Week 10 - What I Learned

As marketing class comes to a close, my biggest takeaway is that marketing is everywhere.

Other takeaways:

Relationships

Marketing is a connection, whether real or perceived. How you feel about a product or a service and whether that makes you purchase or utilize it is the name of the game. And because marketing is everywhere - they will find you. In your social, on a billboard, in the car, or at your doctor's office - marketing is Liam Neeson in Taken.

Better pick up, he's calling to sell you an extended warranty on your car.

Psychology

Psychological influences play a big role in marketing. Identifying motivation, personality, perception, and perceived risk of your customer can be the difference between success and failure. The addition of values, beliefs, and attitude and how marketing and advertising can either target specifically or work to change or influence in spite of these details.

Global Ethics

Protectionism is the practice of shielding one or more industries within a country’s economy from foreign competition through the use of tariffs or quotas. I haven't stopped thinking about this and waiver between two opinions. It's a challenge I hadn't ever thought of and while my kneejerk reaction is it's wrong and bad for world trade I can also see the benefit for poorer or emerging countries.

Cultural Diversity

A thorough cross-cultural analysis involves an understanding of and an appreciation for the values, customs, symbols, and language of other societies. I have always been fascinated by different cultures, whether it is clothing, color preferences, what flowers mean in different cultures, or something as simple as appropriate ways to handle a business card. I liked this deeper dive into culture and how it affects marketing decisions. Learning the German word for debt is the same as for guilt is something I've shared with others.

Don't forget, Marketing is EVERYWHERE!

Comments

Week Four - When Marketing Research Goes Wrong

This week I discovered a lighthearted comedy pop podcast called The Big Flop. "Find out what happens when massive hype turns into a major fiasco, and join us as we try to answer the age-old question...Who thought THIS was a good idea?!" Two of the episodes I listened to this week were on the JCPenney --> JCP rebranding and the McDonald's Arch Deluxe. I recommend the podcast if you're looking for a quick recap of historical fiascos. This article discusses data literacy and how market research done poorly can be a disaster : Why Data Literacy Matters . . . Or Why McDonald’s Arch Deluxe Disappeared McDonald's spent over 150 million in marketing to roll out (pun intended) a burger that noone wanted. The Arch Deluxe Was a Hell of a Burger. It Was Also McDonald’s Most Expensive Flop. "Had the Arch Deluxe debuted in a different time, and with a different marketing gimmick, there’s a chance it could’ve been a hit. Only three years after the burger’s ...

Week Six; So I saved a penny?

When did even/odd pricing start? I found two possible explanations: One story is that it forced the cashier to open the cash register to give change. By pricing an item at $4.75 or 49.95, the cashier would need to access change and open the register, which recorded the sale . Otherwise the cashier could potentially put the $5 or $50 in their pocket without opening the register. Another story is that in the early 1900s, JCPenney conducted a pricing study and concluded that people perceive a deal when the price ends in 7, 8, or 9 and that the odd number creates a sense of urgency to purchase. Because I love all things sociological and psychological, I had to ask: But, why? An odd price ending conveys the impression of a discounted price. Consumers tend to pay attention to the first digit of a price, so reducing a product from $3.00 to $2.99 will be perceived as a value and lead to 10% to 30% higher sales. Odd pricing also gives the illusion that ...

Bic Cristal - the pen for men!

I came across this image, and I found it amusing and wanted to share and use it as a starting point to talk product life cycles. However, while coming up with some pithy intro I remembered... Bic pens were created in 1950 by entrepreneur Marcel Bich. In 2006 it became the bestselling pen in the world selling its 100 billionth pen. It is even in the Museum of Modern Art, but it is also in the Museum of Failure. Because in 2012, Bic introduced "Bic Crystal For Her". Marketing a thinner barrel for better handling and the "plug color" matches the ink. Needless to say, it was not well received and was quickly discontinued. But not before the reviews started:

MK103 - Athena G

Search This Blog