MK103 Sec.700 Blog

When reading Chapter 19, I read that p ubl ic relations activities usually focus on communicating positive aspects of the bu siness. A frequently used publ ic relations tool is publ ic ity. Publ ic ity tools include news releases and news conferences. I was doing a public relations class for college and it was nice to see that topic come up for this class. When reading Chapter 20, I learned that t he reach, cost, investment, timeliness, flexibility , and influence of social media have transformed mar ke ti ng communications, including the practice of influencer mar ke ti ng . The convergence of the real and digital worlds in social media is the result of the proliferation of interlinked s mar tphones, tablet devices, connected cars, sensors, special identification tags, databases, algorithms, apps, and other elements. It was interesting to read about something that we use in our day to day lives in a way that uses it in a way that can help a business thrive. When reading Chapte...

When reading Chapter 17, I learned about how that t here are six reasons consumers shop and buy online, which are convenience, choice, customization, communication, cost, and control. Marketers have capitalized on these reasons through a variety of means. This was very interesting to read about and helped me understand they provide choice assistance using choiceboard and collaborative filtering technology. When reading Chapter 18, I learned about how t he comm unication process conveys messages with six elements, which are a source, a message, a channel of communication, a receiver , and encoding and decoding, and how the communication proc ess also includes a feedback loop. Reading about this was interesting to me and it was nice to learn all about the elements used in integrated marketing communications and everything about direct marketing.

When reading Chapter 15, I learned that a supply chain refers to the various firms involved in performing the various act ivities required to create and deliver a product or service to consumers or industria l users, and that s upply chain management is the integration and organization of information and logistics across firms to create value for consumers. Logistics involves those activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible cost and that l ogistic management includes the coordination of the flows of both inbound and outbound products, an emphasis on making these flows cost effective, and customer service .  I didn't think of it this way and it was nice to read and learn about it. When reading Chapter 16, I learned that t he wheel of retailing concept explains how retail outlets typically enter the market as low status, low margin stores and that over time, stores gradually add new prod...

While reading Chapter 13, I learned how to build the price foundation by  the ratio of perceived benefits to price. Pricing has a direct effect on a firm's profits, which is determined by the profit equation, which is “Profit = Total Revenue – Total Cost ”. That pr icing objectives specify the role of price in a firm's marketing strategy and may include profit, sales revenue, market share, unit volume, survival, or some socially responsible price level . Pricing constraints that restrict a firm's pricing flexibility include demand, product newness, other products sold by the firm, production and marketing costs, cost of price changes, type of competitive market, and the prices of competitive substitutes. This was nice to read about, very fascinating. While reading Chapter 14, I learned that demand, cost, profit, and competitio n influence the initial consideration of the approximate pri ce level for a produc t of service. Demand-oriented pri cing approaches stre...