"Measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved"-Marketing: An Introduction, Armstrong/Kotler pg.58
Flow of different target markets, old and ne advertisements, and production of the vodka will be strictly kept close to the eye with a team whose sole purpose is to record and make any updates at the top of the hour to make any further corrections within our business. This will surely put us ahead of the game.
"Checking ongoing performance against the annual plan and taking corrective action when necessary" (Marketing: An Introduction, Armstrong/Kotler pg.58
Tuesday, June 14, 2011
Final Project: Marketing Mix - Price
"A firm can set prices to attract new customers or to profitably retain existing ones. It can set prices low to prevent competition from entering the market or set prices at competitors’ levels to stabilize the market." - Marketing: An Introduction; Armstrong/Kotler pg. 18
Since our our bottles' appearance and experience last longer than the actual vodka itself, consumers can expect to pay $94.99 for the finest forty-four ounces of vodka one can buy. One must not forget that not only is the bottle and the six glass shots keepers for when all of the vodka is consumed, but the seashells inside the bottle are exquisite gems themselves.
"Some psychologists argue that each digit has symbolic and visual qualities that should be considered in pricing. Thus, 8 is round and even and creates a soothing effect, whereas 7 is angular and creates a jarring effect."- Marketing: An Introduction; Armstrong/Kotlernpg pg. 42
Since our our bottles' appearance and experience last longer than the actual vodka itself, consumers can expect to pay $94.99 for the finest forty-four ounces of vodka one can buy. One must not forget that not only is the bottle and the six glass shots keepers for when all of the vodka is consumed, but the seashells inside the bottle are exquisite gems themselves.
"Some psychologists argue that each digit has symbolic and visual qualities that should be considered in pricing. Thus, 8 is round and even and creates a soothing effect, whereas 7 is angular and creates a jarring effect."- Marketing: An Introduction; Armstrong/Kotlernpg pg. 42
Final Project: Marketing Mix - Promotion
"Sales promotions are usually used together with advertising, personal selling, direct marketing, or other promotion mix tools. Consumer promotions must usually be advertised and can add excitement and pulling power to ads."(Marketing: An Introduction; Armstrong/Kotler; 13 Personal Selling and Sales Promotion; page 38 of 49)
Not only will Ring of Glory have television commercials aired and appear on billboards, but will offer bars free trials to see how consumers respond to the brand. Webstite will also be a liability in having some of our banners embedded. Our company will also offer any one a decent amount of money if they agree to letting our company blast their exterior with graphic designs of our product. This will truly help get the word out on our product
"Companies spend billions of dollars each year on promotion to industrial customers."-Marketing: An Introduction; Armstrong/Kotler pg 43
Not only will Ring of Glory have television commercials aired and appear on billboards, but will offer bars free trials to see how consumers respond to the brand. Webstite will also be a liability in having some of our banners embedded. Our company will also offer any one a decent amount of money if they agree to letting our company blast their exterior with graphic designs of our product. This will truly help get the word out on our product
"Companies spend billions of dollars each year on promotion to industrial customers."-Marketing: An Introduction; Armstrong/Kotler pg 43
Final Project: Marketing Mix - Distribution
"Giving a limited number of dealers the exclusive right to distribute the company’s products in their territories."- Marketing: An introduction; Armstong/Kotler pg 26
We will be exclusively distributing to major liquor shops in the city. Yes, access to our product will be limited but in return raise the value in our vodka and a quarter of the enjoyment will be purchasing our product and will give Ring of Glory a more sense of luxury. After all, you always want what you can't get.
"By contrast, some producers purposely limit the number of intermediaries handling their products. The extreme form of this practice is exclusive distribution, in which the producer gives only a limited number of dealers the exclusive right to distribute its products in their territories. Exclusive distribution is often found in the distribution of luxury brands and brands." - Marketing: An introduction; Armstong/Kotler pg 25
We will be exclusively distributing to major liquor shops in the city. Yes, access to our product will be limited but in return raise the value in our vodka and a quarter of the enjoyment will be purchasing our product and will give Ring of Glory a more sense of luxury. After all, you always want what you can't get.
"By contrast, some producers purposely limit the number of intermediaries handling their products. The extreme form of this practice is exclusive distribution, in which the producer gives only a limited number of dealers the exclusive right to distribute its products in their territories. Exclusive distribution is often found in the distribution of luxury brands and brands." - Marketing: An introduction; Armstong/Kotler pg 25
Final Project: Marketing Mix - Product
"We define a product as anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. Products include more than just tangible objects, such as cars, computers, or cell phones."- Marketing: An Introduction; Armstrong/Kotler pg 3
Our product is known as the belle of the ball, and for that what must strive to keep that reputation. Our vodka is 48% percent alcohol just so that the waters of the volcanoes can outweigh the alcohol and it will make it more improtant tyo the consumer from wher the alcohol originated from. Along with the dazzling cherry taste, the seashells inside will play a significant, but very small role. One must remeber that the true value in Ring of Glory lies within the experience.
"Broadly defined, “products” also include services, events, persons, places, organizations, ideas, or mixes of these." (Marketing: An Introduction; Armstrong/Kotler pg 3
Our product is known as the belle of the ball, and for that what must strive to keep that reputation. Our vodka is 48% percent alcohol just so that the waters of the volcanoes can outweigh the alcohol and it will make it more improtant tyo the consumer from wher the alcohol originated from. Along with the dazzling cherry taste, the seashells inside will play a significant, but very small role. One must remeber that the true value in Ring of Glory lies within the experience.
"Broadly defined, “products” also include services, events, persons, places, organizations, ideas, or mixes of these." (Marketing: An Introduction; Armstrong/Kotler pg 3
Final Project: Target Marketing Strategy
A marketing strategy consists of specific strategies for target markets, positioning, the marketing mix, and marketing expenditure levels." - Marketing: An Introduction; Armstrong/Kotler pg33
Our first approach toward our target market strategy is to distribute a whole bottle to local night clubs and casinos, with permission of course, and have a representative present to record any opinions, comments, suggestions and also make charts of the different consumers that were visible.
"It outlines how the company intends to create value for target customers in order to capture value in return." - Marketing: An Introduction; Armstrong/Kotler pg33
Our first approach toward our target market strategy is to distribute a whole bottle to local night clubs and casinos, with permission of course, and have a representative present to record any opinions, comments, suggestions and also make charts of the different consumers that were visible.
"It outlines how the company intends to create value for target customers in order to capture value in return." - Marketing: An Introduction; Armstrong/Kotler pg33
Final Project: Situation or SWOT Analysis
"Opportunities are favorable factors or trends in the external environment that the company may be able to exploit to its advantage." - Marketing: An Introduction; Armstrong/Kotler pg. 31
Our strenths are what makes us truly valuable. The appearance and our taste are what makes stand out from the rest and is what only matters to our consumers when they experience the delicious taste of the Glory. We seek every opportunity to promote and advertise take to help get the word out on our luxurious vodka without having to rely on word of mouth.
Our strenths are what makes us truly valuable. The appearance and our taste are what makes stand out from the rest and is what only matters to our consumers when they experience the delicious taste of the Glory. We seek every opportunity to promote and advertise take to help get the word out on our luxurious vodka without having to rely on word of mouth.
"The marketer should conduct a SWOT analysis, by which it evaluates the company’s overall strengths (S), weaknesses (W), opportunities (O), and threats (T). Strengths include internal capabilities, resources, positive situational factors that may help the company to serve its customers and achieve its objectives."-Marketing: An Introduction; Armstrong/Kotler pg. 31
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