Marketing Finale

     Hi all, this will be my final blog post. As the semester ends I reflect on what I have studied and learned thus far over the course of the past several months. In the past I was under the impression that marketing was simply involved one finding a product which one desired to sell, you price it, and you advertise it, then you sell it. Which is essentially marketing.  However, I have discovered that you have only begun to examine the aspects involved within each of these steps to marketing.                                 

                       

If you think this chart looks intricate, then you have a lot to learn about marketing. These are only some of the areas which need to be focused on when marketing.

Throughout the course we have focused on many terms that help define the categories within the marketing world. These definitions helped us understand more about what there are in terms of roles, marketing strategies, product pricing, placement and much more.  Did you know there was a difference between product place…. and product placement? I didn’t know this before I took this course.

Product place is an area in which a product is distributed. We all are aware of what this is: Convenience stores, department stores, mall, etc.

Product placement is a strategically placed product which is set, therefore the specific goal is to advertise for the product.  For this to occur the rights to show the product must be paid for.  For example, in movies you may notice a Coca Cola bottle within the movie with the logo being displayed. This was paid for by Coca Cola for their product to be shown in the movie.

                           

Have you ever stepped back and really thought about how our world is built upon marketing? We see thousands of ads each day and we subconsciously don’t recognize it.

I think marketing is a lot more in depth than we tend to think. We need to consider that to market a product you need to have a marketing strategy.  This is a plan you set in order to achieve your goals. Your goals also can come in different sectors as well, categorized as primary goals and secondary goals. 

                            

There are so many ways in which marketing can be done. Social media is today’s largest contributor to marketing. As we learned in class, the Internet has found ways to follow you everywhere you go. You can look up puppies on Amazon and the next thing you know you’re on Facebook and an Ad for puppies shows up, this is called behavioral retargeting.

                            

Opinion leaders are a common way that companies market their product. An opinion leader is a public figure that is used to promote a product. The idea is, “If the product is good enough for ________ then it must be good enough for me.” They’re often found within sports ads to promote athletic products.

                          

Lebron James Nike Ad

The idea is to create an ad and product which appeals to your target market. By doing so you create a customer product which people desire. 

The basis we focused on were the Four P’s of marketing, Product, Price, Place, and Promotion. These four points were how many of our group based projects were run.  We had several presentations in class in which we had to inform the class and analyze an Ad or idea regarding marketing in which we applied the four P’s to explain our point. These helped us analyze our topic and explain it to the rest of the class.

We learned how to apply certain formulas to acquire a break-even point, the amount in terms of money that we needed to reach to not lose money.  We also learned how to set prices to make revenue with several other equations. We had a group excel project in which we analyzed a company versus the industry and determined the break-even points and amounts of revenue, then analyzed the success rate for each.

We used all the knowledge we obtained during the semester to create, advertise, and successfully orchestrate an event for a charity organization of our choice. We soon found out how teamwork is also a key factor in marketing along with knowing how to efficiently utilize all of the knowledge learned from studying marketing.

                             

There is so much more to learn about marketing. The industry is ever changing, so as marketers it is our job to utilize our knowledge and keep up to date on the world changing around us. Marketing is everywhere and it’s a part of our everyday lives.

                                    

BDS Suspension Marketing

BDS Suspension is one of the leading manufacturers of some of the top -quality suspension systems available today. BDS prides themselves on providing an above average quality ride while also providing the toughest suspension system ready for nearly any terrain you could imagine. Not only do these amazing setups provide ride quality and strength but they also can add to the looks of whatever vehicle you are setting up with this awesome suspension.

 I’ve done a lot of research into the distribution factors behind BDS and how they keep up an image as the “best of the best”. They take a lot of pride in what they offer for products and expect their distributors to do the same. BDS offers top suspension for a variety of different vehicles with an array of products from shocks to lift kits; traction bars for the more torqued trucks as well as coil overs for the showier trucks.  Whatever the product, you can expect the best from BDS.

WHAT ARE THE EXPECTATIONS FOR BDS DISTRIBUTORS?

            BDS holds a high standard for not only their suspension systems but also those who sell their products. When becoming a distributor some of the requirements are as follows (From the BDS website)

·      Must have a retail, storefront location and be considered the go-to suspension expert in the area.

·      Agree to recommend, advertise and promote BDS Suspension as primary suspension line.

·      Place an opening inventory order, the amount to be mutually determined based on monthly/annual suspension sales.

·      Provide on-site installation facilities and experienced suspension technicians.

As you can see BDS markets their product as being the best. They expect their distributors to also be known as the best in their suspension expertise. On top of being the best at installing, they’re required to advertise BDS as their primary suspension system that would essentially place them at the top for any customer recommendations toward a top of the line suspension setup.

 Now what does this have to do with marketing? By providing such strict criteria for the people selling their products they ensure a front- line source of advertisement at every place that sells their product. Not only does it ensure professionalism it provides a sense of comfort to the customer in that they know that BDS is the best or they wouldn’t be advertised as such.

HOW ELSE DOES BDS ADVERTISE?

Aside from having distributors all over the world and television or internet commercials, BDS provides advertisement in several other ways. All over the United States there are a numerous amount of truck shows in which displayed are some of the most customized vehicles around. At these events, with thousands and thousands of attendees, there are people sponsored by BDS to advertise their products; as well as informational booths for BDS with displays of their products.

BDS has also made several iconic custom trucks to show off their products. These trucks are displayed in many of the product ads for BDS. They appear at shows and their primary function is to show off the durable, yet quality ride, provided through their product; while putting a face to their brand name.

PRICING

As expected when buying a quality item you’d expect to get what you pay for. You want the quality to reflect the price. The same applies here with BDS; the customer gets the most quality in the product; however, you pay the price for it. You can pay anywhere up to $10,000+ for some of the top of the line coil over kits with all the works.  That isn’t cheap by any means however as I stated the quality is impeccable.

THE BENEFITS OF BDS

As I’ve reiterated, the products from BDS are the “best of the best”. BDS prides themselves in maintaining a factory ride while providing their customers with unbelievable suspension setups. The benefit is unbeatable and that is worth paying the price for their unlimited lifetime warranty. They’re so proud and sure of their product, if something wears out, goes wrong, or breaks, send it back and they replace it, no questions asked. What more could you ask for in a suspension setup that is as surefire as the ones offered by BDS?

Check out more of their awesome lifts for yourself at:

http://bds-suspension.com

YETI

Hello everyone.   Today I’d like to examine a brand with a product lineup which I find extremely AWESOME! What is this brand with such an impacting lineup you ask? Well, this is a brand built tough like Ford. It is built for maximum utility and quality like that of an Army grade tank. It is designed for those who love the outdoors but don’t love the struggles of keeping the cold in and the warm out or vise versa. What is it? It is the YETI thermal lineup!

Yeti is a design for those who love the outdoors. It is a product that is designed to keep your colds cold and your hots hot longer than any product on the market. If you are interested in the outdoors in any way you are probably familiar with the Yeti product line. Yeti does a more than sufficient job making themselves known in the outdoor world. If you want a top of the line, quality cooler that is built to last then take a look at the Yeti lineup at:

http://yeti.com 

Now let’s get into the marketing aspect of this brand that in my opinion makes it more successful over the competitors. Using the S.W.O.T analysis we can look deeper into the successes and non-successes in the marketing strategies of this well-known company. As successful as they are, there is always room for improvement and there are always outside factors, which can lead to altering the demand for a product as popular as Yeti. Let’s begin!

STRENGTHS:

The founders of Yeti saw a need for a quality thermal product to suit the needs of the consumers. They saw a market for such a product and using their handyman abilities they got to work constructing such a product.

What helps make them so successful is their lasting impact on the minds of the consumers. I can’t recall when I saw my first Yeti commercial; however, I do remember exactly what it was. They advertised for a built tough cooler, that kept ice longer, and was bear proof!

Now I don’t know how many bears the buyer of this cooler will run into, but I do know I have some mischievous pups that like to chew my coolers up. So I was in the market for a cooler that was PUP PROOF, and that was a selling point for me. Also being a big hunter I look for a cooler that can take a beating in the back of my truck or bouncing around on my boat. They also covered that concern.

They have proven in their commercials that they have built a cooler to last through anything you can throw at it.   But they also have reinforced the quality of the product by using an endorser from a popular name in the outdoor world, Jim Shockey. By using this it creates a sense in the consumer that, if the great Jim Shockey approves Yeti then it has to be the best of the best.

            On top of these crucial attributes to their marketing strategy Yeti offers a wide array of products from bottle opener to thermal cups and cozies to multiple cooler options.

From first -hand experience; as I own several products form Yeti, I can attest to their products.   They’re more than top of the line products, they’re the best thermal product I’ve ever owned.

When purchasing any of the Yeti products they draw you in more by providing you with multiple marketing ploys. As I received my Yeti cooler, within the product I also received stickers, catalog books showing off their other products, a pamphlet giving background to the product and its sponsors and how they created their products. They continued to explain their love for the outdoors and their struggles with previous similar products, which encouraged the creation of Yeti. I think that these aspects where beneficial in that it creates a relationship with the customer and makes it so that the customer can feel comfortable and relate to the love for the outdoors and the struggle of a below quality product before using Yeti.

I could go on and on about the strengths of Yeti and their marketing strategies, continuing to display the successful ads and contributions to their company which led to such success; however, they aren’t simply the perfect company. They do have weaknesses in which they could improve to help their success.

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WEAKNESSES:

Being a consumer that searches for quality in a product, I can relate to the idea of you get what you pay for. Meaning if you want quality you’re going to have to fork out the $$$. Cash is king in this world and for a quality product such as Yeti the consumer is willing to pay a little more for a product that will last. Key words “A LITTLE MORE!” One of my biggest complaints about yeti is the fact that their products are so expensive. I find this a huge weakness in that many consumers can’t afford to buy their product. I know I couldn’t, mine were gifts! I got a colster to keep my beverage cooler in the summer climates.  I love it but it cost nearly $40!

Also, I received a Yeti Tundra 35 cooler as a gift. I had wanted one for as long as I’ve known about Yeti but at $300 for a cooler that holds only 20 drinks I just couldn’t afford that.

 Now that’s just for the Yeti 35, an avid hunter/fisherman uses a cooler to keep his game fresh while miles in the woods or at sea.  The Tundra 35 is the perfect setup for such needs.  It is even advertised for such purpose. However, at nearly $1,300, I can’t imagine many outdoor lovers are jumping to purchase that cooler.

As I said previously, these products are built for quality and build to last. The mindset is that this is the one and only cooler you will need to purchase so spend the money on a cooler that will last.

OPPORTUNITIES:

After seeing the grand success from coolers to colster to ramblers, Yeti has seen a market expand itself dependent on their target market. They started by designing a cooler to keep food and drinks colder longer. Seeing the success they achieved they found an opportunity to create coffee cups to keep heat in longer. Expanding upon that they found the use for bigger coolers outside of beverages and foods. They found a use to keep processed game colder for a longer duration of time. This company has grown so much that they could sell ice to Eskimos. Using their name on just about any outdoor product would produce a feeling of reliability and quality among consumers. When the consumer sees Yeti they will know exactly what kind of a product they’re purchasing. The options for expansion for Yeti are limitless.

THREATS:

However, these attributes are mostly in the favor of Yeti and they have created markets which would attract the concern of competitors trying to take over the market. Although Yeti is the best thermal cooler brand out there right now they have spurred the creation of competitors looking to get a jump in this market. The strategies of the competitors mostly rely off of the pricing of Yeti. The products are extremely similar to that of Yeti.   The construction is the same; however, the pricing is drastically more reasonable. The only problem these competitors face is the brand loyalty which Yeti has created by producing the highest quality product in its market.

Some of the competing products similar to the Yeti Tundra

Orca 40 Quart Cooler

25 Quart Bison Cooler

Pelican ProGear 65 Quart Elite Cooler

Esky Series 85 Quart Cooler