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.

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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.