In response to Tammy Chou's post

What type of media do you think is the most beneficial and effective? Do you think that one has a stronger strength than the other?

I believe that owned media is the most beneficial and effective type of media. With today's society, social media is a part of everyday life, and people make an effort to stay tuned into social media throughout their day. A lot of the content for owned media is based online, and the online market has been getting more and more popular as the years go by. Owned media can also include blogs. I believe that blogs can tell a lot about a person, or a company, and if a company were to have their own blog, they will be able to reach out to consumers on a deeper level. I firmly believe that social media is one of the strongest ways to market and sell a product with today's society

The Product Life Cycle

The Product Life Cycle is one of the most familiar concepts in marketing. It is a biological metaphor that traces the stages of a product's acceptance, from its introduction (birth) to its decline (death). This cycle has four main stages:

1. Introductory stage
2. Growth stage
3. Maturity stage
4. Decline stage


The Product Life Cycle can be used to analyze a brand, a product form, or a product category. The product life cycle for a product form is usually longer than a product life cycle for any one brand. The exception would be a brand that was first and last competitor in a product form market. In that situation, the brand and product form life cycles would be equal in length.

Can you think of a product that is in the decline stage? If so, why do you think the product is in this stage of the Product Life Cycle?

In response to Kaley DeBoer's post

Do you believe social media marketing is beneficial, or do you think it hasn't quite reached it's maturity enough to be successful?

I personally believe that social media marketing is beneficial. Social media is becoming more and more popular with today's society, and does not have any intention of stopping. Within the upcoming years, social media will continue to grow, and I feel as though social media marketing is great for making a business successful. For businesses that have Twitter or Facebook pages, this opens up an entire world for the business to market in. Overall, I think that social media benefits businesses substantially.

Sampling

This week in class we talked about sampling. Sampling occurs when the researcher gathers information from the subset of a population to make inferences. When sampling, it is a good idea to randomize where you get the information from, or else you might get false results.
When sampling, there are two different types of sampling, a sampling error, and a non sampling error. A sampling error occurs in the difference between the truth of the target population and its sample estimate. Non-sampling error is a measurement error, which are mistakes made by the researcher such as recording the information incorrectly, gathering it incorrectly, etc.

Can you think of a point in time where there was a sampling error? What about a non sampling error?

In response to Melissa Moriwaki's post

How do you think this will effect doughnut customers? Will they still think of Dunkin Donuts when looking to find a doughnut if DD's isn't marketing towards doughnut eaters anymore? How will this effect Dunkin Donuts?

I believe this change in marketing may hurt Dunkin Donuts. After many years Dunkin Donuts has been known for their donuts and pastries; even their name has "donut" in it! The reputation that Dunkin Donuts has built up has been centered around donuts so straying away from this product might hurt them quite a bit. I think that in order to stay financially stable, Dunkin Donuts is going to have to come up with a new idea that will overpower their well known reputation for donuts. 

Promotion

As stated in our textbook, promotion is defined as "communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response."

These are the parts to the promotional mix:

Advertising is "any form of impersonal, one-way mass communication about a product or organization that is paid for by a marketer."
Public Relations is "the marketing function that evaluates public attitudes, identifies areas within the organization the public may be interested in, and executes a program of action to earn public understanding and acceptance."
Sales Promotion is "marketing activities that stimulate consumer buying and dealer effectiveness."
Personal Selling is "a purchase situation involving a personal, paid-for communication between two people in an attempt to influence each other."
Social Media are "promotion tools used to facilitate conversations among people online."

Do you believe that promoters need all parts of the promotional mix in order to promote their product? If not, why?

In response to Katie Longchamp's post

Can you think of some other products that have an inelastic demand?  Do you believe the consumer has any control over prices of products with an inelastic demand?  Why or why not?


Another example of an inelastic demand is heat. People need heat in order to stay warm during the winter, and sometimes the spring and fall. No matter what the price of heat is, society still finds it a necessity to pay for it in order to survive. I do not believe that the consumer has control over the price of heat. The more people that need heat in their homes, the more that it is going to cost the company to supply the heat.