Monday, April 14, 2008
Week 8 – Hitwise
I really liked the Hitwise site. Five key offering: 1.) Ranking – great category choices, 2.) Charting – tool for comparing two websites, 3.) Clickstream – shows the path taken to a site, 4.) Search intellignce – What words are used to find the site – good for developing search engine key words, and 5.) Demographics & Lifestyle – always key to identifying your target customers.
Week 8 – Chapter 19 Review & Application: 1.1, 4.1
1.1) The six components of Customer Relationship Management (CRM): 1.) Identify Customer Relationships with the company, which means identifying who the customers are and what they are buying; 2.) Understand the Interactions with Current Customers, which means collecting data on the contact that the customers have with the company; 3.) Capture Customer Data based on Interaction, which means after identifying the customer contacts that they then devise some qualifiers to distinguish what information groups they want to analyze; 4.) Store & Integrate Date, which means using information technology to record and store the interaction data; 5.) Identify the Best Customers by analyzing the integrated data. Analyzing the integrated data helps to determine what customers like, don’t like and what benefits and features are most sought after in your product or service; and 6.) Leverage the Information by disseminating the analyzed data through out all areas of the company. This allows each department the opportunity to add value to the product or service at every level.
4.1) www.hardrockcafe.com
4.1) www.hardrockcafe.com
Week 8 – Chapter 18 Review & Application: 1.1, 2.1, 3.5, 5.1
1.1) The marketing manager is making a mistake with a pricing strategy that sets the price for the antique style computer desk below comparable product pricing. Although he states that he is doing this to increase the quantity they sell, he is not taking several factors into consideration. First, if they are selling a desk made of high quality materials and that has several special features, the price should reflect that. However, most importantly, he is not taking into account the style of the product and that this is the type of product that is a one time purchase. This is not a generic laminated type desk – this is a specific style that may not appeal to the mass market (antique, roll top). Many people would not buy this product, even with a low price because of the style. Additionally, once a computer desk is purchased, it is not likely a consumer would make another purchase of the same product for quite some time.
2.1) If charged under the Robinson-Patman Act, a seller has three defense options. The first option involves price. If there is a manufacturing or quality discount a company can sell at a different price to different customers. The second option involves market conditions. A different price to different customers is allowed under certain conditions such as if the product is perishable or the seller is closing their business. The final legitimate defense to the Robinson-Patman Act is relates to competition. If a competitor quotes an undercut price then the seller can lower their price as well.
3.5) The information age is changing pricing in two main ways. First, because of a consumer’s ability to purchase many products over the internet that they previously had to purchase from a retailer, many middlemen have been cut out of the market channel. This usually has a direct impact of pricing. Next, because consumers have a much easier time in comparing product features and pricing on the internet, many companies have been forced to become much more competitive with their pricing.
5.1) This is a tough question to answer because I would use different pricing strategies during a recession to gain or maintain market share based on what the product or service I was selling. I think that service industries often times have the best advantage during a recession because it is easiest to bundle and/or unbundled services over products. You can work with compatible service providers to increase your offerings to consumers or scale back the current services offered.
2.1) If charged under the Robinson-Patman Act, a seller has three defense options. The first option involves price. If there is a manufacturing or quality discount a company can sell at a different price to different customers. The second option involves market conditions. A different price to different customers is allowed under certain conditions such as if the product is perishable or the seller is closing their business. The final legitimate defense to the Robinson-Patman Act is relates to competition. If a competitor quotes an undercut price then the seller can lower their price as well.
3.5) The information age is changing pricing in two main ways. First, because of a consumer’s ability to purchase many products over the internet that they previously had to purchase from a retailer, many middlemen have been cut out of the market channel. This usually has a direct impact of pricing. Next, because consumers have a much easier time in comparing product features and pricing on the internet, many companies have been forced to become much more competitive with their pricing.
5.1) This is a tough question to answer because I would use different pricing strategies during a recession to gain or maintain market share based on what the product or service I was selling. I think that service industries often times have the best advantage during a recession because it is easiest to bundle and/or unbundled services over products. You can work with compatible service providers to increase your offerings to consumers or scale back the current services offered.
Week 7 – Chapter 14 Review & Applications: 3.1, 4.1, 5.1, 5.2
3.1) Understanding the target market is a crucial aspect of the communication process because the marketers are trying to inform, persuade, or remind the market about their product or service. To do this effectively, they have to understand the target market so they can determine where, how and what message to communicate.
4.1) Persuasion is generally designed to get a consumer to buy a product or service or take some kind of action and is usually used in the growth stage. This means that consumers already are aware of the product or service and the producer is trying to get the consumer to choose their particular brand. This is also true for mature products. Fast food restaurants are a good example of companies that use persuasive promotions.
5.1) AIDA: Attention, Interest, Desire and Action: the process of meeting promotional goals to get consumers to buy a product or service. Three part process: thinking, feeling and doing. Advertising and PR is most effective in the attention and interest stages; sales promotion most effective in the desire stage; and personal selling is most effective in the interest, desire and action stage.
5.2) http://www.kohler.com/
4.1) Persuasion is generally designed to get a consumer to buy a product or service or take some kind of action and is usually used in the growth stage. This means that consumers already are aware of the product or service and the producer is trying to get the consumer to choose their particular brand. This is also true for mature products. Fast food restaurants are a good example of companies that use persuasive promotions.
5.1) AIDA: Attention, Interest, Desire and Action: the process of meeting promotional goals to get consumers to buy a product or service. Three part process: thinking, feeling and doing. Advertising and PR is most effective in the attention and interest stages; sales promotion most effective in the desire stage; and personal selling is most effective in the interest, desire and action stage.
5.2) http://www.kohler.com/
Week 7 – Chapter 12 Review & Applications: 2.1
2.1) Some part of all marketing channels could conceivably be performed over the internet; transactional functions, logistical functions and facilitating functions. Producers could sell directly to consumers via the web. Retailers use the web for orders from consumers, where all functions of the order process such as product selection and payment processing are all performed on the internet. Additionally, transit can also be scheduled and monitored through the internet. As more and more people become computer savvy, the use of the internet also increases, although branding may be more difficult. The internet has had the most impact on supply chain management and electronic distribution in particular. This can be seen in products ranging from computer software to music and video.
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