Unit 4 db | Financial markets homework help

  Primary Discussion Response is due by Friday (11:59:59pm Central) 

Now it is time to elaborate on the rest of the marketing plan for the new product. Be specific. Make sure that all of the pieces of your plan are consistent with each other and are designed to meet the needs and wants of your target customers.

Primary Task Response: Within the Discussion Board area, write 400-600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

The board members were very impressed with your presentation and how you are moving through the product development process. Michelle is ready now to start looking at the promotional part of the plan. She has been reading technical publications that laud the advantages of high-tech or digital promotional tools (i.e., Internet, social media, blogs, etc.) over traditional approaches (i.e., TV, radio, newspapers, and magazines) to reach potential customers. You catch up with her in her office before she leaves on a business trip.

‘Michelle, I want to speak to you about the e-mail you sent regarding the promotional tools we should consider for the new product,’ you say.
“I have a few minutes before I have to leave,’ she says. “Go ahead.”
“Well, I agree that digital media is the trend, but I think traditional advertising and promotion should still have a place in the plans,” you say. “I know you don’t have time now, but I would like to talk about the advantages and disadvantages of each type of promotional tool as they relate to the target segment and branding strategy. When can we get together and talk about this?”
“I really do want to talk about this,” she says. “I need to know what type of media you think would be best for MM’s new product. Can send me an e-mail with your thoughts on the subject and I’ll read it on the plane? We can get together when I get back to finalize the choices.”
“Thanks, Michelle. I will do that,” you say.

Responses to Other Students: Respond to at least 2 of your fellow classmates with at least a 100-word reply about their Primary Task Response regarding items you found to be compelling and enlightening. To help you with your discussion, please consider the following questions:

• What did you learn from your classmate’s posting?
• What additional questions do you have after reading the posting?
• What clarification do you need regarding the posting?
• What differences or similarities do you see between your posting and other classmates’ postings?

Scenrio:

Michelle,

 As we discussed on the phone, there are advantages and disadvantages to both traditional and high tech promotional plans. See below for a breakdown of each. Let me know if you have any follow up questions or need anything clarified.

 One advantage to digital, or high tech, marketing is that it is can be done with very little cost. There are even some platforms that are free if we are willing to put in the sweat equity. Even if we are paying professionals, the cost can be anywhere form 50-75% cheaper than other forms of advertising. Digital marketing can also access a very large audience. It can literally reach the entire globe. As long as they have internet they can be reached with our marketing message. One of the biggest advantages to digital marketing is that we can cater our message to multiple demographics simultaneously. No matter how specific our target audience is, we can reach people within that group. Another great advantage to digital marketing is that it is extremely fast. People today quite literally have an attention span less than that of a goldfish. A simple status update, helpful post, or a responsive post is all we need to get our brand’s message to the front of their minds. These are just some of the many advantages to digital marketing. (Gaille, n.d.)

 As great as digital marketing is, there are some draw backs. One drawback is that it will consume a lot of our time. Most digital marketers spend an average of 6 hours per day in their efforts. There will also be negative responses when people feel that they have been wronged. There are also “trolls” that will work to destroy the brands reputation, for no other reason than it is fun. Another risk to digital marketing is that someone may publish negative commentary on our campaign. If this goes viral then our reputation may be tarnished beyond repair. Digital marketing can be copied easily. With a few clicks of a mouse, our efforts can be reused. Finally, the message that we are trying to send can be easily lost in the white noise of the internet. People are constantly being inundated with a vast amount of information every day. (Gaille, n.d.)

 Traditional marketing, such as billboards, flyers, and a variety of print advertisements also have plenty of different strengths and weaknesses. The first advantage is that traditional marketing strategies provide real world communication. That is to say, people can touch, feel, smell, and interact with this form of marketing. A real-world party is completely different than an online party. Another advantage is that people can interact with their sales person face-to-face. This adds a human factor to the point of sale. (Souza, 2012)

 There are a few key disadvantages to traditional marketing. The first is that it can be extremely expensive. Billboards, commercials, and printed materials are expensive and the investment has to be made at regular intervals. The second disadvantage is that the viewer may feel that the advertisement is being forced on them. This causes a very low response rate. These advertisements also do not have the advantage of community with the brand. Part of the high costs is that advertisers can spend millions of dollars trying to reach people that, in the end, really do not care. (Souza, 2012)

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