CNSR SCI 477 OA - Module 1: Group 2 by Lydia Ashton

lydiaashton1 — 2024-09-27 21:38:00 UTC

Introduce the chosen news article and its source.
Provide a brief overview of the main points discussed in the article.

lydiaashton1 — 2024-09-27 21:38:47 UTC

Identify and explain relevant economic concepts related to the article.
Describe how the article ties into class economic principles.

lydiaashton1 — 2024-09-27 21:39:38 UTC

Use a graphic to visually demonstrate the standard equilibrium model's application to the policy or situation in the article.
Analyze whether the model’s predictions align with the article's content.

lydiaashton1 — 2024-09-27 21:40:21 UTC

Summarize the positive (descriptive) and normative (value-based) analysis of the policy or situation.
Present a reasoned conclusion on the policy's effectiveness, considering efficiency, equity, winners and losers, etc.

Website URL

lrkrahn — 2024-10-02 17:58:05 UTC

Introduction

lrkrahn — 2024-10-02 18:22:39 UTC

The article 'The rise of the Stanley tumbler: How a 110 year-old brand achieved viral success,' was written by Caroline Jansen, and was published by Retail Dive on November 14th, 2023. The brand had been marketed by outdoorsmen and workmen, however, the company has now unlocked a whole new circle of consumers using women influencers to sell to women consumers. The entire article talks about how if you aren't selling to women aged twenty-five to fifty-years old, you are really missing the mark. Stanley workers talk about how the help of three women influencers on TikTok and Instagram really made the Stanley Tumbler, specifically the forty ounce Quencher, make a comeback in the retail world. They also mention the emotional impacts of owning a Stanley Tumbler. The nostalgia they feel when they see these tumblers from being with their grandfather while fishing when they were younger to being taken to the job site with your dad from bring your kid to work day. Stanley has also pivoted, they make quick decisions listening to consumers, they had women talking online and Stanley quickly launched a line targeting them, listening to their needs.

Economic Context

emkessler2 — 2024-10-03 16:48:08 UTC

The sudden emergence of Stanley's Quencher can be attributed to the growth of the tumbler and reusable bottle markets. Stanley, founded in 1913, was on the verge of discontinuing their Quencher product in 2023. The initial audience the Quencher targeted was workmen and people who spent much time outdoors. "Stanley mentioned that its products resonated with 'a 30-year-career veteran policeman' and a retired Army soldier." (Jansen). This quote from Stanley in 2012 shows that they were not adapting to today's consumer. It was not until The Buy Guide, an online shopping blog and Instagram account with a largely female audience, messaged Stanley about doing a partnership that the brand went viral. The company was on the brink of ending its Quencher and explained that the company did not participate in affiliate marketing at the time due to a lack of sales. Instead, The Buy Guide ordered 10,000 Stanley Quenchers which sold out in 5 days. The influx of social media posts that followed helped further light the fire of sales that came. Stanley found their target audience and continues to market towards women aged twenty-five to fifty years old. The market demand for the Quencher had dramatically increased as more consumers saw the product online. The Quencher which has amassed over 700 Million views on social media, has seen a dramatic "275% year-over-year increase in Quencher sales ." (Jansen). This drastic demand increase has also been due to the rise in supply and brand partnerships that have resulted in the recent popularity. The brand has been the #1 drinkware brand in North America for the past six months due to the emerging shift in consumer preferences.

The article relates to many economic concepts that were discussed in class, specifically the change in consumer preferences that caused a shift in both the supply and demand of Stanley's Quencher causing the quantity produced to increase. Furthermore, Stanley is relying on the interdependence principle, by continuing to do partnerships with other influencers and celebrities who have large followings. Due to their popularity in certain demographics, Stanley has done many partnerships with large brands and influencers. They are relying on their popularity to be associated with their Quenchers and create more market demand for their product. They have also made these limited Quenchers desirable as collectibles which are making the product more inelastic. Overall, many economic principles can be examined when looking at the rise of Stanley Quenchers.

Application of the Equilibrium Model

emkessler2 — 2024-10-04 16:12:20 UTC

The model's predictions align with the article because as the consumer preferences have changed over time, there has been an increase in demand, causing a shift in the demand curve to the right. Which would increase the quantity of Quenchers produced. Furthermore, with the change in expectations the supply also increased as they have done more partnerships and collaborations. This shifts the supply to the right as well, keeping the price the same while increasing the quantity, changing the equilibrium of the model.

Conclusion

lrkrahn — 2024-10-06 00:34:44 UTC

The article, "The rise of the Stanley tumbler: How a 110 year-old brand achieved viral success," proves that the kind of marketing you do for a product really matters. Stanley almost discontinued their tumbler since it wasn't doing so well, however, Stanley ended up finding a new way of marketing using influencers to help, and now the tumblers are one of their best selling products. Stanley ended up using many different strategies from marketing differently to finding a different target market to be successful in. When talking about marketing differently, instead of saying that it was only useful during hunting or tailgating, it is now a daily-use item. Stanley said it was an everyday, all-day item that goes well with outfits and your homes, not just the outdoors. They have also catered to their new target markets wants and desires and have proven that listening to the people can prove very effective. Stanley is not the only company to have done this, there are many other companies alike who have changed their strategies to save them, however, Stanley is the most known to the public. If struggling companies like Stanley would take into consideration the changes that Stanley endured during the pandemic, many brands could turn their sales too.