Kratic Media Productions

So far, here are quotes I've picked out from the book.

Chapter 1

• "Customer satisfaction depends on the product's perceived performance relative to a buyer's expectations. If the product's performance falls short of expectations, the customer is dissatisfied. If performance matches expectations, the customer is satisfied. If performance exceeds expectations, is highly satisfied or delighted." (Armstrong & Kotler, p. 14)

Customer satisfaction is very important in today's business because we can use this to our product. If the company cannot meet, or even better yet, surpass consumer's needs/wants, then the strategy has come up short. With customer satisfaction, we can see if we're headed in the right way or not.

• "Perhaps the most dramatic new technology is the Internet. Today, the Internet links individuals and businesses of all types to each other and to information all around the world." (Armstrong & Kotler, p. 26)

The internet has changed a lot of lives during the past two decades. It has broken through boundaries. With the advantage of using the internet, users who go to www.kraticmedia.com will be able to share with each other recipes that they have created. They will be able to feed off each other's wealth of information and will be able to ask and answer each other questions.

Chapter 2

• "Market targetging involves evaluating each market segment's attrativeness and selectcting one or more segments to enter. A company should target segments in which it can profitably generate the greatest customer value and sustain it over time." (Armstrong & Kotler, p. 48)

By targeting consumers appropriately, the concept of PLC comes to mind. By generating the idea from the very beginning, to developing the concept, and marketing the analysis, I can target my audience. I can satisfy their needs and "delight" them by giving them MORE than what they ask for.

• "Through strategic planning, the company decides what it wants to do with each business unit. Marketing planning involves deciding on marketing strategies that will help the company attain its overall strategic objectives." (Armstrong & Kotler, p. 53)

By just focusing on ideas, the concepts will be lost. If I only focus on the good idea and let go of the bad ideas, I can better plan my project. That is why this cookbook has a specific target audience. By assessing my goals, I can better plan the direction of the content to be included in this cookbook.

Chapter 3

• "Marketers need to be good at building relationships with customers, others in the company, and external partners. To do this effectively, however, they must understand the major environmental forces that surround all of these relationships." (Kotler, pg. 65)

Just because you know a lot of people is not to mean that you really know them. By carefully selecting those you want to know and those who will help you advance, is more important. This is because they may have the knowledge or better connections to advance you. By understanding the different forces that power relationships, one is able to better judge the connections made.

• "Rather than offering high quality at a high price, or lesser quality at very low prices, marketers are looking for ways to offer today's more financially cautious buyers greater value--just the right combination of product quality and good service at a fair price." (Armstrong & Kotler, p. 78)

Individuals, especially consumers, are become more cautious about their spending habits, moreso with the economy like it is at this point. By psychologically pricing the content found within Kratic media and offering lines of products that they may potentially find useful.

Chapter 4

• "The goal of marketing intelligence is to improve strategic decision making by understanding the consumer environment, assessing and tracking competitors' actions, and providing early warning of opportunities and threats." (Armstrong & Kotler, p. 100)

To gain an insight into the consumer, we must find out what they want, what they buy, when they last bought something, what else did they got along when they bought the item, what else did they buy once they purchased a book, etc. By being intelligent in this manner, we can better offer the consumer what they need, and as a company, we can maximize our opportunity for profit, while minimizing cost and losses.

• "Most marketing research benefits both the sponsoring company and its consumers. Through marketing research, companies learn more about consumers' needs, resulting in more satisfying products and services and strong customer relationships." (Armstrong & Kotler, p. 121)

This sense is true to its word, however, there are also negatives to this. If there is too much research, consumers may feel a lack of security. Furthermore, they may feel they cannot trust the company as intrusion on them becomes more of an issue.

Chapter 5

• "Consumers make many buying decisions every day. Most large companies research comsumer buying decisions in great detail to answer questions about what consumers buy, where they buy, how and how much they buy, when they buy, and why they buy." (Armstrong & Kotler, p. 130)

Becoming aware of consumers' decisions and getting into their mind is arduous. It becomes a job for some. Answering these types of questions of how, when, why, and how, among many others, is something we cannot lose. By finding out that people like to try and experient with new items from time to time, plus that they might enjoy drinking a refreshing beer while eating a nice warm meal, is the concept of this book. By giving them something to actually act upon, this cookbook enhances the relationship between the company and the consumer.

• "Why is it so important to satisfy the customer? Customer satisfaction is a key to building profitable relationships with consumers--to keeping and growing consumers and reaping their customer lifetime value. Satisfied customers buy a product again, talk favorably to others about the product, pay less attention to competing brands and advertising, and buy other products from the company." (Armstrong & Kotler, p. 148)

This is from the positive point of view. If we were to look at it from a different perspective, by not delighting the customer, we would be loosing a whole lot more than just the cost of this book. Bad word of mouth, bad publicity, bad ratings, bad comments, will all serve as one army to destroy the image that we worked hard to do.


Chapter 6

• "Demographic factors are the most popular bases for segmenting customer groups. One reason is that consumer needs, wants, and usage rates often vary closely with demographic variables. Another is that demographic variables are easier to measure than most other types of variables." (Armstrong & Kotler, p. 169)

• "Beyond deciding which segments of the market it will target, the company must decide on a value proposition--on how it will create differentiated value for targeted segments and what positions it wants to occupy in those segments." (Armstrong & Kotler, p. 185)

Chapter 7

• "Product is a key element in the overall market offering. Marketing-mix planning begins with building an offering that brings value to target customers. This offering becomes the basis upon which the company builds profitable customer relationships." (Armstrong & Kotler, p. 199)

• "Poorly designed packages can cause headaches for consumers and lost sales for the company...By contrast, innovative packaging can give a company an advantage over competitors and boost sales." (Armstrong & Kotler, p. 206)

Chapter 8

• "Business analysis involves a review of the sales, costs, and profit projections for a new product to find out whether they satisfy the company's objectives. If they do, the product can move to the product development stage." (Armstrong & Kotler, p. 239)

• "After launching the new product, management wants the product to enjoy a long and happy life. Although it does not expect the product to sell forever, the company wants to earn a decent profit to cover all the effort and risk that went into launching it. Management is aware that each product will have a life cycle, although its exact shape and length is not known in advance." (Armstrong & Kotler, p. 246)

Chapter 9

• "Good pricing begins with a complete understanding of the value that a product or service creates for the customers. Value-based pricing uses buyers' perceptions of value, not the sellers' cost, as the key to pricing. Value-based pricing meanrs that the marketer cannot design a product and marketing program and then set the price." (Armstrong & Kotler, p. 260)

• "Economic conditions can have a strong impact on the firm's pricing strategies. Economic factors such as boom or recession, inflation, and interest rates affect pricing decisions because they affact both consumer perceptions of the product's price and value and the costs of producing a product." (Armstrong & Kotler, p. 270)