So for class on 3/4 we had our mid-term exam which covered all material up to that point, I did much better than I had expected and got a 98% only missing one question! There after we covered new product design and development. There are six types of new products New-to-the-World, New Product Lines, Product Line Addition, Improvements or Revisions, Repositioned Products, Lower-priced Products. New product success factors are long term commitment, company specific approach, Capitalize on experience, and establish an environment. The new product development process is as follows,coming up with a new product strategy, idea generation, idea screening, Business analysis, developing, test marketing,commercialization, and you have the new product. Idea generation for new products can come from a variety of places, like customers,Employees, distributors, Competitors, vendors, research and development, and/or consultant. Tips for New Product Development are... Disperse R & D around the globe, keep teams small and empower employees, flatten hierarchy, encourage generation of crazy new ideas, and to welcome mistakes. A lot of times we can use brainstorming which is The process of getting a group to think of unlimited ways to vary a product or solve a problem.
For class on 3/17 we ended up having class cancelled so we did a discussion about a study case online instead of class. The discussion was about the novelty candy market and a company called Kandy Kastle. We also talked about the product called Spin Pop and had to determine which category of new product we feel it would fit under. I decided that since there was nothing else like it on the market that I would say it's a new to the world product, although some classmates felt it would be more of a product revision or improvement since it's still a sucker but I feel that since the product is not only a sucker but a device that spins and rotates the sucker and nothing similar to it was around that it was a new to the world product. We also discussed how Kandy Kastle is integrating Hello Kitty into their products and why that is an important product line. For example, it is a well established trademark that creates instant recognition and that is very popular with children and little girls so it is a huge part of their product line.
Then my last class on 3/24 we covered marketing channels and channels of distribution. Channels for consumer products, producer, agent or brokers, wholesaler, retailers, consumers. Channels for business products: producer, agent or broker, industrial distributor and consumer. A marketing channel is a set of interdependent organizations that ease the transfer of ownership as products move from point of origin to the consumer. One aspect of a marketing channel Is specialization and division of labor which creates greater efficiency, provides lower costs, achieves economies of scale, this process aids producers who lack the resources to market directly, and it builds good relationships with customers. Marketers also have to overcome discrepancies. There are four different types of discrepancies, the first is a discrepancy of quantity. Which is the difference between the amount of a product produced and the amount that the end user wants to buy. Then there is a discrepancy of assortment which is the lack of all the items a customer needs to receive full satisfaction of a product. Temporal discrepancies are situations that occur when a product is produced but the customer is not ready to buy it, a good example of this is seasonal holiday products for christmas or Halloween. Spatial discrepancy is the difference between location of the producer and the location of a widely scattered market. An example of alternative channel arrangements are multiple channels which is the use of two or more channels to distribute the same product to the target markets. There are 3 different levels of distribution intensity, the first is intensive which is aimed at having the product available in every outlet possible then there is selective which is achieved by screening dealers to eliminate all but a few stores within a given area. Lastly exclusive distribution establishes one or a few dealers in a given area. The logistical components of the supply chain are product scheduling, order processing, inventory control, warehousing, and transportation. The trends of supply chain management are advanced computer technology, outsourcing of logistical functions, and finally electronic distribution.
Tuesday, March 29, 2011
Tuesday, March 1, 2011
Marketing principles update..
Week of 2/24
During this class we covered product concepts, branding and trademarking. A product is the starting point Of a marketing mix. There are two types of products, business products and consumer products. There are four different types of consumer products. 1. Convenience products- these are inexpensive items which require little shopping effort. 2. Shopping products- these items require comparison shopping and are more expensive. 3. Specialty products- see are particular items that consumers search for extensively and are reluctant to accept substitutes. 4. Unsought products- these are products unknown to the potential buyer or a known product that the buyer doesn't actively seek. Product items are specific versions of a product. The product line is closely related items. A product mix is all products the company offers. The benefits of a product line include simplified marketing since the products are related, package uniformity, and standardized components. The functions of product packaging are to contain and protect the product, promote the item, storage, use and convenience, and to facilitate recycling/reduce environmental damage. Branding/brand name is a term, symbol, or design that designates or specifies the product. Brand mark is a visual image of the brand. Brand equity is the value of the brand. Trademark, is the exclusive right to use the brand. Many parts of the brand and associated symbols qualify for trademark protection and trademark rights comes from use rather than registration. The mark has to be continuously protected, and the rights continue as long as the mark is being used. The final piece we covered was product warranties. A warranty is a confirmation of the quality or performance of the good or service. An expressed warranty is a written guarantee, and an implied warranty is an unwritten guarantee that the product is fit for the purpose which it was sold for.
During this class we covered product concepts, branding and trademarking. A product is the starting point Of a marketing mix. There are two types of products, business products and consumer products. There are four different types of consumer products. 1. Convenience products- these are inexpensive items which require little shopping effort. 2. Shopping products- these items require comparison shopping and are more expensive. 3. Specialty products- see are particular items that consumers search for extensively and are reluctant to accept substitutes. 4. Unsought products- these are products unknown to the potential buyer or a known product that the buyer doesn't actively seek. Product items are specific versions of a product. The product line is closely related items. A product mix is all products the company offers. The benefits of a product line include simplified marketing since the products are related, package uniformity, and standardized components. The functions of product packaging are to contain and protect the product, promote the item, storage, use and convenience, and to facilitate recycling/reduce environmental damage. Branding/brand name is a term, symbol, or design that designates or specifies the product. Brand mark is a visual image of the brand. Brand equity is the value of the brand. Trademark, is the exclusive right to use the brand. Many parts of the brand and associated symbols qualify for trademark protection and trademark rights comes from use rather than registration. The mark has to be continuously protected, and the rights continue as long as the mark is being used. The final piece we covered was product warranties. A warranty is a confirmation of the quality or performance of the good or service. An expressed warranty is a written guarantee, and an implied warranty is an unwritten guarantee that the product is fit for the purpose which it was sold for.
Marketing principles update...
Week of 2/17
For this class we covered the uses of marketing research, and the types of marketing research. The purpose of marketing research is to improve the quality of decision making, trace a problem, to focus on keeping existing customers, and to understand the market place. The marketing research process is 1. Define the problem 2. Create a plan design/collect primary data 3. Specify sampling procedure 4. Collect data 5. Analyze data 6. Prepare and present the report 7. Follow up. Primary data answers a specific question. The primary data is current and the source of it is know, unlike secondary data. The disadvantages of primary data is that it is expensive to collect, and piggybacking although convenient may confuse respondents. Study research is the most popular technique of acquiring primary data. Other types are observation research which is watching what people do, and ethnographic research which is the study of human behavior in it's natural context. Another form is Internet surveys, which has many advantages, there has been rapid development in this area and also makes real-time reporting available, it allows reduced costs, and personalized questions and data. Not only that but it also allows consumers to do the surveys on there own time when it's convenient for them. Online focus groups is another example, it has fast speed, reduced costs, broad geo-graphic scope, and people tend to be more open and honest when they are in their own environment. The final part is scanner based research. There are two types of scanner research, BehaviorScan- which is panel information from a specific groups of people, and InfoScan- which is information on all products sold. Another are of research is Competitive Intelligenge, which is an intel system that helps managers assess their competition and vendors in order to become more efficient and effective over their competitors.
For this class we covered the uses of marketing research, and the types of marketing research. The purpose of marketing research is to improve the quality of decision making, trace a problem, to focus on keeping existing customers, and to understand the market place. The marketing research process is 1. Define the problem 2. Create a plan design/collect primary data 3. Specify sampling procedure 4. Collect data 5. Analyze data 6. Prepare and present the report 7. Follow up. Primary data answers a specific question. The primary data is current and the source of it is know, unlike secondary data. The disadvantages of primary data is that it is expensive to collect, and piggybacking although convenient may confuse respondents. Study research is the most popular technique of acquiring primary data. Other types are observation research which is watching what people do, and ethnographic research which is the study of human behavior in it's natural context. Another form is Internet surveys, which has many advantages, there has been rapid development in this area and also makes real-time reporting available, it allows reduced costs, and personalized questions and data. Not only that but it also allows consumers to do the surveys on there own time when it's convenient for them. Online focus groups is another example, it has fast speed, reduced costs, broad geo-graphic scope, and people tend to be more open and honest when they are in their own environment. The final part is scanner based research. There are two types of scanner research, BehaviorScan- which is panel information from a specific groups of people, and InfoScan- which is information on all products sold. Another are of research is Competitive Intelligenge, which is an intel system that helps managers assess their competition and vendors in order to become more efficient and effective over their competitors.
Monday, February 14, 2011
Marketing principles, class on 2/3 & 2/10
On 2/3 we cover consumer behavior, which is pretty much how people come about making a purchase. There are about 5 steps to the decision process, first is need recognition, then information search or research on the product, after information search we evaluate our alternatives, then we make the purchase, and the final part is post-purchase behavior, whether we show post-purchase remorse or we are satisfied with the purchase. In the first step with Need Recognition, marketing helps consumers recognize an imbalance between their present status and their preferred status. The job of marketers is to convince consumers that when they reach their preferred status, that they aren't actually at their preferred status, we need to always make sure that consumers are wanting more. When we do the information search we use both internal information,which we recall from memory, and external information which we seek from the outside Environment. We also covered how consumer involvement and the decision making process is influenced by social factors. Social influences can be reference groups, like family or friends we go to for advice about a purchase. Individual factors that influence purchase decisions are age, gender, life cycle stage, race, personality, self-concept,pyshological factors, faith, and perception. With perception, part of that is selective exposure, which is when consumers notice certain stimuli and ignores others. Another part of perception is selective distortion, when the consumer changes or distorts info that conflicts with feelings or beliefs. Selective retention is when the consumer remembers only that info that supports personal beliefs. Marketers try to change attitudes or beliefs or add new beliefs to the consumer.
Week of 2/10. We covered marketing segmentation, which gives us a more precise definition of wants and needs of our target market. A market is a group of people or organizations that have needs or wants, and the ability and willingness to buy a product or service. The criteria for segmentation is 1. Sustainability 2. Identifiability and measurability 3. Accessability 4. Responsiveness. We also talked about how the price of a product or service only accounts for 10% of marketing. When we do segmenting we use bases, which are characteristics or variables. The steps to segmenting are first, select a market to study,chose bases for segmentation, select descriptors, profile and analyze segments, select target markets, and lastly is to design, implement and maintain marketing mix. The three types of marketing are undifferentiated, concentrated, and one-to-one marketing. Undifferentiated is a sort of mass marketing, were you just try to sell to the entire population which is typically ineffective. Concentrated focuses on a few different groups but with the same approach, an example of this is selecting a niche, or one segment of a market for target marketing efforts. One-to-one marketing is more individualized and more information intensive, one size fits all marketing is no longer effective. Direct and personal marketing will grow to meet the needs of busy consumers, and consumers will be loyal to companies that have earned and reinforced their loyalty. On top of that, mass media approaches will decline as technology allows better customer tracking.
Week of 2/10. We covered marketing segmentation, which gives us a more precise definition of wants and needs of our target market. A market is a group of people or organizations that have needs or wants, and the ability and willingness to buy a product or service. The criteria for segmentation is 1. Sustainability 2. Identifiability and measurability 3. Accessability 4. Responsiveness. We also talked about how the price of a product or service only accounts for 10% of marketing. When we do segmenting we use bases, which are characteristics or variables. The steps to segmenting are first, select a market to study,chose bases for segmentation, select descriptors, profile and analyze segments, select target markets, and lastly is to design, implement and maintain marketing mix. The three types of marketing are undifferentiated, concentrated, and one-to-one marketing. Undifferentiated is a sort of mass marketing, were you just try to sell to the entire population which is typically ineffective. Concentrated focuses on a few different groups but with the same approach, an example of this is selecting a niche, or one segment of a market for target marketing efforts. One-to-one marketing is more individualized and more information intensive, one size fits all marketing is no longer effective. Direct and personal marketing will grow to meet the needs of busy consumers, and consumers will be loyal to companies that have earned and reinforced their loyalty. On top of that, mass media approaches will decline as technology allows better customer tracking.
Tuesday, February 1, 2011
Marketing principles 3500
For my first class this semester one of the first things we covered were the 4 pillars of the huntsman school of business. Of these 4 pillars the first is entrepreneurial leadership. Second, is global vision. Third, is analytical rigor, which means to process facts to come up with decisions and ideas that are successful. Fourth, is ethical leadership. We also covered that when learning new concepts the best retention occurs when you teach someone else that concept.
During my second class we went over how leadership is key to the success or failure of businesses. We also covered that an example of analytical rigor would be to spend a few thousand dollars on focus groups or small market groups, than to spend millions on rolling out a product that could potentially fail. Marketing is not just selling, the 4 P's of marketing are product, price, place, and promotion. Marketing- is an activity, set of institutions, and processes for creating, communicating, delivering,and exchanging offerings that has value for others. One of the fundamental principles of marketing is Exchange, which is people giving up something to receive something else they would rather have. Lastly there are many reasons to study marketing... Marketing affects or everyday lives, it's important to society and business, and also has great career opportunities.
During my third class we went over how sales features focus on what the product is going to do for you, and why you would want that product. The 4 principle responsibilities of a business are 1. To be profitable or economic 2. To obey the law or be legal 3. To do what is right or be ethical 4. To be a good citizen or to be philanthropic. To remain successful companies must learn to adapt to how consumers buying habits may change during recessionary periods. The most effective means of improving ethics is through self governance, starting at the top of the corporation on down, and by setting standards. On another note, we covered how the external marketing environment is uncontrollable, but you can change and adjust your approach to your target market, or "the people your products appeal to".
During my second class we went over how leadership is key to the success or failure of businesses. We also covered that an example of analytical rigor would be to spend a few thousand dollars on focus groups or small market groups, than to spend millions on rolling out a product that could potentially fail. Marketing is not just selling, the 4 P's of marketing are product, price, place, and promotion. Marketing- is an activity, set of institutions, and processes for creating, communicating, delivering,and exchanging offerings that has value for others. One of the fundamental principles of marketing is Exchange, which is people giving up something to receive something else they would rather have. Lastly there are many reasons to study marketing... Marketing affects or everyday lives, it's important to society and business, and also has great career opportunities.
During my third class we went over how sales features focus on what the product is going to do for you, and why you would want that product. The 4 principle responsibilities of a business are 1. To be profitable or economic 2. To obey the law or be legal 3. To do what is right or be ethical 4. To be a good citizen or to be philanthropic. To remain successful companies must learn to adapt to how consumers buying habits may change during recessionary periods. The most effective means of improving ethics is through self governance, starting at the top of the corporation on down, and by setting standards. On another note, we covered how the external marketing environment is uncontrollable, but you can change and adjust your approach to your target market, or "the people your products appeal to".
Thursday, December 9, 2010
UPDATE
So its been a while since i've even thought to get on here! Big news, we just found out November 19th that we are going to be having a baby! December 2nd we had our first doctors appointment and found out the due date will be near July 23rd! we are sooo excited!! we cannot wait to bring this life into the world!! I am hoping for a girl and Jason is of course hoping for a boy! i would be happy with either gender tho! :) We already have names picked out for both genders! But that is all for now! I hope everyone has a wonderful Christmas! We will be heading down to Arizona this year for Christmas! We are really excited! We definitely need a break!!
Tuesday, June 29, 2010
So its been a while...
so it has been a while since we updated this thingy :) in april we went on our cruise to cabo which was super fun. me and jason held a baby lion cub, that was my favorite part of the whole trip. we ate alot and played alot :) we rode scooters around the city and stopped at the beach and momma fuduloff biffed it on her scooter, she thought the bike was off but turned out it was on and turned the handle and it took off and she scraped her knee up pretty good, when we got back to arizona her knee was green and infected, she got it all cleaned out tho :) but May 1st was our one year anniversary, we just went to a little mexican place that locals here in tooele say is really good.... but it wasnt all that great, it was a drive in/dine in place and it was small and not very nice inside... but after we just got a red box and relaxed at home. Bailey is now one year old and titan is still one! they are the most characteristic little things i have ever seen, i love them sooo much! Titan is a little angel but Bailey.... shes a little trouble maker haha but thats about all for now... oh i got a job at a place called North Eastern Services.. i am still trying to find something else though cause that place pays minimum wage and its 40/45 mins from my house... but i will take it for now till i find something closer and better :) well ta ta for now
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Titan
our baby boy
Bailey
our baby girl
Cabo
Jason me ma and pa
Mexican Local
momma, bonnie and local and me
Tooele Rodeo
07/03/2010
markhams
Always & Forever
Best Friends Forever
ME & JESSIE
FaMiLy
Matt, Courtney, Momma Fuduloff, Pappa Fuduloff, Jason, Sara
Park City With Family
Matty, Momma, Moose ;), Sara, Jason