for a product or service that ensures the consistency of messages at every contact point where the company meets the customer. I thought this was interesting because I never thought about how marketing managers think out the roles that various promotional elements play in the marketing mix, like the timing. IMC is a big concept in the marketing world.

P.S. I think I am a little mixed up as to what chapters are due for which days. For example, the chapters that were due today were CH 18-19, but we talked about CH 16-17, so this blog post may be a little messed up! I'll ask for clarification tomorrow!

Blog Post for Nov. 24

Blog Post for Nov. 24

CH 16-17

Today's class was a little different than the past few classes have been. Today we were able to go up to the board and write down our answers, consult with our friends about what the correct answer could be and move around a little. I also did my presentation today, and I'm super happy I got one over with! Also, we are almost halfway through the class (week 7!), which I thought was super awesome. I really enjoy the shark Tank videos, although I still cant wrap my head around the fact that Mark Cuban has a net worth of 3 billion dollars, which is two times all of the other members put together! $$$$

During today's class we talked a lot about Freshpatch and their supply and distribution chains,the differences between monopolies, oligopolies, perfect competition and monopolistic competition, and channel conflict.

Throughout today's class, we talked a lot about supply and distribution chains, using mainly Freshpatch, but also Cinnaholic. When I was doing the homework last night, all I could come up with for my supply chains for was Freshpatch--> West Coast distributor --> consumer. Then, Freshpatch--. W.C. distributor --> consumer  and Freshpatch-->E.C. distributor--> consumer. And lastly, for Freshpatch with Barbara's contingency, I got Freshpatch delivers to both the W.C. and E.C. distributors, both coast distributors deliver to retail and directly to the consumer, and both retails sell to consumer (a little difficult to put into an actual chain on here!) When we went over supply and distribution chains in class, I hadn't really thought that so much went into the chain, but now, looking at the completed chain, I can't see how they would be successful without any one of the stops! I didn't really like how someone chose our names from a cup, and whoever name was chosen, had to go up and modify the supply chain on the board because I personally freeze when I get put on the spot, and sometimes we just don't know the answer.

Another concept (or concepts) that we talked about that I found to be interesting were the differences between monopolies, oligopolies, monopolistic competition, and perfect competition. A monopoly is when one major business controls most, or all of a product or service; an example could be (Kaitlin brought it up in class, and I remember learning about it in economics) the major glasses company that owns thousands of glasses products and services. An oligopoly is when a market is shared by a small number of businesses or companies. I liked the example of the cell phone providers, where cell service is mainly run by a few companies, with a few smaller, less popular companies lagging behind. Oligopolies usually use status quo pricing (pricing for all companies is relatively the same) because it is close competition and none of the companies can afford to make higher prices, and potentially lose consumers. Perfect competition is when there are so many companies/businesses and consumers in the market that no one is in control of the prices and the products are a commodity. An example of a perfect competition is fast food restaurants like Burger King and Mcdonalds. The last one is monopolistic competition, which is when there are many companies/businesses selling products that aren't the same, or niche products. Monopolistic competition businesses/companies scare off other businesses because there's not a big enough market, sets their own price, and are able to keep the government off their backs. An example of a monopolistic competition is books or restaurants.

Another concept we talked about was something I had never heard about before, and that was channel conflict. A channel conflict is a clash of goals and methods between distribution channel members. Channel conflicts usually arise from channel relationships, and because traditional members refuse to keep up with changing times. Channel conflict can be horizontal or vertical. A horizontal conflict is a conflict that occurs between channel members on the same level, while vertical conflict is a conflict that occurs between different levels in a channel.

A few ideas and concepts that we didn't talk about in class but that I found to be interesting were the four goals of promotion (282), the AIDA Model (288), and the tools for consumer sales promotion (315).

The four goals of promotion are informing, persuading, reminding and connecting. Most marketers try to accomplish at least two of these tasks at the same time. When marketers inform, they are trying to convert an existing need into a want or stimulate an interest in their product. Informative marketing is good at promoting complex or technical products or services, such as cars or computers. When marketers persuade, they are trying to stimulate a purchase or action, and persuading consumers to buy their brand rather than their competitors brand. When marketers remind, they are trying to keep the brand name  and their product in the consumers minds, creating a type of brand loyalty and brand equity. An example of a company that uses reminding marketing is Colgate. The last goal of promotion is connecting. When marketers connect, they are trying to for relationships with present and potential customers, and hopefully become brand advocates to promote their brand. An example of a company that uses connecting marketing is Starbucks.

Another concept that we didn't talk about in class is the AIDA model. The AIDA model proposes that consumers respond to marketing messages in a cognitive, effective and conative sequence. The AIDA model assumes that marketing and promotion propels consumers along the four steps; attention, interest, desire, and action. The attention portion of this model says that the advertiser/marketer must gain the attention of the target market. An example of this step in the process is apple using a number of media outlets to gain the attention of their target market, people who want iPads and iPhones. The next step is the interest step. Attention and awareness are not enough to want to make consumers want o buy a product or service, people need interest in it. This step was created to peak interest in the product. Going off of the Apple example, Apple demonstrates their products and develop target messages to create interest. The next step is desire. Attention and interest are still not enough to make a consumer want ot buy a product or service, they want to know that it is better than their competitors. So, Apple needs to prove that their iPhone is better than the galaxy and any other popular phones, in order to create desire in their consumers. The last step is the action step. Now that potential customers have the attention, interest and desire for this product, all they need to do is take action. For this step, the consumer needs to feel motivated to go out and actually buy the product. Those are the four steps in the AIDA model.

Another concept we didn't talk about was the tools for consumer sales promotion. The tools for consumer sales promotion are coupons, rebates, premiums, loyalty programs, contests, sampling and point of purchase promotion. Marketing managers need to decide which consumer sales promotion to use for specific campaigns, because the methods chosen have to suit the objective and ensure success of the promotional plan.

Have a good Thanksgiving!

Blog Post for Nov. 23

Blog Post for Nov. 23

Today's class was another informative marketing class, with a few quirks that I really enjoyed. First off, I liked the quick recap of everything we had done the day before; it really helped me remember what we had learned the day before, and get a quick review session to really grasp and understand the concepts. Also, I liked the worksheet that we got today that we filled in together (with the sales revenue, retail price, wholesale price, etc.) Walking through the worksheet and the math to get to the solution was extremely helpful in understanding the whole idea of prices. Lastly, I liked the cartoons we created. Not only were they a good and funny start to the morning, they also helped me understand the Gaps much, much better.

Today in class, a few of the more interesting things that we talked about were retail price, wholesale price, and Freshpatch sales revenue/CGS/gross margin/etc.
During class, we filled out the price/budget worksheet using FreshPatch as a guide. We first looked at the retail price, which is the price that the product is sold at. Then we looked at the wholesale price, which is the cost of a good sold by a wholesaler. The retail price is 7.99, and the wholesale price is 3.99. We also did out the sales revenue, which is price*units, and the math came out to be 100,000$. The sales revenue came out to be 100,000 for both the 3000 sq ft space and the commercial kitchen. We then did the CGS, which came out to be 38,000 for the 3000 sq ft space, and 25,400 for the commercial kitchen. Lastly, we did the gross margin which came out to be 62,000 for the 3000 sq ft space, and 74,600 for the commercial kitchen. This goes to show that the commercial kitchen would've been a better solution than using the 3000 sq ft space.

A few interesting things that we didn't talk about in class are the several criteria that supply chain managers use to choose a mode of transportation (236), reverse channels and drop and shops (248), and the multiple different types of in-store retailers (261).

The first criteria that supply chain managers use to choose a mode of transportation is relative cost. Relative cost is the total amount a carrier charges to move a product from one place to another. The next criteria is transit time, or the total time a carrier has possession of the products, including everything from pickup, handling, delivery and movement. The next criteria they use is reliability, which is the consistency which the carrier delivers goods on time and in acceptable condition. Another criteria is capability. The capability criteria looks at the ability of the carrier to provide appropriate equipment and conditions for moving specific products. Another criteria is accessibility, which is the carriers ability to move goods over a specific route. The last criteria that supply chain movers use to choose a mode of transportation for their products is traceability, which is the ease which the product can be located and transferred.
Another concept that I found interesting was the reverse channels and drop and shop system. The reverse channel allows consumers to return a product when it reaches the end of its usable life. The retailer or manufacturer then recycles the useless product and uses bits of it to make new products or refurbished and resellable products. Many companies and consumers use this system to reduce environmental impacts and better financial opportunities. Some companies that use this product are Walmart, Apple and Best Buy, and they recycle items such as batteries, tv's phones, etc. A drop and shop system is pretty much the same idea as a reverse channel, but allows consumers to drop off electronics at the entrance of a retailer. I never knew reverse channels and drop and shop systems were a thing, but now that I do, I may return and recycle some old and unused electronics!
Another concept that we didn't talk about in class but I found to be very fascinating was the tens of different in-store retailers. I never really thought about how many retailers there were, but now that I think and read about it, there's a ton! They are department stores, such as Marshalls (a favorite of mine), and specialty stores, such as Famous Footwear (another big favorite). Some others are supermarkets (I usually shop at Big Y), drugstores (I hate CVS, and usually use Walgreens), convenience stores (I don't really have a favorite!). Some other in-store retailers are full-line discount stores (Walmart), supercenters (my mom LOVES Target), specialty discount stores (like Foot Locker, did I mention I love shoes?), warehouse clubs (my mom also loves BJ's). The last few are off-price retailers (Marshalls comes up again!) and restaurants (love Friendly's!!). I  never really thought about the multiple different types of in-store retailers and which stores go into which category, but now that I know all of the different ones, I feel like every time I go into a store, I'm going to try and figure out which category they fit into!

Blog Post for Nov. 20

Blog Post for Nov. 20

CH 20-21

Friday's class was another extremely informative, and sometimes confusing, class. As I said in my last blog, I really enjoy the structure of this course, but at the same time, I sometimes feel like it is so much information at once. I can't think of a muddiest point from this class, which is really good! I'm super excited to get into the BZBox Shark Tank video because that is my product that I am going to be doing my presentation on!

In Friday's class we talked about the stages in product life cycle (370), the three price strategies (378) and the differences between margin business and volume business.

The first stage in the product life cycle is the introductory stage. During this stage, management sets high prices (hoping to recover its development costs quickly), and demand only originates from the customers who directly need the product or service (and therefore, is inelastic). The next stage is the growth stage, which is where prices stabilize for multiple reasons (competitors have finally entered the market, the product is beginning to appeal to a broader market, instead of just to the people who directly need it, and the economies of scale are lowering costs). The next stage in the cycle is the maturity stage. During this stage, the price further decreases and competition increases and high cost firms are eliminated. Also, distribution becomes a high cost factor, and dealers necessarily absorb high-volume production. The last stage is the decline stage. This is the final stage in the Product Life Cycle, and is when prices continue to decrease and the few remaining competitors fight for the market. When there's only one competitor left, that is when the prices will begin to stabilize, and possibly increase.
According to the book, there are three price strategies; price skimming, penetration pricing, and status quo pricing. Price skimming is when a firm charges a high introductory price, coupled with heavy promotion(s). Penetration pricing is when a firm charges a low introductory price as a way to reach the mass market. Status quo pricing is when a firm charges a price identical or very close to the competitors price. Every time we watch a shark tank video, I feel like I'm going to try and figure out which price strategy they are going to use!
Another concept that we talked about in class that  found to be interesting was the differences between margin business and volume difference. First of all, an example of a margin business is Apple, and an example of a volume business is Walmart. One difference between the two is that a margin business has a few units for a bigger price, while a volume business has a lot of units for a smaller price. Another difference is that a margin business has a differentiation cost competitive advantage, while a volume business has a cost competitive advantage. Another difference between the two is that margin business focuses on target markets and brand equity, while volume businesses don't focus on those points as much.


A few concepts that we didn't talk about in class are the multiple different discounts (383), unfair trade practice acts (380), and joint costs (391).

According to the book, there are seven different discounts/allowances in the marketing world. The first one is a quantity discount, where buyers get a lower price when they buy multiple units or paying above a specified dollar amount. In addition to this discount, there are two more sub-discounts which are cumulative discounts and noncumulative discounts. A good example of this discount can be shown by looking at Bath and Body works, because they always have discounts such as "buy three, get three". The next discount is a cash discount, which is when there is a price deduction is offered in return for prompt payment of a bill. The next discount is a functional discount which is when distribution channel intermediaries perform a service for the manufacturer and must be compensated. This discount is usually called a functional discount, or trade discount. The next discount is a seasonal discount which is a price reduction for buying merchandise out of season. An example of this discount could be buying summer clothes in winter time. The next discount is a promotional allowance, which is a payment to a dealer for promoting their products. This is also known as a trade allowance. The next discount is a rebate, which is a cash refund given for the purchase of a product during a specific period. The last discount is a zero percent financing discount, which allows consumers to borrow money to pay for a product with no interest. A good example of this discount is consumers buying from a car dealership.
Another topic we didn't talk about in class, but I found to be interesting was unfair trade practice acts, which are selling below the cost. Unfair trade practices were put in places to protect small, local firms from giants like Walmart, because small businesses can't operate on "razor thin profile margins", like Walmart can. The most commonly used markup figures used are six percent at retail level and two percent at the wholesale level. The only way a wholesaler or retailer can lower prices is if they can provide conclusive proof that the operating costs are lower than the minimum required figure. Fascinating stuff.
Another topic we didn't talk about, but that I thought was important was joint costs. Joint costs are costs that're shared in the marketing and manufacturing of multiple products in a certain product lines, and usually pose a problem in product pricing. In the book, there was a great example of joint costs and how joint costs have several affects, making it a lot easier to understand than a simple definition. 

Blog Post for Nov. 19

Blog Post for Nov. 19

CH 10, 11, 12

Today was another day full of marketing concepts and Shark tank videos (which I still enjoy a lot!). One thing I love about the class overall, not just today's class, is the structure. The shark tank videos and how they apply to the concepts is super helpful in grasping and remembering concepts (and I like how they're available on Kodiak), the fact that you use different colored markers for your notes and diagrams (helpful in keeping up), and the overall strict structure of the class. In a few of our other classes, there was no structure whatsoever and I think that caused my grade to suffer a little. Also, I really enjoyed the Buzzy shark tank video today because I think it is a brilliant idea. I am actually terrified of needles (fun fact, my doctor used to have to hide the shot in his jacket and catch me off guard), and I think if she was a little nicer, and a little more cooperative, she would've paired with one of the sharks, and made big money!
Today in class a few of the interesting points that we talked about were the service quality gap model, the five characteristics for a product to be successful, and the difference between product mix and product line. The gap model of service quality is a model that identifies the five "gaps" that can cause problems in service delivery and therefore affect customer evaluations of service quality. The model is shown below

The first gap is the knowledge gap, or the gap between what customers want and what managers think their customers want, resulting from a lack of understanding or misinterpretation. The second gap is the standards gap which is the gap between what management thinks customers want and tghe quality specifications that management develops to provide the service, resulting from the managements inability to translate customers needs into delivery systems. The third gap is the delivery gap which is the gap between the service quality specifications and the service that is actually provided, resulting from the inability of management/employees to do what should be done. The fourth gap is the communications gap which is the gap between what the company provides and what the customer is told it provides, resulting from misleading/deceptive campaigns. The last gap is the service gap which is the gap between the service customers receive and the service they want, and can be positive or negative.

A few concepts that we didn't talk about in class that I found to be interesting were UPC's and their purpose (187), test marketing (198)and the five ways to evaluate service quality (211). An Universal Product Code is a sets of thick and thin vertical lines, also known as bar codes, that are readable by computerized optical scanners that represent numbers used to track products. UPC's are important because they're used in scanner based research, to print information on cash register tapes, and to match codes with brand names/package sizes/etc. They were introduced in 1974, and have been crucial for marketing and product development/shipment since. Test marketing is the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation. Test marketing allows management to seek alternative strategies and to see how well their marketing mix fit together. However, test marketing can take up to a year and cost over one million dollars, so some companies like to use alternatives, such as simulated market testing or P&G. Lastly, the five ways to evaluate service quality are reliability (performing a service dependably, consistently,etc.), responsiveness (ability to provide prompt service), assurance (knowledge and courtesy of employees), empathy (individualized, caring attention to customers), and tangibles (physical evidence of a service). According to research, these are the five ways that customers evaluate service quality, and the overall service quality is measured by combining customers' evaluations for all five aspects.

Blog Post for Nov. 18

Blog Post for Nov. 18

Today's class was another fun and informative class. I still really enjoy the shark tank videos, and I love how they connect to the concepts and help make the concepts easier to grasp and understand. I really enjoyed splitting up into the two groups and I like how we moved seats around today. I will go more in depth later on in the blog, but my muddiest point today was the B2B and B2C. Overall, I'm really enjoying this class!

Today in class we learned a bunch of different things (as usual!) and a few of the more interesting ones were B2B v. B2C by looking at Melni Connections and Buck Mason, the Customer Journey Map through Buck Mason and perceptual mapping. I thought the B2B v B2C was very interesting, and I got some notes, but some times I was a little confused as to what went where. I understood that B2B demonstrates the Melni Connections company, and B2C demonstrates the Buck Mason company. Also, B2B generally has less customers because they only sell to big businesses/corporations, while B2C has more customers because it is selling to all consumers.Other than those few factors, I didn't get much more notes, because I would be confused as to what fact went with which. That's my muddiest point for the day, by the way!
We also learned about the Customer Journey Map by looking at the Buck Mason company. The Customer Journey Map is the before, during and after circle diagram that shows what a customer does before, during and after shopping. I really enjoyed how we went into groups and talked about how men shop regularly (it's crazy that guys don't try on clothes in-store to see if they fit!!) and how men shop when shopping through Buck Mason.

The top picture is a diagram of how guys shop regularly/ in-store shopping, and the bottom picture is how guys shop when shopping through Buck Mason.There was a huge difference! (even though men don't try on their clothes in either situation??)

The last concept that I found interesting that we talked about in class was the concept of perceptual mapping. Perceptual mapping is when businesses measure consumers thoughts on brands/attributes/etc. by surveying them. The diagram on Walmart/Walgreens and high cost/deep was very helpful in understanding this concept. 

Three concepts that we didn't talk about in class that I found to be interesting were Maslow's Hierarchy of Needs (pg. 112), NAICS (pg 125), and measuring online success (pg 119). Maslow's Hierarchy of Needs has always been an interesting concept to me, even back in high school. I learned about it in Anatomy and Physiology in high school, psychology in freshman year, and now in marketing; it's fascinating how it can be intertwined with so many different subjects. I also love how Maslow was able to condense all of the needs of the normal human being into 5 levels, ranging them from most important to least important. Another concept that I found to be interesting that we didn't discuss in class was NAICS, or the North American Industry Classification System. NAICS is a classification system that was made to replace the standard industrial classification system to classify North American business  establishments by their main production processes. The last concept that I found to be interesting was the calculation to measure online success. I never knew that there was an actual way to measure online success, but now I know businesses use Google Analytics and other web analytic sites. The measurement for a sites effectiveness is stickiness= frequency X duration X site reach, who knew?? Business use this stickiness measure for multiple different reasons that will help keep their business efficient and effective.

Blog Post for Nov. 17

During today's class, we learned about the importance of geography and innovation (through Storm Stoppers), the environmental externalities (social/cultural, economic, technological political/regulatory/legal, and competitive) through Bambooee, and positioning and how it affects companies and consumers (through Frill Clothing). Also, we took our first quiz today, (love how it is at the end of class and not the beginning!) and I'm hoping i did relatively good!!

One concept that we talked about in class today that I found interesting was positioning. Positioning is when businesses or companies develop a specific marketing mix to influence potential customers' overall perception of a brand, product line or organization in general; in simpler terms, when a business puts an image in the heads of the consumers regarding their organization. I found this to be very interesting, especially when paired with the Shark Tank video "Frill Clothing" (loved their business, by the way!), because businesses are in complete control of how consumers and buyers view their business and products. Another concept that we talked about in class that I found to be interesting were the necessary accessories for market segmentation, which are (SMAIR) substantial/size, measurable, accessible, identifiable and responsive. Even though I didn't answer this question completely on the quiz, (I forgot the SMA!) I still found it interesting that businesses need these five things to able to do market segmentation. Another concept that we discussed in class was the three segmentation strategies, which are the undifferentiated strategy(a strategy where everyone buys the same product) concentrated strategy (a strategy that meets different peoples needs), and the multi segmented strategy (a strategy that modifies the original strategy to fit specific needs).

One concept that we didn't discuss in class that I found to be interesting was perceptual mapping (149). Perceptual mapping is a means of displaying or graphing, in two or more dimensions, the location of products, brands or groups of products in customers' minds. An example of this is when Saks Incorporated used customer demographics, like spending levels and preferred styles, to build a matrix that charts the best mix of clothes and accessories to stock each store. Another concept that we didn't discuss in class, but I found interesting was the Family Life Cycle (FLC), found on page 140. The Family Life Cycle is a series of stages determined by a combination of age, marital status, and the presence or absence of children.

I found this to be very interesting because in the U.S. the "traditional family" is considered a married couple, but according to the book, married couples make up less than half of households. Along with this diagram shown in the book, a table is given with characteristics of each yellow square. For example, "young single" has few financial burdens, while "older married" has a drastic cut in income. Another concept that we didn't discuss in class, but that I thought was interesting/important were the Millennials/Generation Y, Generation X and the Baby Boomers, and their characteristics.

Overall, I learned a lot both in the classroom and out of the classroom, and I am really enjoying the class!


P.S. Pairing the marketing concepts with the Shark Tank videos is SUPER helpful in grasping and remembering the concepts!!

Blog Post for Nov. 16

Blog Post for November 16th Class

1.  Today in class we learned about

• the four P's (Price, Place, Promotion, Product) and how those are internally focused
• the four C's (Customer Cost, Customer solution, Convenience, Communication) and how those are externally/our focus
• the marketing strategies (market penetration, market development, product development, and diversification)
• cost competitive advantage (Walmart), differentiation competitive advantage (Apple) and Niche competitive advantage (Falcon)
• innovation matrix, and where to plot points on the innovation matrix
• GE Matrix (Business strength vs Market Attractiveness

2. 3 concepts that're interesting/important

The four P's

GE Matrix

The marketing strategies

3. 3 concepts that we didn't talk about 

An exchange can only take place only if five conditions exist (there must be at least two parties, each party has something that might be of value to the other party, each party is capable of communication and delivery, each party is free to accept or reject the exchange offer, each party believes it is appropriate or desirable to deal with the other party.

Production orientation v sales orientation, v market orientation v societal marketing orientation all influence organizations marketing processes

Relationship marketing - strategy that focuses on keeping and improving relationships with current customers

Introduction to Jenna Beahn

Hello!

My name is Jenna Beahn and I am a sophomore General Business major and Education minor at Western New England University. At WNE, I am a part of the Sophomore Business Cohort, a general member in Sophomore Council, a Peer Adviser and a Student Assistant in the Office of Student Activities and Leadership Development.

In the past, I was a student at Abby Kelley Foster Charter Public School in Worcester, MA. At AKF, I was a member of the basketball team from freshman to senior year, and captain my junior and senior year. I was also a member of the softball team, MVP my junior and senior year. I was also a member of the field hockey team, before I tore my rotator cuff in my shoulder and had to quit so I could make it through the softball season. Also, I was a member of the National Honor Society (NHS) my junior and senior year. I ended my high school career with a 3.8 GPA and a ton of lifelong memories and friends.

At home, I have three siblings. I have twin two year old brothers, Jack and Eli, and a three year old sister, Madelyn. I also have two dogs, Asa and Bailey, who are both 11 (they're getting old! :( ). My mom and dad are both child abuse investigators at the Department for Children and Families in Worcester, MA, but I have no idea what I want to be when I get out of college!