Chapter 4 - Ethnographic Study

In chapter 5, Professor Featherman describes the various strategies used in market research in order to gain a more accurate assumption of why their product appeals to its target market and if not, what is inhibbiting the acceptance of their product amonst the target market. One research method discussed by Featherman is the process of ethnographic studies, where market researchers observe of people in their own homes or communities, and how they use the product or product category in question. Since ethnographic study tactics emphasize strict observation, consumers do not feel the pressure of telling a market researcher simply what they want to hear and not their true feelings. One example of an ethnographic study could be the observation of a new brand of beer in a local bar. Market researchers can determine how popular the beer is becoming amongst the community and possibly overhear crucial reactions to the product itself, its packaging, etc. However, in this example it should be noted that market researchers should not give into the temptation of consuming alcohol while researching in order to gain useful information and not end up being an empty-handed hungover employee the next day.

Chapter 5 - Subliminal Advertising

Consumer behavior is the main topic discussed in chapter 5. When analyzing consumer behavior, market researchers aim toward revealing the process involved when individuals or groups select, purchase, use, and dispose of goods & services to satisfy their needs. In turn, marketers often propose different strategies to help accelerate the consumer behavior process, either directly or indirectly. One form of indirectly activing consumer behavior is through subliminal advertising. Professor Featherman describes subliminal advertising as "hidden messages in vendor messages. these are messages that are not consciously received, but they still affect consumer decisions - such as hidden shapes in pictures, or perhaps the use of music or noises in TV ads." Take this into consideration, a videoclip of the show Iron Chef (linked provided at bottom of blog), shows gormet chefs competing to make the most ecsquisite meal. Sadly, most Iron Chef viewers are not expert chefs and even though they may be interested in preparing an extravagent meal, most of the time viewers will settle with any food in order to spark the hunger they feel from watching the show. Carefully watch the video and see if you notice any subliminal advertising. If you paid attention, around 44 seconds into the video the McDonald's logo flashes onto the screen. Descrete and simple, the logo alone may have been responsible for increased sales shortly after being aired on television. Broadcasting error? I think not.

http://www.youtube.com/watch?v=LMzbwa6PvEE

Chapter 4 - Focus Group

Market research is the primary topic of chapter 4. Market research refers to the general process of collecting, analyzing, and interpreting information about customers, competitors, and the business environment in order to improve marketing effectiveness. One market research tactic involves the use of focus groups. After a marketing team has narrowed down the public to the target market for their product/service, some researchers choose to take their actions a step further using focus groups. A Focus group is a group of similar consumers in the same target market that is paid to meet and discuss a vendor's product or service. The discussion is centered around the 4P's and consumer perceptions, evaluations and opinions of a product or service. Focus groups are an important part of market research in a sense that they provide first-hand reactions and opinions toward a product or service and, afterward, marketing teams can edit/reevaluate their product or service so that it is specifically tailored to their target market and their assumed reactions.

Chapter 2 - Mission Statement

In chapter 2, Featherman addresses what factors make up a marketing plan and explains how different marketing plans can be used in reaching specific marketing goals depending on the desired outcome. However, all marketing plans boil down to a company's mission statement, a clearly defined, straightforward plan of what the company hopes to achieve in its future endeavors. Professor Featherman defines a mission statement as "a formal paragraph in an organization's strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources." Above is an example of what a mission statement should look like, both structurally and visibly. Mission statements not only provide a general guideline for the company to follow, they also serve as brief descripions of an organization and their intentions, a notion that could be researched by both competitors and investors alike.

Chapter 1 - Brands

In chapter 1, Professor Featherman briefs the reader on a few marketing basics before dividing into the rest of course. One of these basic topics included branding an the benefits of having a clear, recognizable brand. Featherman defines a brand as "a name, term, symbol that identifies one company's product(s) and sets it apart from their competition. The thing that turns a commodity into a specialty, and allows you to charge triple what the product is worth and 10x what it costs to make." In this picture, there are several popular brands that, no doubt, could be easily dechipered and linked to the companies they represent. Nike, McDonalds, Mercedes and Microsoft Windows have proved to have easily recognizable brands and its hard not to associate them with their corresponding companies, who (given their past success) can simply post their brand name and successfully market themselves without much effort.