Wednesday, December 14, 2011
Sunday, December 4, 2011
Business Mission Statement
A business mission statement is a statement that tells your overall strategy, mission, purpose and reason. It is the goal for your product or company. It is what you want to accomplish and give to your consumers.
"At the corporate level, the company starts the strategic planning process by defining its overall purpose and mission."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 5).
After you write an official statement, you can start adding on more to it; such as objectives and long term goals. Where do you see this product or company in the future?
"This mission is then turned into detailed supporting objectives that guide the whole company."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 5).
"Forging a sound mission begins with the following questions: What is our business? Who is the customer? What do consumers value? What should our business be?"
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 5).
My Mission Statement:
"Let yourself get carried away in a world of relaxation and luxury; Blüme Vodka ultimately provides the utmost quality in elegance, class, flavor and style."
Blüme Vodka is meant to be a relaxing beverage, while still feeling luxurious and classy. Let yourself get carried away, because when you drink Blüme, it instantly makes you feel relaxed and calm. Floral notes are infused to make the smell of the vodka appealing and tasteful as well. When you get a whiff of Blüme, it's equivalent to that of smelling a fresh rose petal. Blüme is elegant, classy and stylish.
"At the corporate level, the company starts the strategic planning process by defining its overall purpose and mission."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 5).
After you write an official statement, you can start adding on more to it; such as objectives and long term goals. Where do you see this product or company in the future?
"This mission is then turned into detailed supporting objectives that guide the whole company."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 5).
"Forging a sound mission begins with the following questions: What is our business? Who is the customer? What do consumers value? What should our business be?"
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 5).
My Mission Statement:
"Let yourself get carried away in a world of relaxation and luxury; Blüme Vodka ultimately provides the utmost quality in elegance, class, flavor and style."
Blüme Vodka is meant to be a relaxing beverage, while still feeling luxurious and classy. Let yourself get carried away, because when you drink Blüme, it instantly makes you feel relaxed and calm. Floral notes are infused to make the smell of the vodka appealing and tasteful as well. When you get a whiff of Blüme, it's equivalent to that of smelling a fresh rose petal. Blüme is elegant, classy and stylish.
Wednesday, November 30, 2011
EOC Week 9: Cyber Monday
http://www.urbanoutfitters.com/urban/catalog/productdetail.jsp?itemdescription=true&itemCount=80&startValue=1&selectedProductColor=&sortby=&id=20505780&parentid=SALE_W_SHOES&sortProperties=+subCategoryPosition,+product.marketingPriority&navCount=165&navAction=jump&color=&pushId=SALE_W_SHOES&popId=SALE_W&prepushId=&selectedProductSize=
Original Price: $179.00
Sale Price: $69.99
Savings: Approx. $110/60% Disc.
Jeffrey Campbell is one of my favorite shoe designers. His designs are very unique, out there, loud, bright and crazy. It is easy to tell if a pair of shoes were designed by Jeffrey Campbell because he has such a distinct flare in his designs. The price point for his shoes are rarely ever under $100, so I found this deal to be a steal! His shoes usually go for about $150 and up. He's known for using a lot of platform soles on his shoes. I really like this pair of platforms because I feel like they would be a great addition to my wardrobe. The color is pretty neutral, so they would easily go with any color, print or pattern that's already in my wardrobe. I like how different these shoes look. They have a very summery feel to them, but you can also wear them during the fall because of the color. They are a bit of a splurge, but at the sale price they are literally a steal. For the different ways you can wear them and the versatility, you're getting a lot for your money.
Original Price: $179.00
Sale Price: $69.99
Savings: Approx. $110/60% Disc.
Jeffrey Campbell is one of my favorite shoe designers. His designs are very unique, out there, loud, bright and crazy. It is easy to tell if a pair of shoes were designed by Jeffrey Campbell because he has such a distinct flare in his designs. The price point for his shoes are rarely ever under $100, so I found this deal to be a steal! His shoes usually go for about $150 and up. He's known for using a lot of platform soles on his shoes. I really like this pair of platforms because I feel like they would be a great addition to my wardrobe. The color is pretty neutral, so they would easily go with any color, print or pattern that's already in my wardrobe. I like how different these shoes look. They have a very summery feel to them, but you can also wear them during the fall because of the color. They are a bit of a splurge, but at the sale price they are literally a steal. For the different ways you can wear them and the versatility, you're getting a lot for your money.
Implementation Evaluation Control
Implementation is when your company begins to execute its plans and objectives.
"Through implementation, the company turns the plans into actions."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 55).
It is important to have control and to know who your competitors are.
"Control consists of measuring and evaluating the results of marketing activities and taking corrective action where needed. Finally, marketing analysis provides information and evaluations needed for all of the other marketing activities."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 55).
Blume is constantly thinking of new ways to market and promote itself. We are always thinking of new strategies and plans to market the brand. "The analysis, planning, implementation, and control of sales force activities. It includes designing sales force strategy and structure and recruiting, selecting, training, supervising, compensating, and evaluating the firm’s salespeople."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 49).
"Because many surprises occur during the implementation of marketing plans, marketers must practice constant marketing control—evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are attained. Marketing control involves four steps. Management first sets specific marketing goals. It then measures its performance in the marketplace and evaluates the causes of any differences between expected and actual performance. Finally, management takes corrective action to close the gaps between its goals and its performance. This may require changing the action programs or even changing the goals."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 43).
"Through implementation, the company turns the plans into actions."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 55).
It is important to have control and to know who your competitors are.
"Control consists of measuring and evaluating the results of marketing activities and taking corrective action where needed. Finally, marketing analysis provides information and evaluations needed for all of the other marketing activities."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 55).
Blume is constantly thinking of new ways to market and promote itself. We are always thinking of new strategies and plans to market the brand. "The analysis, planning, implementation, and control of sales force activities. It includes designing sales force strategy and structure and recruiting, selecting, training, supervising, compensating, and evaluating the firm’s salespeople."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 49).
"Because many surprises occur during the implementation of marketing plans, marketers must practice constant marketing control—evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are attained. Marketing control involves four steps. Management first sets specific marketing goals. It then measures its performance in the marketplace and evaluates the causes of any differences between expected and actual performance. Finally, management takes corrective action to close the gaps between its goals and its performance. This may require changing the action programs or even changing the goals."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 43).
Price
It is very important to find a good price for your product; one that will be able to be convenient for your consumers, but one that will still benefit you.
"Setting the right price is one of the marketer’s most difficult tasks. A host of factors come into play. But finding and implementing the right price strategy is critical to success."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 275).
You must look at all angles of the market. You need to look at your competitors and see what their prices are and figure out any type of strategies they may use. Taking a look at your consumer value is also a good idea when considering prices. What price would your consumers most likely pay? What demographic are you trying to reach and what are they willing to pay for this product?
Price of Blüme: $30.00
I decided on this price because I looked at my demographics and who I'm trying to reach. I'm trying to sell this product to women, and I feel like they're only willing to spend so much on a bottle of vodka. I looked at other vodka's and pricing usually ranges from $10 for the really cheap vodka's, and the one's priced over $40 are usually vodka's like Belvedere. I don't want to overprice my product, because it's new. If someone walks into the liquor store, and my product is overpriced and they've never seen it; they may just want to stick to what they usually get for cheaper. So I decided to price it at a reasonable, medium price. I feel like women would be willing to pay $30.00 for Blüme if it peaked their attention.
"In setting its price between these two extremes, the company must consider a number of other internal and external factors, including competitors’ strategies and prices, the company’s overall marketing strategy and mix, and the nature of the market and demand."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 275).
"Setting the right price is one of the marketer’s most difficult tasks. A host of factors come into play. But finding and implementing the right price strategy is critical to success."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 275).
You must look at all angles of the market. You need to look at your competitors and see what their prices are and figure out any type of strategies they may use. Taking a look at your consumer value is also a good idea when considering prices. What price would your consumers most likely pay? What demographic are you trying to reach and what are they willing to pay for this product?
Price of Blüme: $30.00
I decided on this price because I looked at my demographics and who I'm trying to reach. I'm trying to sell this product to women, and I feel like they're only willing to spend so much on a bottle of vodka. I looked at other vodka's and pricing usually ranges from $10 for the really cheap vodka's, and the one's priced over $40 are usually vodka's like Belvedere. I don't want to overprice my product, because it's new. If someone walks into the liquor store, and my product is overpriced and they've never seen it; they may just want to stick to what they usually get for cheaper. So I decided to price it at a reasonable, medium price. I feel like women would be willing to pay $30.00 for Blüme if it peaked their attention.
"In setting its price between these two extremes, the company must consider a number of other internal and external factors, including competitors’ strategies and prices, the company’s overall marketing strategy and mix, and the nature of the market and demand."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 275).
Promotion
Promotion is a very important step when you're developing or launching a new product. How you promote depends on your sales and getting the word out about your product.
"Sales promotion tools are used by most organizations, including manufacturers, distributors, retailers, and not-for-profit institutions. They are targeted toward final buyers (consumer promotions), retailers and wholesalers (trade promotions), business customers (business promotions), and members of the sales force (sales force promotions)."
You must take into consideration several factors when deciding how you're going to promote. You need to think about what your consumers want to see/hear, and what will ultimately help your product become known, popular and successful.
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 432).
"Several factors have contributed to the rapid growth of sales promotion, particularly in consumer markets. First, inside the company, product managers face greater pressures to increase their current sales, and promotion is viewed as an effective short-run sales tool."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 432).
Blüme will be promoted through a magazine ad. I would like the ad to appear in more fashionable magazines, such as: Vogue, Lucky, Glamour, Elle, and Cosmopolitan. I want the ad to be a bed of flower petals with the bottle laying on top of it. Blüme Premium Vodka will be on the label, and it is 40%/80 Proof.
If I could, I would also create a billboard for Blüme using the same concept as the magazine advertisement. Have either a bed of flower petals or just a field of flowers, and then the bottle in the middle of it.
Promotion can also be achieved through social events, parties or mixers. You can throw a party in honor of your product and have the attendees actually test out the product during the event. For example, to promote Blüme, I would throw a party and serve multiple types of bar drinks using the product. The only vodka/alcohol that would be there at the bar in general would be strictly Blüme.
"Sales promotion objectives vary widely. Sellers may use consumer promotions to urge short-term customer buying or to enhance customer brand involvement. Objectives for trade promotions include getting retailers to carry new items and more inventory, buy ahead, or promote the company’s products and give them more shelf space."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 432).
"Sales promotion tools are used by most organizations, including manufacturers, distributors, retailers, and not-for-profit institutions. They are targeted toward final buyers (consumer promotions), retailers and wholesalers (trade promotions), business customers (business promotions), and members of the sales force (sales force promotions)."
You must take into consideration several factors when deciding how you're going to promote. You need to think about what your consumers want to see/hear, and what will ultimately help your product become known, popular and successful.
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 432).
"Several factors have contributed to the rapid growth of sales promotion, particularly in consumer markets. First, inside the company, product managers face greater pressures to increase their current sales, and promotion is viewed as an effective short-run sales tool."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 432).
Blüme will be promoted through a magazine ad. I would like the ad to appear in more fashionable magazines, such as: Vogue, Lucky, Glamour, Elle, and Cosmopolitan. I want the ad to be a bed of flower petals with the bottle laying on top of it. Blüme Premium Vodka will be on the label, and it is 40%/80 Proof.
If I could, I would also create a billboard for Blüme using the same concept as the magazine advertisement. Have either a bed of flower petals or just a field of flowers, and then the bottle in the middle of it.
Promotion can also be achieved through social events, parties or mixers. You can throw a party in honor of your product and have the attendees actually test out the product during the event. For example, to promote Blüme, I would throw a party and serve multiple types of bar drinks using the product. The only vodka/alcohol that would be there at the bar in general would be strictly Blüme.
"Sales promotion objectives vary widely. Sellers may use consumer promotions to urge short-term customer buying or to enhance customer brand involvement. Objectives for trade promotions include getting retailers to carry new items and more inventory, buy ahead, or promote the company’s products and give them more shelf space."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 432).
Dstribution
There are three types of distribution: exclusive, selective and intensive.
"Exclusive distribution is often found in the distribution of luxury brands and brands."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 324).
You need to take in mind what kind of product you're selling and which way would be the best way to distribute it. I think the distribution approach I will take with Blüme is the selective distribution. I am only selling the product in four states: Nevada, California, New York and Florida. I feel like these states have the most popular, luxurious cities; such as Las Vegas, New York City, Miami, Los Angeles etc. Blüme represents class, glamour, luxury, style and taste; which is what I believe these cities accomplish as well. Within that, I want Blüme to only be sold in hotel/casino liquor stores. These cities are known for nice hotels, rich tourists, gambling casino's and of course, alcohol. The liquor stores in hotel/casino's are convenient and have the best selection of high quality drinks. What I also like about selective distribution is that I will be able to have more control over my product, how it is doing and what I need to fix. Rather than doing an intensive distribution where it's all over the place and hard to keep track of.
"Exclusive distribution is often found in the distribution of luxury brands and brands."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 324).
"Selective distribution is the use of more than one, but fewer than all, of the intermediaries who are willing to carry the company’s products."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 324).
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 324).
"Intensive distribution is stocking the product in as many outlets as possible."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 324).
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 324).
You need to take in mind what kind of product you're selling and which way would be the best way to distribute it. I think the distribution approach I will take with Blüme is the selective distribution. I am only selling the product in four states: Nevada, California, New York and Florida. I feel like these states have the most popular, luxurious cities; such as Las Vegas, New York City, Miami, Los Angeles etc. Blüme represents class, glamour, luxury, style and taste; which is what I believe these cities accomplish as well. Within that, I want Blüme to only be sold in hotel/casino liquor stores. These cities are known for nice hotels, rich tourists, gambling casino's and of course, alcohol. The liquor stores in hotel/casino's are convenient and have the best selection of high quality drinks. What I also like about selective distribution is that I will be able to have more control over my product, how it is doing and what I need to fix. Rather than doing an intensive distribution where it's all over the place and hard to keep track of.
"Whirlpool and General Electric sell their major appliances through dealer networks and selected large retailers. By using selective distribution, they can develop good working relationships with selected channel members and expect a better-than-average selling effort. Selective distribution gives producers good market coverage with more control and less cost than does intensive distribution."
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 324).
( Marketing: An Introduction for Education Management Corporation, 10th Edition. Pearson Learning Solutions pp. 324).
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