For many businesses it is absolutely important that they understand their customers. In the process of understanding their customers they can learn valuable information. This information can be how they feel about a certain product or how it could be improved, this also could include customer suggestions as to new products the company could produce. In an effort to do this companies need to collect data. One type of data is primary data. This is data and information that comes directly from the consumers, as opposed to secondary data which comes from reports of internal and/or external sources. A way in which companies collect primary data can be through sampling, surveys, interviews, or even questionnaires. Although these methods are important for companies the can prove to be tricky to come about. In the world we live in today everything is about speed and everyone wants everything to have been done 10 minutes ago. With this being the case ways to gather this primary data can prove to be a challenge. In an effort to get this information sometimes companies will pay you or give you some sort of coupon or discount for participating. This discount can easily be made up for by the profits they receive from good feedback.
For myself, I have personally been approached by people in efforts to collect this information. I have been approached as I was walking through the mall to participate in a short interview. I have also been asked by certain websites that I use frequently to participate in short surveys. I have also been asked to fill out questionnaires. A few specific examples include the site Yahoo! which recently asked me to take a short survey. I was also approached on campus to take a short questionnaire while I was eating lunch. For me I personally found the interview to be a burden and because of this I shied away and chose not to participate. However, when it came to the survey and the questionnaire I had no problems helping out. For me I felt as if both of these were on my own time which made them more convenient. I think this directly shows how sensitive people are to types of primary data collection, and it is absolutely something that proves to be tricky to companies and something they must pay much attention to.
How do you feel about this type of data collection (primary)? What method of primary data collection do you feel is most effective in efforts to get your attention, why so? Or do you feel as if more attention should be payed to secondary data collection?
Monday, February 22, 2010
Electronic Marketing Questions for Tuesday's Class 2/23
What are some of the benefits of direct mail compared to electronic means of marketing?
The main advantage that I immediately think of when considering anything that is personal or confidential is security. I feel as if one major advantage of direct mail is security. With electronic mail there are multiple ways that people could get into your account. It is also a lot easier for someone to open up one of your emails accidentally as often times emails are not addressed to a specific person but instead an email address which could easily be typed wrong. Also it is very easy to set up folders with email that automatically put mail you may not be interested in into a junk folder. With this being the case you may never reach your intended audience.
Bar codes seem so promising, but what are some of the possible concerns with their use?
There are many concerns with bar codes. First off they are difficult to implement. In order for them to be used many people will need something that is able to read these bar codes, and this will prove to be costly. This could be an expense that could take people a while to accept and in turn hurt companies that choose to use them. Also bar codes and the technology for them seems to target a younger audience that is more tech-savvy. Older consumers may not pick up on this type of marketing which could also hurt companies that rely on this audience for their sales.
Do you think e-marketing techniques will replace traditional forms of marketing?
I think e-marketing forms have already begun to take over traditional forms of marketing. Almost every company you go to in this day and age has their own website. Along with their website they offer opportunities to create accounts with them in which you can tally your purchases and earn points. These points then add up and you receive coupons directly via email. These companies also target which areas within the store you tend to shop in and give you coupons pertaining to those sections. I work in a store that offers the ability to sign up for a discount card and in the last 3 years the process has almost entirely switched over from looking up people by home addresses to now email addresses.
What are some other companies that would benefit from direct mail efforts, how would they benefit?
I think smaller companies could benefit from direct mail. I think this is the case because direct mail allows you to build a more personal relationship with your customers. A hand written letter shows your customers you are far more interested in them and concerned with their business than a mass email sent out to many. I think this could help them to build customer loyalty and in turn it could also give them a good perception which could lead to people spreading a good word about them and how they conduct their business.
What do you think about these articles, how do you prefer to be approached? Do you feel more apt to read a letter you receive in the mail or a letter you receive in your inbox?
The main advantage that I immediately think of when considering anything that is personal or confidential is security. I feel as if one major advantage of direct mail is security. With electronic mail there are multiple ways that people could get into your account. It is also a lot easier for someone to open up one of your emails accidentally as often times emails are not addressed to a specific person but instead an email address which could easily be typed wrong. Also it is very easy to set up folders with email that automatically put mail you may not be interested in into a junk folder. With this being the case you may never reach your intended audience.
Bar codes seem so promising, but what are some of the possible concerns with their use?
There are many concerns with bar codes. First off they are difficult to implement. In order for them to be used many people will need something that is able to read these bar codes, and this will prove to be costly. This could be an expense that could take people a while to accept and in turn hurt companies that choose to use them. Also bar codes and the technology for them seems to target a younger audience that is more tech-savvy. Older consumers may not pick up on this type of marketing which could also hurt companies that rely on this audience for their sales.
Do you think e-marketing techniques will replace traditional forms of marketing?
I think e-marketing forms have already begun to take over traditional forms of marketing. Almost every company you go to in this day and age has their own website. Along with their website they offer opportunities to create accounts with them in which you can tally your purchases and earn points. These points then add up and you receive coupons directly via email. These companies also target which areas within the store you tend to shop in and give you coupons pertaining to those sections. I work in a store that offers the ability to sign up for a discount card and in the last 3 years the process has almost entirely switched over from looking up people by home addresses to now email addresses.
What are some other companies that would benefit from direct mail efforts, how would they benefit?
I think smaller companies could benefit from direct mail. I think this is the case because direct mail allows you to build a more personal relationship with your customers. A hand written letter shows your customers you are far more interested in them and concerned with their business than a mass email sent out to many. I think this could help them to build customer loyalty and in turn it could also give them a good perception which could lead to people spreading a good word about them and how they conduct their business.
What do you think about these articles, how do you prefer to be approached? Do you feel more apt to read a letter you receive in the mail or a letter you receive in your inbox?
Saturday, February 20, 2010
In Response to Joe Cretella
Joe asked... If companies did not care about the marketing environment would people still value their product and continue to buy it?
I have wondered myself many times why certain companies spend all the money they do on marketing. For me when I wonder about this I often times consider companies like Pepsi and Coke. At almost all times I can recall one of their ads. This could be from the radio, TV, or some sort of banner at the local convenience store. For me I feel like these companies are well established and without certain aspects of marketing they would still be successful. For example all the money they do spend on all these sorts of ads. For these companies, from my perspective, if they did not pay attention to this aspect of the marketing environment I would still purchase their products.
Although as far as caring or not I think all companies need to be aware of the marketing environment. I feel as if this applies for all companies. There are companies that sell milk, bread, and gasoline and basically things that nearly every person cannot go with out that still must be aware of the marketing environment. I think in the process of providing something that is so important to many peoples lives these companies need to have some sort of care for the marketing environment and some sort of values. Marketing is expansive with many companies essentially providing the same thing or substitutes for similar products. With this being the case I think if companies didn't care for the marketing environment people would seek alternative brands and because of this they wouldn't value the product or continue to buy it.
What companies do you feel as if you have a commitment to and why? Do you think their marketing aspects reflect how they feel about their company and customers? How so?
I have wondered myself many times why certain companies spend all the money they do on marketing. For me when I wonder about this I often times consider companies like Pepsi and Coke. At almost all times I can recall one of their ads. This could be from the radio, TV, or some sort of banner at the local convenience store. For me I feel like these companies are well established and without certain aspects of marketing they would still be successful. For example all the money they do spend on all these sorts of ads. For these companies, from my perspective, if they did not pay attention to this aspect of the marketing environment I would still purchase their products.
Although as far as caring or not I think all companies need to be aware of the marketing environment. I feel as if this applies for all companies. There are companies that sell milk, bread, and gasoline and basically things that nearly every person cannot go with out that still must be aware of the marketing environment. I think in the process of providing something that is so important to many peoples lives these companies need to have some sort of care for the marketing environment and some sort of values. Marketing is expansive with many companies essentially providing the same thing or substitutes for similar products. With this being the case I think if companies didn't care for the marketing environment people would seek alternative brands and because of this they wouldn't value the product or continue to buy it.
What companies do you feel as if you have a commitment to and why? Do you think their marketing aspects reflect how they feel about their company and customers? How so?
Sunday, February 14, 2010
E-Marketing
E-marketing is a huge part of life that I rarely give any thought to. In this day and age nearly every person has a computer or access to a computer that can get onto the Internet. For myself I notice I am always trying to find the best deal. I will often times to go stores and see items I want to buy but hold off on buying them until I have looked them up on the computer. This has proven to be beneficial in many cases. For example, I purchased my school books offline and spend $40 for a book that the bookstore was charging $180 for. Along with being cautious about sales I also find myself reading reviews about products I am interested in. I think this is where e-marketing becomes very important to companies. Many websites have sections where you can write reviews of a specific product and these reviews can essentially make or break a product. If a company puts out a good product reviews will directly show this.
However, e-marketing can prove to be a bad thing for companies, atleast from my perspective. For me there is nothing more annoying that when I am browsing the web and my computer suddenly becoming slow because a pop-up is trying to load. I purposely try not to support companies that market via pop-ups. Besides pop-ups ads can be seen nearly everywhere, whether it is on a banner of a web site or along the side of a web page. I think subliminally these ads have an impact on the way I shop. For example when I am in stores and I see a new product and I remember seeing it on a page I happened to come across I am always a little bit intrigued to give it a shot. Although this is the case I find it to be with items that are inexpensive often times for things like a new type of snack or beverage.
Do you find yourself being influenced by e-marketing? What is the most effective way that this type of marketing gets your attention, pop-ups, banners etc...? Do you find yourself reading reviews before buying products?
However, e-marketing can prove to be a bad thing for companies, atleast from my perspective. For me there is nothing more annoying that when I am browsing the web and my computer suddenly becoming slow because a pop-up is trying to load. I purposely try not to support companies that market via pop-ups. Besides pop-ups ads can be seen nearly everywhere, whether it is on a banner of a web site or along the side of a web page. I think subliminally these ads have an impact on the way I shop. For example when I am in stores and I see a new product and I remember seeing it on a page I happened to come across I am always a little bit intrigued to give it a shot. Although this is the case I find it to be with items that are inexpensive often times for things like a new type of snack or beverage.
Do you find yourself being influenced by e-marketing? What is the most effective way that this type of marketing gets your attention, pop-ups, banners etc...? Do you find yourself reading reviews before buying products?
Friday, February 12, 2010
Shiny Suds
To say that Youtube may be more watched than actual television may be a stretch, but probably not a far stretch. Any big event that happens on TV is almost instantly on Youtube, whether this is a wardrobe malfunction, Kanye interruption, or Snookie punch-out. With this being the case I don't think you can blame Method for choosing to advertise here. Although you can most definitely blame them for taking advantage of the more lenient or almost nonexistent censor ships it allows. I think Method knew this ran with it. There commercial was absolutely disturbing and almost uncomfortable to watch, not to mention incredibly awkward. I think Method pushed the limits for sure with this ad.
However, despite pushing the limits I think the idea of creating a viral video for advertisement purposes is pure genius. Viral videos are the latest craze and almost always the topic of conversation. When used properly the word of mouth they generate could prove to be more valuable than the actual ad its self. Hence why myself and others are blogging about it.
What do you think, are viral videos the new way to advertise? Do you think companies take advantage of the leniency allowed on the latest sources of media? Give some examples.
However, despite pushing the limits I think the idea of creating a viral video for advertisement purposes is pure genius. Viral videos are the latest craze and almost always the topic of conversation. When used properly the word of mouth they generate could prove to be more valuable than the actual ad its self. Hence why myself and others are blogging about it.
What do you think, are viral videos the new way to advertise? Do you think companies take advantage of the leniency allowed on the latest sources of media? Give some examples.
In Response to Chad Brown's "Best Superbowl Commercials"
Chad asked the question, If you were the CEO of a company that had the money for an ad spot for the Superbowl, would you do it? When I first read Chad's blog and considered his question I automatically thought to myself, sure why not? But then I considered some companies that chose not to advertise and considered there reasons for not participating. The first reason which is seems most obvious is the price you must pay for an ad spot. This price can be anywhere from 2.5 to 3 million for just 30 seconds. I then also considered some other reasons. When I did this I looked into Pepsi who for the first time in 23 consecutive Superbowls did not advertise during the Superbowl. Pepsi's reasoning for not participating is because they feel as if the mass market media is no longer the sole vehicle to reach an audience. Pepsi is instead saving this money and giving it away in forms of grants in six project categories. These categories include: health, arts and culture, food and shelter, the planet, neighborhoods and education. Pepsi is also allowing access to their website directly and through popular sites like Facebook and Twitter to allow fans to make recommendations on other projects they find fitting for grants.
After reading this article I changed my opinion as to if I would advertise during the Superbowl. I think Pepsi is a well known company and unless they are trying to advertise a new product, there is no need to market old products for such a large amount of money. Considering this if I were a CEO and had the money depending on my company I may choose to sit the Superbowl out. I think appearing more socially responsible and helping out the public will be for more beneficial to Pepsi than a 30 second Superbowl ad that markets products the public already is familiar with.
Do you think Pepsi's socially responsible approach will prove to hurt them? Or do you think Pepsi's approach will start a trend and companies will choose not to advertise but instead put their money to better use?
After reading this article I changed my opinion as to if I would advertise during the Superbowl. I think Pepsi is a well known company and unless they are trying to advertise a new product, there is no need to market old products for such a large amount of money. Considering this if I were a CEO and had the money depending on my company I may choose to sit the Superbowl out. I think appearing more socially responsible and helping out the public will be for more beneficial to Pepsi than a 30 second Superbowl ad that markets products the public already is familiar with.
Do you think Pepsi's socially responsible approach will prove to hurt them? Or do you think Pepsi's approach will start a trend and companies will choose not to advertise but instead put their money to better use?
Monday, February 8, 2010
Environmental Forces in International Markets
For many firms the question is not should we go overseas, but instead it is when should we go overseas. Examples of these firms include discount variety stores such as Wal-Mart or other firms like fast food restaurants such as McDonald's. The ability to spread their business to new places offers a whole new risk but with this risk comes the potential of great return. These firms however, must pay close attention to the environmental forces in internation markets. These forces include sociocultural, economic, and political, legal. and regulatory. Each of these forces has their own impact on how successful or how unsuccessful a firm can potentially become.
As we look at sociocultural forces firms need to keep in mind that not ever place in the world thinks that same way that they do, and in this event they need to carefully study the behaviors of the people they will be presenting their business to. In an effort to do this firms must carefully know the culture of the people that will be shopping at their stores and tailor their business to fit their lifestyles. Examples of this can be seen though McDonald's. Some countries are more health conscience than others and if McDonald's wants to be successful overseas it must change its menu accordingly.
Economic forces also have a large impact. Economic forces ultimately decide if a customer can shop at one place over another depending on the amount of money they have for specific product. This can be seen during times of economic struggles when people are no longer buying brand name products from mainstream stores but instead shop at discount stores. Businesses must be aware of this because this can ultimately decide if the products in their store will sell especially if there may be a competing store close by, or even if the brands they may offer are popular or will catch on in new environments overseas.
There are also political, legal, and regulatory forces. Companies that wish to move overseas must be aware of these regulations. These could potentially prevent one company from being able to sell its products in a new market. As you move overseas there are also import tariffs and quotas that could prove to be costly. These could potentially limit you from selling your main product that keeps your company afloat.
There are many factors to consider when thinking about going overseas. There is much time and research to be put into process of moving your company. Because of this many companies run into problems or conflicts they did not for see while others make the appropriate adjustments and go forth to have great success.
Although the two examples of firms I provided are both largely successful, are there any firms you can think of that suffered from their attempt to bring there business overseas? Which Environmental force do you think has the largest impact on a firm's success?
As we look at sociocultural forces firms need to keep in mind that not ever place in the world thinks that same way that they do, and in this event they need to carefully study the behaviors of the people they will be presenting their business to. In an effort to do this firms must carefully know the culture of the people that will be shopping at their stores and tailor their business to fit their lifestyles. Examples of this can be seen though McDonald's. Some countries are more health conscience than others and if McDonald's wants to be successful overseas it must change its menu accordingly.
Economic forces also have a large impact. Economic forces ultimately decide if a customer can shop at one place over another depending on the amount of money they have for specific product. This can be seen during times of economic struggles when people are no longer buying brand name products from mainstream stores but instead shop at discount stores. Businesses must be aware of this because this can ultimately decide if the products in their store will sell especially if there may be a competing store close by, or even if the brands they may offer are popular or will catch on in new environments overseas.
There are also political, legal, and regulatory forces. Companies that wish to move overseas must be aware of these regulations. These could potentially prevent one company from being able to sell its products in a new market. As you move overseas there are also import tariffs and quotas that could prove to be costly. These could potentially limit you from selling your main product that keeps your company afloat.
There are many factors to consider when thinking about going overseas. There is much time and research to be put into process of moving your company. Because of this many companies run into problems or conflicts they did not for see while others make the appropriate adjustments and go forth to have great success.
Although the two examples of firms I provided are both largely successful, are there any firms you can think of that suffered from their attempt to bring there business overseas? Which Environmental force do you think has the largest impact on a firm's success?
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