Describe in detail how the business implemented the four P’s to add value and/or promote the product or service.
Price: Rocket Mortgage advertised their services through explaining how they help you with personal and convenient experience centered around you. They did not advertise a price but rather how their company can help you.
Promotion: In using Jason Momoa in their commercial who is a well known actor and known for his strength and buffness, they stood out. They grabbed peoples attention when he “took off his muscles” because he was able to just “be himself” at home. This was very smart promotionally speaking for Rocket Mortgage because they could relate to this statement and imply their company allowed their customers to be themselves.
Place: Using the SuperBowl as their first form of displaying their commercial was very smart because the agegroup that tends to watch the SuperBowl is also mostly likely paying a mortgage, but also would recognize and enjoy seeing Jason Momoa in a commercial.
Product: They were able to promote their product through an eyecathcing and funny commercial. Although many people don’t often think of laughter when talking about a mortgage payment, they made their commercial entertaining to promote their product to a crowd that needs it.
Describe the target market (ie. what segments are being targeted)? How do you know this is the target market? Did the company make good decisions to reach the target market?
I believe that the target market was middle aged men and women. The people who tend to have a mortgage payment to be thinking about usually fall into the middle class middle aged range. I think that the company did make good decisions to reach the target market being as Jason Momoa falls into this age group as well as he is known for his role of Aquaman in the DC comics movies. These movies tend to appeal to this agegroup as well so he was a funny recognizable face in the commercial to draw people in.
Does it work? Why or why not? Any general observations?
I believe that their marketing strategy did work because they brought joy and laughter to a subject that normally one would not find entertaining. They drew people in with a well-known face and smart way of promoting their service in a way that customers can “be themselves”. Mortgages can be a scary thing and in implying that customers will receive a personal and caring experience with Rocket Mortgage is a very smart marketing plan. They also did a good job appealing to their target market through their choice of using the SuperBowl as their first form of displaying their ad and their product promotion.
Alex Friesen 