Marketing Reflection Blog

A recent purchase that I was pleased with was a Marlin 795 Autoloading rifle. The price was very important to my feeling of satisfaction. It represents, in my opinion, the greatest ratio of price for value received in the firearms industry in Canada. A pricing strategy is important because it allows the products within a brand to help define the type of brand and the conversation about the company. People draw conclusions about the type of company they are buying from based on a pricing strategy because for many, including casual consumers, the price is one of the only factors they use to interact with the company. I have learned that the concept of prestige pricing explains how so many top tier brands can enter the market and maintain a certain quality of luxury about them without needing to do much in the way of traditional marketing. They can then shape the conversation about themselves via traditional marketing but the idea of them existing as a luxury brand is already implanted in...

One retailer that has struggled in Canada is HMV. One of the major problems with HMV is they haven't been addressing customer needs. They seem to focus quite heavily on t shirts, toys and other gadgets that don't have as much meaning as music does for many people. The product therefore needs to be adjusted. They needed to carry more music and focus more heavily on music. Vinyl shops still exist is great and growing number in Canada, but a giant like HMV barely carries any vinyl. Their prices were fairly high and it's hard to compete in that regard against online music but even razor thin margins would allow them to continue operating.

Marketing Communications contributes to a successful brand by allowing the brand to decide what the overall message will be. They can connect with customers and make conscious decisions to steer the discussion about their brand. This week we learned about the breakeven price point. We are also studying this topic in Business Math, however we are taking a more practical approach and looking at it in terms of profit and overhead cost. The concepts of Demand-oriented and Competition-oriented pricing are new to me and very different ideas from the pure numbers of Business Math.

My favourite brand is Marlin Firearms. They are my favourite because of their commitment to quality and their focus on affordable products. They have influenced several of my purchases. With their logo of a horseman carrying a rifle, they clearly suggest their product benefits. They suggest that Marlin firearms are rugged, dependable and historically relevant. The name is memorable and their products are unlike anything else in the firearms world. The brand clearly fits the company image with regards to the logo and the history of the company. It definitely has the ability to be legally protected due to the unique name. The Marlin name is simple and clean. It has a strong history in the firearms world and is popular for all the right reasons.

For the marketing plan assignment, I think it is important for me to focus on my Impact. I know that I have good ideas and am able to communicate those ideas effectively so I should be trying to take a leading role in this assignment. My other group members are hardworking and effective as well, so if I can harness those ideas and that work effort I am confident we will find success.

Since doing the survey monkey assignment, I've learned that you should always allow people filing out your survey the option of not answering something about which they might be private. If that option doesn't exist, people completing the survey are more likely to just lie. Next time I would try and focus more on finding out how best to serve individuals with more connection to the region, be that political, financial or otherwise. Those individuals would be a good group to serve as they would by their very nature cause more problems is their needs aren't served.

Based on my own understanding of the Consumer Decision Process, the most important step for me is the evaluation of alternatives. I enjoy the process of researching competitors and similar products. The affiliate marketing world has grown so much in the last few years that there are a huge amount of gear reviews of products I'm interested in. The reviewers have a vested interest to drive traffic and sales, and in so doing my needs are served.

First and foremost I want to learn the ins and outs of marketing. Advertising is something about which I am passionate and I believe the functions of marketing are an important part of that world. I think the 3 things I can do to be successful include: completing the readings and quizzes, learning from my peers and using the perspectives to enhance my own and making sure that I always ask questions when I don't understand topics. Something that I've learned which is important is the steps of a target market scan. It is both more complex and more focused than I thought it would be.