Ch. 11 Developing and Managing Products

Developing Products takes a great deal of research, information, and money. A company is as good as their products, which means if your company cannot develop products that are appealing, innovative, functional to the worldwide public, chances are your company will not have a future. A New Product takes a long time to produce, some products can take years in the making. There are many stages in the new product development process beginning with an Idea. A New Product Strategy consists of looking at objectives of the marketing department, the business unit, and the corporations. Each department is a puzzle piece needed to produce a new product. Each unit is an important component adding valuable structure needed to launch a new product.

Although the Idea is the first step in the production process, all ideas must be filtered and Screened in order to concentrate and produce the ideas that coincide with the company's existing product lines and concepts. Martha Stewart produced cook books and a catering service, two ideas that compliment one another. Along with her catering concepts her event decorating style became a signature aspect for her clients. A Concept Test consists of a screening stage outlining the new product's over all positive and negative attributes. Martha Stewart added a line of cookware and cooking utensils to her product line following the success of her cookbook and catering business. Because she is considered a professional innovative caterer and baker, a functional cookware line incorporates materials, and cooking utensils developed to make the process easier.

Martha Stewart's Product Lines & Extensions

• Home Furniture & Decor - Bed Linens, Curtains, Shades, Towels, Rugs,  Pillows, Chairs, Desks   Extensions- Martha Stewart Line of Office Organization Furniture and organizers
• Cookware & Bakeware- Baking Pans, Measuring Utensils, Cutlery, Plate Sets, Serving Platters, Cookware Pans Extensions- Cake Art Cartridge and Baking Videos
• Home Improvement Products- Paint, Stencils, Faucets, Patterning Brushes 

Ch. 18 Social Media and Marketing

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In today's world communication happens in the blink of an eye. From one second to the another information is traveling at the speed of  light across the world. The World Wide Web is the most popular form of communication capturing the attention of everyone from the Pope (twitter ) to President Obama (Facebook). Interests and opinion are voiced and posted on several websites describing, explaining, and dissecting products, services, and specialty items. Social media sites are a haven for Marketers, with the right marketing plan an organization can expand and advertise their products & services to a world wide audience.

             

Martha Stewart Verified account

@MarthaStewart

curious,inquisitive,experimental entrepreneur who cares about the world we live in

Katonah, NY · themarthablog.com

• 5,498TWEETS
• 7,733FOLLOWING
• 2,878,957FOLLOWERS

Consumer's spend more time browsing websites and engaging in conversation on the web than they watch television. Marketers can obtain valuable information researching websites, blogs, and postings. Martha Stewart writes a blog on her website called Living Blog informing her fans and customers on current events, trips, and recipes. She also has guest writers contribute to her blog and entries of blog post, pictures, and videos from fellow crafters displaying their version of table settings, cake decorations, and inspiring pictures. This can be considered a Corporate blog, promoting the company and it's brand, however, many of the posts Martha Stewart posts writes interacting through this website can also be considered a Non-Corporate Blog because it's authentic from herself not a marketing team.



Marketers can utilize social websites to collect information and devise a marketing plan based on trends, comments, posts, blogs coming directly from consumers and their expectations. Positive and Negative comments are important to analyze and consider. Implementing changes in products based
on consumers comments can help a brand correct their products or services negative aspects. Once consumers see modified results with a product or service they will be inclined to continue a loyal relationship with the brand. Marketers should listen to the consumers and consider their needs.

                                


Social Networking information needs to be monitored daily in order for the company to successfully market their brand on the internet. Information can have an devastating impact on a brand if negative information and comments surface without an intervention plan. Below is a website link acknowledging 5 Habit of a successful online marketing campaign. Review Sites such as Social Media Examiner can be helpful to Marketing Groups as they research information on popular websites and marketing plans.


 

http://www.socialmediaexaminer.com/5-habits-of-successful-content-marketers-new-research/

Having two million followers and over eight hundred thousand likes is an incredible amount of Earned Media from fans, loyal customers and first time consumers enlightened by the Martha Stewart Brand. Martha Stewart Living Website represents an Owned Media along with posts, blogs and comments. Martha Stewart's magazine, TV Shows, and published books are Paid Media for and from the Company to continue expanding her brand.

Martha Stewart is connected to many social media outlets and one thing is for sure she has mastered the art of marketing on the internet.  

Ch. 10 Product Concepts

Worldwide Recognition 

Martha Stewart debuting her home organization line in CANADA

Global brand names like Martha Stewart are successful because the name is associated with products that are trusted. Consumers are drawn towards brand names because they attribute them with quality products. Quality, loyalty, and durability are just a few words used to describe a product that people will continue to buy.


The key to becoming a recognizable brand name is having a good introductory product line that can be distinguished from the existing market. For Martha Stewart, she began branding herself as the face of the company through cookbooks and event crafting. Consumers were impressed by her ability to construct an entire event from decor to food by using creative items such as pine cones, pumpkins, and flowers, things you can find in-expensively to create settings. She also incorporated food & drinks arranged on platters and serving dishes that visually appeared to be food decor.
Her recipes for an event continue to carry the theme and color of the events she was having. Martha Stewart began her career as a home maker who had a creative edge for homemaking. Consumers could relate to her and her products.

Martha Stewart's product line consisted of recipe books, and cookware. She began to create a Product Mix including specialty serving dishes, bakeware, and cooking tools to help create the signature Martha Stewart appearance. Her unsought products became popular due to her successful product lines. She expanded her product mix width to include an extensive line of home decor, curtains, bed linens, pillow, wall paint, organizers, and picture frames. Her image defines her products, they exude clean, elegant, natural images that are new interesting in the home decor market.

From soup to nuts, an expression emphasizing having everything needed, or covering all the basics, is the definition of celebrating an event for Martha Stewart. Her product line covers all the essentials needed in order to capture her image or decorating concepts. Her blue trademark symbol is recognized by consumers and is considered a personal stamp of guarantee.

Below are just some images of products created by Martha Stewart:
Cookbooks, Paint, Room Organizers, Yarn, Jewelry, and Smoothies!!!!

Product Line & Product Line Extensions 

                                                       

                                               
                                               

CH. 17 Personal Selling and Sales Management

Happy Shopper

The art of Selling, to a consumer, is based on the relationship between the company and the consumers individual demographics, specifically their interactions with the company's products and services. In order to successfully sell products and services to consumers, the sales person has to build a relationship with the buyer. One form of selling is called Relationship selling, for example: Martha Stewart has carefully spent 15 years teaching her consumers how to incorporate more meaningful, functional, beautiful lives with her line of products and services. Consumers want to enrich their lives, and the lives of their family and friends, therefore Martha Stewart designs her products and services as an intricate need to celebrate special moments. She establishes connections, a special bond between consumers and all the happy celebrations in their lives.

The Martha Stewart company can build successful relationships with the potential buyers by collecting consumer information. Consumer information contains valuable details about each consumer that can help the company with future product developments. When a consumer interacts with a company's associate, the consumer is in need of guidance or assistance purchasing or inquiring about the products or services. This is an important opportunity to gain information about the buyer and how they view the company's products and services. More importantly, the consumer at times is interested in the over all experience they will receive rather than just the products and services. As the company continues to gather buyers purchasing information the need to capture the important data pertaining to sales process leading to closing the sale is called Knowledge Management. This process compiles consumer information and records it in order to learn about the relationship between the consume and sales associate.

Consumers leave information in various places in a store or on-line. When consumers create registries, complete warranty, or inquiring for a product's information they are leaving Touch Points.  Touch Points are all areas of a company that consumers have had contact with. Information Kiosks, price scanners, and on-line commentary are additional Touch Points used to gather useful information. JC Penny is developing a new kiosks system exclusively for Martha Stewart products, this will enable her company to directly educate consumers about her products, and consumers will gain valuable design information as we'll as in-store product quantities and availability. Please click on the link below for more information. 

Martha Stewart Products will be sold in small Kiosk machines featured above in JC Penny

http://www.upi.com/Business_News/2013/03/02/Store-within-a-store-concept-goes-to-court/UPI-36211362239481/

Technology can offer innovation and details on how a company can research their target market by connecting and establishing a Pre-approach "homework" on all consumers interacting with their company. The sales team in JC Penny should be trained to offer product knowledge to ensure and secure the consumer buying process is happening. A sales associate should engage the consumer in a conversations and suggest items pertaining to the consumers present desire. To further explain this, imagine a consumer entering the store and their main concern is a house warming gift for their niece, a sales associate should approach the consumer and ask if any assistance is needed. Once the consumer admits to needing assistance, the sales associate should be open to listening to the consumers present need, more over what they are looking for. The sales associate should under stand the need and proceed to the items closely relating to that product line, or event. The sales associate can quickly begin Negotiating with the potential buyer and entice them by in-store sales, rebates, and coupons to seal the deal.

Martha Stewarts product line, at first, captures consumers with her creative innovative design , however, without a great sales team, products and services will not sell themselves. As a young retail associate for Speedo, I was asked to educate myself on the product line, materials, and durability of the products. Speedo's consumers were active people, swimming, running, and biking. It was my job to inform myself and to stay connected in order to successfully complete a sale and increase profit for the company.