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.
Midterm Analysis – Personal Challenges
Forces that effect consumer buying behavior
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.