My Five takeaways are:
- Four P’s of Marketing
- Supply Chain
- Store layout/product placement
- Guerrilla Marketing
Four P’s of Marketing
The four P’s of marketing are products, place, promotion, and price.
In the article I found they talk about some questions you should ask for each of the categories. The four P’s are a marketing model to help you decide on how to introduce a new product into the market. Each category helps you make a marketing plan for your product or service.
Segmentation relating to marketing is the process of breaking up the market into groups to define each groups needs and wants.
The article I found for this topic was about the market segmentation for tablets. Tablets when first introduced had huge growth rates but now they have slowed but still are growing. Companies are now segmenting their tablets into four main categories and target markets. The four main subdivisions are tablet PCs which aim to replace standard computers, tablets designed for kids, tablets designed for media such as apps and social media, and tablets designed for gaming. In order for tablets to keep growing and expanding companies have decided to make specific tablets for specific markets.
The market supply chain relates to how the product is produced, distributed, advertised, and available for consumers.
I found an article on the supply chain and the changing economy in China. One change is the direct connection with customers, more and more business’s are now business-to-consumer selling products directly to consumers especially with the internet users. In order for China to stay competitive they will need to increase there speeds. More and more companies are now making new products every month, changing their styling every week.
Store layout/product placement
The Store layout and placement plays an important part in selling products and keeping the store successful.
This article is about how big retail chains layout there stores and some tips and techniques they use. Window displays are important because they grab the attention of people as they walk by. Having a eye-catching display when customers walk in is important because it makes them slow down otherwise they often hurry through the store and buy a little. Stores should be grabbing the attention of customers with displays and other design techniques to make them stay in the store longer and by more items.
Guerrilla marketing is a strategy which uses unconventional means to draw people’s attention.
Guerrilla marketing is a great low-cost marketing strategy according to this article. This article talks about Beats headphones. During the World Cup Sony was the official headphone sponsor and banned all players from using Beats at matches and media events. Many star players still wore the headphones to and from practice and gained more media attention and gave a more credible support as they weren’t sponsored. Guerrilla marketing is a great low-cost strategy that can become very useful and greatly help your company.