1. What are 3 key marketing learnings that you got from this case?
2. How do the learnings apply to you as the "world's most important brand with your name on it?"
3. On what occasions is your brand like "Shop Around the Corner"? On what occasions is your brand like "Fox books store".
If you were absent last Dec. 10, pls. skip this task as you will be given a different assignment and task in 2011. But be sure to register your absence on the on-line form of hypermarketing2.com.
Someone edited the original movie. It shows how communication has changed from 1998 when the movie was made to today's language...
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1. The lessons:
a. No matter how loyal we think the customers are to our product, there are other ways to respond to their needs and ounce they see it, the loyalty may end depending on the freshness of the product.
b. Fighting in the business world does not necessarily mean going on violence or arguing with the customers to change their mind back, it means using available information to get the most out of the opportunities.
c. There are several tactics in facing a new challenge, and sometimes letting go of the competition and moving along with other firms can be the best for the business and customers.
2. It is necessary to change and evolve accordingly, otherwise my brand will disappear with all the other nun interesting products.
3. Shop around the corner is when I stay in my comfort zone just because it has been approved by others, and forgetting that this approval is not everlasting.
Fox book stores is when I try to maximize my skills and abilities using the resources and letting others know about it even before the change has finalized, keeping space for future and constant improvements.
1a. Niche!! When your competitors are that big or you have no other way to compete there is something to do and that is change. Change your method or your ways and even your products and start fighting back.
b. When it comes to business things looking unethical in real life are ethical and there is nothing you could do about it. The game rules change in business.
c. Business and personal life comes together. You can't separate them and say it's all business.
2. Never think if the 20 year plan didn't go as it should you cannot change it. Plan for life is a part of business and plan for business is part of life.
3. When I feel comfortable during the 20 years and more and never want to change or get bigger I'm the shop around the corner but when I try to stand out and use new methods and knowledge with the experience I could be fox.
1. a.) Working Different/ Niche Marketing - You can revise your strategy by having the books for rent instead of for sale and convert the store into library.
b.) You must build Customer loyalty than Customer Satisfaction, since when customer is loyal to you, even if competitors will arise they will not leave you behind.
c.) When it is too crowded for the same business in a place, one can also look for a better location where there is scarcity of product.
2.) It is important to constantly add something interesting to my brand. That I should only compete against myself and not with my peers and each experiences a long the way will make my brand stronger.
3.) I'm a "Shop around the Corner" when it pertains to the things that I have today that I want to retain just like the significant people in my life, my present skills and talents.
and I'm a "Fox books Store" when I want to expound my relationships with people. Nurture my love to my family, significant other and friends that it will grow deeper and stronger.Hone my skills and talents and use it for greater things that will make it beneficial to me and to the society.
1. a.) Working Different/ Niche Marketing - You can revise your strategy by having the books for rent instead of for sale and convert the store into library.
b.) You must build Customer loyalty than Customer Satisfaction, since when customer is loyal to you, even if competitors will arise they will not leave you behind.
c.) When it is too crowded for the same business in a place, one can also look for a better location where there is scarcity of product.
2.) It is important to constantly add something interesting to my brand. That I should only compete against myself and not with my peers and each experiences a long the way will make my brand stronger.
3.) I'm a "Shop around the Corner" when it pertains to the things that I have today that I want to retain just like the significant people in my life, my present skills and talents.
and I'm a "Fox books Store" when I want to expound my relationships with people. Nurture my love to my family, significant other and friends that it will grow deeper and stronger.Hone my skills and talents and use it for greater things that will make it beneficial to me and to the society.
1.) 3 Lessons:
a.) There will always be competition who is bigger and better at what you do. You must re-evaluate your position and find your strength, and hone this strength.
b.) Keep your friends close, but keep your enemies closer! In marketing, you do research and must network, A LOT.
c.) If weaker than opposition, better re-evaluate and sell at a value that is both agreeable and reasonable. Cut loss and get out before it's too late.
2.) Continuous innovation for myself by learning and learning and learning in order to grow myself (my brand) is very important. Continuously acquire skills and knowledge that is aligned to my history for a sharper me.
3.)I am being a "Shop around the Corner" when I get complacent or feel that I am indispensable, not aspiring for anything more and just "settling" for what is given. I am a "Fox BookStore" with my ambition and constant drive to exceed my expectations, to become bigger than life.
1. Marketing Learnings:
A. Be flexible – it is important for any company to accept change and find ways to use change to their advantage. In the movie, shop around the corner could have revised their strategy and focus more on competitive advantage.
B. Market research – it is important to know your competitor so you would be able to find ways on how to approach competition in an effective and efficient manner
C. Focus on getting clients, not customers – there’s a line between these two. Customers would come and go, but clients on the other hand are there to stay. It is important to attract possible customers, amaze them, and try to make them loyal clients (woo, wow, win principle).
2. Like I have said above, any company should be flexible. Change is the only constant thing in this world. It is inevitable. That’s why we should always be ready to accept change and try to use it to our advantage. Innovation is the key. It is important to continuously improve one’s brand since people’s preferences change everyday. We should be ready to give people what they want and need with effective marketing and development of products.
3. My brand is like shop around the corner when I get contented with what I have. I become to lax in doing my day to day activities and I don’t want to risk anything. It’s like being too comfortable and satisfied of my current situation, not making an effort to improve. On the other hand, my brand is like Fox Book store when I try everything to improve myself. I currently enrolled in AGSB because I want to improve myself, hone my skills, in hope of being given a higher position in the near future. My Brand is a Fox Book store when I set long term goals for myself.
1. Three Marketing Learnings/Lessons:
a. When there is a competition, keep in mind that you should perform better than others - Shop Around the Corner became fixed in their philosophy and strategy having been in existence for so long and didn't anticipate the company might face a future competition. Now that Shop Around is in a competition, SATC doesn't know what to do. SWOT analysis can be a useful strategy that SATC should do but didn't do.
b. Don't stick to "old-school ways" - SATC should be constantly adapting to change. They should try something new that even when competition comes, they can perform exceedingly well.
c. Search and Discover - When customers start asking questions, they are looking for something you do not have and being big does not guarantee victory. Market relevance and acceptance guarantee victory.
2. Integrating these lessons will land me as a new brand. Be better than others, never stick to the "old-fashioned ways" and continuously searching and discovering for something beneficial will lead to me to the top brand among the rest.
3. I am SATC when I do something and found it successful but keep on doing it all over again. I am FBS when putting myself in risk just to discover something worthwhile.
1. The Lessons:
a. The Market strategy. In business we have competitor, everyone want the profit, so he/she use everything(strategy) to achieve his/her objective. Each Person who compete in business must have his/her own strategy in case about market strategy to get more costumers satisfaction and achieve profit. we use legal and fair strategy to win the market.
b. Business is Business. Don't mix personal problem with business problem. Sometimes in our life, we saw that some company bankruptcy because they mix business problem with family or personal problem. like proverb said "Friend is a friend but business is apart."
c. Innovation. we must create something new to attract the costumers especially to satisfy their need and want.
2. The learning teach me about how to anticipate the competitor with my new strategy and don't give up because of personal sentiment.
3. My brand like shop around the corner when, I'm not give full attention to my niche especially to my risk and when I don't have any idea to innovate my brand in the future.
My brand like Fox Book store, when I maximize all opportunity and resources to promote my brand and use advertising to attract costumers. And always update my brand according to the time and situation.
1. Marketing Lessons:
a.Determine your market differentiator (strengths), re-evaluate those strengths, and formulate alternatives to capitalize on those strengths. It was clear that shop around the corner specialized on children's books (they had rare children's books and the employees are very knowledgeable). The shop could have used these strengths to come up with new ways instead of going head-on with Fox Bookstore which is obviously better in resources.
b.Research: Not knowing anything about the competition is like going to war with not enough weapons - Fox Bookstore had more than enough information about the competition, Joe Fox (Tom Hanks) even observed how shop around the corner does its business and came up with things that they don't offer and incorporated those into Fox Bookstore
c.always be on guard: there will always be competition, it maybe in the form of a new business or a new employee. people who are younger and hungrier for success than me, I need to always re-invent myself in order to stay ahead of the competition
2.Capitalize on my strengths, stay informed, anticipate and attack. Using the learnings on "You've Got Mail" I should always re-evaluate myself and competencies, re-invent and acquire new skills to keep on making my own brand better.
3.I am Shop around the corner if I get to complacent and overconfident about my current skills and knowledge. I am like Fox Bookstore when I explore other opportunities of learning and acquiring new skills and knowledge to improve personally and professionally.
1. a. Always be open minded that no matter how long you survived in business there will always be a competitor that can provide better and cheaper service than you.
b. Customers are free to choose where they want to be served, especially if the business can give customers satisfaction and less expensive, the customers will always choose that.
c. The company should always be open minded to competition even if there isn't any. They should know how to appeal with the public relations and to the customers they are handling.
2. I should be aware of changes surrounding my business. I should be open minded that anytime my business can goes bankrupt when a better competitor comes along. So I should always think that my business is still a newbie and need to be guided with strategies that can help my business survive and appealing to customers.
3. Shop around the corner is my brand when I have a big confidence with myself that because my business has been there much longer than a competitor it give me confidence that I will never lose to the other company that makes me slack of into my comfort zone.
Fox bookstore is the time that I always practiced my skills and strategies everyday in my business that no matter how well off is my business I keep in mind that my business should always be ready to changes for the present and future.
1. Three key marketing lessons/learnings:
a. Customers are practical and very few will value loyalty. They will go to where they can get more value for their money such as those that offer cheaper prices, nicer and bigger store, and more freebies. That is why plenty of companies spend a lot on marketing gimmicks just to win customers.
b. Don’t put all your money in just one business because if it fails, chances are you will lose everything as well. If possible diversify. Try other businesses which may or may not be related to your current business so that if one fails, there are still other businesses to keep you afloat.
c. Try niche marketing that you feel comfortable and would enjoy doing. If you perfected the skills, you will be able to sell in a positive way to prospective customers. Be very good on your initial customers as they will become repeat customers and referrals from them may start coming.
2. Continuous self improvement creates better future and better lives. Never stop learning and developing as it builds self-confidence, command respect, and makes you more in control of your life.
3. I feel having a “Shop Around the Corner” brand when deadlines and targets at work seem unattainable. “Fox books store” becomes my brand when I am already in my charity work giving some of my blessings to our less fortunate brothers and sisters. It is at this point when I feel so good, so right, and very lucky to receive smiles in exchange for the little goods I give.
1. 3 Key Marketing Lessons:
(a) Innovation is vital for any business to succeed. Constant improvement of one's product or service is needed in order to sustain customer loyalty and satisfaction. Competition is always present and it takes persistence and determination to remain on top.
(b) Market Research - market research is imperative for a company to know what type of products or services would be profitable to introduce in the market. Also with respect to its existing products in the market, good market research enables a company to know if it has been able to satisfy customer needs and whether any changes need to be made in the packaging, delivery or the product itself. This enables a company to formulate a viable marketing plan or measure the success of its existing plan.
(c) SWOT Analysis - Knowing your company's strengths, weaknesses, opportunities and threats will enable your company to withstand the gusts of competition and emerge victorious. This will allow you to efficiently and effectively meet the demands of your existing and potential market.
2. They key words for me here are adaptability and flexibility. The only thing constant in this world is change. In order for me to successfully build up my brand I must be always prepared for the unexpected. I should know myself and know the competition and leave the rest to God.
3. I am being the "Shop around the corner" when I settle for mediocrity. It is when I don't go out of my comfort zone and just make do with what I am and what I have right now. It is also when I am afraid to take risk and instead just go with the flow.
On the other hand, I am just like "Fox the bookstore" when I am unafraid to face new tasks and challenges. It is when I go 'outside the box' and take that leap of faith. It is when I go out to explore new things and try to better myself as a person and eventually improve those that are around me.
1. What are 3 key marketing learnings that you got from this case?
a. Product Differentiation- Based from the movie, I learned the importance of product differentiation. This gives you a competitive advantage over your competitor because you are not just offering the same type of product or service but a different one which contains the advantages needed to meet the demands of the customers.
b. Market Research- It is better to research about the competitors of your product so that you will be aware on the right strategy that you will use when you market your product
c. Innovation- the market is continuing to evolve which means they are looking for some changes that your product can offer. Since Shop around the Corner failed to innovate and remained on their comfort zone, Fox Book Store used it to their own advantage since they were able to innovate and become a lot better compared to their their competitor.
2. How do the learnings apply to you as the "world's most important brand with your name on it?"
The learnings are applicable because it reminds me not to be complacent on what I am doing. I need to continue improving my skills and knowledge so that I will be able to meet the needs of my company and make them satisfied to what I can offer.
3. On what occasions is your brand like "Shop Around the Corner"? On what occasions
is your brand like "Fox books store".
My brand is like “Shop Around the Corner” whenever I tend to be stagnant because I am already satisfied of what I have right now. Sometimes, I don’t see the need to improve since I’m already satisfied of my performance which I think is not the right thing to do.
On the other hand, my brand is like Fox Books Store whenever I keep on thinking of ways on how to improve my work in school and in the office. I tend to do research and innovate in order to provide better outputs. I also consider thinking of other ways to make myself more productive by selling some products and doing research about business ventures which I might consider doing in the future.
1. What are 3 key marketing learnings that you got from this case?
Niche Marketing- it is important to focus on a small niche market instead of marketing a company’s products or services to a huge general market. It is important to stick to your niche market especially when the marketing budget or the size of the company is relatively small just like Shop-Around-The-Corner. Your programs and your strategies must revolve around this niche market.
Market Research is very important especially when venturing into an unknown market. It is also critical to conduct a market research to keep track of the changes happening in the market and so that you could provide countermeasures to make your business competitive. Shop-Around-the-Corner became complacent and hasn’t evolved. The competition has finally caught up with them when Fox’s bookstore entered the picture.
Product Differentiation – you must always find a way to differentiate your products to what your competitors are offering. You can still create differentiation even if you are offering the same products with your competitors, just like Fox’s bookstore and Shop-Around-the-Corner. One could create differentiation through the service provided, the convenience it brings and through the overall experience that brings ultimate customer satisfaction.
2. How do the learnings apply to you as the "world's most important brand with your name on it?"
In this very competitive world, I must not become complacent. Just like a company conducting a market research, I must be aware of what is happening around me and how I will adapt to the changes. Continuous learning is a must to be competitive and to keep my competitiveness. I must be able to differentiate myself, my brand, in order to get noticed. Competition is also a good thing for myself because it will drive me to become better, to check where I am right now and continue to improve and expand my knowledge, skills and attitude.
3. On what occasions is your brand like "Shop Around the Corner"? On what occasions is your brand like "Fox books store".
My brand would be like "Shop Around the Corner” if I become satisfied with I have and what I am right now. When I become complacent my brand would be like it also. My brand would be like Fox bookstore when I become aggressive and engage in competition. Being driven to expand and to learn more would be aligning myself with Fox book store.
1. My Three Marketing Learnings
A. Niche! - Competition and change is inevitable. There would come a time when the competition is bigger, better, and more equipped than me. I should not only be quick to adapt to change but also concentrate on improving my strengths to my advantage.
B. Customer Loyalty and Retention - Loyal customers will always patronize my services even if the competition boosts its marketing efforts. Like Shop Around the Corner, I make it a point to always deliver personalized services.
C. Competitor Intelligence – To be competitive, a business should research everything there is to know about their competitor such as it’s strengths, weaknesses, and strategies. Being well-informed and equipped with these information will help a business develop a strategy to keep up with the competition.
2. The learnings prepare a business or a person in handling challenges that may come their way as potential threats or competitors come into play. Since there is no distinct line between business and personal, I think the marketing learnings apply both to my professional and personal life. I have to use my strengths to my advantage as well as be quick and smart in adapting to change while not forgetting who I am and my purpose in life.
3. I can relate to “Shop Around the Corner” when I feel content or complacent with what I have or what I do. Seeing the people around me happy just the way things are makes me forget all the pressures of life. On the other hand, I can relate to “Fox Bookstore” when it comes to my work. I want to achieve greater heights and be the best in the field.
1. First, do not depreciate your competitors.
Second, it is better for a business has competitive advantage in the intense competition, and it also good to absorb its competitors’ merits.
Third, innovation is very important in today’s competition.
2. First, I should notice how others do it and what my competitors’ advantages are.
Second, my competitive advantage is courage, I should keep it with me all the time; meanwhile, I should learn from my competitors if they have some merits.
Third, although I am proud of being myself, I also have lots of disadvantages. A saying is “survive by adaption”. Adapt is not let the world change because of your exist; it is that you have to change because of the world. Then, I have to innovate myself.
3. If there are no changes or competitions around me, I would like to be myself peacefully, that is the occasion that my brand like "Shop around the Corner"? If there are intense competitions around me, I have courage to change myself, which is the occasion that my brand like "Fox books store".
1. Three key marketing learnings.
A. It pays to know the competition. Information gathered about the competition gives leverage on a company on how a business can be strategized. A knowledge about your competitors can give an idea how big the market is, or identify possible opportunities that the competition can not offer.
B. Is important for a company to be adaptable to changes, including competition, or changing market trends, or a change in business strategy. A business on status quo may be doomed to slowly diminish its market share until it is shuts down.
C. It is also essential to know the customers. After all, the customers are the business' life. It defines the business's market and strategy, and opportunities for growth and longevity.
2. The learnings are relevant because as a professional or as a working individual, I am a part of a business organization, and the same learnings can be applied on how I act in a business. Even on personal level, I may use these concepts on how I can be a competitive and marketable as a professional.
3. I am like Shop Around the Corner on times that I am building relationship with people I am with, with people I deal with. I am like Fox on time that I am being objective and assertive on my goals and targets.
1. What are 3 key marketing learnings that you got from this case?
a) Knowing your competitor is important so that you would know how to compete properly
and position yourself in the market.
b) People minds change, therefore constant change to keep up with the market is a must. Being stagnant is out of the question.
c) It is important to know who your are therefore projecting the right image is very important so that your market can know who you are. If Fox books is known for cheap books and free espresso, the Shop Around the Corner should be establish its identity not just the old childrens bookstore that is around the corner because Fox books is also "around the corner".
2. How do the learnings apply to you as the "world's most important brand with your name on it?"
I have learned in the exercise "World's most important brand has your name on it" that you need to position yourself uniquely so that peolpe would know who you are. Your identity is important and it should not be duplicated. Just like what I have mentioned in numner one letter C, it is important to know who you are and properly project the image of who you are so that the market would remeber you.
3. On what occasions is your brand like "Shop Around the Corner"? On what occasions is your brand like "Fox books store".
During the presentation of the the "world's most important brand with your name on it?" there was an instance that I thought i was like a Shop Around the corner since there was also someone who also used the descriptor Go Go. Becasue my idea is easlily replicated and it is not unique. If I am going to sell my name it would be a tough choice since i have a competitor who is almost offering of what i have given we have the same descriptor. However what diffrentiated me from him is that i am clear of what i want to convey, that is why when his presentation and my presentation was finshed, my brand became Fox books store because how i presented my brand completely different from his.
1. a. Know your market and competition
b. Define your niche market
c. Know when to give up
2. As part of the work force, I should realize that every year new graduates seek jobs and they are endowed with more knowledge, eagerness and less demanding on their salary. Being a person that highly regards his future plans, I should continually adapt to the changes in the industry and always put a premium in my experience.
3. My "Shop Around the Corner" occasion: Given that I work primarily with technology, their are times that programs and tools are not enough to help me execute a given task. During this time I try my best to find other people to execute the given task due to their expertise.
My "Fox books store" occasion: When the experts try to consult me on a field that I am more knowledgeable.
1. On some occasions, it's better to fight with your mind rather than your heart. Meg Ryan took things personally and lost the bookstore wars because of it. She should have learned how to sell and market books rather than trying to get even with Tom Hanks.
If you find yourself fighting against bigger, and better competition, you have to adjust your strategy and focus on doing something that your competitor is not doing.
You also have to learn to find the value of your brand. There is something unique and valuable in it that you have to take advantage of. For SAtC, it was their personal touch.
2. I think that you always have to adapt to changing times. It's really important to gain new skills and keep up-to-date on the latest technologies. Otherwise, you get left behind and you fail to react properly to the world around you.
3. My brand is like Shop Around The Corner because of my worldview. I don't like big corporations and I will always take the chance to rail against them and capitalism. I always like being the underdog, just like SAtC.
My brand is like Fox Books because of my organization. I like to compartamentalize different aspects of my life and focus on being as effective and efficient as possible. Sometimes, I too lack the personal touch offered by big bookstores like Fox.
1. What are 3 key marketing learning’s that you got from this case?
(a) Innovation – Trend in the market changes. Shop around the Corner must adopt this change whether in products, technology or services.
(b) Market Research – is useful in the operation of the organization. It will determine the trend and niche of the market and the ideal products for their demands.
(c) SWOT Analysis - Shop around the Corner must identify its strengths, weaknesses, opportunities and threats. From this analysis, Shop around the Corner may have contingency plan and strategies for the new entry of competitor. It will help them to use its strength to overcome its weakness and use the opportunity against the threat. SWOT analysis will determine if Shop around the Corner is meeting the demands of their market.
2. How do the learning’s apply to you as the "world's most important brand with your name on it?"
In this changing world, everything is changed and improved. I must adapt to this change by continuous learning and improvement of my human skills to make my name noticed and not left behind.
3. On what occasions is your brand like "Shop Around the Corner"? On what occasions is your brand like "Fox books store".
I have a brand like "Shop Around the Corner" if I am afraid to face the unwanted challenges and the changes beyond my characteristics. I will stick only to my routine practices and same trusted people around me and will not make effort to discover other wonders outside my boundaries.
In contrast, I have a brand like "Fox books store" if I am determined and persistent to pursue the goal that I wanted despite of the risks and pain of achieving it.
1. 3 Key Marketing Learning from the case
a. In winning competition, learn the strengths and weaknesses of your competitors and yourself. “Just Around the Corner” was not able to optimize its strengths (personal selling and deep knowledge with the books)
b. Every business should be prepared to anticipate movement of players within the industry so it could react quickly and adjust.
c. Know when to surrender and contract.
2. Along the way in achieving my personal goals, I will meet stiff competition – perhaps a co-worker, a colleague, another suitor of your “the one”, etc. I could use marketing principles that I learned to succeed e.g. using SWOT in analyzing competitors, etc.
3. In terms of my professional career, I am like a “Shop Around a Corner” in a way, given that I’m just one of many employees working for a large company (Chevron Philippines Inc.). To be promoted, you have to get ahead of your equally talented co-workers and deal with corporate politics. I am like “Fox Books Store” in way, because I am good (I even considered myself expert) in my line of work as professional sales manager.
1. The three marketing leanings from the movie are
• Innovation is the key to your success
• Know your competition
• Customers may come and go always offer something new
2. Traditional way of marketing is good but change is inevitable, keep on changing and updating your product will make you survive in a competitive world of marketing.
3. My brand is like “Shop Around the Corner” - Very simple nothing is unique.
My brand is like “Fox bookstore” - I’m ready to embrace change and do it in an unconventional way, I do not limit myself to the conventional way of dealing with things, I tend to follow my instincts to decide on what is the best course of action based on my knowledge
1. What are 3 key marketing learnings that you got from this case?
> There will always be competition - never underestimate it. They may not be there at present (or you might not realize it now), but competition would definitely come around. One should always be prepared with backup plans in case a competition strikes you.
> Innovation is key. The market is constantly changing, one shouldn't be left behind. Even historical museums change the way they market themselves. Innovating products or services can go a long way, especially if you have lots of competition. It may be the only thing differentiating you from the others; if no innovation is made at all, you'll just disappear in the midst of the backgroundn (or worse, consume by competition).
> Options, options, options. What's great about the diverse market is that there are lots of options made available to us. In class, we were made to think of ways on how Shop Around the Corner might've done to survive competition. I thought that her option at the time is to partner with Fox Bookstore because it's already given that she'll lose the battle. Always think of all possible options you can take, however radical they may be, because you'll never know if an option you haven't considered might actually be the one which can save you.
2. I think after this course, my brand will be a lot more different than what I was when I started. Integrating the learnings and concepts with personal living will be a lifelong marketing plan. Following it will definitely ensure success; I might be blindsided or lose track at certain points, but with the help of the plans I've set for myself, I'll be back on track.
3. I feel like a Fox Bookstore whenever I reap success in whatever I do. When I see results of my hardwork, that's when I feel very valuable. Right now, I can say that I'm a Shop Around the Corner. I'm having struggles in terms of personal and career life. I'm faced with a lot of adversities as of the moment, and is currently looking at available options I have. Whatever I come up with, I hope I become a Fox Bookstore again. :D
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