CH 11 (Marketing and Customer Driven Markets)

Posted: December 3, 2012 in Uncategorized

My older sister recently graduated from Texas Tech with a marketing degree so a lot of information in this chapter were things I’ve heard directly from her. She’s told me about how much they emphasize on the same 4p’s we’ve learned in this chapter.  From producing a prodcut that reaches a certain target audience, to advertising it in a way to achieve the best possible results is what she said they placed a heavy importance on in her classes. It’s funny to hear about these things because once you learn how important advertising is and how strong of a tool it is, you begin to see all the advertisements on tv in a different light. Everything put into those commercials are there for a purpose and intended to reach a certain group of people. Once you realize that, you can see why these companies are able to get these products off the shelves and into the hands of the people they intendced it to get to.

potts_ad1m1382

I mean even deciding what channel a commercial will air on is a big advertising move that I have started to notice. (for example Viagra commercials are always coming on the History and Discovery channel, and yet I’ve never seen one aired on MTV haha) In the type of free market society we live in, customers are the ultimate driving force of our economy and it’s what decides the price of a certain product. Adam Smith’s “invisible hand” is something my conomics professor has constantly stressed as to why our market works the way it does.

invisiblehand

As for the ice skating rink question you asked in the blog, I have a friend that has been working there since they opened and he says it’s packed every single night; he even said there was ticket scalping going on in the parking lot! So, I guess there’s always a market for some things no matter where you are; just goes to show how spontaneous people can be.

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