In response to Matthew Tolen

Matt Tolen posed the question "What do you think will be the biggest challenges companies face in entering these new markets (India and China)? Why?"

I think marketers might face the most resistance when a country has a very strong desire to preserve their culture. Countries such as these will often create policies to prevent less products. An example of this is that 45% of Canadian music must be Canadian in origin. When quotas like that are set, this makes marketing and getting into markets very difficult when establishing a new product in a country is already difficult without policies in place to preserve their culture. How would you approach marketing to one such country? Would you choose to market to the country at all if a quota was too high?

Of Designer Jeans and Prestige

This article in the New York Times discussed why people will pay extremely high prices for designer jeans that aren't of any better construction than unbranded jeans. The article mentions that before the recession in 2009, there didn't seem to be a limit on how much people would pay for designer jeans. The new cap as of 2009 seemed to $200 for most designer jeans. The article makes the point that the $200 jeans looks no different of the $300 jeans of years passed. This seems to suggest the price being relative to what people are willing to pay for a product to get the perceived prestige that goes with an item. An interesting parallel the article put forward is that that purchasing a pair of jeans cost as much as an iPad. It really puts in prospective the opportunity cost of purchasing such a expensive item. Have you ever purchased an item based mostly on the prestige that goes with it? If so, did purchasing the item get the desired response from others?

http://www.nytimes.com/2009/10/29/fashion/29JEANS.html?pagewanted=all&_r=0

In response to Lindsey Pinault

Lindsey posed the question "How else do you think technology has changed the way products or services can be marketed? Do you find internet advertising more successful or less successful?"

Technology has enabled companies to use social media to reach their customers. Personally, I don't think that the amount of likes on a media like Facebook correlates to a successful marketing campaign. I do admit that a lot of useful information can be distributed and confirmed through social media. Twitter is how word got out that the new XBox coming out will a "always on" system that in order to play a game, you must be connected to the internet. In this case, the leaking of this information put off a lot of customers from buying the product in the future but it shows the power that social media can have on influencing opinions. What are other examples of either negative or positive social media marketing?

Convenience Items

We all come across the familiar scene when we enter the check-line...A bombardment of all sorts of candies, snack food and magazine. These are placed here hoping that something will catch the customer's eye as they wait. The price will be low for the item but you will receive less for your money that way. I know that I consciously try to keep these two things in mind when I am standing in line. If I look at the candy and see something that catches my eye, I don't purchase it unless I am willing to get out of line to go back to the candy aisle to get the more cost effective version. Are they ultimately getting what they want by my actions when I do this, yes, but I feel more like I was not taken in by the specific strategy they were engaging in. My only admitted weakness when it comes to this sort of marketing is gum. When I see a new flavor of gum I have not tried and they haven't introduced the three packs for 2.00 of it, I usually buy at least one pack of it. How often do you buy these convenience items by the check out counter and what do you find yourself usually buying?

In response to Greg Mathews

Greg posed the question "Why our generation so likely to not oppose or fight against music piracy?"
I think a lot of the lack of opposition comes from the fact that our generation hasn't really had to spend much time where technology to pirate music wasn't available. I remember that my first experiences with pirated music was back when I was like 10. Also some music that cannot really be accessed by conventional means, like anime music. For me, it is easier to just go onto Youtube to listen to music I like rather than actually go out and purchase it. There is the issue of the Youtube downloader which you can convert a Youtube video into a sound file and get a song that way. Do you think that that is why Youtube has gotten more strict about their copyright laws?

Gamification

Gamification is the process of applying game mechanics to non-game related things in an attempt. Wikipedia describes the techniques used to employ gamification as leveraging "people's natural desires for competition, achievement, status, self-expression, altruism, and closure". Some of the game like rewards used are points, marks for certain achievements, some sort of leveling system or giving the player virtual money. An example of this is Starbuck use as it relates to Foursquare, which is a smartphone application where people check in to location. Starbucks apparently offer a customized Foursquare badge and gave discounts to people that were/are "mayors" of that location. A mayor is the person that has checked in to that place the most. Have you noticed any other places using gamification to attract customers?

In Response to Will Redding

Will posed the question "Do you think a permanent price match guarantee on all products for local competitors and major online competitors is a good strategy for Best Buy? Do you think this policy will help with Best Buy's poor stock performance? "

I think it will ultimately be a good strategy because of how available things are online and the fact that over 75% of electronics are purchased online. The exclusion of eBay makes sense but they are probably the e-place that most places chose over even other online places for the potential to get good deals. I know recently when my laptop charger died, the first place I turned to was the internet in the form of Amazon. I wouldn't know where to even specifically go to find a charger for my specific charger. As much as it is a good idea to offer the service, I don't think it will be too effective because it involves a bit more steps to get the product. If a person is "showrooming", they will first come in to try out the product. If they were to purchase the item, they would have to search the internet for the product and get a refund or something if they find a cheaper priced product on the internet. If they were to just buy it on the internet, it cuts out some of the inconvenience. Do you think there is anything Best Buy can do to improve their stores?