What is Coronavirus?

Corona virus is the new disease in town and it first appeared in China last year and was soon spread across the world. Now there are several million cases around the world. It is very infective and every person infected could infect up to another 2 to 3 people. Once your infected, you won’t know you have the disease for as long as 2 weeks.The symptoms are usually fever, tiredness, or dry coughs. Though other symptoms could also include, aches and pain, nasal congestion, runny nose, sore throat, or diarrhea. This disease isn’t very dangerous to healthy people, but it can be dangerous to people who have special health conditions or are at a young or elderly age.

How Do We Prevent This?

To prevent the spread of this disease, we must wash our hands every time return from outside or just after making contact with someone. we should practice social distancing, meaning not making any contact with others and people are recommended to stay at least 2 meters away from each other. It would be best practice to wear a mask at all times in case you are infected, and if it is confirmed, do not go outside at all until it is gone. If you make contact with someone who is infected, you must wait 2 weeks inside to see if there are any symptoms.

Video Anaylsis

This video contains the steps you need to do in order to stay safe from the virus, but there is something wrong with it that may actually cause you to get infected. You should always wear a mask when out in public places, not only does it prevent you from spreading diseases if you have any, but also prevents others from spreading them to you too. When it says to only wear a mask if you have symptoms, it would have been as long as 2 weeks time where you were able to spread the disease, so it is best to wear a mask at all times.

• Find the story of an entrepreneur.

The Story of Elon Musk. He is a South African entrepreneur who learned to programme at the age of 10 and sold his first game at 12. He started up companies like Paypal, SpaceX, and Tesla motors. Because of those companies, he is now a multimillionaire.

• How did this person find a business opportunity?

He saw the growing potential of online currency and online transactions as a growing opportunity and so he created Paypal to satisfy the growing need for online transactions. He also saw the want for environmental cars, and so he created Tesla to satisfy those people who wants them.

• How was it turned into a successful business?

Paypal started first by making a new idea that people didn’t think was possible at that time, it also partnered up with big credit card institutions which gives it much more publicity. With the service being spread to many people, Paypal was able to get a lot of customers and with its reliable service, keep all those customers.

• What is the product?

It is a service which is like an online bank to keep money, and is a way to pay for things online.

• Who is the target market?

People who wants a convenient and secure way to pay online without getting out their credit card every time the make an online purchase.

• What is the marketing mix (4Ps)?

A system to satisfy customer by using place, promotion, price, and product. Paypal is the product created by a group of people including Elon Musk, promoted by showing their revolutionary way of online banking, and is released onto the internet for anyone with internet to find and use.

• What problem(s) did the entrepreneur find with the business opportunity and how were they conquered?

The Service did not have much problems as it was successful almost right away with it being something new for everyone and it worked well, the service started off strong, which is why it did not run into much problems.

Position Statement

Five Pointz used to be a plain warehouse, but now after several years, it is a building that has plenty of culture and attractions. We want to save the building because it is a source of attraction for people and it would be a shame if the building got replaced with a high rise apartment. Instead we want to make it into an art gallery, that way, we can keep the culture and art, but at the same time make a profit from it as well. It would be a good idea because the building is well known among graffiti artists and those who are interested in graffiti as well.

Goal:

To get the support of the big social media people. In order to influence more people that the building has cultural value, it should be considered a landmark, and to not be whitewashed

Action Plan

Make a new hashtag to attract more social media users. Also, hire other graffiti artists to promote the saving of five pointz. Make a promotional video to spread the word about the place. With enough support, it would be possible to convince the owner to change the place into a museum instead. By changing it into a museum, it would be possible to keep the existing artwork and show it to other people who are interested in graffiti. The museum would have a fee to enter so that way we could make a profit at the same time.

Market strategies

Marketing Mix

Product – The product that we will be providing is a service because we won’t sell any of our paintings and we will give tours that thoroughly explain each artwork and also allow people to enter and roam around the building.

Place- We will be providing the service inside the five pointz building located 45–46 Davis Street, queens New York. The building is open from 10 am to 6 pm every day. There will also be a website were customers can learn more about this location and its history and the website will also be selling tickets for entre and the ability to book tours.  

Price- the price for an adult ticket is $20 and for a child or senior is $15. Both of these prices are $5 lower than our competitors.     
Promotion- the way we will promote this product is by social media influencers who would bring more publicity to the five pointz by showing how the five pointz is going to be the future of art. The influencers that we have decided to use is Brooklyn street art. This is an organization located in New York. Their Instagram has over 130 thousand followers where they show and create graffiti all around new york. We would ask them to show that they support the five pointz and for them to create a hashtag like #savethefivepointz. This hashtag is how we are going to get more of a worldwide audience. 

Target market- The target market for our art museum is middle-class tourists who are visiting New York and would like to go to an affordable art museum or people who want to learn about the art culture in New York. We also have residents in New York who are an art enthusiast and have the free time to visit our gallery

Analyze changes and trends in the industry and economy-  

Current and potential customers  – Currently, the majority of customers who visit the five pointz are locals who live in New York and are interested and like viewing modern art. But after we change this place to an art museum our potential customers would be the tourist who is visiting New York and like viewing art. Most of these customers are visiting New York because they want to learn about New York and it’s culture. And one of the biggest parts of New York culture is how it influences and makes modern art and different pieces of modern art are going to be in our museum. Most tourist who visits new york also don’t want to spend too much money so we are going to make the fees lower than our competitors so that tourist on a budget would come to our museum instead. Our second-highest potential customers would come from residents in New York who already have been to other art museums and have a passion for art.

Market opportunity and analysis 

SWOT Analyze 

Strength: They have the largest influence on others, and have many followers. 

Weakness: Does not have any direct influence on the authorities or landowners, they can simply ignore.

Opportunities: Possibility of getting large amounts of people on our side

Threats: Other influencers such as news promoting the whitewashing of five pointz

Competition-  For our plan, there would be lots of competition that we would face. Our main competition would come from other art museums because we would be entering their market and stealing their customers. The most popular museums that showcase mainly art in New York are The Metropolitan Museum of Art and The Museum of Modern Art. Both of these art museums charge a $25 admission fee so we would make our entre fee below that so people who are on a budget would come to our museum instead. The way we would get publicity for our museum is through social media influencer, such as Brooklyn street art an organization that makes street art around new york, that has a large following. And they might experience competition from more traditional media sources like the news who think that the five pointz should be demolished and turned into apartment complexes       

Monitor the budget

Monitor the budget by comparing the profit earned each month to the amount lost through maintaining the gallery. If we find a surplus in profit each month, then there would be room for improvement in the art gallery such as improving service, furniture, or design. If there is a loss in profit, then there needs to be a review in the spending and make the appropriate adjustments to spending in order to make a profit.

Review sales and revenue forecast 

Make a survey on how people in the nearby area would be interested in seeing the art gallery, and also if the people that are farther away would be interested to see as well. By looking at what percentage of people are interested, it would give us an idea on how much money we would expect to make once the place is open.

Monitor the market responses to the marketing plan  

The best way to monitor the market response to our marketing plan would to give out surveys online in order to predict the response from the market response when the art gallery opens.

Expenses

Estimated $2.5 million for renovation

$10k for art gallery set up

$300mil for land

$1k for Advertisement

How has Bansky used the marketing mix 

He uses the marketing mix by using promotion, product, and place. He first picks out a place to put his artwork on, then he makes his product which is the artwork, and then he promotes it on his social media so others can find it.

How does the art market illustrate the time value of money concept?

One example of the time value of money is the one time where Bansky sold his artwork for 60$ each, and they weren’t worth very much at the start, but once people realized what they bought was made by Bansky, the artworks immediately went up in price.

How does Bansky effect the value to places that he tags?

When Bansky places his artwork on a building, that building will gain much more popularity because everyone is attracted to that. One example of someone recognizing this is when he painted on someone’s door and the owner had the door taken down and sold off. An example of someone not recognizing the value is when his painting was painted over because the owners did not recognize the value of the artwork and just thought it was some annoying graffiti.

Who are Bansky’s customers?

Bansky’s customers are his followers on his social media accounts, they are the one who go after his artwork and trying to find where the next artwork will show up. One example that shows Bansky valuing his customers is when he sold his artwork for cheap, that way they could get an artwork without spending a lot of money.

How does he promote his work during his residency in New York?

He promoted his work by being mysterious so that people would be engaged in the placement of his art, sending them on a scavenger hunt has everyone interested for longer.

Explain how Private Property, Economic Freedom, and Market Forces are all at play during his residency.

Bansky put his artwork on private property, like on shops, the wall of houses, or near some sort of private property. He was also able to freely show his art which represents economic freedom, he was able to reference political subjects and show his opinion of certain matters. He also has highly valued and one of a kind products making each piece highly valuable, that is an examples of market forces.

Did The ADs Reach Their Target Audience?

Stronger, Safer, More Prosperous: The target audience for this ad is the American citizens. In the ad is shows Trump helping the American employment issues and wages. It also gives you an idea that under Trump’s presidency was able to make America stronger, safer, and more prosperous. Watching the ad will give make the viewer think that Trump will be a good president.

George Mike Bloomberg For President: I believe that the target audience for this ad is the American citizens as well since it is a campaign for presidency. The message is quite effective because there is a story that many football fans would relate to and reasons why your should vote for them. At the end the message was also approved by another person which backs up the reasons even further.

John Cena and Jimmy Fallon Superbowl Commercial: This is a low calorie beer commercial and the target audience is for people who likes beer, but does not like the calories that it adds on. I think it is an effective commercial since the commercial is about the two guys working out successfully and having fun while drinking the beer in between. It shows the audience that they could also have a healthy life even if they do drink beer ever so often.

Alexa Superbowl Commercial: This commercial is for anyone who is looking to buy a smart home device and it gives them incentives to do so. Its about to people thinking about what people were like before Alexa was a thing. It is a comedic commercial, but it also makes the viewer think inconvenient things might be before Alexa which is why it is effective in it’s way of advertising.

Mountain Dew Superbowl Commercial: This commercial is geared towards the younger audience because the ad is a parody of another movie that many young people might recall as a meme. This makes the ad effective since many of its customers are younger people and this ad will appeal to them.

Knowledge & Understanding

#1 Why is Marketing Dynamic: It is dynamic because marketing can change depending on the circumstances. For example, if there are a sudden demand in something that was low on demand before, then marketing will change to suite that new demand.

#2 Describe Each of the 4 p’s: The 4 p’s are product, price, place, and promotion. You need a product to promote, a price to offer for it, a place to promote the product, and to actually promote the product itself.

#3 Describe the Difference Between Goods, services, and ideas: Goods are physical products that are sold to people, services are actions that people do for something, and ideas are concepts that are thought of by someone.

#4 Give an Example of Each of the Three Different Kinds of Products: Goods can be things like a book or a phone, a service can be changing the oil of the car, and an idea can be a new concept for a product.

Thinking

#1 Can One Store or Business Sell All Three Types of Products?: Its possible for a store to sell all three types of products, but I cannot find a store where all they sell of those. A store like best buy can have two out of three types of products. They sell goods like TVs and electronics, and they provide services to fix those electronics.

#2 Look at Figure 1-9. Why is the target market at the Center of the Diagram?: The target market is the thing that the 4 p’s are trying to satisfy. All the steps are there so that the target market is satisfied and will offer the highest profit to the marketer.

#3 Think About Your Life After High School. How Might Marketing Affect Your Future?: Marketing can affect my future since it will influence the things I buy, the things I like, or the opinions I have.

About The CMA

The CMA is the Canadian Marketing Association, they teach and train people to become good marketers. They ensure that the marketers are well taught and are prepared for the latest techniques. On the website there you can get rules and guides for marketing and for marketing to certain demography. There are job listings on the website as well to search for possible jobs. You may also find courses for marketing weather its online or in person. Finally, there is a calendar for all events that will happen in the year.

Back

This is a nice and short video that explains what marketing is. The video explains the process of marketing and how it is done. The first step is to have something to market, so there must be a concept and it needs to be made into a reality. The video then talks about the 4 p’s which is product, price, place, and promotional strategy. A marketer must decide on those 4 things in order to be able to promote the product. So to market effectively, the product must be promoted in at a good price, with the right demography, and in a way that will attract buyers.

However, the skills required to be a good marketer can also be used in the non business fields as well. To be a good marketer, you would require good designing skills, social skills, managing skills, and good processing skills. These skills not only make a good marketer, but can also make a good manager, designer, or a good leader. So in conclusion, these skills can be used in all sorts of professions and not for marketing alone, but for many other professions as well.

Back

For an advertisement to be effective and persuasive, it must be able to capture the attention of the viewer and also influence the viewer into trying their product. This is an example of persuasive advertising because it starts off with something that catches the viewers’ attention with bears. After that, the advertisement shows the effectiveness of the toilet paper by demonstrating it between another brand to prove how much better it is compared to another product and why you should buy their’s instead. After watching the video, one would want to try out the product and see how good it actually is. That is why the advertisement is persuasive because it motivates the viewer to go and buy the product.

Back