Final Post Reflection

For this find blog post, I will be giving a reflection on all that I have learned throughout my time in my marketing course. To do so, I will tie together my class experiences, blog posts, projects and assignments with our objectives listed in our syllabus.

Objective 1: To examine and convey basic and emerging marketing concepts and terminologies.
Throughout my various blog posts and topics, I have touched on many different basic and emerging marketing concepts and terminologies. For example in my first post I talked about the 4 P's of marketing (product, price, place, promotion) and applied those concepts to a new accessory line called Neely and Chloe. In my fourth blog post I used terms like e-commerce and talked about how online subscription services would be a great way to compete with the traditional idea of e-commerce (the buying and selling of goods online).

Objective 2: To study and understand the marketing mix, target markets, consumer behavior, service marketing, social media marketing and the strategic and financial implications of marketing decisions on the other functional areas of businesses.
There were various ways that I covered all of these terms throughout the course. For example, there were many different times where we discussed different target markets and talked about how different products and services target different markets. For example in the Marketing for a Cause project, we had to determine who our target market would be when trying to get people to go to our fundraising event. Because we hosted our event at a Saint Mike's basketball game, we determined that the best target market would be Saint Mike's students. We also had many different discussions in class and talked about how many different businesses consider these factors. Two that we spoke about a lot were Amazon and Zappo's. Amazon does a great job of combining the process of marketing services and products, the products people buy and how quickly they deliver them. Another company who does this combination well too is Zappo's.

Objective 4: To explore ethical issues confronting marketing managers.
We have touched on the area of ethical issues marketing managers may face in class and I have also read about it on a peer's blog. There was one type of marketing called shock marketing. This is where marketers show images that may scare the viewer out of consuming something or doing something. An example that I read was the government uses shock marketing to avoid underage drinking/binge drinking.

Objective 5: To have the opportunity to put marketing into action via team and individual projects, research, reports and presentations.
Our marketing for a cause project allowed me and my group members the perfect opportunity to put our marketing skills into action. We had to first plan a fundraising event, decide our target audience, market our event to that audience and raise money for our chosen charity. My group was able to develop the idea of a knockout tournament, and we decided that our target market was the Saint Michael's community. Our best way of marketing to our target audience was through word of mouth marketing and hanging flyers around campus. We were able through our event to raise over $200 dollars for Camp Ta-kum-ta.

Objective 6: To set personal and professional goals and positively contribute to an engaged class.
While enrolled in this class, I have made a personal goal to always complete the readings the day before class and to have a set of notes that I can bring to class. Not only does having notes allow me to do better on the quizzes, but it also allows me to better follow along with lectures, answer questions and stay engaged in class discussions.

Subscription Services

What it is:
As technology and innovation help to improve and involve all area's of our day to day lives, we as consumers are always looking for new and innovative ways to make our own lives easier. Most consumers don't want to waste their time, money or sacrifice quality when they are looking for the best new products. Subscription services have become a growing market that gives customers exactly what they want, at a reasonable price without having to leave their house or worry about forgetting to place an order. A popular example of of well known subscription company thats popular among beauty bloggers is Birch Box.


The subscription structure is an innovative way of modifying the idea of e-commerce. Because sure we can all go online and order something off Amazon, but with the hectic demands of day to day life sometimes we forget to make those orders. These new subscription services take that stress away by offering different products, prepaying them to a credit card or payment service that they keep on file and deliver the bundles right to your door each month hassle free.

Companies to watch:
The first new company that has been making a name for itself in the subscription service industry is a contact lens company named Hubble. This company aims to sell affordable daily use contacts at an affordable price. They look to add convince of never having to forget your contact prescription and aim to provide quality contacts without breaking the bank. A monthly subscription costs $30, and a yearly subscription costs $264. All wrapped up in colorful and eye-catching packaging, that you'll now be able to enjoy the sight of with your new contacts.


Another innovative subscription company who has stormed the market is a company called Daily Harvest, where they aim to sell healthy prepackaged shake mixes that contain fresh fruits, leafy greens in easy to go containers. They are targeting the growing market of consumers who are becoming more health conscious and want to combine their desire to lead a healthier lifestyle in the fast pace of their daily lives. Created by a busy working mom, these drink mixes come in fourteen different flavoring options all including different health features like antioxidant-rich formulas, to plant based recipes and even recipes with caffeine in them to become a healthy replacement option to the typical morning coffee. After finding much success in their drink line, Daily Harvest is looking to expand their product line to include another product- instant soups. They look to use only organic produce in this new product.

The point of starting companies like the ones talked about above it to give people easier, more affordable ways of getting the products they desire without making time consuming trips to brick and mortar stores or forgetting to place your order online. These subscription based companies, although they may only be targeting a niche market by offering few specific products, seem as though they will be successful in competing with traditional online buying outlets and brick and mortar stores. This marketing strategy is smart to appeal to the busy, harding working, fast pace american life.

Vogue Cafe's: Fashion with a milkshake on the side

Vogue is a fashion magazine best known for delivering well-written articles on todays trends and fashion icons. Normally we associate the idea of Vogue with a printed magazine or online articles, as a fashion tool to refer to. 

This fashion leader has decided to take a quite daring business venture. The business leaders are undergoing a very interesting type of brand extension. Brand extension can be defined as, "a common method used by companies to launch a new product by using an existing brand name on a new product in a different category." Vogue has chosen to venture into the bar and restaurant industries by opening new chain of restaurants called "Vogue Cafe."        

This is a revolutionary idea for the magazine and could really transcend their business to the next level, causing them to be a true multi brand business. In terms of newness, the company hits the nail on the head with coming up with the next "it' idea because no other competing company in Vogue's industry has something quite like this. This gives them serious competitive advantage. 

Their target market is most likely millennials and readers of the magazine, who are loyal to Vogue as a brand and would look forward to experiencing the marriage of the style of vogue with a new dining experience. This place has a lot of things going for it, to start the style and decor is worthy of any fashion bloggers Instagram post. In addition to the atmosphere, they have a relatively fairly priced and kid friendly menu which allows not only the stars but your everyday reader to come and enjoy. With a spread of breakfast and lunch options as well as a kids menu and dessert, there is truly something for every fashionista on this menu.

There is one major marketing risk that comes to mind when I first read an initial article on Vogue's recent venture. To start, combining a brand that gives its consumers print and digital articles with a restaurant chain may be a tough sell. Although many people at Vogue are informed enough to write an article on the newest place to grab a bite to eat, to tell us about the diet of our favorite it girl.. does this really make them qualified enough to start a successful restaurant with enjoyable good? Some consumers may struggle to connect the two products/services. If the connection fails to be made Vogue may have a hard time continuing this new area of business. 

Vogue is currently expanding its locations to Berlin and Porto, setting up shop in very high end hotels known for their cultural history urban settings. These locations will join the line of Cafes already operating in Dubai, Keiv and Moscow. If Vogue can manage to tie its magazine to the idea of a cafe, then they will revolutionize their own business as well as the magazine business. They could be very well starting a business that will spark a new trend among magazines and fashion writers. Providing their audience a place to enjoy the writing they print is a revolutionary idea if they are able to successfully maintain and expand these new Cafes. 

Pop up stores: Fashion week's marketing gold

As 2016's New York Fashion week comes to a close, there is a new trend brewing among our top designers and it isn't just bold colors and fresh designs. Marketing gold has been struck among New York's top designers: Pop up shops. This is a revolutionary idea that has become a new and improved way to connect with editors, customers, and create a buzz about an upcoming collection.

For those who aren't familiar with the concept… pop up stores are shops that designers rent space for, usually for a span of 2-3 days, where consumers and editors alike have access to runway designs just days after them being on display. This is much different from years past, where designers normally showcase a collection for the next season on the runways and then you wait until that next season to have access to the clothes. So instead of being greeted by the designs to come for the spring of 2017, consumers and editors were shocked to find top designers showing looks for the coming fall season. And even more surprising than seeing fall looks on the runway was the fact those consumers could buy them just days after seeing them.

So how does this apply to marketing?

This trend is revolutionary in comparison to anything done previously in NYFW. By transforming these collections into ready to sell products, consumers are getting to buy the products directly from designers. This cuts out the waiting for stores to have the looks they want in stock, and minimizes the time they have to wait for them. Because the consumer can get the styles that want and don’t have to wait, designers are going to increase sales and make also start to reestablish brand loyalty. This see-now-buy-now method seems to be the direction the industry is going toward, which is a wise business moves on these designers part.

In addition to increasing sales, the designers involved in these pop-up stores are also increasing the attention they get from the media. Up until recently, Tommy Hilfiger had been a brand we haven’t seen in stores and sported on the streets in quite some time. But that’s nothing a pop up carnival and Gigi Hadid can’t fix. From the release of the event Tommy’s Pier he has had numerous articles written about him and his clothes will no doubt be in high end department stores and boutique's across the country. And similar brands including Tom Ford, Thakoon, Burberry, Rihanna, and the Jenner sisters have hopped on the pop up bandwagon and it seems to be paying off. If you scan any fashion magazine/website these designers and their pop up events hold the entire spotlight, receiving the most attention from reporters and consumers alike. This increased media exposure will definitely have a positive effect on designers sales. 

 

But most importantly, this is revolutionizing the shopping experience for customers. It makes in much more personal (pop up shows often had customizable stations where you can make signature pieces one of a kind) and adds a type of exclusiveness that people like to see. Because the stores are only there for a short period of time, only so many people have access to them. Customers love the feeling of getting access to something that not all other consumers have. It adds excitement to the total shopping experience, and consumers are always looking for the best products and the best experience possible. So the designers who host these events will no doubt be the designers who do the best this fall.

Be sure to follow all of your favorite designers as the fall season approaches, you never know what stores could pop up near you!

Links:
http://www.vogue.com/13472003/new-york-fashion-week-spring-2017-preview-nyfw-shows/
http://www.hollywoodreporter.com/news/new-york-fashion-week-pop-up-shops-selling-designer-runway-clothes-jewelry-more-924631

(Photos credited to billboard.com, thekikistylediary.com, blog.thestorefront.com)

The 5 P's of Marketing: Product, Price, Place, Promotion.... and Purses?

In all industries, the key to the successful launch lies in two factors: a good product and and even better marketing. The more competitive the industry, the more willing you have to be to think outside the box, make your products stand out and push the envelope to succeed. If you follow the rule of the "4 P's" of marketing, you often find you can be the most successful. Product, price, place and promotion are key factors needed to market and sell any project, service or idea.

Fashion may be one of the most disposable and difficult industries to have successful products and marketing. Because of the large quantity of successful companies, you need more than a good design and high end products. Those realistically are only the qualifications to even enter the competition. New comers Neely and Chloe Burch have clearly brushed up on the 4 P's before launching their new handbag line. With fresh ideas, timeless designs and budget friendly prices it seems their going to give the handbag industry (including their well know aunt Tory Burch) a run for their money.

There is no doubt that this design team is a true force to be reckoned with. From design to marketing skills it seems they have it all. Neely and Chloe are a perfect example of why the 4 P's of marketing work so well. Let me take you through this.

Product:

In the high intensity, competitive industry of high fashion retailing your product needs to be fantastic in order to succeed. Let me reassure you that these gals new line doesn't fall short. Opting for timeless silhouettes, its clear that these girls have created timeless pieces with the look and feel of even the most expensive bags. The mantra they carry is, "Everything we made is meant to be fixed. It should last you forever." So really this is not an impulse purchase you will use once and banish to the farthest corners of your closet. Rather the quality and timelessness of each piece makes it an investment that you can feel good about. Consumers are constantly looking for timeless pieces that can keep up with the rapidly changing trends as well as our own rapidly changing styles. These bags do a fantastic job in giving the consumer everything they could want out of a handbag.

Price: Don't let the high quality look and feel of Neely and Chloe bags scare you aware. Compared to the market they are competing with these girls have done an impressive job of keeping their prices low and affordable. This gives them an obvious advantage over the competition. Not only does it give them a larger customer base, but these lower priced high quality items will without a doubt produce  customer loyalty. Why pay more when you don't have to? Even customer with the tightest of budgets will be able to budget a purchase from Neely and Chloe's line and not dry out their savings. 

Place: The main channel that Neely and Chloe provides their products to consumers is through their own website. On the website you have access to the full line of handbags, wallets, footwear and accessories. As well as the website they are also looking to add store locations in various major cities. 

Promotion: These millennials have a clear understanding of the need for good promotion. They have been featured in Vogue and have social media accounts to cover all the needed ground. They are promoting exactly where their target market will be looking. They understand the value of print, the honor it is to be featured in Vogue. They also grasp how essential it is to be present on social media sites like Instagram, where many of their fans and customers will constantly be looks for deals, store locations, new releases and looks to showcase their new bags.  

Links:
http://www.vogue.com/13472730/neely-chloe-burch-leather-handbag-line-launch/
https://neelyandchloe.com
https://www.instagram.com/neelyandchloe/

(all images credited to vogue and neelyandchloe.com)