Weekly summary and team discussion week 3 Essay

Weekly summary and team discussion week 3 - Essay Example Even companies that are very successful have product failures. One of my classmates mentioned the case of New Coke. The product failed because customers were threatened by the product since they believe it might replace the classic coke formula. During the week we also talked about the importance of pricing. The price of a product is very important because the price of a product influences the demand of the product. The demand of a product will rise at lower price points. The price of a product cannot be too low because the firm has to cover costs while at the same time earning a descent profit. Companies that utilize branding strategies can charge more for their products and services. An example of a company that uses a branding strategy is Starbucks Cafà ©. One of the articles that the professor posted discussed transactional emails. The author claimed that companies should take advantage of email conversations in order to build a relationship with the customer. Building a relationship with a customer can help increase customer retention. Another article that I read during the week was about trends that can help build customer loyalty. One of those trends is networking. An industry that can benefit a lot from networking is the consulting industry. The toughest challenge during the week was the individual paper. Writing a paper of over 2000 words is never easy. The paper helped me identify different marketing solutions for a company in the airline industry. A concept that I learned from the textbook reading that I believe is very useful for marketers is the product life cycle. The four steps of the product life cycle are introduction, growth, maturity, and decline. The product life cycle can be used to determine the optimum pricing