Blog Post 8: Course Outcomes

             Over the course of the 16 week semester I learned a great deal about Marketing through the BU 215 Marketing course.  The class had clearly defined objectives, such as learning the terminology of marketers, recognizing the importance of the consumer, and to put marketing into action via team projects, individual presentations, as well as reports. Although the semester flew, we were able to achieve these objectives and gain the outcomes of participating and communicating as an effective part of a team, using oral skills to persuade an audience, as well as understanding the roles and responsibilities of marketers.

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        Each week of the semester my marketing class was assigned a chapter from our textbook to read. The chapters where rich with the vocabulary of marketers and made for a great way to learn the jargon of the profession. Class discussions of the chapters helped significantly in my comprehension of the terms as well as mastering their use and adding them to my vernacular. When it came time to write reports for the course I was able to integrate the vocabulary into my writing so as to strengthen the writing and demonstrate the understanding I was gaining of the marketing concepts and terminology as read in the textbook and discussed in class.

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         As mentioned in my seventh blog post, my class used an online marketing simulation to truly bring the concepts we were learning to life. We played the simulation in teams and had to meet with our teammates weekly to make decisions as to how to price, distribute, and promote our product. I found this assignment to be helpful in that it truly helped me strengthen my communication with a team as was an objective of the course. I can recall struggling with speaking up the first three turns. I was afraid to challenge the ideas of my teammates so I elected to just go along with their ideas. Finally, in the fourth turn I realized that as a teammate I not only should speak up and participate in decisions, but was entitled to do so. I began to voice my opinions and provide input for decisions that turn, and never looked back.  As a result I become more confident in myself and my ability to work in a group setting. 

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            The simulation was not just helpful for its team element though, it helped me better understand and meet the course objectives and outcomes to recognize the importance of the consumer as well as the roles and responsibilities of marketers. In one of our first class lectures we defined marketing as creating or discovering a need for a product, then selling, advertising, and delivering products to customers.  In the simulation we had the opportunity to create a backpack that fit the needs of a target market, then decide how best to advertise the backpack and get it from producer to consumer through various channels of distribution. The simulation was a fairly accurate trial of utilizing the roles and responsibilities of marketers to sell as product. We learned the importance of consumers through the simulation in that without consumers there would be no sales. We also discovered that consumers were not only vital for the sale of products, but for feedback when it came to price and design. I learned that just like the virtual consumers in the simulation, real consumers are vital as sources of critique and are instrumental in developing products that are desirable, correctly priced, and successful. 

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        During the semester I had three individual presentations. These presentations consisted of two advertisements, and one Ted Talk. The purpose of the presentations was to "put marketing into action" as well as to use oral skills to persuade an audience.  I felt as though these objectives were definitely met. For the three presentations I was not allowed notes or the use of a PowerPoint presentation. Although this seemed like a daunting task, it helped me practice my presentations in advance so as to have a well-polished (while still natural) material to bring to class.  I learned how to  relate relevant  course material  to my presentations as well so as to capture the attention of my peers and convince them of the pertinence of the videos to our marketing class and future in the marketing field. 

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         Through the textbook and class discussions, as well as the marketing simulation and class presentations, it seems I have met the course objectives and outcomes as outlined in the beginning of the semester. Through the mastery of marketing terminology to improvement in communication  in group settings, as well as, individual oral presentation skills I have grown significantly as a student and future marketer through the BU 215 Marketing course. I hope to put these newfound skills to use while a student here at Saint Michael's College, and in the future as a businesswoman. 

Blog Post 7: Marketing: The Gap Between Expectations and Reality (And Knowing When To Revise A Plan)

            It never ceases to amaze me how despite research, testing, and the use of traditional, time-tested, tactics, reality may be completely different than our expectations. Regardless of how prepared we are and how we act in order to bring about expected results, there is always room for unanticipated outcomes. This semester I learned that Marketing is no exception to this rule. My class used an online simulation to create and sell a backpack; though the simulation was not a perfect example of real-world marketing, it showed me how difficult marketing truly is. Through undesired effects that seemed to spite my by-the-book use of classical pricing strategies and promotion tactics, I learned that marketing actions do not always bring about the results one desires and expects them to. More importantly, I was able to learn from this example of the volatility of markets and consumer's reactions to products and promotion of those products. There's a popular quote from author Charles Swindle that goes, "Life is 10% what happens to you and 90% how you react to it. " I think that this quote almost perfectly sums up my findings with respect to the divide between expectations and reality in marketing; it seems that what's more important than getting expected results from actions is the ability to bounce back after unexpected/undesired results to actions.

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           During my class backpack simulation, I witnessed first hand failure despite an almost formulaic approach to marketing. After conducting research to find the target market with the most growth potential as well as a fitting price and design for this market, my team and I created a backpack targeted at university students, including environmentally friendly features to address their earth-concious preferences, as well as pricing around the amount of money they were willing to pay. Despite selecting a target market that had promising growth, as well as keeping this target market's preferences in mind when it came to design, and staying around their price point, my group's backpack failed to generate a profit for our company. We tried all of the classic marketing techniques when it came to pricing. We started at market price then tried price skimming to cover high initial production and promotion costs. This price tactic did not bode well. We then tried below-market pricing, or penetration pricing to attract price sensitive students who want a cheaper backpack. Unfortunately this tactic also failed; perhaps due to the psychological phenomenon that a cheaper price is an indication of a lesser quality good. What ever the reason, we couldn't find a price that appealed to students. After 5 quarters of failure we realized that it was time to "react" and came to the conclusion that we needed to target a less crowded market with a new backpack design. The market proved to be more volatile and unpredictable than we had expected it to be.

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            Unfortunately, we were far from out of the woods. Our next shortcoming came in the form of promotion. As we learned in our marketing class, promotion is key to creating awareness of a brand or product, and in turn, gaining sales. I suppose my team and I struggled with striking a balance. Some people say that you can "never have too much of a good thing," however, when it comes to advertising, we learned that this is not always the case. Although we expected that heavy initial spending on promotion would lead to buzz marketing which would be free and allow us to cut back on paid advertisements, we never got to this comfortable and inexpensive place with our advertising. This was not the worst of our promotion problems though. As we increased our levels of promotion we did not see equal reach of our ads to customers. At one point we spent nearly $8,000 on marketing that really did not gain us all that many new customers. We found that sometimes its best to abandon such plans of wide outreach, and cut costs by simply trying to reach a smaller number of customers more likely to purchase the product.  Once again,  the market proved to be extremely capricious. 

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               I suppose the takeaway from the simulation portion of my marketing course was that things really don't always go as planned. While marketing tactics do work, and plans are wonderful to have, there is a certain amount of unpredictability and elements outside a company's control. I learned that it is critical to be able to analyze sales outcomes and be willing and able to abandon one strategy or plan for another. Adaptability proved key in successful marketing efforts.

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Blog Post 6: Why Great Leadership Gets Great Results

         I have always found that when I truly respect and appreciate someone,  I am far more inclined to do everything in my power to help them and make their life a little easier. Good leaders motivate me to work my hardest and produce my best work; but what makes a "good" leader though? In a 2014 TED Talk by author and self-proclaimed "optimist," Simon Sinek, the qualities of effective leaders are explored and eloquently brought to light.

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           In the beginning of the TED Talk, Simon says, "In the military they give medals to people who are willing to sacrifice themselves so that others may gain. In business we give bonuses to those who are willing to sacrifice others so that we may gain. *Whispers* That's backwards...right?" This sentiment truly resonated with me, why is it that in business there is such a culture of working one's way to the top even at the expense of others? Are we not more efficient and cohesive when we work with the good of the team in mind? I believe that Simon has a fantastic point, some of the strongest and most celebrated people in this nation have built themselves on a culture of self-sacrifice and willingness to lay themselves on the line for the benefit of others. I believe that businesses and Top-Level management should be no different.  I can recall many instances in my life in which self-interested "leaders"have failed to inspire and galvanize groups I've been a part of to produce great work. I can also clearly recall selfless leaders who, through care and support, have received the best output from teams I've been a part of.

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         One of the greatest leaders I have ever worked under was my high school track coach, Coach G. Coach G was what I liked to call the "anti-coach;" he never yelled at his team, he never pushed us harder than we could handle, and he always checked in with us to assess our physical and emotional health before each practice. Coach G led in such a way so as to comfort us and make us feel appreciated and vital to the team (even if, like myself, we weren't the fastest or the best runners). Unlike the pushy and self-motivated leaders I had been exposed to previously, Coach G made it quite clear that he would put in as much care if not more than we did; he made it clear that he would do anything for the well-being of his team. I think that that is the pinnacle of an effective leader, and precisely what Simon Sinek has attempted to convey in his discussion of the topic. When I saw my Coach give 110% for us, I was inspired to give 110% back. I think that this goes back to Simon's explanation of the, "...because they would do it for me" phenomenon. As Simon remarked in his  TED Talk, the number one answer he received when he asked war heroes why they sacrificed themselves for their comrades was that they sacrificed themselves because they were certain that if tables were turned their comrade would do the same for them. I think that organizations with this type of culture are the most effective and operate the best. In my opinion there is so much more to leadership than directing a team, leadership encompasses everything from directing, to listening, to, most importantly,  creating a culture of trust through a willingness to give of oneself for the greater good of the company. 

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              Someday I hope to either work for a leader who would give of themselves for the benefit and well-being of my co-workers and myself, or be a leader who would give of myself in the interest of others. I thoroughly agree with Simon Sinek's idea of great leaders, in my opinion there is no better way to support and direct a team than to show them your care and dedication. As Simon asserts, it isn't authority that makes a great leader, it's sacrifice and trust. 

https://www.youtube.com/watch?v=lmyZMtPVodo

           

Blog Post 5: Amazon Dash Button: A Prime example of the benefits and costs of innovation

        Innovation is exactly what business is about. There is nothing more exciting and rewarding for a company than to design and create a truly unique product however, at what price is innovation worth harming our only home, the planet Earth? With the advent of Amazon's new Dash Button I find myself considering the downside to innovation no matter how ingenious it may be.

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        Amazon is well known as an innovative company responsible for changing the very way we shop. From offering countless products online that can arrive at doorsteps in as little time as one day, to experimenting with new shipping methods using drone technology, the company is not one to shy away from ingenuity. It comes as no surprise then that Amazon has released yet another revolutionary product, it's new, Dash Button. The Dash Button allows customers to restock their favorite brands with literally just the click of a button. With buttons for brands ranging from Olay,  Tide, Cottonelle, Huggies, to pet food and even, Izzie Beverages, Amazon is entering customers' kitchens, bathrooms, and laundry rooms allowing for the most convenient and simple access to everyday goods. The idea behind the new buttons is simplifying the online shopping process "So you'll never miss a beat" (as Amazon claims).

     

https://www.youtube.com/watch?v=EHMXXOB6qPA

The marketer in me finds the Dash Button to be an incredible invention. As I have learned in my marketing class, any way a company can remove a customer from the actual spending process is extremely helpful in creating sales. When a person doesn't have to count out their money and watch it leave their hands, they are far more apt to spend their hard earned dollars. Credit cards, Debit Cards, and now Apple Pay may attest to this fact. I believe the Dash Button will be even more effective in removing the customer from the spending and purchasing process in that all they have to do is click a button and then approve the purchase on their cell phone. There is no physical act of handing over cash, or taking out a credit card/ entering credit card information online; there is simply the click of a button, then the rewarding arrival of household products on the customer's very own doorstep.

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    The Dash Button has the added benefit of its potential to boost Amazon Prime memberships. The types of products that the buttons offer are daily household goods that people won't want to go long without. In an effort to expedite arrival of products after  pushing their Dash Buttons, consumers will be likely to purchase Prime membership so that they may receive free two-day shipping on their purchases. Currently, the button is being sold exclusively to Prime members, which means those who want Dash Buttons but don't have Prime currently will be purchasing membership soon.

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     Possibly the strongest benefit Dash Buttons have going is convenience. Dash Buttons are making it possible to not have to go out to stores and buy products, as well as to not have to sit down in front of a computer and order products. This is extremely alluring to consumers. Any product that can cut down on the use of time and effort on the consumer's end is likely to be a success in our fast-paced and hectic lives.

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          Unfortunately, as ingenious as I believe the Dash Button to be from a marketing standpoint, I cringe when I think of the product from an environmental standpoint. If one were to go out and purchase the products offered through Amazon's Dash Button at a brick and mortar store, they would be harming the environment from the emissions of the vehicle they took to get to the store, as well as disposal of the packaging of the product after purchase. The Dash Button decreases consumer effort but increases waste. Not only does the shipping require the emission of fuel from vehicles/ the use of gasoline, but also, additional packaging in the form of cardboard boxes. With the Dash Button not only will consumers dispose of the product's packaging (creating waste) but also, the box it was shipped in (which hopefully they will recycle). In my opinion that makes the convenience of the Dash Button simply not worth the cost. As an environmentally conscious individual I just don't think clicking a button to receive goods is incredible enough to reconcile the unnecessary/additional waste it creates. I am interested to see how successful the button is, and learn whether convenience or earth consciousness wins out.

Blog Post 4: Groupthink, I bet you're guilty of it!

          Going against the grain is an incredibly difficult task. When the majority of those around you feel one way about something it's hard to speak up and admit you feel differently.  In the business world this concept is called groupthink. Groupthink's suppressive power can play a major role in the failure and waste of funds on new ventures or products that "flop." I have been guilty of going along with groupthink many a time. I think it's safe to say most people have. That's why I'd like to more closely examine the phenomenon in order to avoid such instances in the future.

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           In my opinion one of the greatest examples of the perils of groupthink may be witnessed in nature. One need not look further than lemmings (a type of small rodent) to observe the dangers of following a crowd. Lemmings travel in large groups and will follow each other off the edge of cliffs if it means staying together. I think such is the case with many businesses around the world. The ideas accepted by the majority of coworkers tend to be the ideas individual employees will claim to agree with, even if they actually believe them to be mistakes.  It's simply natural for individuals to fear voicing their unpopular opinion to a large group. The possibility of  criticism and judgment is enough to silence a most staunchly opposed individual. The problem with this passive omission of thoughts and ideas is when they are the very ideas that would prevent disastrous business decisions.

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         Although groupthink may seem like an unsurmountable issue for businesses there are steps that may be taken to lessen its harmful effects. It seems to me as though the best way to combat the issue is to create an organizational culture that is open and conducive to the sharing of employees's individual ideas and opinions. When employees feel as though their opinions are valued they are far more likely to face the fear of challenging proposed ideas that they feel may not be best for the company.  To create such an organizational culture, I believe the management department of the business should welcome open discussions in as relaxed a manner/environment as possible.  With a welcoming and nonjudgmental environment and culture groupthink should be diminished considerably.

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        As for the individual suffering from the suppressive forces of groupthink, there are ways to lessen the effects as well. It seems to me the best way to tackle the fear of judgement is to gain confidence in oneself. To gain confidence one may strike a power pose for a minute before entering a meeting (see TED talk clip below for tips and explanation). Another great confidence booster may be to run one's ideas past trusted friends and family members to fully formulate thoughts before running them by coworkers.  No matter the technique, with confidence comes the ability to speak up and challenge the majority's idea/plan.

https://www.youtube.com/watch?v=ErWEmCS_qM4

         After reading about groupthink in my marketing class, I have decided to make more of a conscious effort not to keep myself from sharing my thoughts out of fear of judgement.  I think that everyone's thoughts are valuable and should be shared. I see myself sharing more each day with my friends, classmates, and professors; I find it relieving to not keep my opinions hidden for fear of judgement. In some cases, as is the goal of speaking up and eliminating groupthink, my contributions to planning have prevented potential pitfalls.  

       Though the phenomenon of groupthink, and its negative repercussions pose a challenge for businesses everywhere, companies need not fear. Through the creation of an open organizational culture, as well as work on the individual employee's part to gain confidence, groupthink may be virtually eliminated. With groupthink gone, companies may reap the rewards of a sharing and challenging of ideas that help avoid disastrous final decisions. It only takes one to speak up and make a beneficial change. 

Blog Post 3: Cognitive Dissonance: the reason I dread shopping!

As the cashier swipes my debit card a pang of guilt washes over me. I am engulfed by fear, my anxiety levels increasing as I sign my name on the receipt. Did I really just spend that much money on those clothes? They're nice, but are they that nice? There are so many other things I could have spent that money on; I've got that Paris summer semester to save for!

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Cognitive Dissonance, in marketing terminology, is most simply defined as the post-purchase anxiety consumers may experience after purchasing a product or service. For me, the definition is much simpler: cognitive dissonance = the reason I dread shopping! I find it amazing how easy it is to pick up a product, get excited to own it, then experience buyer's remorse upon painstakingly handing over hard earned money for the product. Unfortunately, cognitive dissonance doesn't just affect me, it is a part of the human psyche that affects innumerable consumers around the globe. What I find even more fascinating than the regret many experience post-purchase is the process consumers go through to justify purchases so they can move on from undesired feelings of remorse/cognitive dissonance.

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It has been found that many consumers, after experiencing cognitive dissonance, often try to "...applaud themselves for making the right choice...[they] may seek information to confirm [their] choice by asking friends questions like, 'Don't you like my new ______?' or by reading ads the [product/brand] you chose..." (Hartley, Kerin, Rudelius, 116).  I have certainly done this. I have countless memories of seeking the approval of my reference group (close family/friends who help influence your purchasing decisions)  post-purchase. Whether it be sending my sister Snap Chats of the new shoes I bought, or seeking out other owners of the new Samsung Galaxy phone I purchased to hear how happy they are with the product, I'm as guilty as any of seeking external validation for shopping splurges. I think that cognitive dissonance says a lot about the human species. As independent as some people may seem (or want to be), there is always that innate need/dependence on the opinions of others, even for the simplest things in life such as shopping.  

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How can marketers combat cognitive dissonance? In my opinion, the best way to tackle the challenge of dispelling cognitive dissonance, or preventing it all together, lies in effective marketing strategies. I believe that ads that feature many people using and enjoying products/services may fulfill that subconscious/inner need of consumers to know that others approve of the product or service. I think that having positive word of mouth (buzz) marketing is also highly effective in suppressing cognitive dissonance among buyers. One last, and at least in my experience, highly effective tactic is to first target opinion leaders such as celebrities and well known CEOs, and have them use/ speak positively of a product or service in order to gain a great reputation and little uncertainty in the minds of consumers. 

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Cognitive dissonance will always prove to be a hurdle for marketers and consumers alike, however, with effective promotion via reference groups, and the approval/ positive reinforcement of friends and family, both producers and consumers may reduce post-purchase anxiety and feelings of regret.

Citations:
Kerin, Roger, Steven Hartley, and William Rudelius. Marketing. 12th ed. New York: McGraw-Hill, 2015. Print.

Blog Post 2: What will marketing be like ten years from now?

       Marketing has always sought to catch the attention of consumers in order to sell products and services. However, I think I'm going to be entering the field at a particularly interesting time. With the advent of social media, our lives have gone from shared exclusively with small, intimate, parties to posted for all to see; and marketers sure haven't neglected to notice this trend. Colossal companies from Coca-Cola, all the way down to local businesses such as City Market, have made sure to keep up with the times and turn to social media in an effort to reach today's consumers. However, as years pass, I believe that not only will companies be on our social media pages, but personally interacting with us online in an effort to gain our favor, and business.

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          As Generation Y and the Millennials, two generations born and raised with fast-improving technology, begin to enter the workforce companies will need to adapt and aim marketing campaigns to screen-entranced buyers. To reach modern audiences, marketers are seeking the help of psychologists and looking into the very minds of their customers. The results of such tests aid in creating captivating ads which resolve or create need for the company's products or services.

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        Martin Lindstrom is a prominent marketer who uses such partnerships with psychologists to conduct psychological research in light of marketing . In his book, Buy-ology, he writes of true consumer reactions to advertisements, and how best to use advertising to appeal to consumers. An interesting discovery he made was the role of  the senses, on our consumer behavior.  According to Lindstrom, in the future marketers won't just use images to grab our attention, but will use scents as well as sounds to appeal to consumers. "...our visual sense is far from our most powerful [sense] in seducing our interest and getting us to buy." Lindstrom found that visual images are far more effective when paired with another sense like scent or sound. As Lindstrom predicts, a future walk down Times Square might not feature as many towering billboards, but rather, "...sidewalk[s] awash with smells and sounds. A whiff of lemon from a store selling a new... must-have sneaker..."

       Martin Lindstrom is certainly not alone. I recently viewed a TED Talk, "What Will The Future Without Secrets Look Like" by Alessandro Acquitsti. The TED Talk discussed social media, and how by sharing more and more personal information online consumers are unknowingly aiding in future relationship marketing techniques used by marketers. 
       In an attempt to appeal to shoppers, companies will use social media such as FaceBook to aid in creating more personalized ads. Alessandro Acquitsti claims that soon companies will be able to use an algorithm which will identify a person's two closest friends, with this information, in real time, the images of the friends will be blended into a composite. Although the consumer won't recognize their friends in the composite, it is psychologically proven that the combined images of their friends will subconsciously appeal to them. Companies will use this new person as an image in their ad campaigns (for that individual), making that customer more likely to purchase the product (this is about eight minutes into the video below).  Although Acquitsti is concerned about the potential  impact on the of freedom and privacy of consumers, I find this to be a fascinating development in personal selling. It plays on the trust consumers put in their reference groups (friends/family) when making purchasing decisions. However, in this new form of advertising, the consumer won't even realize that it is the image of their friends causing them to have positive feelings towards the product. They will be mentally satisfying the process of consulting their reference group about a product, without ever speaking to their close friends/family about the product or the decision of whether or not to purchase it.

https://www.youtube.com/watch?v=H_pqhMO3ZSY

         It seems the futuristic marketing techniques depicted in films such as, Minority Report (see video clip below), truly aren't that far off from the near future of marketing. Through appeals to senses such as smell and sound, and a more personalized approach to advertising via company social media accounts and composites of online friend's images, marketing is becoming more and more appealing to the individual in a technological, and decreasingly private world.

https://www.youtube.com/watch?v=ITjsb22-EwQ