AdvERtisiNg

Advertising is a huge component of marketing. It takes up a huge chunk of income and shows how much a company really wants to invest in getting themselves out there. Advertising costs money and in times like these, people and companies are cutting back on spending due to lack of profits. However, it is a vicious cycle. The less you promote, the lesser people know and the lesser they buy. The lesser they buy, the lesser your profits and the lesser you advertise. In such cases, it is best to take hold of the opportunity, especially if you're not one of the companies who are filing chapter 11. Because then, your company stands out as a survivor and people would come to trust you and your services/products if you advertise efficiently and diligently.

Positioning the product..

Positioning is an image, a perception that the market holds about a certain product or a company.
Personally I think I have been enlightened by some beautiful ideas compared to drab ones in the same industry. Certain websites that sell (be it books or gifts or cellphones etc.) have good description but maybe not great price. Some have great prices but they lack in authenticity or detail or in assuring the customer satisfaction through warranties, return policies etc. In today's world, it is becoming more and more important to be wise and efficient and I would only look for places where I get the most value for my money. That is where I would make my purchase.
For eg. I found a site with excellent prices 'and' it was a recognized, credited site! Had I known about it before, I would have made more purchases! However, apart from the prices, what I liked about it the most was how colourful, bold and bright the main headings, product details, prices etc. were. They stood out, were pleasing and easily comprehensible by the brain and made shopping a more fun experience! There was an energy that vibrated through it and that is what emotionally connects with a customer much more than anything else. And this creates an image or rather an intuition of the product within the customer. Next time, they just know it.

Another good example is in the airlines industry. They're all planes. They all fly you whenever and at different prices. But something about VirginAirlines made me want to try it out. Maybe it was how they showcased themselves. The sky-matching colour effects in the cabins, the super kind service etc. But in reality when i tried it out, it wasn't all that great to boot. In contrast, I once flew 20 hours by Etihad Airways (from Dubai) to fly back home. It was just awesome. There was practically a DVR in there. And that too for free! There were around 100 movies and even more songs and tv shows to choose from at any time. Plus, a menu from which I could order at anytime in addition to a snack aisle which was accessible throughout the flight. What an experience. Now I knew that after I tried it, but if they had more of a name and really got out there, they'd be huge!

Product Placement

I think product placement is a very interesting process. If you really think about it, there is no real way for the target consumer to reach the product unless you place it right where he or she will be able to perceive it.

Let's take for example the iPhone and the new iPod touch. These two have been placed in the market magnificently. Either Apple spend too much on marketing or they're just really good at getting great deals with other companies to get their product exposed to clients of these other companies. Well, Apple itself is big enough that it could make the company its contracting with a huge profit rather than getting some more for itself. But even then, Apple keeps up its name by making sure the iPhone and iPod don't lag behind in sales and 'talk of the town or the moment!'

The iPhone has great adoption. It is compatible with so many things! Except for the carrier, which is only AT&T and Verizon (in future?), the iPhone is compatible with many other things.
For eg. I just read on amazon.com that you can start reading Kindle books on your kindle OR on your iPhone in less than a minute of purchasing it! They didn't say Nokia or Motorola or anything else, just its own Kindle and iPhone. Oh and even iPod touch. Even better.

Macbook TV! (Laptop of convergence)

A product for Apple based on the Macbook called the MacBook TV.
1) The laptop converges the idea of a traditional laptop along with a TV.
Basically whatever cable channels that you receive on your TV can be accessed on the laptop. The contract that you use to access channels on your TV can be used to also provide entertainment on the laptop through a password that tells the software on the laptop to allow streaming of channels that are in the contract. This software is the HD PVR which automatically streams satellite channels via iTunes. To view these, one would pay only a first time fee for the HD PVR and a monthly subscription fee . Any extra channels that the user wants can be viewed through paying a higher subscription fee. Note that this doesn’t require one to purchase a normal tv contract. iTunes would also be able to record any show for later viewing. This technology can also be connected to the ipod and iphone thus allowing the user
to watch shows anywhere and anytime due to recording ability.

I think this laptop would work very well in the market. People are looking to combine gadgets Every where they go. They want to make sure they don’t miss their favorite tv shows whether at work or at other meetings. Since this is for apple, people know and trust the brand. They won’t hesitate to buy or atleast think about buying it once the product has been marketed well enough and is in the hands of a considerable amount of consumers.

Factors affecting the product adoption would be that one wouldn’t require a tv anymore and this This convenience would increase a person’s desire for such a laptop. Additionally, the high price of such a laptop (considering the new technology HD PVR) will take some time to sink in the mass market and get circulated around. It will take some time to reach the hands of the middle class . However considering its great utility and expertise, one will not mind investing in it especially if one is an avid TV watcher and loves the concept of watching his favorite shows on his laptop instead of searching up his missed shows or turning the TV on to watch what is on. Other factors include competition in the cable market. The cable dealers will have a tough time getting more customers since HD PVR is making up for them! This factor can benefit Apple or even harm them if the cable dealers start to lower their prices or provide even more incentives in their contracts.

ANOTHER gorgeous marketing tactic!

The financial outlook is BLEAK, to understate. So the clever product makers are rolling out HAPPY STUFF out to the public; their reasoning being :
When people are stressed, they revert back to the things that comforted them as kids. They are looking for escape valves to take their minds off the economy.
"They are looking for anything to break the negativity," say Ann Mukherjee, marketing guru at Frito - Lay, which, at one point even considered - but junked the idea of - CHEETOS the size of tennis balls! Imagine that! Holy cow! But instead they hired anthropologists who watched stressed workers fiddle with stuff on their desks - including stress balls. So why not GIANT cheetos instead? It's a ball you can eat. Part of the 'fun' (notice the 'fun' factor) is deciding whether to eat it in a few bites or gobble up the whole thing.
Kraft next month will roll out straw shaped Oreos that can be used to drink milk! "We're looking for ways to help families enjoy life's simple pleasures," says Kraft spokeswoman Laurie Guzzinati.
Procter & Gamble just got out Cover Girl Outlast Lipstain, which isnt' shaped like a lipstick, but a marker pen. "Life is tough enough right now, makeup shouldn't be,'' says marketing director Vince Hudson.
These are pretty innovative ideas in addition to giving great deals or refunds as discussed below. But this incentive alone (cheerful stuff sells well) - is it enough to induce consumers to purchase these items? If one needs comfort and is willing to spend money on necessities, they might surely consider not ditching these particular necessities manufactured newly ! With me? ;)

sAVVY marketers!

Some of the nation's savviest marketers have figured out that the best way to get folks who fear job loss to SPEND money is to promise them a rebate, refund or a special deal if they are laid off shortly after the purchase.
It is called ALTRUISM marketing. Some excellent usages of it out there :
1)Walgreens : the Walgreens plan to provide health care services to the unemployed and their dependants who are uninsured and had used the service prior to their job loss. It is offered at 342 Take Care clinics at select walgreens stores.
2) Airlines : JetBlue is waving flight cancellation fees - up to $100 per ticket - for customers who lose their jobs.
3)Retailers : "Like all retailers, we find motivating customers to purchase is challenging," CEO Neal Black of Jos. A. Bank Clothiers says. They took job-loss aid to the next step. Customers who buy its $199 suits and lose their jobs will have their money refunded and still keep the suits!
4) Cars : Hyundai will make up to three car payments for new Hyundai buyers who lose their jobs, and let them give their car back without penalty if they still haven't found work. Autonation will make car payments for upto 6 months for car buyers who lose their jobs.
These all marketing schemes seem to show how people, even amidst recession, unemployment, financial stress, problems and discouragement from the media can STILL conjure up healthy, workable and innovative ideas to turn their businesses and lives - not only theirs but even of others - around.

Midterm!

I think the midterm helped me ACTUALLY understand the real principles of marketing today because of the reading that we had to do ! Even during the midterm, answers to questions that puzzled me were clarified and re-cemented in my head after looking through. I feel really good and more confident about marketing now!
Lets brainstorm some ideas of how to develop a marketing plan for a product (or event) if we had to launch one..
Hmm, definetely more mind-refreshing than quantum physics. Haha.