What I hear and I forget. What I see and I remember. What I do and I know. The completion of this course has approached and I walk away with the capability to apply the left bucket, the textbook and syllabus, with the right bucket, real life application, classroom examples and group projects. I walked away with a one hybrid bucket of skills, knowledge and life experience. The first day of class I walked into a high task and low relationship without even knowing. The first task asked from the class was to find where we stand in the correct birth day order and have the leader (the Professor) directed us with complete construction-stand in order of our birthday without speaking.The class was asked to do our first reflection, what is the definition
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The two step phase of marketing is planning. Step one requires a business to identify its mission statement and objective. I applied these steps not only to my assigned marketing project, but towards my store in the emporium. Coast2Coast Threads LLC is a Rhode Island based company, focused on bringing elevated clothing and art from around the country to our little state. Step two is the situational analysis, which highlights a company's strengths, weaknesses, opportunities, and threats, that are important for a company to understand. Coast2Coast Threads strength is being the only store in Rhode Island that sells certain clothing companies including Grassroots and Phone Homie. The weakness that we are confronted with is our website and our only source of online advertising is just social media. Wholesaling for Grassroots gives us an opportunity to get sponsored and vend for free in other states besides Rhode Island. A threat that we face is if the company Grassroots closes their store or stops producing hats, 75% of our product will be …show more content…
This phase demonstrates step three and four of the marketing plan, identify opportunities through opportunities, which is STP, segmentation, targeting, and positioning. Market segments consist of consumers who respond similarly to a firm’s marketing efforts. The segmentation is a process of dividing the market into groups of customers with different needs, wants, or characteristics, through means of the geographic segmentation, demographic segmentation, benefit segmentation, behavioral segmentation, or multiple methods like geodemographic. Coast2Coast uses geodemographic segmentation, this process helps me divide the hat market into groups of customers with different needs, wants, or characteristics of their lifestyle. Next, after a company has identified the different market segment's attractiveness and decides which to follow, is the targeting strategy. Coast2Coast Threads focuses on targeting the Generation Y, mostly men that are interested in a different culture. In the targeting phase, a company needs to identify a targeting strategy that consists of undifferentiated strategy, used when everyone might be considered a potential user of its product. A differentiated targeting strategy is used when a firm targets several market segments with a different offering for each. A third strategy is concentrated targeting strategy and this happens when an organization elects a single, primary target market and focuses all its energies on
The two step phase of marketing is planning. Step one requires a business to identify its mission statement and objective. I applied these steps not only to my assigned marketing project, but towards my store in the emporium. Coast2Coast Threads LLC is a Rhode Island based company, focused on bringing elevated clothing and art from around the country to our little state. Step two is the situational analysis, which highlights a company's strengths, weaknesses, opportunities, and threats, that are important for a company to understand. Coast2Coast Threads strength is being the only store in Rhode Island that sells certain clothing companies including Grassroots and Phone Homie. The weakness that we are confronted with is our website and our only source of online advertising is just social media. Wholesaling for Grassroots gives us an opportunity to get sponsored and vend for free in other states besides Rhode Island. A threat that we face is if the company Grassroots closes their store or stops producing hats, 75% of our product will be …show more content…
This phase demonstrates step three and four of the marketing plan, identify opportunities through opportunities, which is STP, segmentation, targeting, and positioning. Market segments consist of consumers who respond similarly to a firm’s marketing efforts. The segmentation is a process of dividing the market into groups of customers with different needs, wants, or characteristics, through means of the geographic segmentation, demographic segmentation, benefit segmentation, behavioral segmentation, or multiple methods like geodemographic. Coast2Coast uses geodemographic segmentation, this process helps me divide the hat market into groups of customers with different needs, wants, or characteristics of their lifestyle. Next, after a company has identified the different market segment's attractiveness and decides which to follow, is the targeting strategy. Coast2Coast Threads focuses on targeting the Generation Y, mostly men that are interested in a different culture. In the targeting phase, a company needs to identify a targeting strategy that consists of undifferentiated strategy, used when everyone might be considered a potential user of its product. A differentiated targeting strategy is used when a firm targets several market segments with a different offering for each. A third strategy is concentrated targeting strategy and this happens when an organization elects a single, primary target market and focuses all its energies on