Final Analysis – Marketing Challenges
Marketing Budgets and Writing Right
Initially I was concerned with determining consumer buying patterns and how to stay ahead of market trends. I still consider this to be a big issue that a marketer faces. Research and trend tracking appear to be the best method for analyzing an approach. In the process of determining a product to develop, our team brainstormed ideas and then performed research on each idea in order to determine its value. Once value was established, significant research was conducted to confirm that market trends would support entry into the market.
In addition to the above concern, I’ve developed a greater appreciation for and concern regarding the amount a company and a marketer should budget to get a product to the consumer. Using percentage or sales or profits and unit of sales are all methods to determine budget control. However, none of them suggest a maximum amount to be spent or a minimum amount to be spent in relations to what advertising actually costs. For example, if a company feels it must use television advertising to reach a maximum amount of people such as with Muddy Buddy bars, how do we know if we should push the boundaries in the calculated budget? Perhaps this is why Red Bull came up with its innovative approach to marketing. It was far too expensive within its budget for traditional paid advertising so it found another way.
Where I learned the most in this course has more to do with writing mechanics and fundamentals. Marketing itself is not really a passion for me. I found myself more motivated by writing and editing. My biggest take away from this course was writing, editing and reviewing your comments. It was a serious wake-up call getting the grade for the first half of the marketing planning assignment. It was also a great reminder to not let things get submitted with my name on it without a thorough review. The writing lessons I learned in this class will be a tremendous benefit next semester when working on the capstone project.