Response to Sean's Question: What is the Biggest Edge one Business has Over the Other in Marketing?

The biggest edge one business has over the other in marketing is creative ideas. Whichever company can gain consumers interest more effectively will gain a larger profit and do better than their competitors. Time is also a key factor. The quicker a company gets their product into the market the quicker they earn money and the greater edge they have over their competitors who take longer to market their products. I agree with Sean when he said having a group of marketers is more effective because they can pool their ideas. This also goes along with having an edge because the more ideas, the more creative ideas, and the faster they can market their products.

Can companies rely simply on consumers buying or do they need to make the consumers feel they need to buy what they are selling? Is that why consumers are less likely to buy in this economy because they are unsure of what they actually “need”?

Places and the Products Being Sold

Our group project has made me think about how important it is to sell the right product, at the right price, in the right place. Where I live in Wolfeboro, NH everyone assumes those who live there are wealthy and or on vacation. The stores in our downtown consist of fast food restaurants or fancy restaurants and souvenir shops. Everything is over priced and there are no necessities. The downtown is geared for tourists. I could not tell you where to buy a pair of socks in my town, which makes it is very inconvenient. I understand our population triples in the summer so the town caters to those visiting where there is room for a large profit to be made, but in the winter you would think prices would drop and or more useful items would restock the Lake Winnipesaukee T-Shirts that no one who lives in Wolfeboro would actually wear. There is nothing I would purchase in my town unless it was a gift for someone. 

In the past few years the economy has not been as strong and it shows because there is less traffic in town during summer compared to later years. So one can assume the businesses are not doing as well because there isn’t the same volume of people coming into their stores. I would think the businesses would start to swap out some of their inventory for the locals who are always there and looking to save on gas money when they just need to pick up a few things. (Closest stores are about an hour away.) 

Do you think the businesses would be more profitable if they change their prices and or products? Do you think it is good for a town to only rely on tourists to earn profit? Do you think the businesses have to comply with an all or nothing change?

Response to Drew's Question: Has a family member or social setting influenced you in purchasing a certain product?

Yes I have had a family member influence me into purchasing a product, multiple times. My mom and I are very close so I trust her opinion. Whenever I have a problem I typically take her advice. Pertaining to cosmetics, I have very dry skin and she suggested Olay products. I will never again buy another face lotion due to how well their product works. I am willing to pay more than a cheaper drug store alternative because I know it moisturizes my face without it being oily or breaking out. Social media has also influenced me because if I see people "liking" a page or talking about certain products I will be more likely to try them. Anytime I hear another person using a product and see them give it good reviews I will definitely give it a shot.

That is why it is important for a company to have good customer service and strong products. Ways for a company to earn business isn't just through marketing it is after the marketing has gotten a consumer to try the product and satisfying them so they will recommend and speak highly of the product. I think a lot of people hear about products this way and not even through advertisements. Word of mouth travels quickly so a company can only hope they have prepared enough that what is being said earns them more customers to gain revenue. 

Do you think companies earn more business from advertising or from customers recommending and spreading the word about a product?