8.2 Discussion Making Connections

8.2 Discussion Making Connections

 

8.2 Discussion Making Connections

Looking back on the course, my perception and approach to marketing have changed significantly. For example, considering the knowledge acquired, I can now apply different marketing techniques or approaches to promote and purchase various products and services in different market segments. Overall, as a marketer, marketing impacts my daily life in various ways. For instance, it enhances my ability to engage with different customers and products. It also enhances my understanding of different markets and the possible challenges or uncertainties that may be encountered.

After this course, my understanding of marketing has completely changed; I now understand new or unique approaches that can be applied to enhance the sale of products and services. In General, I have benefited from the course because it has increased my understanding of how marketing functions in today’s society. Additionally, the different techniques used in marketing have taught me how to be more critical when evaluating a product or service. Overall, I believe that this course has been beneficial for me and has changed how I approach marketing.

Some of the marketing components that I have learned from the course include marketing mix, positioning, segmentation, and attractiveness. Marketing mix refers to the four Ps of marketing – product, price, place, and promotion. It includes all the different components that a company needs to market its product successfully (Almestahiri et al., 2017). Positioning is a term used in marketing that refers to how a company tries to differentiate its products from those of its competitors. There are four basic positioning strategies – high positioned, middle positioned, low positioned, and niche positioning. Segmentation is the process of dividing consumers into different groups based on their needs and wants. This is done to target the right marketing messages to the right customers. Attractiveness refers to how attractive a company or product is to consumers. Factors that can affect attractiveness include price, quality, features, and image.

Hoka running shoes is one of the product that could benefit from the new marketing strategy. These products are found in the fashion industry where there is stiff competition due to creativity and demands from different market segments (Chou et al., 2020). The information acquired from this course may be applied to enhance changes in marketing strategies. For instance, segmentation, attractiveness, and positioning approaches may be applied to enhance marketing and sale of Hoka running shoes products. Customer and branding research approaches should be applied by the Hoka running shoes Company to inform the new strategies.

References

Almestahiri, R. D., Rundle-Thiele, S., Parkinson, J., & Arli, D. (2017). The use of the major components of social marketing: a systematic review of tobacco cessation programs. Social Marketing Quarterly, 23(3), 232-248.https://doi.org/10.1177/1524500417704813

Chou, S. F., Horng, J. S., Liu, C. H. S., & Lin, J. Y. (2020). Identifying the critical factors of customer behavior: An integration perspective of marketing strategy and components of attitudes. Journal of Retailing and Consumer Services, 55, 102113.https://doi.org/10.1016/j.jretconser.2020.102113

Short Discussion a couple of paragraphs on below subject.

As you look back on the course, consider how marketing affects your daily life and how your understanding of marketing has changed. To illustrate some of the marketing components that you have learned, identify a specific product that could benefit from a new marketing strategy (Hoka running shoes). Describe this product and explain how you could use the information from this course to recommend changes. Make sure to include what research strategies you would recommend the company use to inform the new strategies.

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REPLY TO THE 2 BELOW DISCUSSIONS

1.

I cannot believe this class is over already, these 8 weeks FLEW by. Almost everywhere we look well see marketing, whether we are out to eat and see a meal advertised on the front of menu, a commercial for Starbucks on the tv, or a coupon for wine in your Hello Fresh box. I will tell my husband about a new brand of coffee I want to try, and next thing I know I’m getting an ad from them in my email. After taking this class, I have realized I am much more aware of the marketing I am seeing throughout my normal day. I am more understanding about the ways these companies are trying to grab our attention as well, whether it is through words such as “natural” or by throwing “facts” about their product at us. As far as a product that could do better marketing, the first thing that came to mind for me was Peloton. During covid, they were able to say things like “you don’t have to go to the gym, stay home” “it is safer at home” “are you cycling classes canceled? Try ours”. Now, gyms are opening back up, studios are starting their classes again. This is where the SWOT analysis could come in handy. If they could take a deeper dive into things like their strengths and weaknesses, they could get a better understanding of why they are failing. I think what they could do it is find a new marketing strategy, maybe make their classes cheaper than the in-studio ones.

 

2.

I always understood that marketing was to get consumers to buy your product or service, but now I understand how a company gets to that point.  Understanding target markets, different marketing strategies and channels may not change the way I buy things, but it does make me appreciate the work that went into the marketing.

The product I chose to discuss is Double mint gum.  The only reason I know this still exists is that I saw it in the grocery store.  Double mint had a very successful advertising campaign from the late 1960’s to 2008 featuring twins.  I think that Double mint could make a comeback with a good marketing strategy.  This market strategy will start with exploratory research to see if there is still a target market for this product.  If a target market is found, then the marketing channels of TV/online commercials and social media will be developed.  I feel the most important channel is social media.  Most of the population has at least one form of social media and this is a great way to re-introduce the product.  I think a fun way to start of the campaign is to have a contest to find a new set of twins to promote the product on all marketing channels.

 

Last class discussion!  It has been great learning with all of you, good luck to everyone!