Final Project - Display Advertisement

Marketing Mix - Price

The tricky part about selling an item to individuals is how do you get them to pay what you want them to pay. How does a company make a profit, but make the customer believe they are getting value for their dollar. “The price the company charges will fall somewhere between one that is too high to produce any demand and one that is too low to produce a profit.”(Marketing an Introduction, Armstrong/Kotler, pg. 5 of 59) There requires a happy medium when pricing an item, a way to keep the company above water while giving the customer value. To achieve this idea of value, “…pricing starts with customers and their perceptions of value.” (Marketing an Introduction, Armstrong/Kotler, pg. 5 of 59) Perception of value is the key, the customer must feel that they are getting the most bang for their buck, and also want to do it again. It is important that the customer feel that they are getting a “deal” or even that they are taking advantage of the seller. Our company will price the Febreeze Sport Extreme Odor Eliminator at $5.76 which is a profitable sell price for the item. We believe this price point will allow the customer to feel that they are getting value for their money and will create profit for the company.

Marketing Mix - Distribution

How can we as a company get our products to our customers in a manner in which is most effective and does not cause loss. “Resellers, physical distribution firms, marketing services agencies, and financial intermediaries,”(Marketing an Introduction, Armstrong/Kotler, pg. 7 of 52) are solid ways to achieve the goals of distribution to the customers. We will use these channels to achieve an optimum insertion of our product into the market. “These include wholesalers and retailers who buy and resell merchandise. Selecting and partnering with resellers is not easy. No longer do manufacturers have many small, independent resellers from which to choose.”(Marketing an Introduction, Armstrong/Kotler, pg. 7 of 52) These distribution streams must be used to gain maximum penetration into the market and reach our customers on every level. The use of Internet sales will be utilized as well to ensure that anyone who wishes to buy our product can be reached. To make an attempt to cover the entire gamut of distribution would be quite costly and almost impossible to do, but our goal is to ensure that our target audience be reached and satisfied with the methods we provide to complete their buying experience. We must ensure that every and all channel be available to our customers, so we will explore how our buyers buy. Men in our target market tend to shop online, at major convenience stores, and sporting good stores. We will use distribution firms, and marketing service agencies to penetrate these venues to get the product out.    

Marketing Mix - Promotion

The promotion of any item is key to reaching your desired market. If you as a company are not able to reach your target audience then your company is doomed to failure. Promotion can be tricky because, “The concept of integrated marketing communications suggests that the company must blend the promotion tools carefully into a coordinated promotion mix. But how does the company determine what mix of promotion tools it will use?” (Marketing an Introduction, Armstrong/Kotler, pg. 13 of 53) For our product we will utilize consumer advertising as our main form of marketing. Since, “Advertising can reach masses of geographically dispersed buyers at a low cost per exposure, and it enables the seller to repeat a message many times. For example, television advertising can reach huge audiences.” (Marketing an Introduction, Armstrong/Kotler, pg. 13 of 53) That is the goal of our company to reach as much of the target audience as possible, which will provide us with maximum penetration into this market. When we achieve this, we can assume record sales of our product throughout the world. It is also helpful that the public naturally views national advertising as a legitimizing factor to any product. If it is on television or radio, or the Internet it must be true. We will harness the power of all those mediums to reach our market and create a household name for the Febreeze Sport Extreme Odor Eliminator amongst the male population. It will become the quintessential item found in every man”s home once our marketing promotion is complete.

Objectives

When discussing a companies objectives one must think of where these objectives come from. The “broad mission leads to a hierarchy of objectives, including business objectives and marketing objectives.” (Marketing an Introduction, Armstrong/Kotler, pg. 9 of 43) The mission statement we wrote wants to create a pleasant immediate environment while remaining environmentally friendly. To achieve this we will spend money in R&D. “Research and design is expensive and requires improved profits to plow back into research programs.”(Marketing an Introduction, Armstrong/Kotler, pg. 9 of 43) So we need to be profitable to achieve our goals for our company. We must create profitable relationships with our customers that will drive the need for our product. Our objectives will drive the need for eco-friendly solutions to making rooms, cars, gym lockers, and the like to have a need to be freshened by Febreeze Sport Extreme Odor Eliminator. Our objectives include men being taken seriously through advertisements and an overall re-teaching our society that men care about their environment and themselves. Men will no longer be sweaty animals that could care less about our eco-system. They will be looked upon as compassionate, intelligent, and clean smelling.

Week 9 EOC: 3 Great Mission Statements

The three mission statements that I found the most interesting were written by Kayleigh A Bloomfield, Holly Vivian Burke, and Tharindu Wijesekara. In my opinion these three mission statements were well thought out, and written very well. In Kayleigh’s mission statement I thought she did a great job of targeting her market and their needs when she stated, “Our mission is to pin pointing the needs of our target market, males between the ages of 18 & 27. We plan to not loose sight of the above statement and keeping with the brands classic style all the while providing competitive pricing and exceptional product for our mostly college student target market.” This was a very specific, and well-stated statement that really let me understand where she felt the company needed to be headed. Holly Burke did a great job with her mission statement as well. She stated that the company would “…introduce Fabreeze to a new section of customers. This will take this trusted product to almost universal acceptance as THE must have household necessity.” I believe this to be a strong statement and goal of the company. The third mission statement I enjoyed was Tharindu’s because of its direct and concise approach. He stated. “what we sell is healthy and it gives you strength, and that’s why the customers buy our products before any other products. “ A very simply put, and strong statement that defines his company. Brilliant.

EOC Week 8: Disastrous New Products

There are many products that are made that do not exactly last the test of time. According to Frank Pinto there are 2000 new products that are released to supermarkets every year. Only 5 of these items will actually become a staple item in the market, and the rest will dissapear. I have thought of three items that I think would be very bad ideas to market. Coffee flavored peanut butter. It just sounds all kinds of bad on any sandwich. The second is a touch screen that would attach to your stearing wheel that would allow you to text and drive. A motorist favorite! I am sure you local highway patrol officer would love that one. The third item I have come up with is, a cigarette shaped teething device for babies. Your baby can teeth while developing a new habit all at the same time. All these items are truely horrible, and at least one of them will have the government force you to cease and desist immediately. Hope you enjoy these disastrous ideas. Or not.