Do you think holiday sales are becoming too much?
I know a lot of people get upset when they see christmas items out in september or october but for the most part this doesn't really happen in most companies. I have never walked into a store in september and have seen christmas decorations being set. I work at Target currently so I have seen when each season or holiday has been set for the store. We typically try to get the holiday items out a little more then a month before the actual holiday. This gives people the time to poke around and find things to decorate their homes instead of rushing a few weeks before the holiday. Now if some companies are setting up for christmas early in the fall then that is just ridiculous and unnecessary.
When we set for halloween we usually start in mid september and the say after halloween is when the thanksgiving decorations and items come out. Then the day after thanksgiving (so end of November) is when all the christmas items and decorations come out. We just finished setting our outdoor furniture about a month ago when it was still cold but people like to look through it anyways. It makes people happy to walk by it and think "yes! the outdoor furniture is out which means summer is even closer." Thats what I think whenever I walk by it and with the weather lately, we are selling a ton of it. I love when the halloween section is set in mid-september. It makes people excited for the season even though it is a month away, it is something to look forward to.
Even some of our summer clothing and bathing suits come out in January where as our winter coats come out in October and are gone by beginning of February. Retail works in an odd way but for the most part it makes sense, at least to me. Everyone asks why the bathing suits are out during that time and dont realize people are going on vacation to warm places at these times, especially in March. There is an explanation for everything and even if it doesn't seem to make sense, there is a reason why companies set it up the way they do.
Do you find stores such as Wal-Mart and Target to be very seasonal? If you go into either of these places to shop, do you enjoy the fact that they bring out the specific holiday items a little early helpful or more annoying?
Thursday, April 8, 2010
The Role of Price
What is price? Price is the value exchanged for products in a marketing transaction. Trading of products, or what is called barter, is the oldest form of exchange. Goods and services were exchanged among one another for other goods and or services. Barter still happens to this day and there are many people who service others for something in return, could be fresh fruit and vegetables rather then money. I actually worked on a vegetable farm one summer and the owner got certain tools and or equipment and in return the other person got fresh vegetable whenever they wanted.
Price competition is when a marketer emphasizes price as an issue and matches or beats the prices of competitors. This happens with most business because they are all trying to make sales and beat out the other companies. I work for Target and one of our major competitors is Wal-mart. They sell pretty much the same things as Target does but for a cheaper price. They send people into our store to check out our prices and in return we do the same. If all firms producing the same product charge the same price, the firm with the lowest costs is the most profitable. If all companies charged the same amount and had the same sales then it wouldn't matter what store you shopped at. A seller competing on price may change prices frequently or at least must be willing to do so and both Target and Wal-mart and other companies are willing to do so if they want to survive.
Nonprice competition occurs when a seller decides not to focus on price and instead emphasizes distinctive product features, service, product quality, promotion, packaging, or other factors to distinguish its product from competing brands. Thus this allows a company to increase brand's unit sales besides changing the price of the brand. Nonprice competition is effective under certain conditions. A company must be able to distinguish its brand through different product features, higher product quality, promotion, packaging or even great customer service. At Target we try to help every customer we can and focus a lot on customer service. The last place I want to shop is at a store where no one offers to help you. It's important for companies to focus on both nonprice competition and price competition.
Do you think most companies keep an eye on price competition and nonprice competition? We know Target and Wal-Mart watch eachothers product prices and compete for customers but what about other businesses? Especially with our current economic condition, do you think more companies are becoming or are price conscious?
Price competition is when a marketer emphasizes price as an issue and matches or beats the prices of competitors. This happens with most business because they are all trying to make sales and beat out the other companies. I work for Target and one of our major competitors is Wal-mart. They sell pretty much the same things as Target does but for a cheaper price. They send people into our store to check out our prices and in return we do the same. If all firms producing the same product charge the same price, the firm with the lowest costs is the most profitable. If all companies charged the same amount and had the same sales then it wouldn't matter what store you shopped at. A seller competing on price may change prices frequently or at least must be willing to do so and both Target and Wal-mart and other companies are willing to do so if they want to survive.
Nonprice competition occurs when a seller decides not to focus on price and instead emphasizes distinctive product features, service, product quality, promotion, packaging, or other factors to distinguish its product from competing brands. Thus this allows a company to increase brand's unit sales besides changing the price of the brand. Nonprice competition is effective under certain conditions. A company must be able to distinguish its brand through different product features, higher product quality, promotion, packaging or even great customer service. At Target we try to help every customer we can and focus a lot on customer service. The last place I want to shop is at a store where no one offers to help you. It's important for companies to focus on both nonprice competition and price competition.
Do you think most companies keep an eye on price competition and nonprice competition? We know Target and Wal-Mart watch eachothers product prices and compete for customers but what about other businesses? Especially with our current economic condition, do you think more companies are becoming or are price conscious?
Thursday, April 1, 2010
In response to Deanna's question
Do you think toyota can ever make it back on top again, where their standings once were? Would you ever buy a toyota since the recall problem?
I'am very dissapointed that toyota tried to cut corners and in the end dug themselves into a hole. It seemed like every week the news would release something else that went wrong with toyota and every week brought out a new issue with the vehicles. If toyota had been more honest in the from start then they may be more trusted but as of now I definitely wouldn't buy from them. I know it is mostly the newer models that are having all the issues. The older ones seem to last forever and are still in great shape.
I remember looking for cars and finding the 1998 toyota corolla in the news paper. I wanted it so bad and heard tons of great things about them including how long they last. That is still true to this day but the newer models have cost people their lives. Toyota has lost their cedibility to me but that isn't true for everyone. I know a ton a people who own toyotas including my friends and family. My father and grandmother own one but haven't had any problems because theirs are 2000-2003 models. Toyota should have just should have dealt with thier big problem from the start rather then try to cover it up because in the end the truth comes out and in this case made it even worse for them.
Will the company ever make it back to the top again? Sure they could make it to the top again but it will take a ton of work. They have to flip their customers and future customers attitude towards them right around if they have hope in saving the company. They need to be honest and try to rebuild their customer trust. I'm not saying this will happen any time soon or at all, but if it does it will take toyota years and years and years to rebuild their name. Now whenever I hear toyota I associate it will a company thats in trouble and the company whose cars aren't safe.
Do you feel as though people are going to buy a toyota car even after hearing about them in the news? Or will people start buying from other car companies such as nissan or ford? How about nissan and fords car sales compared to toyota, do you believe they have gone up since all of toyotas issues were released? Or are people still buying the older versions of toyota and staying away from the newer ones?
I'am very dissapointed that toyota tried to cut corners and in the end dug themselves into a hole. It seemed like every week the news would release something else that went wrong with toyota and every week brought out a new issue with the vehicles. If toyota had been more honest in the from start then they may be more trusted but as of now I definitely wouldn't buy from them. I know it is mostly the newer models that are having all the issues. The older ones seem to last forever and are still in great shape.
I remember looking for cars and finding the 1998 toyota corolla in the news paper. I wanted it so bad and heard tons of great things about them including how long they last. That is still true to this day but the newer models have cost people their lives. Toyota has lost their cedibility to me but that isn't true for everyone. I know a ton a people who own toyotas including my friends and family. My father and grandmother own one but haven't had any problems because theirs are 2000-2003 models. Toyota should have just should have dealt with thier big problem from the start rather then try to cover it up because in the end the truth comes out and in this case made it even worse for them.
Will the company ever make it back to the top again? Sure they could make it to the top again but it will take a ton of work. They have to flip their customers and future customers attitude towards them right around if they have hope in saving the company. They need to be honest and try to rebuild their customer trust. I'm not saying this will happen any time soon or at all, but if it does it will take toyota years and years and years to rebuild their name. Now whenever I hear toyota I associate it will a company thats in trouble and the company whose cars aren't safe.
Do you feel as though people are going to buy a toyota car even after hearing about them in the news? Or will people start buying from other car companies such as nissan or ford? How about nissan and fords car sales compared to toyota, do you believe they have gone up since all of toyotas issues were released? Or are people still buying the older versions of toyota and staying away from the newer ones?
Branding
What is a brand? A brand is a name, term, design, symbol or any other feature that identifies one marketer's product as distinct from those of other marketers. A brand name is the part of a brand that can be spoken (including words, letters and numbers) such as nike. With out a brand name a firm couldn't differentiate between products. When I go to a grocery store I typically buy the same name brands for all my products. Why do I do this? I do this because I know that to expect from them. I've used the same name brand product for years so I know I'm going to like it where as if I start buying a brand I've never tried before, who knows if I'm going to like it. So then I decide to go with the product I know and trust. This then leads us into brand loyalty.
I don't know about other people out there but what I do know is that I'am totally guilty of brand loyalty. Brand loyalty is when a customer has a favorable attitude toward a specific brand. Whenever I go out and buy a product I tend to get the same brand unless there is a really good deal going on. I do this because I know what to expect from this particular brand where as an unknown brand is unframiliar to me. I don't want to buy this brand if I'm not going to like it and then have to buy what I typically do,even if this different new brand is a few dollars cheeper. Most people stick to what they know. For me I always buy dove soap. I grew up with my mom always buying it so now I buy it even though there are a ton of different soaps out there. I know that I like dove soap and know what to expect from it therefore I will continue to buy it. This is brand loyalty because no matter where I go to buy soap, I always look for the dove brand of it.
What do you think about brand loyalty? Are you guilty of it as well? Do you think people typically stick to using the same brands? Or do they not care and look for what's the cheapest? How does price relate to branding?
I don't know about other people out there but what I do know is that I'am totally guilty of brand loyalty. Brand loyalty is when a customer has a favorable attitude toward a specific brand. Whenever I go out and buy a product I tend to get the same brand unless there is a really good deal going on. I do this because I know what to expect from this particular brand where as an unknown brand is unframiliar to me. I don't want to buy this brand if I'm not going to like it and then have to buy what I typically do,even if this different new brand is a few dollars cheeper. Most people stick to what they know. For me I always buy dove soap. I grew up with my mom always buying it so now I buy it even though there are a ton of different soaps out there. I know that I like dove soap and know what to expect from it therefore I will continue to buy it. This is brand loyalty because no matter where I go to buy soap, I always look for the dove brand of it.
What do you think about brand loyalty? Are you guilty of it as well? Do you think people typically stick to using the same brands? Or do they not care and look for what's the cheapest? How does price relate to branding?
Saturday, March 27, 2010
In response to Doug K's question
What factors most heavily impact your impulse buying? Do you think that companies can predict impulse buying, if so how? If not what can we do better to predict them?
I don't do much impulse buying anymore but I used to. Going into a grocery store or any store that has food, candy, soda and drinks is what we call impulse buying. These stores put these items there on purpose. They want you to impulse buy while you are waiting in line to check out. I know this because I've worked in a place like that before and I've been one who impulse buys while waiting line. Sometimes I hadn't had lunch yet or dinner so grabbing a candy bar for the ride home would hold me over till then. I can definitely control my impulse buying now for the most part but when I was young I had no idea.
Companies know that people tend to impulse buy while waiting in line to check out and they also set up these end caps at stores so people will be more likely to grab something as they walk by. I work at target and thats why our end caps are so important, that is where a lot of our sales come from. Companies can definitely predict impulse buying which is why check lanes are set up the way there are. Even having good deals on products or specials will help with impulse buying. I've gone into a store before not planning on coming out with what I did, but the deals were to good to pass up. Stores know what they are doing and plan on people to impulse buy.
If more and more people understood impulse buying and that companies do this to get you to buy, do you think people would still do it? Would they cut back on the candy bars and magazine spending as they wait in line? Or do people just not care and or notice?
I don't do much impulse buying anymore but I used to. Going into a grocery store or any store that has food, candy, soda and drinks is what we call impulse buying. These stores put these items there on purpose. They want you to impulse buy while you are waiting in line to check out. I know this because I've worked in a place like that before and I've been one who impulse buys while waiting line. Sometimes I hadn't had lunch yet or dinner so grabbing a candy bar for the ride home would hold me over till then. I can definitely control my impulse buying now for the most part but when I was young I had no idea.
Companies know that people tend to impulse buy while waiting in line to check out and they also set up these end caps at stores so people will be more likely to grab something as they walk by. I work at target and thats why our end caps are so important, that is where a lot of our sales come from. Companies can definitely predict impulse buying which is why check lanes are set up the way there are. Even having good deals on products or specials will help with impulse buying. I've gone into a store before not planning on coming out with what I did, but the deals were to good to pass up. Stores know what they are doing and plan on people to impulse buy.
If more and more people understood impulse buying and that companies do this to get you to buy, do you think people would still do it? Would they cut back on the candy bars and magazine spending as they wait in line? Or do people just not care and or notice?
Consumer Buying Decision Process
The consumer buying decision process is a five-stage purchase decision process that inlcudes problem recognition, information search, evaluation of alternatives, purchase and postpurchase evaluation. Everyone experiences problem recognition. It's when a buyer becomes aware of a difference between a desired state and an actual condition. For example I have a calculater that I use for all of my classes, but one of my classes requires a financial calculater, so I had to go out and buy a new calcualter to meet my actual condition.
Information search is the next stage. After one recognizes the need and or problem, the buyer then searches for product information that will satisfy the need. When I learned I needed a financial calculater I asked my teacher about the brands, then went for the cheapest one. Evaluation of alternatives is the third stage and states that a successful information search yields a group of brands that a buyer views as possible alternatives for possible purchase. Reading up on brands and customer reviews can help narrow your list and give you the best brand for your product.
The fourth stage is purchase and this is when the consumer chooses the product and buys it. The last stage is postpurchase evalutaion and this is something that everyone experiences. Maybe you buy something you have been wanting for a long time but it's expensive and you have bills to pay for. But then one day you buy it anyways and after you buy it you start to regret it and wish you never purchased it. This is called cognitive dissonance and I know personally I have experienced it many times. I love what I'm buying at the time but in a day or two I wonder why I every bought it.
Is there a time when you experienced cognitive dissonance after purchasing something? In order to avoid this feeling of cognitive dissonance should we think and do more research before buying a product? Is there to much impulse buying going on? What do you think about consumers and their spending habits?
Information search is the next stage. After one recognizes the need and or problem, the buyer then searches for product information that will satisfy the need. When I learned I needed a financial calculater I asked my teacher about the brands, then went for the cheapest one. Evaluation of alternatives is the third stage and states that a successful information search yields a group of brands that a buyer views as possible alternatives for possible purchase. Reading up on brands and customer reviews can help narrow your list and give you the best brand for your product.
The fourth stage is purchase and this is when the consumer chooses the product and buys it. The last stage is postpurchase evalutaion and this is something that everyone experiences. Maybe you buy something you have been wanting for a long time but it's expensive and you have bills to pay for. But then one day you buy it anyways and after you buy it you start to regret it and wish you never purchased it. This is called cognitive dissonance and I know personally I have experienced it many times. I love what I'm buying at the time but in a day or two I wonder why I every bought it.
Is there a time when you experienced cognitive dissonance after purchasing something? In order to avoid this feeling of cognitive dissonance should we think and do more research before buying a product? Is there to much impulse buying going on? What do you think about consumers and their spending habits?
Friday, March 12, 2010
In response to Liz's question
Do you think that the Ohio Department of Economic Development would be willing to work something out with John Smith or they would just take back their offer and go to another company who would just take the money and give them customer names?
I dont think that the Ohio Department of Economic Development would try to work something out with John Smith unless they really needed in the information. The information that John Smith has is pretty valuable for the Ohio Department because Smith has names and numbers to those who are going to buy a new car in the next year. The department may be willing to work something out with Smith, it's more of what John Smith is going to do with the information. He may be able to ask his customers before he sells the information if it is okay. If they say no then he wont give away their information but if they say yes then he can. This way he is staying ethical to his customers because if he went ahead and did it anyways, then he'd lose most of his current customers and probably the future ones as well. If the department cant cant the information they are looking for from John Smith they will just go to another company and find a boss or owner that doesn't care about the privacy of their customers information.
If you owned a business and were asked to sell your customers information, could you do it? Knowing that is wrong but will save laying off peoples jobs, would you sell the information anyways?
I dont think that the Ohio Department of Economic Development would try to work something out with John Smith unless they really needed in the information. The information that John Smith has is pretty valuable for the Ohio Department because Smith has names and numbers to those who are going to buy a new car in the next year. The department may be willing to work something out with Smith, it's more of what John Smith is going to do with the information. He may be able to ask his customers before he sells the information if it is okay. If they say no then he wont give away their information but if they say yes then he can. This way he is staying ethical to his customers because if he went ahead and did it anyways, then he'd lose most of his current customers and probably the future ones as well. If the department cant cant the information they are looking for from John Smith they will just go to another company and find a boss or owner that doesn't care about the privacy of their customers information.
If you owned a business and were asked to sell your customers information, could you do it? Knowing that is wrong but will save laying off peoples jobs, would you sell the information anyways?
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