Response to Colin's Post

Companies that deceive customers risk getting found out which means they may have to pay back their customers, lose customers, and damage their public image. Why then do companies risk it? 

I think companies risk it on the off chance that they will not get caught.  Also, even if they do receive some bad press for their behavior, it generally isn't enough bad press to actually change their sales.  If they get caught 1 out of 5 times, the risk is still worth the payout.  This is similar to when companies choose to not follow government regulations very well because it is expensive. In the off chance they get caught, the company pays the fines.  Otherwise, they cut costs and increase profits. 

Trendy Marketing Tools

We learn a lot about all these new ways to advertise - Facebook, online ads, Twitter, Instagram, and other forms of social media.  This article talks about the potential that these forms of advertising might appear to be more useful than they really article.  The author, Adam Kleinberg, recommends that companies first consider a number of factors prior to pursuing digital media.  These factors include your business problems, your customers, the digital media traffic you are considering, your resources, and your level of awesome.  The article suggests using other forms of media and press, such as when Walgreens lead a program to give free shots.

What kind of these factors do you think would contribute to a positive relationship with digital media?  What kind of factors would be more well suited for an alternative method of marketing?







http://www.entrepreneur.com/article/226476

Response to Colin's Post

Do you think that this will help improve creativity and innovation for workers? Is there a better way to inspire and motivate employees to come up with new ideas?

I think that this is definitely a really new and creative idea for trying to stir innovation.  I think that it could help stir creativity in their development, but the question that I would bring up would be whether it would be worth the cost.  

Marketing Through Mission

I read an article about developing a business model integrated with a sense of mission.  The author recommended that entrepreneurs do this by: focusing on a compelling mission, ensuring the mission is authentic and is tied to profits, investing some of those profits back into the mission, finding creative ways to give (including through the giving of talent or investment), and using your mission as a catalyst to create a multiplier effect so that more businesses may participate.  This article made me consider how this type of mission could contribute to the marketing plan of a business. Advertising this mission could help the image of the company which could potentially earn the company loyal customers who also believe in the mission at hand.

What do you think about the ethical implications of using a mission to win customers?
Is it a smart idea? Why or why not?


Reference:
http://www.entrepreneur.com/article/225235

Response to Colin's Post

Do you believe that the initial price of clothing is established with the belief that the clothing will not be sold at that price so that the store may offer discounts to make the customer believe they are getting a better value? Do you believe, as a customer, that you would be getting as good a value or as good a quality product if they started at the lowest discount price? 

I believe that only a portion of clothing is expected to be sold at the retail price. The clothing industry is one of the fastest changing industries and clothing manufacturers realize that a certain style of clothing will only be popular for a short period of time. Therefore, the likelihood of thier clothing becoming discounted is very high.  I do not think that my value in a product would be affected if that item started at the lowest discount price.  When developing loyalty to clothing brands, I consider price, quality and style. If I can get a high-quality, stylish product at the lowest possible price, I would consider that to be a great value.  

Measuring and Quantifying Social Media

Like any form of marketing, social media involves costs and return on investment.  It may seem difficult to quantify such an abstract form of advertising.  The first step to do this is to obtain a baseline of revenues and cost numbers prior to your exploration into social media.  Then, determine the costs involved in your company's participation in such social media in order to calculate your return on investment.  (In order to quanitfy time spent in a new business, multiply hours spent creating media by a fair hourly wage.)  Next, you need to monitor the effects of social media on your business.  You can do this by monitoring the public's comments on your social media outlet, tracking redeemed social media related coupons and tracking this activity on a calendar so you know the exact results by the time period.  After a certain period of time (a year, for example,) take another baseline and compare it to the first baseline. If there were no other significant contributing factors, much of the results can be attributed to the social media involved.

What flaws can you think of in this method of quantifying social media?  Do you think it is still a viable tool?

http://www.entrepreneur.com/article/219745

Response to Colin's Post

If you were a marketing professional for JC Penney what would you recommend the company and what direction to take?  

I think that JCPenny is headed in a very good direction.  They have lowered thier prices, added a new JCPenny line of clothing, and changed the way thier discounts are run.  Unfortunately, I have difficulty shopping at JCPenny because they have a limited line of petite or smaller sized clothing.  I think they should expand the sizes they offer in stores because there is entire section of the fashion industry that could easily become a client base at JCPenney.  Along with the sizes, JCPenney should also focus more on servicing young adults as a demographic.