This marketing class has really helped me understand more about marketing in general, especially because of this blog post assignment. Having to keep a constant blog post was helpful for me and taught me a lot about a way to advertise that I would not have originally thought of doing. There are a few main points below that I have talked about briefly in previous posts but they have really taught be good lessons about marketing and how to advertise a product in the best way. With learning these marketing terms below and being able to fully understand them, I feel like when I am able to open my bakery in the future, I will be ready for it and know exactly how I plan on advertising my desserts and business.
Types of Products
There are four different types of products. High-Learning Products are products that people need to learn a lot about before purchasing. You need to invest a lot of time into these products. Low-Learning Products are products that do not need a lot of your time invested into it. Fashion Products are products that come and go multiple times in the market. These products come up when they are in style, then go away, then come back again at a later date when they are back in style again. Fad Products are products are products that are only in the market for a short period of time.
There are four types of product classifications. Convenience products are products that are bought frequently. Shopping products are products that take a little more time to think about before purchasing them. Specialty products are products that you need to really learn and look up information about the product before purchasing them. Finally, Unsought products are products you do not think about or do not want to think about.
Having brand equity is a great way to add value to your product and increase sales. One way you can increase brand equity and value in foods is by learning how to use the product in a different way than normal. For example, in a previous blog, I explained how you can use Oreos not just as a normal cookie, but to make Oreo Balls. That way you increase the ways to use the product which will increase the customers' interests and increase the sales. You can do this for almost any food out there.
Product Life Cycle
There are four stages in the Product Life Cycle. The first stage is the Introduction Stage, where the product is first being introduced in the market. People do not really know much about the product yet so it is important to be very heavy on advertising techniques so that your product can become more known to the consumers. The second stage is the Growth Stage, where your product is at the peak of its time in the market and it generates the most sales and profit it ever will. The third stage is the Maturity Stage, where your products sales start to slow down a bit after the product has been in the market for a while. The fourth stage is the Decline Stage, where your product's sales drop extremely low and you are no longer making much money off of it. In this case, you can either delete your product completely from the market, or harvest it so your customers who still use your product do not get upset.
Purchase Decision Process
There are five steps in the Purchase Decision Process, which describes your level of involvement in purchasing your product. Step 1 is Problem Recognition, where you recognize that a situation has occurred and you need to purchase a product. Step 2 is Information Search, where you look back into your past purchasing history to see what types of products you liked to purchase. That way, you can get some information about what kind of product you would like to buy this time around. Step 3 is Alternative Evaluation, where do research on the product you are looking for. In this step, you might also compare the product you are looking at with other brands. Step 4 is Purchase Decision, where you actually buy the product you have been looking for. Finally, Step 5 is Post Purchase Behavior, where you determine if you made the right decision or not when buying your product.