The video started of fantastic. Many of the topics were covered in the presentation with a clear understanding given for cost-based pricing, price elasticity, pricing strategy, elasticity vs. inelasticity, and the different forms of competition. The graphs and charts were helpful for getting a visual of the price elasticity. The grocery store slide was very helpful in determining the price per ounce and value based pricing of Sprite. Choosing Sprite as an example is very effective as it is an inexpensive everyday purchase. The elasticity of Sprite was clearly explained and that convenience plays a role in pricing. Overall the video was very informative; it opened up great, was a bit slow for the first couple of slides, and then gained momentum and was quite good and informative for the remainder. I would attribute the slowness on the first two slides to the lack of voice variation, not to the content itself. Thanks for the information!
Our team had the opportunity to go first for the practicum assignment. I appreciated that we chose this position because it helped us develop team building skills within our group. Like most people, I don’t care for team projects due to the imbalance of participation and procrastination that often occurs. I believe that hand selecting our team based on the initial forum posts and the interaction we had for the practicum assignment has substantially benefited our team’s ability to work well together. Because we met in the Google Hangouts and in person, we have developed a responsibility to each other and the group. Because we were able to get input from our teammates about their strengths and weaknesses and have a sample of their writing style, selecting team members carried substance. In many classes, teams form based on who you’re sitting next to or who you’ve chatted with down the hall. My “aha” moment is the recognition that team formation and team building are primary imperatives for team effectiveness.
I appreciate the opportunity to write and to have the writing edited for grammar and punctuation. Very few instructors at CSUMB will take the time to ensure that students are writing in a clear and concise manner and using proper technique. I pay more attention to the feedback I get from Ms. Davis because I know that it will help with future papers, my senior capstone project, and in impending communication with colleagues.
The greatest challenges I see in relation to marketing concepts are those that relate to the dynamic forces that effect consumer buying behavior. I would find it very challenging as a marketer to develop a marketing strategy for a company when the market is subject to many changes, factors, and consumer behaviors. In addition, there is also the macro-environmental and micro-environmental market to consider. The importance of target marketing is highlighted when we contemplate these variables.
Determining which target market to focus on and how to adapt to the changes within its segment would continue to be a challenge. Due to these variables, it seems a bit like playing a game of pin-the-tail-on-the-donkey. Does a company develop a product or service and then try to target an audience, or does a company generate an idea, consider a target market, and then refine its product or service to cater to the target market? I would imagine both scenarios likely take place and there is a bit of luck involved as well.
As far as learning style challenges go, I find that I am least effective using the multiple choices quizzes. Primarily this is the case because of the time limitation for each quiz. My approach is to read the PowerPoint with its notes and scan the Chapter for items not in the presentation. The process of preparing for the quiz does work for me and is useful to encourage the reading of the material, but the quiz itself feels rushed. Even though I finish with 10 or so minutes to spare, I feel so rushed that what might otherwise be an opportunity to reinforce the material, it is not.
It is important to know what the customer needs. If a marketer just follows sales trends and dismisses innovation, they lose the opportunity to be a pioneer in an untapped market. As pointed out in another Marketing Blog, Wearing the Hat Blog, it reminds us that you should never lose sight of what a customer is really looking for. Wearing The Hat refers to wearing the hat that your customer wears. By doing this, you get a greater understanding of what the customer needs. This can lead the marketer on how to meet those needs in new and inventive ways.
Positioning oneself in the market is critical to a products success. Practicum 3 pointed out that the simplicity in design; strict quality control, quick upgrades and customer loyalty were all areas where Apple focused to differentiate it in the market place. Practicum 3 also pointed out key target markets in an effort to establish a target position. Profession, age, and education were all highlighted. Additionally, knowing its competitors is crucial. Value proposition is a business or marketing statement that summarizes why a consumer should buy a product or service. Companies use this statement to target customers who may benefit the most from its product. The ideal value proposition is concise and will appeal to a consumers decision making drives.