Life example of how firm used new marketing strategy

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Since the ideas being exchanged at the weekly meeting are to foster growth and innovation, camaraderie, excitement, and motivation, they can also be used to generate new ideas for promotion. This weekly team meeting can be leveraged to spur perhaps a name of a new product that company X has been trying to launch for a considerable amount of time but just haven't thought of the right one. A real-world example, Lays Potato Chips reached out to the general public using their social media strength to ask them to come up with a new flavor of potato chip. This combined the strengths the company had with the need to execute a new marketing strategy. Through this process, a consumer won $1mm for coming up with a new potato chip flavor, and Lay's, of course, won tons of new customers and multiple millions in sales of new product.

What is another real-life example of how a firm used a new marketing strategy to bring in new customers and profits? Identify the example and discuss the strategies the firm used.

Reference no: EM132166514

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