Marketing, advertising and sales concepts
you need to watch a 5 min video(about marketing strategy )and write 1.5-2 page long analysis about it
Instructions for Critique & Analysis
The class will watch seven video cases that raise issues/offer insight about the process of marketing within diverse organizations. Your role is to identify the issue being discussed, apply concepts from class during that chapter being read in the textbook and analyze to identify the lessons possible to learn from what you observe, and to connect these to your own experiences. DO NOT DESCRIBE WHAT IS GOING ON THE VIDEO . Your response to the questions posed and the comments you make will be incorporated in your contribution to class discussion.
· Concepts in the respective reading and classroom discussion
· Your personal and professional understanding of marketing, advertising and sales concepts
The video on frozen yoghurt highlights various marketing strategies organizations adopt to achieve their business goals. The increasingly competitive business environment demands developing marketing practices that seek to satisfy customer experience. This process is achieved by designing a product that fills an existing market gap while delivering utility at competitive prices. Ultimately, the video depicts the essence of the 4Ps of marketing mix.
In the case of frozen yoghurt, it is apparent that the companies use marketing strategies to create value for their products. This approach to marketing entails reinventing a product and advertising its benefits to the target markets. Frozen yoghurt is a product that was designed to offer an alternative to the ice cream craze during the sunset years of the 20th century. Frozen yoghurt looked like ice cream but it provided nutritional value that was missing in the ice cream. It is important that the design of the product and inherent characteristics are unique in the market. This is particularly important when a business wants to penetrate the market by crafting its brand and selling its unique proposal of value additions to the consumer. From the video, the red mango is attractive to the eye, unique in its appearance and epitomizes the flavor that has come to be associated with the frozen yoghurt. Marketers in the frozen yoghurt industry regularly come up with new flavors to keep its customers coming. Effective marketing entails understanding consumer interests and designing products or services that respond adequately to those interests.
Creation of product value through marketing is effective when the product exhibits unique traits that differentiate it from substitute goods or competitions among its peers. In the case of frozen yoghurt, marketers offer additional value to the product unique from other competitors such as including healthy active culture, which are microbiological organisms that are beneficial to the consumers. Marketing a product by emphasizing its unique traits is also tampered with fair pricing strategies. Regardless of its unique proposition, consumer products are subject to competition from substitute goods. Successful marketing requires setting prices at reasonable rates that are not seen as exploitative and beyond the reach of ordinary consumer. In the video, this strategy is perfected by allowing customers to self-serve by making their creation of frozen yoghurt. The strategy lets consumer decide how much they are spending and what mix of the product.
The ‘place’ in the marketing mix is evidenced by making the product available and accessible to the target consumers. This process involves evaluating the distribution channels and bringing the product as close to the customer as possible. Although frozen yoghurt was initially sold in kiosks, the sales figures improved once marketers upgraded the point of contact with the consumer by building socialization places similar to coffee houses. The stores are designed to create ambience necessary to sell a product that enhance socialization. The final piece in the marketing strategies that emphasize product value is the promotional activities.
While traditional mainstream media continues to play its role in the advertising industry, social media platforms are curving out their niche. Platforms such as Facebook, Twitter, and Instagram support sharing pictures of products such as Red Mango among friends, relatives and other groups of online communities. Indeed, I find social media marketing most effective for products that encourage socialization and coming-together of people from diverse background. These products include coffee, frozen yoghurt, and services such event management and professional entertainment services.