So this is it.
I just finished my last HONB 200-02 Marketing Concepts class...
In this blog post I would like to outline my week that consisted of tying up some loose ends and preparing for our group presentation for Thursday's class. In addition, I would like to expand upon the usefulness of working with the MarketShare simulation. So here we go.
Going into our last marketing class of the year, we were knowingly going to have present our findings from our simulation results to the rest of the class. I knew the presentations were going to be interesting because of the intricate and complex nature of the simulation. Also, with this level of group-directed decision making, it was interesting to then see how other teams synthesized the same situation and approached their subsequent decision-making patterns differently. For our group, I was extremely pleased with our 55/45 push/pull strategy that was very conservative. If I was actually placed in a real life situation as a marketing manager, I would choose a similar approach to our marketing mix, especially after just taking over responsibility for the company. In subsequent periods, I would tailor the marketing mix to be more experimental in nature, possibly generating increased profits for the entire company. With more risk, comes more reward as the old adage says.
As far as the simulation itself goes, it definitely served as a great way for our conceptually-based class to put the topics previously discussed into direct action. Adding on to the fact that the group version of the simulation was an all-or-nothing deal, (we were not allowed to restart the simulation unlike the individual version of the simulation) it provided a real-life feel to the otherwise imaginary scenario. Our team made decisions with the weight of real-life repercussions on our shoulders, and when our team saw an increase in our company profit, gross margin, and subsequent stock price, we felt a real sense of achievement.
Also of note, was that the simulation really put something into perspective for me; I was previously unaware of how in-depth and complex marketing really is. I was fascinated with the overall notion that marketing is the psychology of business and that it relies on breaking down the habits of the most complex species on the planet- humans. All of the underlying decisions we make as consumers on a day-to-day basis really do, fascinatingly, have an impact on companies. As consumers, businesses pump millions of dollars into figuring us out and trying to predict our next move. And without remaining cognizant of the tendencies and preferences of current and potential consumers, marketing becomes stale and loses its effectiveness. Comparable with the subjects of history and politics, marketing can change on any given day or even any given moment. Due to this, I am really interested in potentially pursuing a minor in this area, or even even majoring in it. As a whole the simulation, although complex, was an extremely effective way to end the semester by acting as marketing managers.
Have a good week and I will talk to you next week after my final for this class.
Best,
Chris
Thursday, April 30, 2015
Friday, April 24, 2015
Week 14 Reflection
Let's do this.
That was the motto for this week as our class was split up into three teams consisting of three to four group members per team. Collectively, the task was to develop our own marketing plan and carry out our decisions over a six period interval through the MarketShare simulation program. Although we have had access to this particular simulation for over a month now, this time, we were not allowed to restart the simulation and go back at any time time. This time- as in the real world- every decision mattered.
My team, consisting of Thao, Samantha, and I set out to catapult our "Allstar" brand of liquid cold relief products into the upper echelon of cold brands. Utilizing an estimated 55/45 split between a push/pull strategy, respectively, we were able to drastically sharpen our company's image and craft the cash cow image we had hoped. Numbers-wise, our total revenue and gross margin increased, and subsequently, we were able to please our investors and shareholders with a higher stock price. This success over the six period mark was not immediate- only after the fifth period did our company show signs of exponential growth. This showed me that although term-to-term growth for a company may be stagnant at times, it is critical to implement a marketing plan in order to evaluate mid-term to long-term company growth and success. Without a marketing plan, a company not only suffers from living too much in the moment, but the company also suffers from a sever lack of direction and will become discombobulated as a result.
As to how our team actually accomplished to succeed through our marketing plan, we learned very quickly that planning only gets you so far. After each period, our team viewed the "industry report" tab in the simulation in order to stay up to date on new company products, industry sales growth, and tackled specific company-related problems. For example, our team was responsible for compensating victims who bought and used a tampered version of our product. Through this responsiveness to change, our company stayed nimble and was able to act accordingly given the context of the situations at hand. It is very evident that marketing managers must be adept at extrapolating important facts from a plethora of industry-wide data in order to lead their companies to success.
As for our real revenue-boosting decision, our team decided to introduce an "Allright" children's multi-symptom liquid cold remedy solution into the market. This expanded upon our adult version "Allround" which was previously on the market. The difference in formulation was that our children's version was non-drowsy formulated since it lacked the alcohol content of the adult version. Interestingly, the introduction stage for our children's formulation hurt our growth during that specific period. However, the product was a key contributor to our revenue growth and our net income jumped by 50% from period five to six. This goes to show that introducing a product takes time in order for early adopters and early majority members to buy your product.
One week of classes left. Have a great week.
-Chris
That was the motto for this week as our class was split up into three teams consisting of three to four group members per team. Collectively, the task was to develop our own marketing plan and carry out our decisions over a six period interval through the MarketShare simulation program. Although we have had access to this particular simulation for over a month now, this time, we were not allowed to restart the simulation and go back at any time time. This time- as in the real world- every decision mattered.
My team, consisting of Thao, Samantha, and I set out to catapult our "Allstar" brand of liquid cold relief products into the upper echelon of cold brands. Utilizing an estimated 55/45 split between a push/pull strategy, respectively, we were able to drastically sharpen our company's image and craft the cash cow image we had hoped. Numbers-wise, our total revenue and gross margin increased, and subsequently, we were able to please our investors and shareholders with a higher stock price. This success over the six period mark was not immediate- only after the fifth period did our company show signs of exponential growth. This showed me that although term-to-term growth for a company may be stagnant at times, it is critical to implement a marketing plan in order to evaluate mid-term to long-term company growth and success. Without a marketing plan, a company not only suffers from living too much in the moment, but the company also suffers from a sever lack of direction and will become discombobulated as a result.
As to how our team actually accomplished to succeed through our marketing plan, we learned very quickly that planning only gets you so far. After each period, our team viewed the "industry report" tab in the simulation in order to stay up to date on new company products, industry sales growth, and tackled specific company-related problems. For example, our team was responsible for compensating victims who bought and used a tampered version of our product. Through this responsiveness to change, our company stayed nimble and was able to act accordingly given the context of the situations at hand. It is very evident that marketing managers must be adept at extrapolating important facts from a plethora of industry-wide data in order to lead their companies to success.
As for our real revenue-boosting decision, our team decided to introduce an "Allright" children's multi-symptom liquid cold remedy solution into the market. This expanded upon our adult version "Allround" which was previously on the market. The difference in formulation was that our children's version was non-drowsy formulated since it lacked the alcohol content of the adult version. Interestingly, the introduction stage for our children's formulation hurt our growth during that specific period. However, the product was a key contributor to our revenue growth and our net income jumped by 50% from period five to six. This goes to show that introducing a product takes time in order for early adopters and early majority members to buy your product.
One week of classes left. Have a great week.
-Chris
Thursday, April 16, 2015
Week 13 Reflection
Welcome back everyone.
We are already thirteen weeks through the semester... Two more weeks plus finals week- it's crunch time in the semester...
This week's classes really served as the glue to tie up any loose ends we have had, especially Thursday's class. But before we delve into that, let's focus on Tuesday's class. This class focused specifically on "break-even analysis." This interesting concept that helps show the operating performance of a company was not entirely new to me. This is because we have discussed break-even points in my microeconomics class. However, what this class did teach me was the concept of a break-even analysis solely based from a company's proprietary perspective. I learned the formula the that accompanies the concept of break-even analysis:
Company Break-Even (Units): = Total Fixed Costs/ (SP per unit - variable cost per unit).
This formula enables the company to find the "point" at which the company generates enough revenue to cover its entire fixed and variable costs. It is at this point where the company will earn a profit of exactly $0. Therefore, by calculating this number, through break-even analysis, a company can use this to gauge how many units are needed to be sold. This is the bare minimum number, however, so this value serves as a "worst case" scenario hopefully for a marketing manager; if the company makes negative profit, the marketing manager has failed and will potentially lose his or her job.
Whereas Tuesday's class focused on cut-and-dry, methodical number crunching, Thursday's class served as a reflection day which focused on the softer side of marketing. We were able to ask any questions about the simulation and about marketing in general, which I took full advantage of. I was curious to know about the role of marketing managers, especially in the context of everyday operations in large organizations. What I learned is that brand managers are more prominent in this area as compared to marketing managers. In smaller companies and organizations, it is more common for marketing managers to tackle and oversee the entire marketing plan/strategy because the breadth of their company doesn't involve such an overwhelming amount of "big data." In addition, I was interested in learning how we should approach the marketing simulation to successfully manage the company. I learned that the four P's of marketing should be focused on, and establishing the product ranks highest on the list for potential success. As a result of the product, I can establish a price and promotion strategy which coincides with a tailored approach based on how I want the product to enter the market. Where the product is in the product life cycle (introduction, growth, maturity, decline) also plays a major role in procuring a marketing mix that will benefit the product's popularity and increase the company's profit margin.
Also of note, I know I have promised to keep you all updated on our collaboration with the honors engineers. At this point, they are getting ready to pitch our Smart Windshield product and I know they will desperately need our feedback for presentation/pitch skills. Not to say that do not have the adequate skills to present, I am just saying that we need to touch base with them to make sure they touch the general, most important concepts our product has to offer. We will be meeting with them soon, so I'll keep you updated on the latest happenings and developments on the situation...
Have a fantastic week and enjoy the warmer weather- spring is here!
-Chris
Thursday, April 9, 2015
Week 12 Reflection
The simulation portion of the class continues to speed up as the weeks left of second semester begin to wind down...
Our classes on Tuesday and Thursday involved our class beginning to really dissect our marketing simulation. Whereas last week involved more of a familiarization process with the software, this week we were able to pick apart the numbers and develop an in-depth understanding of the "Allround" company.
An important statistic from the simulation involved a term that I was previously completely unfamiliar with. This term was the "MEI" or the "Marketing Efficiency Index." This figure involves dividing net income by the company's marketing budget, which showcases the return on marketing expenses. For Allround, their MEI at the start of the simulation was 2.71. This means that for every $1 spent on marketing, Allround was earning $1.71 in additional income. This is a very healthy figure, which suggests the company's marketing campaigns and strategies are benefiting the company as a whole.
Besides delving into the operating statistics of the company and looking at market share for Allround in its specific sector, there is another section I would like to touch upon. While filling out our data packet for this simulation, I had to interview someone based on their decision making process for when they purchase cold-remedies. In class on Thursday, listening to everyone's interview stories about their parents was extremely insightful. Personally, I chose to interview my dad, who is largely swayed by cut-out coupons, free "CVS bucks" and weekly specials in buying cold-remedies. On the other hand, other students described habits that ranged from "brand-name only" to "cheapest price" all the way to "whatever brand they grab first off the shelf." Listening to these preferences provided me with the notion that the consumer decision making process is completely and utterly unique to each individual- there is no "cookie cutter" decision making process. Although marketers may be able to group overall decisions and how they are made by consumers, interpreting information is unique to every person based on their previous experiences, beliefs, budget, time, etc. In addition, it became apparent that although on the surface buying cold remedies may be a routine buying process, it actually is more of a limited decision making process. What can also be noted is that when products involve a consumer's health and well-being, consumers will derive more value in their decisions. Therefore, consumers will generally spend more time when evaluating potential products that can help,in this case, mitigate someone's cold symptoms. Health is a common denominator that precedes cultural and socioeconomic backgrounds. However, not everyone has the access and means to buy every product on the market to benefit their health. In this case, store brands prove to be a great alternative for consumers who are still looking for the same benefits from the product, without the cost of a name brand item.
Lastly, different levels of personal, social, and economic risk factors toil with the subconscious of consumers. Some consumers cannot let go of their ego's when buying items, which results in them always buying name brand items. On the other spectrum, some consumers find more risk in buying the name brand items, in case they are not satisfied, and will purchase the cheaper alternative item as a result.
Have a great week.
Best,
-Chris
Our classes on Tuesday and Thursday involved our class beginning to really dissect our marketing simulation. Whereas last week involved more of a familiarization process with the software, this week we were able to pick apart the numbers and develop an in-depth understanding of the "Allround" company.
An important statistic from the simulation involved a term that I was previously completely unfamiliar with. This term was the "MEI" or the "Marketing Efficiency Index." This figure involves dividing net income by the company's marketing budget, which showcases the return on marketing expenses. For Allround, their MEI at the start of the simulation was 2.71. This means that for every $1 spent on marketing, Allround was earning $1.71 in additional income. This is a very healthy figure, which suggests the company's marketing campaigns and strategies are benefiting the company as a whole.
Besides delving into the operating statistics of the company and looking at market share for Allround in its specific sector, there is another section I would like to touch upon. While filling out our data packet for this simulation, I had to interview someone based on their decision making process for when they purchase cold-remedies. In class on Thursday, listening to everyone's interview stories about their parents was extremely insightful. Personally, I chose to interview my dad, who is largely swayed by cut-out coupons, free "CVS bucks" and weekly specials in buying cold-remedies. On the other hand, other students described habits that ranged from "brand-name only" to "cheapest price" all the way to "whatever brand they grab first off the shelf." Listening to these preferences provided me with the notion that the consumer decision making process is completely and utterly unique to each individual- there is no "cookie cutter" decision making process. Although marketers may be able to group overall decisions and how they are made by consumers, interpreting information is unique to every person based on their previous experiences, beliefs, budget, time, etc. In addition, it became apparent that although on the surface buying cold remedies may be a routine buying process, it actually is more of a limited decision making process. What can also be noted is that when products involve a consumer's health and well-being, consumers will derive more value in their decisions. Therefore, consumers will generally spend more time when evaluating potential products that can help,in this case, mitigate someone's cold symptoms. Health is a common denominator that precedes cultural and socioeconomic backgrounds. However, not everyone has the access and means to buy every product on the market to benefit their health. In this case, store brands prove to be a great alternative for consumers who are still looking for the same benefits from the product, without the cost of a name brand item.
Lastly, different levels of personal, social, and economic risk factors toil with the subconscious of consumers. Some consumers cannot let go of their ego's when buying items, which results in them always buying name brand items. On the other spectrum, some consumers find more risk in buying the name brand items, in case they are not satisfied, and will purchase the cheaper alternative item as a result.
Have a great week.
Best,
-Chris
Thursday, April 2, 2015
Week 11 Reflection
Welcome back dedicated readers!
In this week's iteration of my blog, I will highlight the shift in our HONB Marketing class. Up until this point in the semester, we have been learning conceptually by reading chapters from our textbook and doing mind maps. However, since we have finished covering the textbook, it is now time for us to actually apply the concepts we have learned about by making contextual decisions through an online simulation program.
On Tuesday, our class time was dedicated to becoming familiar with the online simulator and how it works. By reading the case study at the beginning of the simulator, we are then tasked with completing certain goals and objectives to satisfy the needs of the company. By changing certain variables, such as product pricing and advertising expenses, stock price will increase or decrease. This provides us with a solid indicator on how well the company is performing based upon our decisions.
On Thursday, each student in the class was assigned a different case study report that shed light on a certain aspect of the "Allstar" pharmaceuticals company. Personally, I looked at the "Operating Statistics" statement which included four of the company's competitors. After reviewing the spreadsheet, it was apparent that the document was basically a glorified income statement that an accountant would put together. The statement showcased the five company's operating statistics from their projected gross margins all the way down to their advertising figure contributions after marketing. However, I chose to view the statement with a more general scope. From the data, I extrapolated that Allstar brand is a small player in the cough syrup sector, as opposed to their competitors due to their low retail sales figure. This is due to the fact that Allstar does not have the product variety that the larger players in their sector do. therefore, their retail sales are bound to be lower than their competitors who offer more products. Another important indication of company health and well-being is gross margin. Gross margins shed light on long term, sustained success for companies because when gross margins are high, so are profits. If Allstar brand wants to increase their gross margins, they should look to either increase manufacturer sales, or decrease either promotional allowance or cost of goods sold, or both.
All in all, getting my feet wet with the simulation has shown me how critical analytic decision making is in the marketing world. Each person is going to interpret data slightly differently, but it is imperative that marketers unite the opinions and wants of many different departments into a common goal. As we progress further into our use of the program, I will be updating you on the things I am learning.
Have a good week,
Chris
In this week's iteration of my blog, I will highlight the shift in our HONB Marketing class. Up until this point in the semester, we have been learning conceptually by reading chapters from our textbook and doing mind maps. However, since we have finished covering the textbook, it is now time for us to actually apply the concepts we have learned about by making contextual decisions through an online simulation program.
On Tuesday, our class time was dedicated to becoming familiar with the online simulator and how it works. By reading the case study at the beginning of the simulator, we are then tasked with completing certain goals and objectives to satisfy the needs of the company. By changing certain variables, such as product pricing and advertising expenses, stock price will increase or decrease. This provides us with a solid indicator on how well the company is performing based upon our decisions.
On Thursday, each student in the class was assigned a different case study report that shed light on a certain aspect of the "Allstar" pharmaceuticals company. Personally, I looked at the "Operating Statistics" statement which included four of the company's competitors. After reviewing the spreadsheet, it was apparent that the document was basically a glorified income statement that an accountant would put together. The statement showcased the five company's operating statistics from their projected gross margins all the way down to their advertising figure contributions after marketing. However, I chose to view the statement with a more general scope. From the data, I extrapolated that Allstar brand is a small player in the cough syrup sector, as opposed to their competitors due to their low retail sales figure. This is due to the fact that Allstar does not have the product variety that the larger players in their sector do. therefore, their retail sales are bound to be lower than their competitors who offer more products. Another important indication of company health and well-being is gross margin. Gross margins shed light on long term, sustained success for companies because when gross margins are high, so are profits. If Allstar brand wants to increase their gross margins, they should look to either increase manufacturer sales, or decrease either promotional allowance or cost of goods sold, or both.
All in all, getting my feet wet with the simulation has shown me how critical analytic decision making is in the marketing world. Each person is going to interpret data slightly differently, but it is imperative that marketers unite the opinions and wants of many different departments into a common goal. As we progress further into our use of the program, I will be updating you on the things I am learning.
Have a good week,
Chris
Thursday, March 26, 2015
Week 10 Reflection
This week began the final push to the end of my last semester of freshman year. It really has gone by quick...
This week's classes were impressive due to the depth of in-class discussion from two Shark Tank clips. These clips focused on the companies "Balm Chicky Balm Balm" and "Fresh Patch." Principally, the companies focused on a "friend end" for a dual-sided chap stick tube and a "boxed patch of grass" for dogs to pee on, respectively. BCBB suffered from their cross-image between a 70's pin-up branding label, and wanting to attract the youth demographic of chap stick buyers. The sharks were definitely not fond of the way the ladies were so open to changing everything their company stood for, in order to please the sharks. Interestingly, a quick glimpse of the company's website shows that they have indeed ditched their semi-risque packaging instead opting for a plain label. Additionally, the company now offers discounts on buying the tubes in bulk of three tubes. This makes sense considering they were selling their units for $9 originally. Now, they are selling the tubes for $7 and allow consumers to buy two tubes for $18 which is undoubtedly a smart decision. When buying chap stick, a consumer is more inclined to buy a few tubes for the family, rather than buying one at a time. This is especially true for their product because it is more of a novelty item that serves as a conversation starter, with its interesting dual-end, sharing design.
The second clip we watched was about a company called "Fresh Patch." Rather than the skimming price strategy that BCBB used, this company used a subscription-based pricing strategy in order to attract consumers. For $25 for a bi-weekly subscription, the company will ship a patch of hydroponically grown grass to your doorstep. This enables an apartment-bound pooch to experience using the bathroom like they naturally do, in the wild. This takes strain off of the dog owner by not making them feel as guilty for not having a backyard and for not having to walk their dogs in inclement weather. By using real grass, the patch absorbs all odors and is also fully disposable. This product is a fascinatingly simple, yet effective concept that has unlimited potential. With already $1 million plus in sales, largely from a west-coast exclusive, online only market, the company's upside is tremendous. Barbara and Mark will bring "Fresh Patch" to the retail sector, as well as fully utilizing Barbara's numerous connections within New York City, due to her being a real estate mogul. This leads me to believe that the company has only reached the tip-of-the-iceberg as far as sales are concerned. By opening up their proposed East Coast distribution center, sales will increase significantly by reaching cities like NYC, Boston, and Philadelphia. The company should subsequently go for a "zone pricing" approach in which a regional flat-rate shipping price is offered. Discrepancies in current West Coast versus East Coast pricing has severely cut into the company's profit margins. With zonal pricing, the company could even experiment with raising subscription pricing in more wealthy areas of cities, such as for subscribers that live on the Upper East Side of Manhattan. These subscribers would be indifferent to a raise in subscription price because $25 is an insignificant sum of money, especially in comparison to the cost of owning a dog in the city and their extravagant rent cost. This pricing method would be better implemented further into the company's lifespan, but it is surely something to think about in order to increase profit significantly.
Have a good week. Til next time...
-Chris
This week's classes were impressive due to the depth of in-class discussion from two Shark Tank clips. These clips focused on the companies "Balm Chicky Balm Balm" and "Fresh Patch." Principally, the companies focused on a "friend end" for a dual-sided chap stick tube and a "boxed patch of grass" for dogs to pee on, respectively. BCBB suffered from their cross-image between a 70's pin-up branding label, and wanting to attract the youth demographic of chap stick buyers. The sharks were definitely not fond of the way the ladies were so open to changing everything their company stood for, in order to please the sharks. Interestingly, a quick glimpse of the company's website shows that they have indeed ditched their semi-risque packaging instead opting for a plain label. Additionally, the company now offers discounts on buying the tubes in bulk of three tubes. This makes sense considering they were selling their units for $9 originally. Now, they are selling the tubes for $7 and allow consumers to buy two tubes for $18 which is undoubtedly a smart decision. When buying chap stick, a consumer is more inclined to buy a few tubes for the family, rather than buying one at a time. This is especially true for their product because it is more of a novelty item that serves as a conversation starter, with its interesting dual-end, sharing design.
The second clip we watched was about a company called "Fresh Patch." Rather than the skimming price strategy that BCBB used, this company used a subscription-based pricing strategy in order to attract consumers. For $25 for a bi-weekly subscription, the company will ship a patch of hydroponically grown grass to your doorstep. This enables an apartment-bound pooch to experience using the bathroom like they naturally do, in the wild. This takes strain off of the dog owner by not making them feel as guilty for not having a backyard and for not having to walk their dogs in inclement weather. By using real grass, the patch absorbs all odors and is also fully disposable. This product is a fascinatingly simple, yet effective concept that has unlimited potential. With already $1 million plus in sales, largely from a west-coast exclusive, online only market, the company's upside is tremendous. Barbara and Mark will bring "Fresh Patch" to the retail sector, as well as fully utilizing Barbara's numerous connections within New York City, due to her being a real estate mogul. This leads me to believe that the company has only reached the tip-of-the-iceberg as far as sales are concerned. By opening up their proposed East Coast distribution center, sales will increase significantly by reaching cities like NYC, Boston, and Philadelphia. The company should subsequently go for a "zone pricing" approach in which a regional flat-rate shipping price is offered. Discrepancies in current West Coast versus East Coast pricing has severely cut into the company's profit margins. With zonal pricing, the company could even experiment with raising subscription pricing in more wealthy areas of cities, such as for subscribers that live on the Upper East Side of Manhattan. These subscribers would be indifferent to a raise in subscription price because $25 is an insignificant sum of money, especially in comparison to the cost of owning a dog in the city and their extravagant rent cost. This pricing method would be better implemented further into the company's lifespan, but it is surely something to think about in order to increase profit significantly.
Have a good week. Til next time...
-Chris
Thursday, March 12, 2015
Week 9 Reflection
I am now two classes away from Spring Break and escaping this weather...
This week's reflection is starting off a bit differently than usual... Maybe it's because I'm excited for Spring Break or maybe it's because I'm overtired (or a combination of both). "The One and Only Fanny Pack, For Your Rack" will lead us into our discussion this week. This company slogan belongs to a company called "Boobypack" that we discussed in class today, so there is a method to my madness. This recent Shark Tank deal success story was a hot topic in class today on Thursday. Back tracking to Tuesday, we discussed Chapter 15 which involved advertising. Before this class, advertising was the first thing that came to my mind when I thought of marketing. From the chapter, I thought the most interesting part was the topic of earned media, which in principle, is free. In the social media driven society we live in, a company that can effectively utilize social media to gain and retain new and old customers is crucial for long-term success.
This chapter tied in with our video clip from Thursday for the company "Boobypack." This company developed a Coachella-tailored bra that allows a female to put their phone, keys, or other small items in two zipper pouches located at the side of the bra. This concept seems to be popular given the success of another Shark Tank success story, "Phonepurse." The reason I included Boobypack's slogan in the previous paragraph was because we were asked to develop a slogan for the company in class today. When I went to present our "commercial" for the company, I inadvertently said "Free hands, more fun." The moment I said that, I knew that it had a nice ring to it. Even better was that the phrase was streamlined and to the point, which I thought was complementary to the otherwise quirky and eye-catching company name. Their company slogan is currently right on their webpage, which is how I came across it. In class, we were also asked to come up with a marketing mix for the company. Since the company is in its introduction stage, we suggested a pioneering advertising mix in which heavy online advertising is present. Interestingly enough, according to their website, they have their own company Twitter, Instagram, and Facebook page. This was highlighted by a company wall of fame on their website. In order to get your picture on this part of the website, an Instagram user must use the hashtag "#bbobypack" to appear on the page. This is actually a really interesting concept because it not only generates buzz on social media because more people will post pictures of themselves wearing Boobypacks, but also motivates the consumer to post pictures since they will be featured on the company's website. Also relating this company back to chapters 16 and 17, we classified this product as a "fun" and "lifestyle" product that uniquely provides the consumer with a water-resistant storage space for females to keep their phones in at concerts. When I first saw the product, I immediately thought of Coachella, which is an indie-music festival held in California every year that attracts a ton of media attention. This product would allow the festival-goers with a product that would enable them to be "hands-free" while dancing and walking around. As I browsed the company's website, I chuckled when I came across the "Glowchella" version of the Boobypack which plays off the festival's name and offers a glow-in-the-dark version of the bra. This product and company as a whole are definitely nailing their heavy advertising and increasing their social media visibility, and if they keep it up, large profit margins are on the horizon for a long time to come. Until next time (post Spring Break)..,.
Best,
Chris
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