Lesson 2.3 #1 To start off with, in a sense, wholesalers provide a major service to retailers and are crucial to the success of those retailers. One reason that the wholesalers are so important to retailers is that without the wholesalers, retailers would not have an accessible way to get their products. For example, if Macy’s was not connected with a wholesaler, they would not be able to gain products, therefore making it difficult to make a profit. Another reason that the wholesalers are very important is that they give the retailer a reason to mark up the product allowing them to make a profit. For instance, if a retailer purchases a product for $50, they can then mark the product up to $75 to make a $15 profit off of that item. Overall, …show more content…
I feel that if a business does not fully understand all that they need to do in the marketing field, they will become behind all of the other businesses in that same market because they will not have enough exposure to keep up with the competition. Additionally, if a company does not understand all of the necessary marketing techniques, they will not be able to gain enough profit to continue their business, which would ultimately lead to the failure of the business. Additionally, marketing is very important because without marketing, many of the successful franchises and large corporations we know today would not have been so successful because they would not have become so popular with not only people nationally, but internationally due to the exposure provided by their marketing agents. In closing, marketing can be the fine line between the success or failure of a business, and whether or not the company franchises or stays …show more content…
One reason that I feel that this goal is customer oriented is that by using this goal, the company is taking the consumer’s needs into consideration and thinking about what the customer will feel the best value, showing that they care about the consumer’s opinion. For instance, a company using this goal would look at the quantity being sold, and the price they are selling it for, and then consider how the customer will view this ratio. A convenient way to find this information about a new product is to do a promotion where a customer gets a sample and then is told the price, if they want to continue to purchase the item, they can pay the fee or if not, can cancel the product and give a reason for this decision. By doing this the company is given the opportunity to find if the customer feels they are getting a good value out of the product. Overall, I feel that the customer should be very appreciative of a company utilizing the pricing system because this allows them to get the best value of product for their
Dillard’s Inc. is a retail chain that specializes in fashion apparel, cosmetics, and home furnishings. It is ranked among the nation’s largest fashion retailers. Dillard’s stores compete with fashion retail names such as Macy’s, JC Penney, and Sear’s. They carry items from national brands as well as items manufactured exclusively for Dillard’s. William Dillard founded Dillard’s Incorporated in 1938. The first store was opened in Nashville, Arkansas, his wife’s hometown. The next year he sold this store, opened a new one in Texarkana. Within 5 years it was the most successful store in the city. He continued expanding locations until 1940 when he opened his fist location inside of a shopping mall. This changed Dillard’s whole operation. Before
Macy’s Brought their new million dollars online store, online in 2007, and their goal for their online sales ranged in the billions. According to the MSNBC, Macy’s online sales earned 450 million in 2005 and rose to 620 million in 2006, that is a 38 percent increase in their online profits growth within a two-year span (Ness, 2007). Jim Sluzewsk, who was the Senior Vice President of Corporate Communications and External Affairs for Macy's stated that because of their Research on consumers who shop both online and in Brick and mortar stores demonstrated their loyalty to the brand name (Ness, 2007). This also demonstrates that Macy’s online strategy is intended to increase their total sales from a dual-shopper demographic. Another reason that
Nordstrom’s retail positioning strategy provides it with the competitive edge it needs to differentiate it from competitors who also serve similar markets.
Sephora has started its digital presence in the year 1999 with the launch of its website, “Sephora.com” and pioneered in the digital and beauty retail business. With around 3 million visitors per month to its website, Sephora has not put a single step wrong in its marketing strategy. The introduction of Sephora Beauty Insider program in 2007 followed by the Customer Relationship Management programs, the number of online customers have been exploded in multi-fold across Sephora’s online channels. Although Sephora was known for its in-store experience, the shear increase in the number of customers on its online portals had almost blacked out the online system in the holiday season of 2014. This led many of its Asian loyal customers
This presentation will address the idea of a new private brand for Macy’s, created for the purpose of driving sales among Millennials and increasing Macy’s market share. Sustain, the brand we chose to create, is inspired by sustainably-sourced materials and sustainable practices in order to attract environmentally-conscious Millennial shoppers. Through this presentation, we will explore how this proposed brand will attract a target market through multiple channels, how the brand aligns with Macy’s vision, and how Macy’s can implement and introduce the brand successfully. Currently, more than half of Macy’s customers are Baby Boomers and Generation X’ers. However, Millennials are the largest group of consumers who care about the environment today.
Marketing In this day and age is vital for a company to perform at its possible best. Marketing’s main focus is to give great satisfaction to a customer. There are many aspect of marketing, these aspects give marketer’s the tools to help strive for the best possible success they can achieve. They hope that they can create exposure for their brand, product or service.
1. Why is marketing important? it is important because marketing is the one that have an action in doing of promoting and selling products or services. Marketing know how to deal with thier customer needs and they have the strenght to know how their customer can be satisfied to the product they are going to build . According to Theodore C. Levitt a retired professor in Harvard university Marketing is way differ from selling because selling only focus on itselfs and they are formulating techniques for the customer to buy the product while in Marketing they make sure that they are viewing entire business process. Marketing wanted to discover how their customer going to buy their product, how are they going to create the product, how can they arouse the customer and satisfying the customer needs and wants. discover, create, arouse and satisfy the needs of customer.
Kohl’s target marketing strategy focuses on middle-class working women ages 25-45 and families who like to use coupons, receive discounts for an exchange of affordable and quality products. Kohl`s mission is to inspire and empower families to lead fulfilled lives.
According to Kotler (2012), Marketing is about identifying and meeting human social needs, thus it is not only about advertising and promotion it is more than this. It includes setting competitive price, communicating effectively with potential and existing customers and also introduction of new products.
Products are sold directly to wholesalers. This is used when large amount of product is bought from the producer. Wholesalers then break the bulk into smaller quantities before selling it to retailers. However, larger retailers are able to buy directly from the producers and cut out the wholesalers. This means that large retails can sell their products cheaper to the customers as compared to those retailers that buys from the wholesalers.
Before taking this course, marketing was all about product and the promotion of that product. I took a marketing course during my undergrad about 7 years ago that emphasized the 4 P’s. Building a strategy around promoting a product and/or service seemed to be the most fundamental concept of marketing to me. My narrow thinking soon changed after going into the workforce and after taking this course. Marketing is more than just telling potential and current consumers about your products and why they should buy it. Marketing truly encompasses all areas of business. A great marketing strategy needs to focus on all the new strategic marketing elements of positioning, product, logistics, price, integrated marketing communications, and service. It’s
According to the definition gave by Kotler and Keller(2006), marketing is a process for an organization to create, communicate and deliver value to their customers, and at the same time manage customer relationships to benefit stakeholders and the organization itself. The definition above illustrates the importance of value exchange between customers and companies. From the definition, the role played by marketing is to help company create value and make sure it is delivered to their customers correctly. There are many reasons which can lead a company to failure in the development and launch of new products. And some of the reasons behind those unsuccessful products can be categorized into one major reason, that is, the company just fail to bring value to customers. For example, the product may be launched at bad timing, designed poorly, priced higher than customers can afford or the companies fail to advertise the products well(Kolter et al.,2013). Therefore companies must think carefully what value they are going to convey to their customers while developing new products and develop marketing mix strategy to help them communicate to consumers
Marketing should be a long-term investment in your business, and not just something that is switched on and off as required.
The major objective of any company is to make profits. Marketing is responsible for identifying a company’s customers anticipating their needs and wants, satisfying theses needs while keeping the its major goal which maximizing profits
It involves the vital process of researching, promoting and offering products or services to a company’s target market. Marketing is an important business process where the company can inform, attract and convince people that its products or services are of value to them. Without Marketing, many businesses would be unable to exist or operate well in the market. They could offer the most amazing product or service in the market, but if nobody knows about its existence or understands its value, these companies are unable to make a single sale thus they may have to be out of