Yes. I believe that this will effect doughnut customers because they are trying to advertise sandwiches, coffee, tea, and other frozen drinks more as time passes and it might influence their company and maybe some customers will forget that they are selling them. But, then again I feel like Dunkin Donuts will always be marketed towards doughnut eaters because Dunkin Donuts is always known to sell doughnuts. I know in my opinion, I will always know Dunkin Donuts for their doughnuts and coffee and how American runs on Dunkin. I feel like Dunkin Donuts will be fine with this transition because it has always been well-known that they always sell doughnuts and that they always will no matter what. This will effect Dunkin Donuts based on how some marketers will forget that they are selling doughnuts and that they would not get as high of a purchase than in the past.
Will you always remember that Dunkin Donuts sells doughnuts if they do not advertise it anymore? Do you think this would effect Dunkin Donuts in a huge way? What would be some of their benefits?
Saturday, April 20, 2013
Friday, April 19, 2013
The Goals of Promotion
People communicate with one another for many reasons. Promotion seeks to modify behavior and thoughts in some way. Promotion can perform one or more of three tasks: inform the target audience, persuade the target audience, or remind the target audience. Sometimes a marketer will try to accomplish two or more of these tasks at the same time.
Informative promotion seeks to convert an existing need into a want or to stimulate interest in a new product. This happens more during the early stages of the product life cycle. Informative messages are important for promoting complex and technical products such as automobiles, computers, and investment services. An example of this is when Apple came out with the iPhone and the whole touch screen process was new to the Smartphone category.
Persuasive promotion is designed to stimulate a purchase or an action. Persuasion normally becomes the main promotion goal when the product enters the growth stage of its life cycle. Persuasion can also be an important goal for very competitive mature product categories such as many household items and soft drinks.
Reminder promotion is used to keep the product and brand name in the public's mind. This type of promotion generally happens during the maturity stage of the life cycle.
In my opinion, I believe that persuasive promotion is the most important and effective because it is able to make customers want to buy the product. This promotion helps because this product enters the growth stage because you will be able to get customers to buy the product if you are persuasive. For example, in most cases that I have seen are based on the infomercials because they would normally state the fact that "If you call now, you can get two more of our products for free." This generally will help their target marketers to not even think twice about purchasing the product.
Which promotion do you think is the most effective? Why? Do you think one is more beneficial than the other one?
Informative promotion seeks to convert an existing need into a want or to stimulate interest in a new product. This happens more during the early stages of the product life cycle. Informative messages are important for promoting complex and technical products such as automobiles, computers, and investment services. An example of this is when Apple came out with the iPhone and the whole touch screen process was new to the Smartphone category.
Persuasive promotion is designed to stimulate a purchase or an action. Persuasion normally becomes the main promotion goal when the product enters the growth stage of its life cycle. Persuasion can also be an important goal for very competitive mature product categories such as many household items and soft drinks.
Reminder promotion is used to keep the product and brand name in the public's mind. This type of promotion generally happens during the maturity stage of the life cycle.
In my opinion, I believe that persuasive promotion is the most important and effective because it is able to make customers want to buy the product. This promotion helps because this product enters the growth stage because you will be able to get customers to buy the product if you are persuasive. For example, in most cases that I have seen are based on the infomercials because they would normally state the fact that "If you call now, you can get two more of our products for free." This generally will help their target marketers to not even think twice about purchasing the product.
Which promotion do you think is the most effective? Why? Do you think one is more beneficial than the other one?
Wednesday, April 10, 2013
Response to Katie Longchamp
Inelastic demand is when there is a necessity as opposed to wanting the product. Some other products that I can think of that have an inelastic demand are home heating oil, rent, and prescribed medication. I believe that all of these have an inelastic demand because they are a necessity because everyone needs it for survival. For example, I do not think that anybody would be able to survive without home heating oil because that is an important necessity especially in the winter because everyone likes to stay warm and not be cold.
No, I do not think that the consumer has any control over prices of products with an inelastic demand because they need to pay it no matter what because in most cases it is a necessity to them. For example, consumers can not pick how much they want their rent to be because if that happened everyone would be paying close to nothing. In most cases, consumers do not have control for setting what price they want over products because that just would not be fair. I believe that if they had this power then they would make it very inexpensive. Rent is an inelastic demand because in most cases it is the same price for each month and it is due on a specific date.
Have you ever encountered a problem where you bought a product that has an inelastic demand? Did you buy it? What was your decision factor for it?
No, I do not think that the consumer has any control over prices of products with an inelastic demand because they need to pay it no matter what because in most cases it is a necessity to them. For example, consumers can not pick how much they want their rent to be because if that happened everyone would be paying close to nothing. In most cases, consumers do not have control for setting what price they want over products because that just would not be fair. I believe that if they had this power then they would make it very inexpensive. Rent is an inelastic demand because in most cases it is the same price for each month and it is due on a specific date.
Have you ever encountered a problem where you bought a product that has an inelastic demand? Did you buy it? What was your decision factor for it?
Monday, April 8, 2013
Other Determinants of Price
As discussed in chapter 19, other factors besides demand and costs can influence price. Some examples of these factors are the stages in the product life cycle, the competition, the product distribution strategy, the promotion strategy, and the perceived quality. All of these factors have the ability to affect price.
The stages in the product life cycle are introductory stage, growth stage, maturity stage, and decline stage. The introductory stage is when management usually sets prices that are high. The reason for this is to hope to recover its development costs quickly. Demand originates in the core of the market and it is somewhat inelastic. Growth stage is when the prices generally begin to stabilize for several reasons. There are three parts to this: competitors have entered the market, increasing the available supply, the product has begun to appeal to a broader market, often lower-income groups, and economies of scale are lowering costs, and the savings can be passed on to the consumer in the form of lower prices. Maturity stage brings further price decreases as competition increases and inefficient, high-cost firms are eliminated. At this stage, price increases are usually cost initiated, not demand initiated. This happens because demand is limited and producers have the same cost structures, the remaining competitors will probably match price reductions. Finally, decline stage is the final stage of the life cycle where you can see further price decrease as few of the remaining competitors try to save the last demands. Prices begin to stabilize when only one firm is left in the market.
In my opinion, I believe that the maturity stage is the most important because distribution channels are a huge cost factor based on the need to offer wide product lines for highly segmented markets, extensive service requirements, and the sheer number of dealers necessary to absorb high-volume production. This is also important due to the fact that demand is limited and producers have similar cost structures along with the remaining competitors will probably match price reductions.
Which stage do you think is the most important, why? Do you think each has its own benefits? What do you believe they are?
The stages in the product life cycle are introductory stage, growth stage, maturity stage, and decline stage. The introductory stage is when management usually sets prices that are high. The reason for this is to hope to recover its development costs quickly. Demand originates in the core of the market and it is somewhat inelastic. Growth stage is when the prices generally begin to stabilize for several reasons. There are three parts to this: competitors have entered the market, increasing the available supply, the product has begun to appeal to a broader market, often lower-income groups, and economies of scale are lowering costs, and the savings can be passed on to the consumer in the form of lower prices. Maturity stage brings further price decreases as competition increases and inefficient, high-cost firms are eliminated. At this stage, price increases are usually cost initiated, not demand initiated. This happens because demand is limited and producers have the same cost structures, the remaining competitors will probably match price reductions. Finally, decline stage is the final stage of the life cycle where you can see further price decrease as few of the remaining competitors try to save the last demands. Prices begin to stabilize when only one firm is left in the market.
In my opinion, I believe that the maturity stage is the most important because distribution channels are a huge cost factor based on the need to offer wide product lines for highly segmented markets, extensive service requirements, and the sheer number of dealers necessary to absorb high-volume production. This is also important due to the fact that demand is limited and producers have similar cost structures along with the remaining competitors will probably match price reductions.
Which stage do you think is the most important, why? Do you think each has its own benefits? What do you believe they are?
Friday, April 5, 2013
Response to Nick Vita
With annoying hosts that talk way too fast and act way to excited about
everything, these infomercials can lead customers away more than
bringing them in. What is your take on this infomercials? Are they a
good marketing tactic for a company?
My opinion on infomercials is that I think that it can be very annoying because I am not a fan of them. I would like it if I could watch my television shows all in one without any interruptions but that is just not the way that it works. Also, I believe that the annoying hosts that talk way too fast about how excited they are to sell their product are leading customers away then bringing them to buy the product. But, in other times I can find infomercials to be very entertaining and interesting. For example, I remember this one time that I saw an infomercial about the DVD workout about insanity. Something about this infomercial just caught my eye and to me it was very persuading and I began to look more into it and I finally decided to buy the product. I believe that infomercials can sometimes be a good marketing tactic for the company if they are doing things right, but in other times it can be a bad marketing tactic because sometimes customers would not want to listen to the hosts or they just do not care. I mean, if they make it sound interesting and persuading they will most likely get more viewers and have a better chance to target the market.
Can you think of a time that an infomercial targeted you to buy the product? What was the product? What made you decide that you wanted to purchase this product?
My opinion on infomercials is that I think that it can be very annoying because I am not a fan of them. I would like it if I could watch my television shows all in one without any interruptions but that is just not the way that it works. Also, I believe that the annoying hosts that talk way too fast about how excited they are to sell their product are leading customers away then bringing them to buy the product. But, in other times I can find infomercials to be very entertaining and interesting. For example, I remember this one time that I saw an infomercial about the DVD workout about insanity. Something about this infomercial just caught my eye and to me it was very persuading and I began to look more into it and I finally decided to buy the product. I believe that infomercials can sometimes be a good marketing tactic for the company if they are doing things right, but in other times it can be a bad marketing tactic because sometimes customers would not want to listen to the hosts or they just do not care. I mean, if they make it sound interesting and persuading they will most likely get more viewers and have a better chance to target the market.
Can you think of a time that an infomercial targeted you to buy the product? What was the product? What made you decide that you wanted to purchase this product?
Wednesday, April 3, 2013
Business Processes
As discussed in chapter 14, business processes are composed of bundles of interconnected activities that stretch across firms in the supply chain; they represent key areas that some or all of the involved firms are constantly working on in order to reduce costs and/or generate revenues for everyone throughout supply chain management. There are eight critical business processes on which supply chain managers must focus:
1. Customer relationship management
2. Customer service management
3. Demand management
4. Order fulfillment
5. Manufacturing flow management
6. Supplier relationship management
7. Product development and commercialization
8. Returns management
The customer relationship management process allows companies to prioritize their marking focus on different customer groups according to each group's long-term value to the company or supply chain. The customer service management process presents a multi-company, unified response system to the customer whenever complaints, concerns, questions, or comments are voiced. Demand management process seeks to align supply and demand throughout the supply chain by anticipating customer requirements at each level and creating demand-related plans of action prior to actual customer purchasing behavior. Order fulfillment process is a highly integrated process, it is often requiring persons from multiple companies and multiple functions to come together and coordinate to create customer satisfaction at a given place and time. Manufacturing flow management process is concerned with ensuring that firms in the supply chain have the needed resources to manufacture with flexibility and to move products through a multi-stage production process. Supplier relationship management process supports manufacturing flow by identifying and maintaining relationships with highly valued suppliers. Product development and commercialization process includes the group of activities that facilitates the joint development and marketing of new offerings among a group of supply chain partner firms. Returns management process enables firms to manage volumes of returned product efficiently while minimizing returns-related costs and maximizing the value of the returned assets to the firms in the supply chain.
In my opinion, supplier relationship management process is the most important because it supports manufacturing flow by identifying and maintaining relationships with highly valued suppliers. This is very important because it is a key step toward ensuring that firms' manufacturing resources are available. This has a direct impact on each supply chain member's bottom-line financial performance. This is also important because communication is key and the employers should always communicate with their employees to make sure that they know what is going on within the company/firm.
What business process do you think is the most important? Do you think one is more beneficial to have when working in a company/firm?
1. Customer relationship management
2. Customer service management
3. Demand management
4. Order fulfillment
5. Manufacturing flow management
6. Supplier relationship management
7. Product development and commercialization
8. Returns management
The customer relationship management process allows companies to prioritize their marking focus on different customer groups according to each group's long-term value to the company or supply chain. The customer service management process presents a multi-company, unified response system to the customer whenever complaints, concerns, questions, or comments are voiced. Demand management process seeks to align supply and demand throughout the supply chain by anticipating customer requirements at each level and creating demand-related plans of action prior to actual customer purchasing behavior. Order fulfillment process is a highly integrated process, it is often requiring persons from multiple companies and multiple functions to come together and coordinate to create customer satisfaction at a given place and time. Manufacturing flow management process is concerned with ensuring that firms in the supply chain have the needed resources to manufacture with flexibility and to move products through a multi-stage production process. Supplier relationship management process supports manufacturing flow by identifying and maintaining relationships with highly valued suppliers. Product development and commercialization process includes the group of activities that facilitates the joint development and marketing of new offerings among a group of supply chain partner firms. Returns management process enables firms to manage volumes of returned product efficiently while minimizing returns-related costs and maximizing the value of the returned assets to the firms in the supply chain.
In my opinion, supplier relationship management process is the most important because it supports manufacturing flow by identifying and maintaining relationships with highly valued suppliers. This is very important because it is a key step toward ensuring that firms' manufacturing resources are available. This has a direct impact on each supply chain member's bottom-line financial performance. This is also important because communication is key and the employers should always communicate with their employees to make sure that they know what is going on within the company/firm.
What business process do you think is the most important? Do you think one is more beneficial to have when working in a company/firm?
Saturday, March 30, 2013
Response to Jade Brulotte
Do you think this ad is a clever way to sell more of a product they have already promoted in the past?
Yes, I think that this ad is a clever way to sell more of a product that they have already promoted in the past because if the company is trying to tell what people think that is why they are putting an ad out that is geared towards women's hair preferences for men then they are able to sell the product more. For example, I believe that this could work because most men would want to see what women prefer because they are trying their best to target them because they want to show off towards women and they want to do that in the best way possible.
I know for most women they do not think that a lot of hair on the chest is attractive. As Jade has stated, from an article about how back in the 60's and 70's men who had chest hair were attractive whereas now it is with men who have polished torsos and well defined six packs and pecs. I believe that this is true because women nowadays are attracted towards men who are muscular and in shape with six packs whereas if they are not.
What is your own preference of men? Do you think that chest hair is more attractive in the past as oppose to the present?
Yes, I think that this ad is a clever way to sell more of a product that they have already promoted in the past because if the company is trying to tell what people think that is why they are putting an ad out that is geared towards women's hair preferences for men then they are able to sell the product more. For example, I believe that this could work because most men would want to see what women prefer because they are trying their best to target them because they want to show off towards women and they want to do that in the best way possible.
I know for most women they do not think that a lot of hair on the chest is attractive. As Jade has stated, from an article about how back in the 60's and 70's men who had chest hair were attractive whereas now it is with men who have polished torsos and well defined six packs and pecs. I believe that this is true because women nowadays are attracted towards men who are muscular and in shape with six packs whereas if they are not.
What is your own preference of men? Do you think that chest hair is more attractive in the past as oppose to the present?
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