Having a fun and modern product range; Visual merchandising options within its store; its catalogue is used to reach people with new furniture solutions. Personally from my point of view, IKEA does what it takes to find the right communication style to reach its customers. IKEA uses the build it your self method, and attracts customers that enjoy putting their furniture together. In the USA the company modified the size of its standard drinking glasses to meet customer needs, that is, they released a larger drinking glass product range. IKEA also maintain a very close relationship with their suppliers. To this end, this enables them to buy quality and bulk items which enables the company to keep its prices low.
Fundamentally I found it interesting that good marketing has become increasingly vital for business success, that is, marketers must decide what features to include into a new product ir service, choose which prices to set, where to sell products / offer services and what level of investment will be spent of different types of marketing including: sales, the internet or mobile marketing.
ReplyDeleteIts interesting that due to the internet they are also making these decisions in an internet fueled environment. Within this environment Technology Changes rapidly as does economic forces . In particular I find it interesting to see the extent to which marketers are becoming part of the wired world. Personally from my point of view, the Internet and e-commerce marketing has changed the way that companies make marketing transactions with their consumers.
ReplyDeleteI find it interesting to learn that good marketers are always seeking new ways to satisfy customers and beat their competition. In the real world, I understand the importance of this, and believe that making successful marketing transactions with your customer is really about identifying and meeting human social stratification needs.
ReplyDeleteI found it interesting to learn that successful marketers must learn the underlying causes of action to shift demand to a more desired state and craft an action strategy that moved dam and to a more desired state
ReplyDeleteI found it interesting that wants are shaped by our society In real life, a real life example of this is that Australians want VB beer, a meat pie whilst watching an AFL game at the football.
ReplyDeleteIt is insightful to learn that Demands are wants for specific products based on an ability to pay by the consumer. In real life, many people want a ferrarri convertible, however only a few are able to purchase one.
ReplyDeleteFurthermore it was very interesting to obtain an insight that companies must measure not only how many people demand their product, but how many are willing to purchase it. And within this context, marketers often stimulate a consumers social factors to influence wants
ReplyDeleteIt was interesting to read that we have 5 unconsious needs:
ReplyDeletei) Stated needs - the consumer wants a ferarri (Expensive Car);
ii) Real needs the customer just needs their operating costs to be least expensive and for the initial cost to be a bargain;
iii) Unstated Needs - expects a good deal for a cash payment from the dealer;
iv) Design Needs - Satelite Security system - GPS
v) Secret need - Consumer wants friends to percieve him as a trendy/savvy consumer.
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ReplyDeleteI found it interesting to learn that to gain an edge companies must help consumers learn what they want. A really good example of this working in real life, is the Apple Store in Sydney. All of Apples products are on display for customers to test, and play. To this end, Apple effectively allows customers to learn what they want when they visit a store. In real life, overtime I visit the apple store in sydney I end up buying something, for my Macbook Pro. In fact the last time I was there I purchased an Ipad 2. Its really interesting to learn that I learnt that I needed an Ipad in this manner.
ReplyDeleteIt was fascinating to learn that a brand name such as Mcdonald's carries many associations in peoples minds that contribute to its image of burgers, cleanliness, convenience, great customer service and the golden arches. Personally from my point of view, Mcdonalds has built a strong brand image with my children in terms of associations with Happy Meal toys. It is interesting that my Children percieve that these Toys deliver value.
ReplyDeleteIt was interesting to learn that a consumers value perception of a product increases with quality and service but can decrease with price. In real life If I cannot afford an item, but the quality and service are both high I will often back off from closing the sale. I seldom make purchases just based on high quality and rate of service.
ReplyDeleteMarketing involves the Identification, Creation, Communication, Delivery and Monitoring of Customer Value. Within Canberra, I feel that a lot of small businesses struggle with these areas, However I look forward to learning more about what these mean to a company during the semester.
ReplyDeleteIt was great to obtain an insight that every employee has an impact the degree to which a customer is satisfied. To this end, staff should percieve every customer as a source of the companies prosperity.
ReplyDeleteRelationship marketing was most insightful, where companies aim to build relationships that are long-term with their customers, To achieve success in this area, the company earns and retains a customers business and may deliver a consistent brand image message at every contact transaction.
ReplyDeleteA marketing plan can discover that long run opportunities may exsist. Personally from my point of view, the marketing plan must specify a marketing strategy and particulars moving forward
ReplyDeleteThe brand of Nike "Just do it" was an interesting to learn about. Nike achieved marketing success during the olympics through sponsoring most teams during the Olympics. Nike also diversified into other market segments including Golf, and sponsored Tiger woods for such an advertising campaign. Nike established a web talk back session where fans could ask tiger about golf. One of the pros of Nikes advertising on an athlete such as Tiger woods includes having their brand visible during a 5 hour session of advertising. However, one of the cons of using a celebrity is that a company cannot control their personal life. For example, Tiger Woods recently had a sex addiction, and the world press posted associated material about his private affairs. There is an indirect consequence that Nike may not have wanted to be associated with Tiger woods sexual lifestyle.
ReplyDeleteI was just studying the core values of Google: Personally from my point of view, these include:
ReplyDeletei) Simplicity - google gives you what you need when you need it in the place where you need it
ii) Easy to use - google is the multifunction pocket knife of search engines.
iii) User focused - Google puts the end user in the centre
iv) fun and humor - Google makes use of young looking themes, and changes it logo for seasons, and celebrity's birthdays.
v) Google is innovative - to example this, tech talks is a number of technical talks about topics of consumer interest and technical innovation.
vi) Personalisation - Google allows consumers to customise their google page, and add widgets etc
vii) Coherent - google looks and feels the same through out the all of its sites.
Personally from my point of view, google's next step includes entry into the mobile telephone industry. Since there are billions of Mobile telephone users that could be a better platform than a computer.
Rather than entry as mentioned above, I meant that google will grow its market share in its mobile telephone markets
ReplyDeleteHistorically, Cisco specialized in Business to business marketing strategies, since its brands provide value within the industrial environment. However, recently Cisco decided that whilst its core strength was Business to Business selling, not consumer, it has decided to expand and optimize its offerings to customers. Personally from my point of view, Cisco brands are too high for consumer products. It is interesting that Cisco is short for Sanfrancisco and that its logo represents the famous bridge which connect people to the city.
ReplyDeleteIntel through an ingredient marketing process started a campaign where is put an intel inside sticker outside PC's and Laptops to become the worlds most recognizable computer brand. The campaign sought consumer loyalityand realized awareness of in tell processors in consumers. More recently, Intel has moved into a more mega brand fashion of stickers. That it people associate with the Intel brand, and allocate words, or an alpha and numeric code to each of its products according to their segment in the market. These include Intel brands such as Atom for net books, and vpro for business to i3, i5 and i7 of more recnt times
ReplyDeletePersonally from my point of view, I don't think that Intel lost something by dropping off the intel inside they actually established a series of separate brands for different price point market segments.
ReplyDeleteIntel became the worlds most recognizable computer brand and this was somewhat attributed to by their Intel inside marketing campaign. In my own experience, I am an apple consumer so this campaign did not work for me. I chose Apple due to being easy to use. Having an intel inside badge on the mac did not appeal to me. However, My powerbook does have an intel duo core chip inside but apple did not allow Intel to badge their computers. This is of particular interest, in this regard.
ReplyDeleteIt is interesting that Individuals play five different roles in making a decision to buy something. 1) Initiator 2) Influencer 3) Decider 4) Buyer and 5) User. From time to time I have held all five hats, but usually enjoy to be the Decider. Craig mentioned in class that good marketers know how to capture the decider. The extent to which this is achieved can help expand product usage
ReplyDeleteI found it interesting to read that Air travel is triggered by an occasion. That is, the usual occasion is often related to business, vacation, or family reunion. In real life, occasion segmentation can help expand product usage. Personally from my point of view, this is correct, since I often travel for family occasions during school holidays.
ReplyDeleteToday I learnt about the 80-20 rule which claims that 80% of a firms revenue is generated by 20% of a firms products. i do not necessarily agree with this concept, however, it may have some grounds in certain businesses. Personally I feel that a firms revenue is generated by the extent to which it can successfully market its products to customers. I also believe that having the right product to market is essential to achieve this. Setting the right price is essential for not pricing yourself out of the market. Promoting your products in a way that reaches the customer with value . Having your product placed in the right stores at the right time, on the right shelves and having the right people selling your product and physical evidence that products are sold and that the above mentioned efforts are working.
ReplyDeleteThe above mentioned is also relevant to the degree to which a company can create value, communicate value, deliver value sustain value and capture value to its customers.
ReplyDeleteHSBC's operating strategy is to remain close to its customers, and has been positioning itself as the World's local bank. Accordingly, most of its current advertising illustrates how the bank celebrates customers from diverse cultures along with customs of people from around the world. Personally from my point of view, HSBC is at risk of not achieving its globally local audience where I do not think that the concept of a local global bank is possible. The campaign also does not resonate with a person from Australia in my situation as a target Audience. However, it may resonate with some on in Hong Kong, or Shanghai
ReplyDeleteOver the years BMW has successfully targeted the baby boomers and professional yuppy market who put work first and want a car that talks of that success. I found it of interest that BMW identifies Channel alternatives using a monolithic brand strategy. That is, The single brand name "BMW" is used to master brand all vehicles in its range. Furthermore Individual vehicles are identified by alpha and Numerical signifiers which in turn means that consumers see the value in the master brand of BMW. Personally from my point of view, the master brand concept is valid and works well for BMW.
ReplyDeletePeople in Canberra exhibit social stratification. We have the lower Middle and upper classes all around us here. I found it Interesting that consumers often choose and use brands with a brand personality consistent with their actual self concept within such stratification (how we view ourselves). Personally from my point of view, there is a different kind of marketer marketing to customers in Canberra than there was than the time I lived in Melbourne. In melbourne, stratification was being considered at a more obvious level.
ReplyDeleteIKEA has created the IKEA experience, which essentially involves several hundreds of metres of walking through their warehouse sized stores (from the front to check out). Personally from my point of view the layout of IKEAS's stores creates an environment that through experiencing the visual merchandising I make a lot of impulse purchases. Further to this, I think that some customers dislike this because it takes a lot of time to shop around the store and "experience IKEA". However from a marketing perspective it is a great way to create a an excellent shopping experience to trek through the visual merchandise and go on a treasure hunt for IKEA's furniture offerings.
ReplyDelete