Scope of Marketing - Coursework Example

Scope of marketing Marketing March Table of Content Answers to question 3 Answers to question 2 3 Answers to question 3 4 Annexes: Advertising samples 5 References 9 Scope of marketing 1.Demand is a term used for willingness to buy. It is affected by many things that cause it either to go up or down. To illustrate: let us suppose that demand for bread drops off when it was increased to $2. AT $1 the quantity sold is 30 loaves but demand drops off to 20 loaves when the price is increased to $2. See graph l Graph I When price is increased, seller would want to sell more because it will be more profitable. However we will find that consumer will buy less because in the increase in price. Consumer may look for substitute product for bread which could be cheaper. While the demand curve goes downward when the price goes up, the reverse happens with the supply curve. In the diagram left, let us take for example that price of bread goes further higher from $3 to $4, the seller will be more than willing to sell at a higher price because it will be more profitable but as shown above demand for the product is low. The effect to seller and employment. The seller cannot afford to sell at lower price because it will incur losses. At this point, the seller will think of ways to cut on the cost of production. One of these is to reduce the number of personnel employed in the bakery. If the reduction of employment happens to all the bakeries in the country, the magnitude of unemployment will be another problem of the economy. How to increase demand. If the price increase is inevitable, there are ways to increase demand for the product. One way is to do a little market in tricks. A bakery in our place created the interest of customers when it announced a big sales discount on breads before closing the store. It may also work if you use catchy phrases like “limited supply only”, or perhaps by extending extra services to customers. Things may work well if you sell the brand to customers to gain loyalty. Emphasize on the convenience of eating bread because you can take bread anywhere like making it into sandwiches and eat it as against rice that needs a setting first. 2. The marketing of the product becomes difficult even when there is enough supply because of some factors, such as consumer preferences and expectations. Let us remember that there are available substitutes for the product, and so when the price of bread becomes too high, consumer will think of ways to economize, for example, rice or cereals for breakfast. Substitute goods can be used in place of another, corn or beans perhaps. And maybe the best argument for this is the price. The price is the best indicator for demand. Their demand for bread decreases because consumers economize on their consumption. 3. Potential market. Potential market is a set of consumers who have expressed a desire for the product or market offer. Potential market means a set of consumers who profess some level of interest in a designed market offer. (Lake, Laura n.d. ) Available market. It is differentiated from potential market, because available market means potential costumers qualified on the basis of his/her buying authority, and willingness to buy. By this we make a segmentation of consumers by classifying them into income groups. Target market. Target market has similarity of approach with available market because here, the marketer focuses on a specific market. But the difference is that the marketer does not exclude people who do not fit into the criteria from buying the product. . For example, our company could choose to market to homeowners between the ages of 35-65 with incomes of $150,000+ in certain area in California. To classify the market further, the company could choose homeowners who are renting, or do not own a house and lot. When we have a defined market, it is easier to market the company ,for example, in defining our target market, we will take into consideration not only those who have the need for the condominium but also those who are most likely to buy and one can know this thru the demographics such as age, income level, gender, location, marital status, education and occupation. From here, there are other factors to consider, like finding out how the product will fit into the lifestyle of the target customer, what are the features that will appeal to them, and where do they get information on the product; for example, is it from print radio and television or from other sources. Penetrated market. Penetrated market is the actual set of users a consuming the product or service. These are determinable and needed by marketers for forecasting. Data can be accessed from the company record. While a market study could be accessed from Internet and government statistics that are regularly published. Annex . The folio of advertising samples. I have noted from the samples of ads that the concept of advertisements is broadened, marketers now use various forms of media to present their products. Presented below are the various advertisements found. Givenchy: Need You Tonight http://www.nextmovie.com/blog/liv-tyler-inxs-givenchy-video/2 AGENCY: DDB LUXE ARTIST LIV TYLER 1. This is a TV commercial. I think this ad is successful because the viewing of the commercial is extended. The commercial is done in black and white which is contrary to colored print advertisement. . In the video of the commercial, the artist sang the tune and she looked sexy and inviting. The ad makes you think of the smell of the perfume. Usually when a viewing is extended, its shows that people liked the commercial, it created attention and interest of consumer. 2. Gol Airlines – Valentines Flight http://www.ibelieveinadv.com/2012/02/gol-airlines-valentines-flight/ AGENCY: ALMAP BBDO Ad title is Refresh To Win. This is an ad that used the social network services to promote the flight. It is creative since Brazil Gol Airline used Facebook Contest to boost its valentine weekend promotion. The contest goes this way: “During the weekend a series of images containing empty seats were uploaded on the companys Facebook wal l(every time an image was about to be uploaded, a message was posted on the wall shortly beforehand). The first users to see the images and type in the seat numbers won a pair of return tickets to any of GOLs destinations; an act that required multiple refreshes of the page.” http://creativity-online.com/work/gol-airlines-valentines-flight/26437Bottom of Form. The commercial is considered successful because its fan base rose from 12,000 to over 200,000 http://www.nike.com/en_us/makeitcount - DIRECTOR: CASEY NELSTAT Title of the ad is “WHO’S THE ATHLETE NOW” 3. This is a Nike advertisement showing athletes during moments of their training. It is part of a campaign launched in New Year suggesting that we all step up and make it count. The campaign features UK top athletes and their goals are written on top of their images. The company encourages everyone to join twitter account and pledge their own goal. Success of the ad will be determined by number of tweets. JAMAICA TOURIST BOARD: JAMAICA STREETSCAPES http://creativity-online.com/work/jamaica-tourist-board-jamaica-streetscapes/26430 - AGENCY: DRAFT FC NEW YORK A GLIMPSE OF PARADISE 4. The ad is an outdoor campaign promoting tourism in Jamaica. It is creatively designed to look like giant holes in the sides of New York City building to show the paradise of Jamaica. It seeks to promote tourism in the country. I think the ad is effective only for local tourists. An outdoor ad is limited because the view is confined only in a specific area, and foreign tourist will not see it. Furthermore, the recall is only for a short span because it is usually placed in highways where motorists drive fast. COCA COLA: BEAT 2012 (DOCUMENTARY TRAILER) http://www.highsnobiety.com/news/2012/02/27/video-beat-2012-documentary-trailer-by-coke/ AGENCY: MOTHER LONDON SOUNDS OF THE OLYMPICS 5. This a documentary video trailer that features Mark Ronson. Mark Ronson, an athlete has teamed up with Coca-Cola. In this documentary, Ronson produces a song using the sound of the athletes. The documentary hopes to gather interest of sports enthusiast to see the Olympics. Coca- is one of the sponsors of Olympic. As a sponsor, this video will create brand promotion and awareness worldwide. The video is posted in you tube wherein millions of viewers are expected. Success of the ad will be shown by the number of views and the number of viewers commented and like it. http://windows.microsoft.com/en-US/windows-8/preview MICROSOFT: WINDOWS 8 LOGO AGENCY: PENTAGRAM A NEW PERSPECTIVE 6. This a television ad shown worldwide. The logo is part of Microsoft’s campaign launching the new version of windows 8. It is effective, because when one sees the logo, they are reminded of the original shape and color of the logo design. The logo is a a revision of logo design on Windows 7. There is an easy recall because Microsoft uses a uniform logo in all its products. AGENCY: WAX COMMUNICATIONS Title Of The Ad: Playlist For Each Snack. Http://Www.Rsssearchhub.Com/Preview/Creativity-Online-Latest-Work-Rss-Qmpmjd/ The Agency Combined Artistry with creativity, as they created play list for its snack. The product is produced by the united biscuits. the concept of the ad is to make a playlist for each product. a playlist is a selection of chosen songs organized in specific way and can be played in a player. It is a creative way of promoting a product because when the song is played there is a recall. THE playlist has gathered million listeners as the music can be shared. REFERENCES Bryan, Erik, Feb 20, 2012. “Liv Tyler Needs You Tonight In Givenchy Video. Next movie.” Retrieved 28 February 2012 http://www.nextmovie.com/blog/liv-tyler-inxs-givenchy- video/ “Coca Cola: Beat 2012 Documentary Trailer By Coke Featuring Mark Ronson” Retrieved 28 February 28, 2012 from http://www.highsnobiety.com/news/2012/02/27/video-beat-2 012-documentary-trailer-by- coke . Gol Airlines: Valentines Flight. 27 February 2012. Retrieved 28 February 2012 http://www.ibelieveinadv.com/2012/02/gol-airlines-valentines-flight/ Jamaica Tourist Board: Jamaica Streetscapes. Creativity on line latest work. Retrieved 28 February 2012 fromhttp://www.rsssearchhub.com/preview/creativity-online-latest-work- rss-qmPmJD/ Lake, Laura. (n. d.) “Potential Market Definition”. About.com/marketing. Retrieved 28 February 28, 2012 from http://marketing.about.com/od/marketingglossary/g/potmrktdef.htm “United biscuits: snack tracks”. Creativity on line latest work. http://www.rsssearchhub.com/preview/creativity-online-latest-work-rss-qmPmJD/ Read More