Stakeholders-Study One-Topic 6

Stakeholders

• What influences the way a stakeholder views a plan?
• Once you have an understanding of how and why a stakeholder has a particular viewpoint, what can you do to engage with them?

Stakeholder management is critical to the success of every project in every organisation I have ever worked with. By engaging the right people in the right way in your project, you can make a big difference to its success... and to your career.– Rachel Thompson, Mind Tools.

Stakeholder Analysis is the technique used to identify the key people who have to be won over. You then use Stakeholder Planning to build the support that helps you succeed.

The benefits of using a stakeholder-based approach are that:

• You can use the opinions of the most powerful stakeholders to shape your projects at an early stage. Not only does this make it more likely that they will support you, their input can also improve the quality of your project
• Gaining support from powerful stakeholders can help you to win more resources – this makes it more likely that your projects will be successful
• By communicating with stakeholders early and frequently, you can ensure that they fully understand what you are doing and understand the benefits of your project – this means they can support you actively when necessary
• You can anticipate what people's reaction to your project may be, and build into your plan the actions that will win people's support.

The first step in Stakeholder Analysis is to identify who your stakeholders are. The next step is to work out their power, influence and interest, so you know who you should focus on. The final step is to develop a good understanding of the most important stakeholders so that you know how they are likely to respond, and so that you can work out how to win their support

Key questions that can help you understand your stakeholders are:

• What financial or emotional interest do they have in the outcome of your work? Is it positive or negative?

• What motivates them most of all?

• What information do they want from you?

• How do they want to receive information from you? What is the best way of communicating your message to them?

• What is their current opinion of your work? Is it based on good information?

• Who influences their opinions generally, and who influences their opinion of you? Do some of these influences therefore become important stakeholders in their own right?

• If they are not likely to be positive, what will win them around to support your project?

• If you don't think you will be able to win them around, how will you manage their opposition?

• Who else might be influenced by their opinions? Do these people become stakeholders in their own right?

A very good way of answering these questions is to talk to your stakeholders directly – people are often quite open about their views, and asking people's opinions is often the first step in building a successful relationship with them.

Adaptable marketing teams-Study One-Topic 6

Adaptable Marketing Teams

The video highlights the need for marketing professionals to be adaptable to all the different types of marketing tools and channels available. How would this affect you personally as part of a marketing team?

"In conclusion...marketers have got to shift from specialised, inflexible marketers & agencies to teams with quick thinking & fast acting players". In other words as a marketer you need to be able to adapt your marketing plan and be a jack of all trades within marketing channels. How this would affect me personally as part of a marketing team? It would mean making it a priority to review the marketing plan on a regular bases. Keeping up to date with all marketing trends and applications. Adapting the plan where need be and researching as well as monitoring the response from marketing campaigns. I would also look into upskilling in all marketing channels that I was not confident in for example social media applications or web sites etc.  (How ever lucky for my generation I was born into the Internet and all things web related)

Customer service-Study One-Topic 6

Customer service

Reflect on any customer service experiences you have had, good or bad, and how they made you feel about the product or service afterwards. Can you pinpoint why you felt the way you did? What would make you change your opinion.

Sir Richard Branson's Customer Service Key Points:

• Be visible
• Express a passion
• Your companies employees are your greatest assets
• Hire for attitude
• Engage in social media with a genuine voice
• Have fun and don't take your self to seriously

Customer service experience: Purchasing a new car, the car sales team where enthusiastic and helpful and it did not feel forced. No question was to small to ask and they where very clear with the warranties & servicing plans as well as road side assistance. They kept us updated on vehicle delivery schedule, and even offered to pick us up so we could pick up the car. AAA+ service

 

The Boston Matrix-Study One-Topic 6

The Boston Matrix

• What is the Boston Matrix?

It is the growth market share matrix. the companies products are divided into four categories based on their market growth rate and their importance of the relative market share and dominance.

• What is meant by a dog, a star and a cash cow?

Dog-have a small share of a low growth market. They are businesses that offer specialised products in limited markets that are not likely to grow quickly. Dogs serve only a limited market and therefore the products or business may be taken off the market or sold.

Star-Products that have a dominant market share in a high growth markets.Stars generate large revenues but they also required large amounts of funding to keep up with production and promotion demands.

Cash Cow-Have a dominant market share in a low growth potential market. Competitors do not often enter the market. Is well established and has a high market share that a company can sustain with minimal funding. Companies usually milk Cash Cows to fund other products for growth.

• How can you use the Boston Matrix to identify changes needed to current business operations? 

You can determine a companies existing successful or unsuccessful products or SBU's. from this you will be able to determine what actions you will take. Weather you nurture a less successful product, or simply cut your loses. It is a great simple tool to use when preparing a marketing plan, however it really is a guide and not to be used as a final decision maker.

Marketing ROI-Study One-Topic 5

Marketing ROI

• How is ROI calculated?
• What are the two costs involved in ROI?
• What are two marketing goals that aren't about making a profit?
• What are the benefits of understanding your ROI?      

ROI is the money gained or lost on an investment, it is what you expect to get back on what you are spending. The benefits of understanding your ROI is so that you can make smart marketing choices that result in a positive out come. It will help you to make the decisions on what to spend your budgets on and you can be accountable for your marketing plans. 

Documenting and reporting a promotional activity or campaign allows you to assess the revenue generated compared to the associated costs and analyse the information to ensure the organisation is in a profitable situation.

The profit from investment-The investment costs/Investment costs.

The two market goals that are not about making a profit are 'Brand Awareness' & 'Purchase Intent'

Website landing pages-Study One-Topic 5

Website landing pages-I chose to write notes instead

How to ensure once someone has clicke don your web page they will turn into your customer. Landing page =Destination URL

A landing page is the page people see right after they click on your add. It could be your home page, a product spicific page, your contacts us form or other. It's what ever page you chose after you have created the add.

3 Tips To Remember:

1- Is the page featuring whtat you promised in the add?
2- Can people easily find what they are looking for on your site?
3- What do you want them to do on your site? Include a call to action. 'Buy Now' 'Learn More' Sign up'

EXAMPLE: Looking for Eye Liner and chose the Sephora add


Which took me to their Landing Page 

Changing your target audience-Study One-Topic 5

Changing your target audience

• Why does the consultant in this video suggest that sometimes it's a good idea to change your target audience?
• How can you change your target audience?
• If you did change your target audience, how would this affect the marketing mix?

It is a good idea to change your target audience when you are looking to leverage or grow your business to make more money or expand your products or services to a larger target market, if you can not do so with your current target market.  

You can do this by asking yourself what are your new goals? What is driving you to want to make a change? And how will you go about implementing these changes? Also is your current market able to fit into these new goals. If not then it is time to look at changing your target audience.You can start making changes by marketing in a different way, with a different message in different places. 

Ask yourself 3 questions,what can you upgrade? Your products & services,your message and target audience. If you can answer yes to all three then it's time to change you target audience. Implementing the above changes would mean that your current marketing mix will need an over haul and changes would have to be made to tie in with your new vision & goals. This will mean starting a new marketing plan from scratch or modifying your current one. At the end of the day you just simply need to research your new target market, decided on what new products and services you want to provided and where you want to place them in the new market.

Analytics-Study One-Topic 5

Analytics

• What are analytics tools?

• How do these tools help companies to make better marketing and business decisions?

• What are the three stages that analytics tools move through to get to the end result?

Analytics is the use of data, statistical analysis explanatory and predictive models to gain insight and act on complex issues within a company or business. Analytics tools can paint a picture by analysing and interrupting large quantities of data such as customer demographics, product, purchase history, Internet website usage etc. Turning information into insight and developing fact based strategies to gain a competitive edge. Business are able to make decisions about their customers, competitors,new products &their own reputations. Spot hidden trends before they occur and predict outcomes before they occur and even financial performance.

1- Advanced analytics- Using search and index technology sifting through all the pieces of information ( data base reports)

2-Correlation of information- Analysing for patterns and trends

3-Information into insight- This information is used to determine which actions will drive optimal results. Recommended actions, along with supporting information can be given to the decision makers.

Subcultures-Study One-Topic 4

Subcultures

Do you or have you ever belonged to a subculture? How do/did you define yourself? Where did you sit in relation to the rest of society? If you can't see yourself as ever belonging to a subculture, choose someone else you know that does.

Not that I like to admit it now days, however in my very early 20's I was apart of the 'Raver' Sub culture. So the dance parties, neon lights, all day and all night dance clubs. And lived for the weekends. I defined my self as a living for the moment, sleep is for the weak and live like it's your last day with no regrets.  I didn't really care about society or their opinions, nor was I really apart of the 9-5 everyday working people. I was a student. (there was a group of friends at the time that where apart of this culture) Looking back now I was probably regarded as a wild child up all night and sleeping during the day living for the weekend. Not some one who you could rely on and was not responsible for anything other than themselves. Pretty selfish & dangerous lifestyle and I grew out of it pretty fast!!!

Honest Tea-Study One-Topic 4

Honest Tea

In the video above Seth Goldman tells us that his inspiration for starting his company Honest Tea was the fact that he couldn't find a drink that satisfied his consumer needs.

• What were Seth's personal needs and preferences for a cold drink? He could not find a drink that was not loaded with sugar and healthy for you in the shops. he wasn't happy with the selection so he decided to create his own Honest Tea-fully natural & organic
• Are these needs and preferences the same as his current customers? Absolutely with out a doubt customers need to be aware of the crap unhealthy chemical laden sugar drinks on the market. And thankfully people are educating them selves more these days and this type of product is becoming a need and a want in today's society.
• What are the core values of Seth's business that drive its marketing objectives? He really is a fantastic guy. What drives him in his business and his leading by example setting is through the business relationships and the communities that he is helping buy purchasing the products needed to make Honest Tea. The fact that he states that making a profit has taken some time however that is not the reason he gets out of bed every day. He aims to make a difference and this is why his product is taking off.
• How has Seth positioned himself in the marketplace? He has positioned himself in the market place by staying true to his values and providing not only a healthy organic product but one that the buyer will also feel like they are making a difference in helping the communities that provide their products for the Tea to be made. And with every bottle purchased a royalty is paid to the communities to help them. 

Pricing and marketing objectives-Study One-Topic 4

Pricing and marketing objectives

You heard about how pricing is closely tied in with Fuji-Xerox's business marketing objectives. Reflect on how pricing affects other aspects of the marketing strategy. Try to think of one or more examples to demonstrate your thoughts on this subject.

For Fuji to be successful in their market they need to be in sync with their company plan and marketing strategies for their products. Understanding costs and what they are going to do in terms of meeting volume requirements of their plans in place. (the margins and profits from those products) An example for established products, their goals are to create a huge volume of gross profit in the market. Fuji take into account other add on costs to their products such as toners, labour required to make the products & servicing. For new products they are increasingly trying to differentiate from other competitors by lifting the value of their products such as servicing of product or general customer service. They need to be getting a profit out of new and innovative products & services quickly. Fuji have attractive pricing for small businesses such as pricing plans, leasing holidays & pricing for corporates involves making sure that their pricing is transparent for tenders.

• External factors affecting pricing such as government regulations and trade practises
• Customer acceptance of new technology- such as multi function colour printers
• Individual customers in segments- the size of opportunity from small business thru to huge corporate.
• Competitive environment-have 100-200 sales staff who also give them feed back on competitors. However they aim to lead in the market place.
• Promotional activities-month to month, quarter to quarter and long term tactical pricing strategies.
• Fuji rather than resort to price dropping prefer to focus on value adding to their products to maintain and increase their market share.

Consumer and organisational behaviour

Consumer and organisational behaviour
Choose at least two out of the four questions to test how well you have absorbed the chapter's important information about customer behaviour.

What is consumer behaviour? Why is it important for marketers to understand consumer behaviour? 
There are many internal & external influences on consumer behaviour. Internal influences include physiological & personal. These in turn affect the consumers decision making process. External influences include social, economical & cultural, and also play an important role in the consumer decision making process. taking into account all the above information & depending on the product that a marketing manager is wanting to develop a marketing mix for. The marketer will need to do their research into what their target market will be and how they plan to deliver their message about their product. Taking into account how much effort is required from a consumer to make the decision to purchase the product.(They need to deliver their message as clearly and as simple as possible) This is why it is important for marketers to understand their product from a consumers point of view. 

What is behavioural learning? What is cognitive learning?How is an understanding of behavioural & cognitive learning useful to marketers?
 Behavioural learning is the result of a connection that takes place between events that we perceive. There are two types Classical Conditioning where the consumer receives two messages at the same time such as looking at an advertisement of a beautiful scene which creates a positive feeling & will in turn create a positive feeling towards a product.
Operant Conditioning which occurs when people learn that their actions result in rewards or punishments. such as receiving a reward or toy in a happy meal at McDonald's.
Understanding these two behavioural theories is important to marketers because of the follow on affect in consumers buying more product in the future. Also this information is important to marketers to develop the right marketing mix the first time round. 

Environmental factors in the marketing plan-Study One-Topic 4

Environmental factors in the marketing plan

Search on the Internet or print-based media for evidence of factors that could have an impact on a marketing plan for a product of your choice. If you are currently working, choose a product or service that your organisation produces or offers. Try to find evidence that covers each of the following:

1. social- Demographic characteristics of the population & the values associated with it.
2. economic-Income, expenditures & resources that effect the cost of running a business or household.
3. technological-Inventions &/or innovations from applied science or engineering research.
4. competitive-Alternative organisations that could provide a product to satisfy a specific market's needs.
5. legal- Restrictions (state and federal) and laws that are placed on a business.

PRODUCT: FARMGUIDE (agricultural directory-print media)

SOCIAL

ECONOMIC

TECHNOLOGICAL

COMPETITIVE

LEGAL

SIMULATION TITLE: Marketing Mix-Study One-Topic 3

SIMULATION TITLE: Marketing Mix

Evie Karle manufactures Klaritas skin cream. The product has not been doing well and sales have been declining. To fix this problem, the Director of Marketing has developed a new overall marketing strategy including the target market and positioning of the product, and has requested that you now revise the marketing mix plan. You have been asked to develop a relaunch plan to increase the demand for the product over the next year, covering marketing mix variables: product, price, place, and promotion.

---

You earned 100 percent.

DECISION SUMMARY

You selected "product" as the first factor to consider in the marketing mix. This was the best choice. Price and promotion decisions were best made once the product attributes were established.
You selected "design, product name, and packaging." This was the correct choice. These three elements are all part of the "product" category.
You selected Formula 2. This was the best choice, as it best addressed the number one need the focus group identified—beautifying skin.
You chose to package Klaritas in a hot pink box and print the slogan "Bring out your outer beauty." across the top in black letters. This packaging was the best choice, as it would have set Klaritas apart from creams for older women and from acne creams.
Penetration pricing would have encouraged consumers to develop a habit of buying. It also would have fit well with the limited budget of the target market, teenage girls. This was the best choice. Since you chose Formula 2, you would have been able to make a profit even at the lower price.
Selecting electronic media for advertising was a good choice for this Formula 2 product. Your focus group showed that teenage girls spend a lot of time online. Additionally, electronic media is less expensive than television advertising. Since you chose the affordable Formula 2, this advertising choice would have given Klaritas even more profit.
Your boss agrees with you that an effective marketing program blends all of the marketing mix elements into an integrated marketing program. This was the best choice.

DETAILED ASSESSMENT


Background


Evie Karle's product, Klaritas skin cream, is facing declining sales. To fix this problem, the Director of Marketing has developed a new overall marketing strategy, including the target market and positioning of the product. As Marketing Manager, you have been asked to revise the marketing mix plan in support of the re-launch of Klaritas.

The four Ps of marketing-Study One-Topic 3'

The four P's of marketing

PRODUCT-Anything that adds value to your product

• Variety

• Quality

• Design

• Package

• Brand

PRICE-Anything remotely related to money

• Retail

• Discount

• Bonuses

• Payment Plans

• Credit Terms

PROMOTION-How do clients hear about your product

• Advertising

• personal Selling

• Sales promotion

• Public Relations

• Sponsorship

• Sales Calls

• Brochures

• Emails

PLACE-How do clients get your product

• Distribution

• Delivery

• Retail Location

• Download

Content management systems-Study One-Topic 3

Content management systems

After reading the section in your textbook and watching the video above, answer the following:

• How does a CRM help you to identify your customers? How does a CRM inform your marketing efforts?
• How can you use the information gathered in a CRM to adjust your marketing campaigns for greater success?
• By having a CRM system in place you are able engage with your regular customers more effectively. 
• SHARE OF CUSTOMER-An example of this would be you rewarding your regular customers, inform them of new products which in term could increase your businesses market share .You are able to identify customers who have brought products however for some reason have not returned to purchase again. 
• LIFETIME VALUE OF THE CUSTOMER-Is the profit a company intends to make from a particular customer, including each and ever purchase they will make from the company now and in the future. You are far better off making long term relationships with your customers.
• CUSTOMER EQUITY-Companies compare the investments they make in acquiring customers, retaining customers & relationship enhancement with the financial return on those investments.
• A GREATER FOCUS ON HIGH VALUE CUSTOMERS customers can be prioritised and communications customised accordingly.It makes sense to use different types of communication contacts based on the value of each individual customer.

If you have a really great CRM in place it should work for you and not against you, by saving you time and money.

Social Marketing-Study One- Topic 3

Social Marketing

Write a blog about your thoughts on social marketing. Thinking about social presence theory, how can you establish 'conversational report' in an on line environment?

"Social Media-Capture, Engage, Nurture"

Having a social presence on social media is a great way to interact with current & new customers. In the current day and age that it is so fast paced people want to have access to information 24/7. You are able to engage with clients and answer questions/give information as well as show videos of you products or services. This creates conversation and publicity of your business. From this you can also conduct you own market research to gauge how popular a product or service is. Even better if you are wanting to expand your business out side of Australia as you are not limited because everyone knows the web and social media  are world wide. 

Many websites have pop ups with chat message. Meaning you can chat directly with a consultant and have your questions answered straight away with out the effort required to go to a store or pick up the phone. (Telstra are great for this)

The down fall to social media marketing is that you now have to keep an eye on the various different accounts 24/7. To name a few-FACE BOOK, INSTAGRAM, LINKED IN,TWITTER GOGGLE REVIEWS, YELP ETC The good news is that you can some what control the feed back/posting options now. As having a bad conversational report unattended to in a timely manner can be harmful to your business & reputation.

Internet marketing-Study One-Topic 3

Internet marketing

Collect at least one example of each different type of internet marketing mentioned. Think about whether or not your examples are effective marketing strategies and why. 

WEBPAGE-

SEARCH ENGINE- (Positioning or search optimisation on the internet cuch as Google, Bling, Yahoo)

EMAIL MARKETING-News Letters,offers

BANNER ADVERTISING-Placing banner weblinks from one site to yours.

'Spec Savers' banner on POP SUGAR web site

BLOG MARKETING- promoting her products and services thru her life blog etc.

ARTICLE MARKETING-FarmGuide web site has a number of articles supplied by various Business/companies.

SOCIAL MEDIA- Twitter, faceBook, Instagram, Linkedin. 

Adding digital media to promotional strategy-Study One-Topic 3

Adding digital media to promotional strategy

• How does Dove's marketing campaign differ from the majority of mainstream campaigns? Because this campaign is stripping back the layers of media perception and promoting real beauty for woman." No wonder our perception of beauty is distorted" is a powerful quot at the end of the video 
• What effect does it have on their branding? A very positive effect on their brand. It shows that Dove cares and are trying to make a difference. 
• What effect does it have on their products? I Did not see any of their products being used. The emphasis was on photo shopping and the amount that is done. 
• What effect does it have on the company's reputation? Positive effect because it  shows their honesty to woman and as a company. It will build trust with their consumers. They are proactive with their self esteem fund to help woman, & are campaigning for real beauty.
• Can you find other elements of Dove's promotional campaign? They are also promoting their "The dove self esteem fund" this is helping woman to embrace their natural beauty.
• How do they complement each other? The clip is all about the amount of photo shopping that takes place in the media, the distort image that woman have on how they show look and how impossible this is to achieve. The unrealistic pressures that woman put on them selves. The last scene says "false" Foundation Makeup which ties in with how false competitors marketing can be now days,followed with "Campaign for real beauty"

Aldi products-Study One- Topic 3

Aldi products

Try to find some examples from below-the-line promotions using different digital media and public relations as well as above-the-line promotions such as traditional advertising and in-store promotions.

Below-the-line promotions:

-FACEBOOK

 

-INSTAGRAM

-WEBSITE

Above-the-line promotions:

-News papers/flyers

-In-store promotions

  

Pricing Your Online Goods-Stuyd One-Topic 3

Pricing your online goods

Remember your blog post in Section 4 about fixed and variables costs in your online store? Now that you have an idea of your costs, what strategy would you use to price your products?

1 Overall product costs- What are my major overheads

2 Overall revenue goals-What profits I wish to make and in what time frame

3 Customer motivations-What do I want my product status to be eg: cost saving vs luxury 

4 Value add-What will my value adds be that is different from the product but will add value eg: Superior customer service

5 What is the competitor doing-Making sure my product pricing is on par with competitors however not set to high or to low. I can compare on a number of web sites such as EBay, Framer Trade& Gumtree.

Branching Sims Output Documen-Study one-Topic 3

Background

Scheren manufactures razors and blades for personal grooming. To grow the business, they are thinking of creating an electric razor as a new product line. The market for electric razors is highly competitive and consumer-driven. As Director of Marketing, you meet with the CEO and agree to a marketing strategy focusing on electric razors for men with mass market appeal. You adopt the slogan: "Expecting more but paying less". The CEO asks you to determine the price to charge for the new product.

Selecting a Pricing Method

Price must exceed cost to make a profit, but price cannot exceed the customer's perception of value or you will have difficulty selling the product. You are considering basic methods for determining price, either a cost-based approach or a value-based approach. Although both cost and customer perceptions of value are important, for now you focus on one aspect.

To help make a decision, you ask the Director of Finance and the Director of Customer Service for advice. Listen to their opinions, and then decide which approach you would like to take to evaluate the best price. Once you choose an approach, you will use it to determine what to do next.

You chose

OPTION 2

Value-based pricing approach. Make sure customers perceive the price as a good value.

Selecting Good-Value Pricing or Value-Added Pricing

You selected a value-based pricing approach. Value-based pricing assesses the buyers' perceptions of value as the key determinant of pricing. There are two standard models you can use: good-value pricing or value-added pricing.

To help you better understand the difference between the good-value and the value-added approaches, you meet with the Director of Customer Service. Listen to what she has to say and then make your choice.

You chose

OPTION 2

Value-added pricing

Value-Added Price Determination

You have selected value-added pricing as your approach. You find out that the most popular electric shaver manufacturers are Braun, Panasonic, and Remington. They have great prices and tend to be the best when it comes to attractive features. In general, prices are around $25-$35 at the lower end of the market, and above $175 for a deluxe model.

To help decide on price, you asked the Director of Customer Service to form a customer focus group and ask how much they would be willing to pay for a basic electric razor and for each benefit added to the offer. You told her that your objective is to compete in the mass market for entry-level electric razors, and set a "value-added" price. You also asked the finance department to estimate the costs of providing each feature. The results are shown in the Table of Perceived Customer Values and Costs.

Advisors:

Director of Customer Service

If you just want a basic electric shaver, our review indicates that rival products have no quick charge feature, and they take almost eight hours to charge. The blades are sharp but do not have pulsating technology. The basic models can be used either corded or cordless, but are not water resistant, cannot be rinsed out after shaving under the tap, and cannot be used in the shower. These products are in the $25 to $35 price range. It is clear that you can add a number of important features that will delight the customers at a reasonable cost to the firm.

You chose

OPTION 2

Price range: $36-$59

Changes in Sales Volume

After the product has been in the market for a while, you find that actual demand is only 90% of what you had originally forecast. Market studies indicate that demand is highly dependent on price. What pricing action, consistent with your original pricing method, should you take?

You chose

OPTION 2

Take no action. Demand level was not a factor in setting price.

Change in Market Pricing

Eventually, you find that your competitors begin to lower their prices. Your costs have remained stable. What action should you take, consistent with your pricing method?

You chose

OPTION 2

Do nothing.

Critique of Value-Based Pricing

The company's financial consultants criticise your choice of value-based pricing, saying that cost is all that matters in setting price. How do you respond?

You chose

OPTION 3

Value and price are both important considerations in setting price.

Feedback

You earned 90 percent.

Well done. To improve your skills while improving your score, read your textbook and review your course materials before attempting this simulation again.

McCormick Dinner Duets- Study One-Topic 3

McCormick Dinner Duets

When McCormick developed their new product 'Dinner Duets', what market opportunity did they identify?What is the recipe mix industry linked to? How does this affect the product's life cycle?Total meal solution to simplify the "What's for dinner tonight" dilemma. Recipes for herbs & spices is industry linked to foods trends and this has usually a 1-2 year life cycle. They try to produce & introduce products with 6-12 months.
How does retailer feedback inform marketers about a product's potential significance on the market? Different ideas on where the product should be positioned in store. Consumer Feed back on type of packaging, what type of trends they see coming through.
Why does the product's packaging form such a significant part of its marketing? Because the product on shelf can sometimes be the only form of advertising that the product receives. Impact & presence on shelf can be the distinct reason a consumer will pick up that product also sizing of the packaged product as shelf space is an absolute premium with retailers.

Product characteristics-Study One-Topic 3

Product characteristics

Choose any product that your use or consume. Identify its characteristics and how those characteristics have a personal significance to you. Why do you buy or consume this product? Why do you choose this product over other, similar products?

Product: NESCAFE-CAFE MENU- DARK CHOC MOCHA

Is the product perishable? No, I use the product all year round and more so in colder winter months. How tangible is the product? Yes because you can see it, drink it, touch it & you know exactly what you are purchasing.What are the products features? Distinct packaging with Nescafe branding and logo, images of the product in a cup, image of chocolate pieces in a 'steaming mug' (usage of product & visual description) number of calories per serving how many servings in a box.What are the benefits of those features? Lets the consumer know exactly what they are consuming. Can weigh up the value per serving in a box & If they are calorie counting, what type of product and flavour, how to consume it & what brand they are purchasing.Do you need all those features? Yes & the packaging is not cluttered with all this info.Is the product produced before it's sold or produced on demand? Produced before it is sold, has a long shelf life and expire date. Ready to be purchased when the consumer is ready to purchase.

I buy this product over 'Coles Brand' because I trust the Nescafe brand and know I will get a great tasting product every time. The pricing is very similar so I don't mind paying extra $1.50. Plus the box just looks better sort of 'luxury looking' It is quick and easy to use and I don't need to add any extras to get the result I am after & handy to know the calorie value.

Calculate profitability index-Study One-Topic 2

Calculate profitability index

Calculate the profitability index of the three projects below using the Money-Zine profitability index calculator.

Note: For time periods greater than one year, the total cash flow from investment must be divided by the number of time periods. For example, if the total cash flow from investment is $50,000 for a two year project, then the cash flow for each of the two time periods is $25,000.

	Project 1	Project 2	Project 3
Investment	67,000	72,000	127,000
Life of the machine (number of time periods)	5 years	3 years	20 years
Opportunity cost	10%	12%	9%
Total cash flow	108,000	81,000	812,000

Rank the projects:

First divide both the investment & total cash flow by the number of time periods and then do equations from there.

• Project 1: 1.47-Do it
• Project 2: 0.001-Don't do it
• Project 3: 5.9 Do it

Identifying weaknesses before your competitors-Study on Topic 2

Identifying weaknesses before your competitors

What does she mean when she says, 'Kill the company'?

What is her definition of an 'Out of company experience'?

Having an out of company experience is to really examine your companies weaknesses so that you can make them your strengths. She disagrees with the SWOT analysis and uses a scenario of "You are your No1 competitor and have 30 minutes to put your company out of business, how would you do this?" This makes people really open up and really think about where they are weak and what can you do about. What resources you have, Who can you partner with and how can you turn this knowledge back on your competitors. Keep ahead with innovation.

What common obstacles to innovation does she cite from her research?

Leaders have become adverse to  risk even tho may probably do not realise it, because they are afraid that they have so much on the line. They have a lack of definition about how much risk they can take. Leaders need to be open to taking risks more if only they knew how to define the term better.

What does Lisa mean when she talks about 'Provocative enquiry?'

Is a lost art of asking questions. people are so focused on getting the answer and being 'right' that they have forgotten how to 'ask' the right questions. Reasons for this can be because we don't want to make people feel uncomfortable & perhaps we have just forgotten how to ask the questions.

What is the difference between 'Strategic imagination' and creativity?

"Any body can come up with ideas, but you have to be a dreamer with a purpose"Because the reality is you only have so much money and time.

Fixed and variable costs-Study One-Topic 2

Fixed and variable costs

Reflect on how you could start a small online venture to make a little extra money. What fixed and variable costs would be involved in such a venture? Use this example if you like or use one of your own.

DUCKS 'R' US- Duckling breeder for the farmer, lifestyle block owners & lovers of animals. 

FIXED COSTS

• Male duck $25
• Female duck $25
• Duck coup/cage $250
• Straw/bedding $55 per bale
• Heat Lamps $20
• Food $25 per 20kg
• PC- $1100 Apple Mac
• Advertising $100 Ebay/Gumtree/Farmertrade

TOTAL FIXED COSTS $1600

VARIABLE COSTS

• Transport boxes $20
• Shipping & Handling $26
• Duckling food $25per 20kg
• Bigger coup for extra space due to varying number of ducklings  $150

TOTAL VARIABLE COSTS $221

Make or buy decisions

A subcontractor has offered to supply units, shafts, wheels, handles and buttons for $12, $21, $10 and $14, respectively.Decide whether Open Manufacturing should make or buy the components?

They should manufacture the units them selves. More cost effective per unit. Open manufacturing costs are $14, $17, $8, $12 (per unit) compared to the table