Marketing Myself

I almost feel as if we are constantly trying to market ourselves with our surroundings, the decisions we make and most importantly the financial commitment we have in attending a University. That being said marketing oneself can be a very difficult thing to do with the idea of trying to apply our skills and uniqueness to the world around us. We use websites like Linkedin to market ourselves and we do things like create resumes and show accomplishments. However, they say that a future manager is going to hire you off your skills and traits, not your resume. It is our obligation in order to back up the things we claim to be true about ourselves and the positions we put ourselves in. My goals in life include starting my own business and becoming my own boss, so I will soon need to focus on which market to attack in order to be successful. In which area of the world I can really put myself out there in order to show the difference between me and my competitors. 

Feedback

Feedback is a very important key performance indicator when accessing your final work. It makes you realize what parts of your presentation you are missing, and what you could elaborate on. When first coming up with a design we always are viewing things from our perspective, and what we like. That feedback allows us to realize what an audience is looking for, and it's difficult being told that considering we always think so highly of the original work that was being put in. Whether it be an essay or a presentation we are always demonstrating our abilities to improvise on a topic and expand upon what's already been discussed. For my project, I had responses asking about my choice of pictures and presentation background. I will admit I am not very skilled in designing, It was good to hear about the types of backgrounds I could have used in order to help illustrate my points more clearly. My rough draft was mostly criticized for the definitions being used and the reason for that was the unfamiliarity with these marketing topics we have been researching all semester.

Surfing the Tsunami

After reading into the text "Surfing the Tsunami" I now have some perspective on where our thinking needs to be set when determining future employment. Adapting to AI is one aspect mentioned in the text and while we adapt we must be aware of where we stand in the workforce and the importance of the position you hold at your job. We know the future of Artificial intelligence is only going to improve as time goes on. Some are excited about the convenience it offers in accomplishing everyday tasks, such as navigating and calculations. Many others would argue that humans will become too dependant on it, and lose sight of what actually makes us human. Some argue that AI will lead us to create robots that replace jobs and eventually force more people to go to school. 

I believe Amazon was one of the many first companies to come out and say they are trying to develop a system that will allow your packages to be delivered using drones. While the idea sounds super cool and fascinating we must also consider the number of UPS and other delivering companies that will be at risk due to their jobs being replaced. Obviously, the market for a delivery driver isn't as high as a business major trying to pursue his goal of landing a job after graduation. However, after reading into the situation, I'm seeing that jobs that require analyzing a ton of data will be replaced such as financial services and insurance. That is extremely alarming and makes me feel like I should consider switching majors considering I am currently studying finance right now. Although we know change is coming for the better or the worse, we also must prepare for what's ahead and plan accordingly.

Promoting vs Advertising

While we hear the words often, promoting and advertising are two different concepts that are slightly related however they pertain to two different ideas. When advertising a product you are trying to persuade someone to invest in your product or service. Most advertisements try to be quick and to the point because they come at times when we as consumers least want something else shoved in our face. An example would be trying to watch a fun video on youtube and somewhere in between having to listen to a 15 second add you can care less about. You notice that while some videos make you listen to the full 15 seconds, others allow you to skip after just 5 seconds. It clear that the makers of these ads are getting less and less time to develop their ideas and more just getting to the point. Advertising comes in many forms such as TV, radio, newspapers, billboards, and much more.

Such is different when promoting because when we are promoting a product we are giving our consumers a chance to engage with what's going on. An example would be my State Farm agent going to an expo and creating a game that involves raffles with prizes and creating a more engaging environment to help pull people into getting a free quote.  By doing this the agent isn't forcing you to listen to his advertisement but rather giving you a chance to participate in something fun and potentially winning a prize. They are then able to keep your information under file and give you routine calls on a year to year basis to inform you about current promotions they are offering which at that point would be a slight form of advertising.

Image Marketing

A company image is going to determine what the company portrays itself as. The point of an image is to help build a target audience you can eventually grow and expand with. I also think that while the company image is very important, we can also look at the name of a company is equally as important. These two things go head to head in terms of perception and how consumers like you and me will view the company as a whole when first evaluating it. Hiring a graphic designer that will help portray the company's values and ideas will also be beneficial. But before you start thinking about design you have to take a look at defining the qualities that best represent the company as a whole. For example if you are running a grocery store such as Pete's Market, you want the company logo to give off that fresh organic food taste. That every time the consumer passes by and they see that company image it's hard to resist.

Multichannel Marketing

Multichannel Marketing as mentioned in the video is a practice that involves interaction with clientele using a variety of methods such as websites, direct mail, mobile, email and more. Multichannel Marketing is critical to being able to understand where your current clients stand, and what they might expect from you in the future. Constant communication and increased awareness is key to developing good relationships and being able to maintain those relationships for years to come. In order to begin, you must understand your buyer and create a test that will allow you to collect the data and be able to respond accordingly. People are no longer on one channel, we have cell phones, laptops, TV's etc. It is a proven fact that single-channel consumers spend way less then multichannel consumers do. I think it's fair to say Multichannel Marketing is the new wave of being able to help consumers really interact with what's in front of them.  

An example of Multichannel Marketing is being able to save a coupon from your phone and bringing it back to a brick and motor location in order to redeem it. The use of a phone and being able to carry the coupon without a physical piece of paper in your hand. This is just an example, depending on whether it be UPS or some type of postal service it will still be crucial to understand what forms of Multichannel Marketing that portion of people are ok with. You also want to Test the effectiveness of your multichannel marketing efforts by selecting groups that do not receive the multichannel promotion. This will help you measure your campaigns’ effectiveness.

Survey Monkey Week

This week was the most exiting as we got to create a completely random survey that involves peoples feedback. I had created two questions, the first I asked about what interest people the most when purchasing a new phone. The reason I bring this up is due to the fact that phones are now ridiculously overpriced and it feels like most of the time its really not an upgrade but more of an update. My choices were very generic but I had to include answers that I found appealing as the only thing I see companies heavily invested in today is the battery and the camera. So far my poll leads with 75% of the votes going  towards bigger battery I think it shows that the battery in today phones can be very  weak and that overtime its just something companies use as leverage to get you to buy a new phone.

My second question relates to a topic discussed in managerial finance and I asked that if you were to flip a coin and if it were to land on heads you go to school for free but if it were to lands on tails you tuition doubles. So far I see 65.5% of people taking the "no thanks" option as there is no risk involved and people don't want to even think about what the price for school would be. People who chose the no thank you option would be classified as risk adverse, and people who would take on that chance are risk loving. I personally would love to go to school for free, but I am also fascinated by what people have to say about this. I had a total of 8 responses and I looked to calculate what amount of people chose the tails option. My calculation was 37.5% *8 came out to be 3 out of 8 people chose this option.

                           

Consumer Behavior

When discussing consumer behavior, we know that its main purpose is to understand people and how they select and use the products that there are investing in. Consumer behavior is a study that focuses on the behavioral reaction that the consumer shows when presented with different alternatives and methods being used as opposed to what they were initially used to. We have many areas to address when discussing consumer behavior, the first being need. Whenever we see a new product in the market, the first two things that we ask ourselves is, do we need it? And what is the cost? Very rarely will a person need something they just saw in an ad and say they absolutely need it. Our motivation and drive will determine the amount of willingness we are to spend for that good or service. It is the manufactures job to figure out what generated the consumer's interest in the first place.

As consumers, we have to make decisions and these decisions will typically involve a process. First, we identify the issue, suppose you're trying to figure out what pick to buy for the wedding. We realize it's not that difficult of a choice because any shirt will look great, the hard part is matching it with the pants. Then we pick out a couple shirts that best suits our needs at the time, after gathering all the shirts together we evaluate each alternative with the goal in mind of choosing the best shirt. We pick out a shirt and are ready to roll. Likewise, when first presented with a new item that we really want but maybe we don't need, we always evaluate alternatives, whether it be price or taste the decision is never an easy one. Or perhaps we don't make it one, but we understand that consumer behavior is so beneficial to a company's success and in large part due to how much wiggle room they have to alter their products.

It is important to understand how consumers make decisions because the best way to keep customers is to understand what keep them engaged in your products. Being able to understand the market you are dealing with will give you an overall feel for how much is too much change? This is how companies are able to keep retaining customers and keep on adding more customers which is how you are continuously growing as a business.

Marketing Environment

This week we are discussing the marketing environment, and while the phrase seems very generic, it's important to remember there are three aspects to the marketing environment. We have the internal environment which refers to the company's internal components and what makes those components unique is how it portrays the company itself.  The internal environment is what separates companies because it shows what they value as opposed to what their competitors might value. The video discusses Walmart and what types of microenvironmental challenges it faces with an approach that values local people around them.

Walmart has always had a desire to sell products for cheaper than anywhere else, whether it be clothing, food, or general appliances. My previous IDS class had a focus on Walmart and how they force their suppliers to produce items for very cheap. An example is in China, people are working for about 10 cents an hour, producing the green beads that we wear around our necks during St. Patricks. People don't realize the amount of work that goes into making these but that is how Walmart is able to sell one of its products for so very cheap. It's unfortunate to hear the supplier needs Walmart more than Walmart needs them. This has been a common practice for Walmart and they use this as leverage against its suppliers because they know they can just produce it in a different country for just about the same price.

From what I can understand in the text the microenvironment which is very specific to the people working inside the firm and how they are portraying the company message and how they make the company look as a whole.  You also have your suppliers which will determine the value of the products you are selling and the overall design. And last you have the customers which will determine how the product is doing. Lastly, we have the macro environment which is known to be more on the uncontrollable side of the business. The reason the macro-environment isn't as controllable would be due to consumer culture and overall taste, changes in competitor pricing, governmental rules, and regulations, also natural disasters would fall into this category.

Marketing Strategy

When a company first tries to establish themselves they typically will do something that will keep people engaged in the product. However when thinking of a new idea they draw it up and figure a way on how they can relate it to its customers. How can this product be more then it actually already is and how can we further benefit our consumers. I think an excellent example would be Apple with the way they are trying to keep people in there bubble. What I mean by this, is how they have been creating this idea that your everyday activities should revolve around their products and their products only. The first thing Apple did was remove the headphone jack, which originally drew a lot of attention because it was so out of character for a top smartphone brand to do this. Apple said it was to create more space for the battery but we all knew that was nonsense.

Samsung was still making bigger batteries on their phones while being able to retain the headphone jack. The idea behind this was to create this new feel with modern phones with the idea that people who use headphones should be using Bluetooth and not dealing with cords. So now you have to purchase a pair of Bluetooth headphones for about $20-160. A cheaper option was to purchase a wired pair of apple headphones that only apple devices can use because the plugin for the charging was now the same with the headphones. A famous device that apple created was the apple watch and it was very cool to be able to pair both devices together. While some may think it's dumb and a way to only get you to spend more money, It does save lives. A quick story I have is something I saw on social media a few days ago when a man went biking one morning and flew off his bike which left him on the ground unable to move. His apple watch detected a hard fall and notified medical help which an ambulance was able to locate and find his stranded. The man could have been left there with no help but he was fortunate to carry his smartwatch on him.

Companies like Apple are creating this idea that you have to use our products in order to go about doing more things with your cell phone as opposed to just calling and texting. You have the apple TV now which you can stream only from an apple cell phone. And while I like the idea of streaming things from my cell phone I also can't do it unless I have the apple smartphone. You have the apple watch which helps people answer phone calls, record steps, and many more engaging activities.  But you can only pair an apple watch with the Apple smartphone. I think by creating this bubble they are making their products more engaging and it shows how much more reliant we are on our cell phone. Whether that be good or bad I will let my audience answer, but what I will say is we really haven't gone anywhere in the modern technology era other than cell phones and drones.

The Importance of Word of Mouth Marketing

 The video we watched shows an illustration on why word of mouth marketing is so effective. We know that most new products are surrounded by hype and the companies advertising to pursue why this new product is far more superior then the last. When some that hype is warranted by people who we personally know it enhances our desire to purchase these products, due to the trust that exists between you and that individual. Even with websites like YouTube we always like to hear what other people had to say about the product and how they present the item itself. 

Now while we don’t always like to spend the biggest bucks on the newest iPhone, the importance of word to mouth can be so beneficial to a company’s recognition and success. Also something that goes unnoticed, we don’t always catch each tidbit of information that’s going on. Like with music sometimes you need to hear the song a few times before you’re ready to adapt and say you actually like it. Similarly with new products and how we are always adapting to change and that change can take time.

I wouldn’t own half the items I own today if it weren’t for word of mouth marketing. An example I always go to would be social media, and the reason I bring this up is because as a kid I never planned on having an account with social media. As a child growing up we were always warned to limit the amount of pictures we post on social media. My cousin created me a Facebook account, everyone in High school had Snapchat and Instagram. Its all passed from one person to the next, and the same can go with a lot of things in the world today. 

Digital vs Traditional Marketing

  

After reading the chapter, I now understand and was able to familiarize myself with how marketing plays a role in our everyday lives. Whether it's watching TV or walking the streets, we always seem to run into some sort of billboard or flyer. Traditional marketing is the first form of marketing the average person will be.  Examples of traditional marketing include direct phone calls, mail, Television ads, and even billboards you see on the street. During this process I realized traditional marketing is the first form of marketing us as consumers get accustomed with. That being said I’m not sure which form of marketing is more effective in today’s world. If I had to assume, I would go with digital just because it’s the new direction things are going and it’s much more cost effective.

Digital marketing is companies advertising electronically through search engines, online advertising, emails, YouTube ads and much more. You may not realize this but when you’re researching something on google you get a list of topics that may seem similar to what you were originally typing. And then you get interested in something else so you click on it and now what you originally came to research is diminished. I'm sure everyone loves when all you want to do is watch this five-minute video on YouTube on how to make this bomb ass pasta but you are forced to watch a 15-second ad before you get started. Digital Marketing is much cheaper than traditional whether its printing, paying for the TV ads, and more. Digital Marketing is what keeps Facebook and many other social media platforms profitable. And while it has been very cost-effective, it’s not to say traditional marketing isn’t useful anymore because I see both forms of marketing being very effective.

I myself work as Telemarketer for State Farm, and I can honestly say its very interesting speaking to people because you don't know what you’re going run into every time behind that phone line. Sometimes people are having a bad day and I'm not able to execute a sale because I may have called that person at the wrong time in the day. The reason I say this is because while I may have called that person at the wrong time, the real issue was they didn't want to be spoken to that day. Perhaps based on pricing and the types of coverage we offer, they might feel differently the next day.

Week 1 test run

Test run for week 1 marketing class