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

lydiaashton1 — 2024-09-27 21:38:28 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 21:39:58 UTC

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

lydiaashton1 — 2024-09-27 21:40:01 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 21:40:49 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.

The Rise of the Stanley Tumbler

lrward2_1 — 2024-10-05 17:52:35 UTC

In the article; 'Rise of the Stanley Tumbler: How a 110 year old brand achieved viral success' discusses how Stanley defied the odds and gained viral success after 100 years. Caroline Jansen talked about this story on the retail dive. She talked about how this kind of viral success is not something that happens easily, however, Stanley did so due to several reasons. Stanley's now viral cup, the Quencher, was about to be discontinued before its rising popularity. In an effort to get rid of all of their cups, Stanley decided to take a risk and entrust influencers and women to sell their product. They decided to have women market to other women in an effort to popularize their product and it worked. This took Stanley from a company that advertised mainly to men or outdoorsy people, to one that advertised to women. This change in a target demographic helped them immensely and helped them thrive. Because of this Stanley now makes it clear that if they are not marketing towards the 25-50 year old female demographic, companies may be missing out a lot. This is because of all the buyers in the economy that match this description. Another aspect that really helped Stanley sell more was that they stressed their product as an every day product rather than one just used for a tailgate or camping. This also opened up many more buyers in their market, allowing them to sell much more. They have made it a priority to connect with potential as well as pre existing customers and this has resulted in a 275% year over year increase in sales for the Quencher.

lrward2_1 — 2024-10-05 17:53:33 UTC

lrward2_1 — 2024-10-05 18:36:53 UTC

The growth of the Stanley tumblers can be attributed to several different economic factors. The first thing that is very clear is the relationship between supply and demand. After Stanley's growing success with the Quencher tumbler, the demand became out of control. Despite this, Stanley wanted to continue their upward trend in sales, so they started creating limited edition tumblers. This caused Stanley to face stocking shortages as mentioned in the article. Their limited edition cups would sell out and leaving people wanting more. As the law of supply and demand states, when the supply of a good is high, the demand tends to be low. In this case we see the opposite of that is true. The demand for Stanley cups is very high, whereas the supply is lower. This marketing strategy is very smart on their end. It also shows how their buyers are relatively inelastic because they are willing to do whatever it takes to get these limited edition cups. They do this by convincing consumers that they need a product. They also played into demand by shifting who they were targeting towards. As stated in the article, the target consumer was previously workmen and the outdoorsy, but they shifted towards women between the ages of 25-50. This shows how finding the best target demographic and advertising towards them is the best way to rise in popularity and gain more demand.

lrward2_1 — 2024-10-05 18:49:58 UTC

This graph demonstrates how the supply and demand both increased for the Stanley quenchers. Over time you can see that the supply shifted rightwards and the demand increased upwards. This reflects how in real time Stanley saw an increase in demand due to their marketing strategies. Due to this shift in supply, Stanley was forced to increase their demand and offer more of a variety to please their consumers. This includes their rainbow colors, different prints and limited edition cups.

lrward2_1 — 2024-10-05 19:07:43 UTC

As seen in the article; 'Rise of the Stanley Tumbler: How a 110-year-old brand achieved viral success' it is clear that finding a target demographic can be a make or break for a company. From almost discontinuing a product, to having it become best seller, Stanley managed to find what marketing worked best for them. They did this through several techniques, finding a target demographic, marketing appropriately, maintaining relationships with loyal customers and creating more variations on a desirable product. Utilizing good marketing strategies is essential to surviving the ever-changing market, especially with other competitors, such as Owala and Hydro Flask, marketing towards similar audiences. These strategies not only worked for Stanley, but are also essential for other struggling brands. As said in the article, knowing how to cater towards women between the ages of 25-50 can be essential due to the fact they are high buyers in the economy. Another aspect Stanley utilized to increase their demand was turning their product into an every day product. This is another strategy that could work for many brands to try and increase sales. By utilizing these tools, it would be interesting to see if other brands can do what Stanley did, even perhaps to a lesser degree.

ccoan2_1 — 2024-10-06 01:26:19 UTC

Earlier this week we listened to a podcast that talked about how scalpers were buying up "in-demand" Kid Rock tickets. These scalpers were selling them for a much higher price to turn a profit due to a limited supply. The limited supply made customers pay a higher price for the resold tickets. This is similar to the marketing strategy of the Stanley company. In this case, the Stanley cups are limited in numbers and this makes the demand for the cups even higher due to the limited supply, making Stanley generate more sales and demand.