Week 15 (8-Dec)
This week we talked about price skimming and how it referred to taking the cream off the top of the milk. I always thought that when someone skimmed the price they lowered it. It actually means the opposite they raise the price for a time then offer a reduction. This doesn’t work all the time but enough that it is still used today. We talked about all of the different price fixing and discrimination that goes on and whether it is ethical or not.
Week 14 (1-Dec)
This week we talked about some different types of promoting. Of the ones we talked about as a consumer my favorite is sampling. This I believe truly allows consumer to gain a like for the product by actually trying it. We also talked about 7 steps in the selling process: generating leads, qualifying leads, approaching the customer and probing needs, developing and proposing solutions, handling objections, closing the sale and last follow up.
Week 12 (17-Nov)
This week we had a good discussion on my space. Class was not held but we did the case study on my space and whether they should have better monitoring. I feel that it would be good but it’s the job of the parents to watch this and monitor it for their kids, until they are old enough to do it themselves.
Week 11 (10-Nov)
We talked about promotion mixes. We talked about advertising and public relations and the need to build a positive image for your company and for your product. Communication is also key to success. We again learned that it is important to set Goals and to work toward achieving these goals.
Week 10 (3-Nov)
This week we talked about marketing and the different types of factors like market, product, and producer factors. We talked about JIT manufacturing and I think that this is a good way to work things. I think this keeps cost low so as to lower the price at the end for the end user.
Week 9 (27-Oct)
Developing new products is key to staying competitive in marketing. There also ways to test your product like test marketing or limiting the introduction of that product. We talked about the product life cycle which starts with the introductory stage, growth stage, maturity stage, and then decline stage.
