Chapter 16: Pricing Objectives and Policies
Walmart is a very well known company within the U.S. Over the years they have made it obvious that maximizing their profits is important to their success. Chapter 16 of Essentials of Marketing discusses the various objectives and policies that companies such as Walmart choose as their path to success. Their are some companies that are driven by their sales, but there are others that are driven by their profit. In order for Walmart to meet their requirements for profit, they have to be aware of not only their competition, but staying on top of their tasks to ensure they are covering every aspect of running a profitable company.
Chapter 15: More Details on Advertising, Publicity, and Sales Promotion
The Essentials of Marketing states that in 2010 Television used the most amount of money for advertising their products/services to the public. Although that fact is still true today, it seems evident that as the times are changing the internet and its influence on our generation may eventually catch up. A major method for advertising amongst college students and people under 30 has been through social media such as Facebook, Twitter, and even Instagram. The very interesting thing is that sites like Facebook have tutorials on how to advertise for your business by using their site along with listing their benefits. The way that Facebook has caught the eye of a lot of people is by their constant development and changes within their site. If you want to advertise for your business via Facebook, here’s the link on how to do it.
^ See… they even have me advertising for them.
Chapter 14: Personal Selling
Personal selling is strategy that causes sales people within a company to convince potential buyers to purchase their product. This article discusses the various marketing strategies in personal selling. Personal selling is seen even when a person is trying to sell themselves to potential employers. The main concept is attempting to convince someone that you or your product is the right fit for them/their needs. Many people fail to realize that there are many different ways to personal sell, some are positive and some are negative. In order to approach the personal selling situation properly, one must understand that there are strategies that work better than others, examples also found in the same article.
Chapter 13: Promotion
“Promotion is communicating informationbetween the seller and potential buyer or others in the channel to influence attitudesand behavior.” (Essentials of Marketing)
The three basic objectives to promote a product successfully are to inform, persuade, and remind customers. The idea of informing is to provide customers with all the necessary information to explain the product and answer the questions they may have. In persuading them, you are attempting to take customers away from the competitors with similar products and persuading them that your product is “better”. The act of reminding them attempts to show that you have not forgotten about your customers and that their service matters to you. If a company/organization has the right approach to promoting their products and services then their success will reflect upon that. Promoting is extremely important for new companies/organizations and it can really set the direction in which their future goes.
Chapter 10: Place and Development of Channel Systems
Ever walk into a store and wonder WHY they sell a certain product there? Imagine visiting an area that is mostly dry and hot and walking into a convenience shop and one of the things they’re selling is an umbrella? It sounds pretty ridiculous right? Well, when organizations and companies are product planning knowing the place is very important. The most important aspect of finding the right “place” for a product is putting yourself in the customer’s perspective. Chapter 10 discusses how companies make their decisions about their product based off of the location in which they are attempting to sell and figuring out the quantity as well. The idea is to sell your product at a location where you know that it will benefit your company, because we all know selling an umbrella in a desert wouldn’t work.
Chapter 8: Elements of Product Planning for Goods & Services
“Branding” is the use of a name, term, symbol, or design – or a combination of those – to identify a product (Essentials of Marketing).
The manner in which our society has progressed over the last couple of decades has caused branding to become very important for product planning within organizations. It’s unfortunate to say, but many people focus on the brand name just because they feel as if it is “socially acceptable”. When creating a product, companies strive to have the product be successful, but also to create a “brand” that will interest people and keep their business. It is very common for people to buy things based on their knowledge of a brand, or simply by listening to reviews about a brand. Although price, quality, and other facts contribute into the definition of a good “product”, when people are buying certain goods or services the “brand” has become an important aspect in their decision making. The more popular a brand is the more likely it is for someone pick the brand product over the no-brand product, regardless of the price.
Chapter 5: Final Consumers and Their Buying Behavior
A “need” is the basic force that motivates a person to do something, while a “want” is a need that is learned during a person’s life. As humans we are motivated by either a “need” or a “want” which has been psychologically proven. Chapter 5 analyzes the “PSSP Hierarchy of Needs” that explains the physiological needs, safety needs, social needs, and personal needs in attempt to explain why people buy certain things. It’s important to know the basics of what drives us as humans to purchase things in order to find the ideal method of marketing and reaching out to potential customers. As society grows, social influences have had a greater affect on consumer behavior. “Essentials of Marketing” chapter 5 has an Exhibit (5-7) that explains the “Stages in Modern Family Life Cycles” and the “usual flow”, “recycled flow”, and “traditional family flow”. The reasoning that family members influence consumer behavior is because of their shared values and attitudes. An example is simply thinking about a time that you have had an influence on a family member or even friend for the smallest thing. Now that I’ve thought about it, I realize that I influence my family members all the time without even making a huge effort. The fact that my family trusts my judgement on food places plays a huge part when I attempt to influence them to eat at one place over another. When our stomach growls, we are programmed to first follow our “needs” and find food, but over time we have also developed a “want” which motivates us to favor one thing over another in order to fulfill our “needs”.
Chapter 1: Marketing’s Value to Consumers, Firms, and Society
Most of the time we don’t realize when we encounter the idea of “marketing” because it’s become second nature. Chapter 1 of “Essentials of Marketing” attempts to define marketing on a more personal level. We use marketing as a part of our everyday lives; the places we shop, the electronics we use, the goods and services we buy, and even our interactions with other people. Professor Gentry defined marketing as “providing people with what they want for perceived mutual benefit”, which realistically most of us do during the course of the day. With the understanding that “marketing” circulates our everyday lives, the key characteristics are important in order for an organization to market successfully. If you take a look at “Apple” and their methods on marketing, you begin to see the parallel with the overall success and continuous growth of the organization. Apple markets their products not only by advertising, but also through the satisfied customers that market through word of mouth. This chapter emphasizes that “marketing isn’t just selling and advertising”, but instead aiming to maintain satisfied customers by meeting or exceeding their expectations.