I walked into my COMM 363 (Marketing Analysis) not knowing what to expect from it. I realized that it was one of the most intense courses I have ever taken in my entire university life. However, I learned a lot of things about marketing, which I can use in other courses and the real working environment, as well as certain soft skills that I have acquired while working in groups.

Overall, the course COMM 363 (Marketing Analysis) has taught us the proper format and structure of analyzing cases. The first step includes determining the main and sub-issues of the case. A main issue would be the general problem that the company must solve. An example of a main issue would have to increasing market share by 16% in 2011. Moreover, the sub-issues would include share declines, growth in private label merchandise, expansion of health and organic products, dwindling customer loyalty and the trend of consumers focusing on value. After determining these issues, we then proceed to developing alternatives or marketing strategies in order to address these issues. An example of an alternative that we can use to address the main issue mentioned above would be having to compete more aggressively on price. This alternative involves reducing the prices on most products throughout the store, thus appealing to budget-conscious consumers (implementing lower prices relative to competitors). We would usually list down the advantage or disadvantage of each alternative and rank them from low to medium to determine if the benefits of the alternative would outweigh the cost.

We don’t just evaluate the alternative on the basis of ranking its advantages and disadvantages. We come up with qualitative and quantitative tools, which serves as a decision criteria for determining which marketing strategy is most optimal for the company. It also serves as a way for further analyzing the company and industry. For every case, our team would usually come up with a SWOT analysis, Porter’s Five Forces analysis, and a marketing mix strategy of a company and a list of pros and cons for each alternative in order to get better insight of the industry and better evaluate the decision. We also employed these tools by analyzing the strengths, weaknesses, opportunities, and threats of the industry during the beginning in order to come up with a main strategy for succeeding in Markstrat. We also used the pros and cons tool when choosing decisions among alternatives when conducting a decision to make each week for Markstrat.

In addition, we also used quantitative tools when making decisions of which alternatives to choose when analyzing cases and when making a decision in Markstrat. Examples of tools we used include coming up with a positioning map of estimated total sales and current estimated market share and a comparison of a chart of household penetration between two countries. As for Markstart, we would often calculate ROI and come up with Excel calculations in order to decide how much sonites to produce for each location and customer.

Learning how to properly analyze cases would be useful in future marketing and business courses, which require us to create business plans or conduct extensive market research and analysis. An example would be how we would be able to use our knowledge on how to use quantitative tools when conducting the market data analysis project required for COMM 365 (Market Research) project. The majority of the commerce marketing courses also require us to employ our analytical, decision-making, and verbal skills (oral and written) as we would probably be required to engage in projects, which would require us to identify target markets, position products, develop alternatives, and evaluate alternatives based on a certain decision criteria. Conducting this type of marketing analysis would also be useful in courses such as COMM 390 (Business Writing) where we are required to come up with a business plan. Hence, we could use the structure and format of conducting marketing analysis when writing up the marketing section of the business plan, or when playing with the numbers in order to determine optimal strategy for the business.

This structure of conducting marketing analysis can be applied when we work in a company, which requires us to conduct extensive analysis of both qualitative and quantitative data. A friend of mine used to intern in a company called Tealeaves, where she was required to create an excel data of how much packaging of tea has been shipped in their various warehouses around the world. Moreover, knowledge of how to create an Excel data and play with various numbers was used in her job. The COMM 363 (Marketing Analysis) course has definitely strengthened our marketing, analytical, and decision-making skills, and knowledge of how to conduct extensive market research, which we will use when the companies we work in, and positions we attain in our future jobs require us to do certain tasks, such as compiling excel data, analyzing household penetration, whether a new product will be successful in the market, and in other tasks.

The marketing in the news portion of the class where our classmates would report a news about marketing every week before we begin class discussions has helped me develop a desire to become more aware of what is happening the marketing and business segment as I used to not pay attention and be aware of these things before I took the course. I also learned how to think more critically and analytically in terms of analyzing how marketing trends are changing from past to present times.

Lastly, the main take away I was able to get out of this course was being able to develop excellent time management and teamwork skills. Our group first started out very disorganized, and we would usually meet the day before a case is due or three hours before a Markstrat decision would need to be made. I finally learned that we needed to do better in managing our time and set goals and objectives in order to do better in this course. Hence, I took the initiative to come up to my group mates and tell them that we need to set goals and consistent meeting times in order to do better. Hence, we decided to meet every Friday before a case is due with ideas brainstormed and researched, and every Thursday for Markstrat. Overall, I learned how setting goals, objectives, and consistent meeting times is very important in order to succeed in group projects.

It is not important for marketers to have excellent leadership, teamwork, and interpersonal skills, but it is important for marketers to display productive behaviour in the workplace. Ashely Zeckman mentions in her blog 5 Tips for Marketers to Change Bad Habits and Increase Productivity, that productivity starts with eliminating bad habits that distract us from getting our work done in the workplace. It first starts with identifying bad habits, then working to slowly change those bad habits. An example would be reducing the amount of time one spends checking one’s email or Facebook account to twice a day instead of every hour. By doing this, a worker increases the amount of time they have to accomplish certain tasks.

Ashley Zeckman also states that one must not make too many changes at once as it might be overwhelming, which may lead not making any modifications in one’s lifestyle. An individual could start doing small changes such as arriving 10 minutes earlier to work or bringing packed meals to work instead of buying fast food. If these changes are constantly repeated, bad habits can be transformed into good habits. It is important not only for marketers to develop good life habits, but also for everyone in the workplace. If the workplace is filled with workers that display good habits then productivity is most likely to occur.

As a marketing student, I develop good working habits by getting things done right away, and not leaving everything to the last minute. I aim to bring a pro-active and positive attitude in the workplace in order to innovate my workers to develop new ideas for the company, and to accomplish tasks.

http://www.toprankblog.com/2012/10/5-tips-for-marketers-to-change-bad-habits-increase-productivity/

I recently attended the first pre-conference workshop of the year entitled “So You Think You Can Brand?” on October 29, 2012 from 6:00 pm-7:30 pm at the Birmingham Lounge, Henry Angus in the Sauder School of Business. One speaker for the event is Chris Dallin, Director of Branding and Design, Karacters Design Group, at DDB, Canada’s most awarded agency for 10 years running, and a truly seasoned professional when it comes to handling million dollar campaigns and delivering impeccable brand strategy to clients.

Chris Dallin talks about the importance of branding in marketing. He mentions that branding has various definitions and depends on how one defines it. He defines branding as doing one’s best in delivering the best products and services to consumers. On the other hand, other people define branding as creating a unique image for the product in order to attract various consumers. The brand a company will develop for its product depend on its definition.

Branding has three aspects, which are relevance, coherence, and participation. He mentions that the product must have some relevance or use to the consumer for them to purchase it. It must be coherent, meaning that the quality of product they sell to consumers must be consistent. An example is how the taste of a Starbucks coffee must be the same for all consumers. Any difference in the taste of the coffee allows the consumers to question the credibility of the company’s brand. The product must encourage participation among consumers to purchase the product. A company will not succeed even if the product is relevant and coherent if no one is willing to purchase it.

Lastly, he mentions the various stakeholders involved in branding, which are the art director, the strategist, graphic designer, marketing director, and others. Each of these roles must not only have knowledge in marketing in order to succeed, but he must also have knowledge of some graphic and art design in order to work well with the other stakeholders in branding.

Louis Vuitton has established itself as one of the most high-end brands in the fashion industry. Its product is similar to other high-end fashion brands such as Prada, Gucci, Celine, Fendi, and Hemes. Its success and ability to remain in the market is because of its effective marketing mix.

• Product: Louis Vuitton has successfully established its own unique identity in the market place where people know the “LV” brand as opposed to just simply another high-end brand. In his article “Marketing Principles of Louis Vutitton,” Shin’ya Nagasawa (2008) mentions that Louis Vuitton is known for its “adequate product quality”. “Adequate product quality” refers to having “fitness for use” and “conformance to requirement”, which means that the handbags are very easy to carry. Louis Vuitton has established itself as a handbag that has a unique quality that makes customers choose between Louis Vuitton or nothing when shopping for handbags.
• Price: Shin’ya Nagasawa (2008) states that general consumers demand goods that have lower prices. However, Louis Vuitton chooses to price itself in terms of value rather than price, which is why they choose to mark its products at a very high level. Value refers to the benefit consumers receive for what they give. Louis Vuitton offers customers high-value products through its quality and brand. Its high-price makes consumers feel that they are part of an exclusive society when they carry a Louis Vuitton bag. It is relates to conspicuous consumption.
• Place: Louis Vuitton chooses not to sell their products in department stores, and instead establishes individual high-end Louis Vuitton stores. Their decision to limit its distribution channel is done in order to make consumers feel that Louis Vuitton is such a valuable product as its stores few in number
• Promotion: Louis Vuitton advertisements mainly consist of celebrities. This is done in order to target the affective component of consumers’ attitudes by allowing them to feel a certain emotional connection. It gives consumers a social reference group that they are part of a group of celebrities.

References:

Nagasawa, S. (2008). Marketing Principles of Louis Vuitton. Waseda Business & Economic Studies 2008 No.4, 44, 41-54. Retrieved October 19, 2012, from http://dspace.wul.waseda.ac.jp/dspace/bitsStream/2065/33711/1/WasedaBusiness%26EconomicStudies_44_Nagasawa2.pdf

Fashion blogging has become extremely popular and is currently being followed as a career for many young people. An example of a person who has chosen fashion blogging as a tool for her career is the famous Filipino-Chinese fashion blogger named Trisha Gosingtian. Trisha Gosingtian is a 23-year old photographer-turned-blogger from Metro Manila, the Philippines. She started her blog “Tricia Will Go Places” way back when she was doing a street style photography stint for a newspaper when she decided to upload her work from this project online. She wasn’t able to sustain her blog because of her busy schedule in college, so she sustained it by posting photos of herself. People then started following her blog until it became her main business. The fashion blogger has become one of Lookbook.nu’s top 10 fashion inspirations, a top blogger on Tumblr, and a “style icon” on Chictopia. Tumblr has chosen her to be one of the top 24 fashion bloggers in the world and the only blogger from Asia sent to cover New York Fashion Week.

Fashion blogging has not only been used as a tool by young people to brand and promote their sense of style, but it has also been used by many companies to promote their brand through endorsements and sponsorships by their chosen fashion blogger. Trisha has becoming a product ambassador for Forever 21, has worked with Bayo (a famous Filipino clothing store) and Heima (a famous Filipino furniture shop).

http://amsdaily.net/2012/07/14/success-story-tricia-gosingtian/

http://ph.news.yahoo.com/top-10-girls-20110226-040900-914.html

A lot of advertisements have used celebrities as a way to attract viewers. I agree with claire grayston‘s blog that Macy features seven celebrities instead of just one or two in order to attract a huge demographic both young and old. Another idea of Macy’s that I find appealing is it targets the affective component of a consumer’s attitude by making them feel that they are in a dream-like celebrity state when they are shopping. It gives audiences the message that they will feel luxurious when they shop at Macy’s.

The featuring of celebrities in advertisements is also used indirectly as a social reference group for various consumers. It makes consumers aspire to be part of an elite group. The commercial gives audiences the idea that they are part of a group of celebrities when they shop at Macy’s. In my opinion, the need for consumers to feel like they are part of a certain group satisfies both their love and esteem needs in that it makes them feel that they are part of some luxurious group, which boosts their level of self-confidence and satisfaction in life.

The use of celebrities has been a popular and effective marketing strategy advertisers have used to convince consumers to purchase their products. Consumers can relate to the celebrity, motivating them to purchase the celebrity’s associative product. Companies such as Nike often create celebrity endorsement contracts for celebrities to endorse their product. This allows the consumer to continue to keep tabs on every new item the celebrity endorses, so that they will purchase it.

Menchie’s differentiates itself from other yogurt stores through its vision to provide a unique and friendly culture. The company’s products aim to serve all types of customers, regardless of economic or ethnic background. However, the company mainly attracts children and families. It targets its audience through its customer and product excellence.

Menchie’s website talks about how customers experience the Menchie’s environment when they purchase yogurt. When a customer first walks into a Menchie’s store, the staff dressed in uniform automatically greets them. The customer then goes to the yogurt station to taste various yogurt flavors, to the topping station, and finally to the counter. Its interior is also filled with fuchsia and lime green colors in order to create a warm and friendly environment.

Menchie’s yogurt contains a good source of calcium as it is made with fresh milk from their own California dairy. The yogurt provides customers with a wide range of yogurt types, flavors, and topping, which they continue to develop and expand. It provides non-fat, low-fat, dairy, non-dairy, tart, sorbet, sugarless, and low-carb yogurts. This allows the product to not only target children and families, but also to health-conscious people.

The product is priced by charging a dollar per ounce to target customers of all economic backgrounds. Lastly, Menchie’s promotes its products through a variety of ways, such as videos on its website, celebrity endorsements, social media platforms, and free sampling of yogurts. Menchie’s has definitely developed an excellent marketing strategy, as it is able to generate one billion in sales and expand over to 2000 stores globally. The company could improve sales by reviving its previous marketing strategy back in 2011 of offering free toys, stickers, and stamps for every yogurt a consumer purchases. They could also cut down costs by monitoring the free tasting samples they offer, and expand by offering more products such as smoothies.

http://www.qsrmagazine.com/news/menchie-s-revamps-its-strategy-toy-story

Hello my name is Demi Dy Chua. I am currently a third year marketing student at the Sauder School of Business. My passion includes fashion marketing and merchandising. I love to travel, shop, eat, and hang out with my family and friends during my spare time.