Hamline Development of The Service Industry in The Modern Economy Discussion

I’m stuck on a Business question and need an explanation.

Initial postings should be 250-350 words (written or verbal), cite references in your initial postings (either the textbook and/or an outside resource), use proper APA and grammar, and the discussion should be at a critical level. Each student replies to the instructor’s initial discussion question(s) with a substantive post which is one where you contribute your ideas, add new information, pose questions, offer personal experiences to illustrate a point, or demonstrate that you understand and can apply to the course content.

the Discussion Board is below:

Think about the evolution of your industry or another industry that is familiar to you. What was it in the past, and what will it be in the future? How will the 4 p’s of marketing evolve within the industry you selected?

here is my classmates posts to get an idea and also to responses to them ( I will post the other posts later).

1-

“Hello guys,

For this exercise I decided to take a look at the entertainment industry. The entertainment is a huge business industry with different subsectors that depends on both the entertainer and the viewers (Bhasin, 2020). Entertainment has always been part of human society, and has seen a huge growth in the past decades (Bhasin, 2020).

For instance, in the past to listen to an artist music, you had to buy their cd’s at the local store and get back home to enjoy it. Likewise, for movies, you had to make sure you were at the movie theater at the right time in order to watch it, or enjoy a play performed by actors.

Today, with the evolution of telecommunication, consumers got more control over what they watch, listen to, and also access whatever they need at their fingertips. Plus, digital platform has helped develop the entertainment industry exponentially (Bhasin, 2020). Now with platforms like YouTube, and Instagram, people are able to entertain, share their content from the comfort of their home, attracting thousands of people who can relate to what they share, or just enjoy watching them do what they do best: “being entertaining”. Allowing them not only to entertain but also get paid while doing so.

Also, we now have online streaming companies like Netflix and Amazon prime who have changed how consumers are being entertained (Bhasin, 2020). This is a very competitive industry, especially regarding the 4 p’s of marketing. Looking at Disney plus, for a price of $6.99 that is less than an average cinema ticket, consumers have access to a wide array of Disney movies, shows, and even box office movies. And all from the comfort of your home, through their website or, by using the application on your smart TV. The promotion went as far as having employees wearing t-shirts with qr codes so people could sign up using their phones, and also buses in their theme park to promote their steaming services (The Economist, 2019).

Thank you for reading my post.

Reference”

2-

“Evolution of Real Estate: past, current & future

1980’s: Brokers/Agents used the newspaper and post-its printed out to display on walls for their listings. Land lines and cold calling where an agent’s best friend and walk-in clients were significant in establishing new business.

2000 – 2005: The real estate industry focused on showcasing amenities, price and location. The primary form of marketing was to reach potential buyers through local agents and marketing.

2005 – 2010: Potential buyers started growing a stronger attraction towards brand names, credibility and trust, then followed by the local agent and marketing.

2017: The potential buyer has become tech-savvy. Where the basic real estate transactions can be done at one’s fingertips whether it be online &/or cellular phones.

2019: Brokers/Agents have a greater responsibility for marketing, networking, real estate and technology. Working from the office is in the past, customers prefer to call the brokers/agents directly on their cell phones and brokers/agents prefer to work from home. Marketing is primarily through social media.

2020: The potential buyer logs onto a website to research homes and neighborhoods, contacts the agent for a showing, potential buyer is given a folder of the property, offer made and offer accepted. Potential buyer looks for financing before or after the showing to explore best interest rates.

2025: Potential buyers will research, view and purchase a home using digital technology, which will be less cumbersome and done from the comfort of their home.

Brokers and agents will remain. However, there will need to evolve rapidly in understanding the market, being tech-savvy and taking risks. They will need to have a solid focus on consumer value, which will in turn weed out other brokers and agents.

Real Estate will be moving into the I-buyer world where the tour and purchasing of a home is done online and the broker or agent becomes an advisor to close the deal.

4P’s and the future of Real Estate:

Product + Price = What to offer

Product (customer need vs want):

Virtual tours – tour the home on demand. Using data to the seller for an all-cash offer then marketing the property to potential buyers. I-Buyers experience where the selling process is simpler and more convenient for all parties. The individual seller is not having to deal with the emotions of sellers and contingent move-in dates.

Price (cost based, competition base, and customer value base pricing method):

Currently pricing for potential buyers is higher, mortgage rates are lower. Due to the pandemic uncertain about the future.

Place + Promotion = How to order

Place & Promotion – Online

References:

Bafna, C. (2017. November 18). How Real Estate Companies are Evolving with Modern Consumers

https://www.entrepreneur.com/article/304738

Delgado, R. (2019. December 26). The Evolution Of A Real Estate Agent.

https://www.forbes.com/sites/forbesrealestatecouncil/2019/12/26/the-evolution-of-a-real-estate-agent/?sh=15eb575a3adf

Heine, R. (2020. March 18). The Future Of Homebuying: Three Predictions For 2025 https://www.forbes.com/sites/forbesrealestatecouncil/2020/03/18/the-future-of-homebuying-three-predictions-for-2025/?sh=1884215e2592

Kotler, P. (2017). Marketing 4.0 Moving from Traditional to Digital. John Wiley & Sons, Inc.

Ramsey, D. (2020). 2020 Real Estate Trends: What You Need to Know. <a href="https://www.daveramsey.com/blog/real-estate-trends“>https://www.daveramsey.com/blog/real-estate-trends”

she posted another post under her post “Sitting here thinking more about this DB question…

Real Estate is very interesting right now, so I want to share my personal opinion and a few other known facts.

1. It is anticipated that Millenials will purchase the higher percentage of homes in the coming future.

2. The market is booming right now. Even during a pandemic.

3. Sales growth is the same or higher than years past.

4. Winter months are typically slower, but they anticipate not in 2021.

5. There are many mixed opinions regarding the i-buyer process.

6. Real Estate is not as easy as people think, it takes years to build a pipeline, and agents work more than one might think…

Here is another a great article is from TODAY 11.18.20.”

3-

“Good afternoon everyone,

For this post I decided to cover the outdoor industry.

According to the Outdoor Industry Association, the industry began in late 1800s, when former president roosevelt, co-founded the Boone And Crockett Club (Outdoor Industry Association, 2018). This club studied and attempted to preserve animals and habitats. During the early 1900’s National Parks gained popularity, and rich tourists would pay for guided tours and stay (Outdoor Industry Association, 2018). These clubs and parks continued to grow, and the modernization of the industry began on the first Earth in the day in 1970. (Outdoor Industry Association, 2018). This movement showcased a lot of problems occuring in the outdoors, and many companies we know today such as Patagonia and The North Face were created and developed a mission to solve those problems as a result (Outdoor Industry Association, 2018).

In another article, they discuss the future of the industry. They state that this is “shifting in response due to economic, social, and demographic changes” (Outdoor Industry Association, 2020). The trends that they are seeing are the rise of millenialls and aging boomers, people migrating towards urban environments, obesity is becoming a bigger problem, more attention on healthcare, and hispanic/latino population growth (Outdoor Industry Association, 2020).

Keeping the 4 Ps in mind with these trends, I think we will certainly see an evolution as we focus more on the 4 Cs. For example, the customer wants and needs are changing as millenials are aging, and many people are moving to an urban environment.

When it comes to cost, it’s not just about price anymore. People are concerned about rising healthcare costs, and obesity does not help with this. Perhaps the industry will focus on cost efficient ways to help people overcome this problem.

I think place has already evolved to convience, but this trend also continues to grow. The outdoor industry must focus on there changing populations habits and ensure that consumers can get their product in the shortest time possible.

I think in that past with the outdoor industry, we have always seen promotion of products and places, but now it is much more customer-oriented. Social media is a game changer in this industry, and all of the large companies are participating in it. I think companies must be innovative in this aspect if they want to continue to be succesful in creating a brand that absolutely must be customer oriented.

Overall this was an extremely interesting industry to further explore, and I’m excited to see how it grows in the future while keeping these trends in mind. Thank you for taking the time to read my post!”

4-“Netflix has always been at the forefront of the streaming industry alongside many other streaming giants such as Amazon Prime Video, Twitch, and Hulu to name a few. Similar to what we know today as Redbox, a purely physical disc rental automated box, Netflix too, began its endeavor the same way with humble beginnings and initially struggled with the likes of larger, more establshed brick and mortar video stores such as Blockbuster and Entertainment Video. But unlike these chain video stores, Netflix had a strategy like none other which lead to its sudden rise in popularity and which lead to the downfall of the modern day video store.

Product Strategy: Today, one can rent or purchase a video from the comfort of one’s home through a simple click or press of button on a streaming device. This is in stark contrast with what was once a common part of viewing a movie; the arduous journey of traveling to the video store. In fact, the last Blockbuster resides in the state of Oregon and essentially exists to pay homage to a time long past where one would drive themselves to choose a movie and on DVD or VHS with a scheduled return time to place back onto the shelves for another person’s viewing pleasure. It employs a strategy of differentiation to better suit its business practices and continues to do so further widening its gap amongst competitors. This concious choice has been wildly successful and has been adopted by many other streaming platforms.

Price Stategy: Netflix applies different pricing tiers to appeal to it now 195 million digital subscribers. (Forbes, 2020) This helps to appeal to all different types of different subscribers based upon their wants and needs. For example, the tiers of plans varies from the most basic plan starting at an affordable $8.99 monthly unlimited subscription to its most coveted premium subscription at 17.99 which goes from one screen one can watch at the same time to up to four screens simulatenously at ultra high definition fidelity. It pricing scheme allows for ample price penetration to fit all its subscriber needs except for niche subscriptions that seek its original roots of physical discs. This physical disc subscription is now exclusively independent of its digital counterpart starting at a much less lucrative $9.99 for one disc out at a time to two discs out at a time for $14.99.

Place & Distribution Strategy: Almost the entire business of Netflix is conducted online. Its services are accessible through Smart TVs, tablets, smartphones, etc. with internet access.

Promotion Stategy: Netflix collaborates with a great number of companies and applications such as banks, Snapchat, and Instagram with multi-channel campaigns. For example, if you have an account on a bank that is a business partner of Netflix, you can get a 50% discount for Netflix.

References

Joe Walsh. (2020). Forbes. Netflix Subscriber Growth Slows After Surging During Pandemic

https://www.forbes.com/sites/joewalsh/2020/10/20/netflix-subscriber-growth-slows-after-surging-during-pandemic/

https://www.statista.com/statistics/250934/quarterly-number-of-netflix-streaming-subscribers-worldwide/ “

Outdoor Industry Association. The Complete History of the Outdoor Industry (Abridged). (2018, March 08). Retrieved November 18, 2020, from https://outdoorindustry.org/article/complete-histo…

Outdoor Industry Association. (2020). 2020 Forecasting Report. Retrieved from https://outdoorindustry.org/wp-content/uploads/201…“