MTSN The Marketing Mix in Google Should Focus on The Product Discussion

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What three companies or brands could you not live without? (Pick examples which are not Apple, Amazon or Costco) Explain why you selected those three and what marketing concepts or methods prompted you to try, or continue to use, the product or service? What are possible substitute options for those companies or brands you choose?

The three brands I selected are Best Buy, The Ordinary, and Walmart.

Best Buy- I selected this company because I always purchase major electronics from Best Buy. Best Buy is a company in my evoked set. The book states that the evoked set “compromises the alternative brands or stores that the consumer states that he or she would consider when making a purchase.” [184] (Grewal & Levy, 2020). I often look at the store flyers that are sent by mail and the ads that I receive via email. Best Buy has frequent sales and price reductions so it makes me want to constantly look through the ads to find a good deal.

The Ordinary- The Ordinary is a skincare product company that is very affordable while still containing very good ingredients. The company is also known for being very transparent about what ingredients are in each product and what percentage of the ingredients are in each product. This is especially useful for skincare fanatics who do not wish to learn the names and benefits of the different ingredients which can be very confusing. The Ordinary is showcased in many beauty guru YouTube channels. The particular skincare specialist that I watch on YouTube is not paid for reviewing The Ordinary products and gives his honest opinion on them. He has overwhelmingly positive things to say about the brand. In this way, my external search for information helped me decide which brand to purchase from. An external search for information is defined as when “the buyer seeks information outside his or her personal knowledge base to help make the buying decision” [179] (Grewal & Levy, 2020).

Walmart- Walmart is pretty obvious. Walmart has locational excellence. Locational excellence is when a company is located in a high-traffic area where many customers will be exposed. It gives a company “a competitive advantage based on location. . . because it is not easily duplicated” [33] (Grewal & Levy, 2020). Walmarts are located in many convenient locations. My Walmart is only a 5-minute drive away. They also have extremely low prices which makes it even more competitive.

Each of these three businesses has substitutes. For Best Buy, I can buy any of the electronics I need from either Amazon, the specific electronic retailer, or somewhere like Target which sells electronics as well. For The Ordinary, there are countless other skincare brands that provide amazing benefits. The Inky List is another brand that is similar to The Ordinary. Inky List products use quality ingredients and are also very reasonably priced. For Walmart, while the prices are not as cheap, there are still other grocery stores available. For example, Jewel Osco, Target, Whole Foods, etc.

Take one of your examples from above and apply the marketing mix concept. Explain how EACH of the four P’s is or can be used to influence demand for a specific product or service offered. How marketing growth strategies might be used by your example.

I will be using The Ordinary as my primary example for the four P’s. The first P, product, has been established as a large collection of skincare products. There are toners, moisturizers, facial masks, hair oil, cleansers, and many others. Each product is marketed by highlighting the main ingredients followed by the percentage of the ingredient so consumers know exactly how much of the luxury ingredient they are getting. Consumers can then decide which benefit they want to focus on. If someone wanted to moisturize and encourage bouncy skin texture, they might choose the hyaluronic acid 2% + B5 serum. The Ordinary has done an amazing job of creating products for many different customers with different needs. The Ordinary has also captured a lot of value with the second P, price. Most of their products are under $10. This allows their company to sell their products to a larger group of people. Consumers can now reach the desired skin texture without breaking the bank. The third P, place, could be improved. I have only seen The Ordinary products sold at Ulta or Sephora. However, they are sold online so it is still relatively easy to acquire these products. The demand for beauty products is going up. I think that if The Ordinary products were told in places such as Walmart or Target, there would be a surge in sales. The last P, promotion, also needs some work. The Ordinary communicates the product value very clearly. They label the exact percentages of ingredients and sell these products at very low prices. The price itself can be considered promotion! However, personally I do not see a lot of product promotion for The Ordinary outside of the YouTube videos I watch. These videos are somewhat niche, so I think if there was more traditional marketing for this brand, overall demand would increase. As I have already mentioned, I think that simply adding more traditional marketing elements to their marketing plan (ex. Instagram ads, Snapchat ads, YouTube ads) would increase sales drastically. Celebrity endorsement might also be useful. After all, I learned about these products via someone endorsing them. Therefore, market penetration would be the most beneficial for The Ordinary. Market penetration involves increasing new customers as well as increasing purchases from existing customers (Grewal & Levy, 2020).

How does COVID-19 impact the marketing world as you know it? What strategies might work best in this new environment (back these up with textbook materials)?

COVID-19 has caused the marketing world to change tremendously. I think instead of relying on physical marketing strategies (ex. placing certain products on display at the front of the store), businesses have to change their lens to the internet. People are stuck at home during quarantine so smartphones and TVs are used WAY more than in the past, therefore locational excellence is key. Locational excellence is defined as “having a good physical location and internet presence” [33] (Grewal & Levy, 2020). Physical location is not important during quarantine. Creating more commercials for TVs and YouTube and ads on social media are some of the best ways to be reaching customers right now. Door-to-door, while pretty much non-existent nowadays, is not viable. It will leave customers uncomfortable since people are supposed to be socially distanced. Customer excellence is also very important during quarantine. Customer excellence “focuses on retaining loyal customers and excellent customer service” [29] (Grewal & Levy, 2019). People have all the time in the world to write reviews on products they order, whether it be out of necessity or boredom. It is important that companies stay on top of these reviews so that they can eliminate negative experiences and maximize future customers.
Discuss and apply the impact of TWO concepts from EACH of the videos below on your own marketing experiences. How would you apply these concepts in your own life?
The first concept that I took away from Philip Kotler’s presentation was the fact that humans are always marketing themselves. Philip Kotler said that “. . . we all do marketing. . .we are human animals who know how to make an impression and market ourselves” (Kotler, 2019). Combining that concept with the definition of marketing, it is interesting to me that humans are essentially offering value to each other. I will use this concept in my everyday life whenever I am interacting with others. I usually don’t consider what value I offer to other people in my daily life or what value they offer me. On the other hand, it does seem very selfish. Philip Kotler also said that “Marketers favor giving the public what it wants, whether it’s good or not for them” (Kotler, 2019). This concept made me realize that while you should continue to set yourself up for success by marketing yourself, you must be careful to market yourself honestly and with others’ interest in mind. Additionally, you must make sure that those who market themselves to you are being transparent as well.

The second presentation by Seth Godin introduced the concept of the uselessness of measuring things that don’t matter. In his presentation, Godin says that “we have to decide as we think about how we’re spending our time and money. We are building a brand which is not a logo. Which is trust. Which is connection. Which is interaction. We need to build it regardless of what we can measure. That’s what great brands do” (Godin, 2019). This is especially applicable in my life. I tend to want to measure success in any way I can. This piece of advice will help me focus on making sure I am utilizing relevant information. The second concept I took away from Godin’s presentation was the importance of taking responsibility. Godin said “What it means to be in a mastermind is that you are surrounded by people, every one of whom is smarter than you. That all of us know more than any of us. That everyone is dealing with their own fear. Everyone is dealing with their own stuckness. That we have bosses or coworkers or boards that don’t see what we need them to see but if we can learn how to talk about it, how to put the idea into the world, then maybe we can take the responsibility for making a difference” and “an individual has the ability to change the minds the lives the sustenance of hundreds of thousands or millions of people because they care enough to make a ruckus” (Godin, 2019). I have always wanted to start a business but I am held back by the possibility of failure. This concept encourages me to think about how many peoples’ lives I could change. It reminds me that I should be positive and optimistic about innovation, not scared.

References

97th Floor. (2019, April 29th). Inside Seth Godin’s Masterclass | 97th Floor Mastermind [Video]. YouTube.

 

Chicago Humanities Festival. (2019, Nov. 26). Philip Kotler: Marketing [Video]. YouTube. 

 

Grewal, D., & Levy, M. (2020). Marketing (7th ed.). McGraw-Hill Education.

Reply:

What three companies or brands could you not live without?

The three brands without which I cannot live would be McDonald’s, The Body Shop and Mac.

Explain why you selected those three and what marketing concepts or methods prompted you to try, or continue to use, the product or service? What are possible substitute options for those companies or brands you choose?

I have selected these three brands because I personally love these products and frequently use them. The marketing technique of all these brands has been very strong. They continue to provide schemes and offers which have been successful to attract me towards them. I don’t think that I would be able to use any other brand other than these. For me there are no substitutes to these.

Explain how EACH of the four P’s is or can be used to influence demand for a specific product or service offered.

The four P’s could be used to influence the demand for the product. Product can be used to make the product more attractive for the customers of the brand. Price can be set at affordable rates for the customers. Place should be at the convenient of the customers. Promotion activities like offering free samples can be used to influence the demand for products.

How does COVID-19 impact the marketing world as you know it? What strategies might work best in this new environment?

COVID-19 has have had devastating impacts on the economy. It would definitely impact the marketing world. People would now resist to east at McDonald’s or purchase a Mac or body shop product. In this new environment it becomes extremely important for these brands to use electronic marketing.

Discuss and apply the impact of TWO concepts from EACH of the videos below on your own marketing experiences. How would you apply these concepts in your own life?

The videos highlight some important facts about marketing. The two concepts that I would like to apply is ‘care for people’ and ‘build a connection. I feel these two are very important in order to execute effective marketing.