Weekly Reflection – Week 2
Weekly Reflection – Week 2 The toughest part of this week’s objectives leads back to the team’s first week. Our discussion for the first week was to pick a product we would like to market. Everyone’s idea was interesting or unique. However, the challenging part was to choose one product or idea for our Marketing Plan Phase I. With that being said, choosing was the topic/part of the assignment I believed we struggled with the most. I am glad a team mate got clarification from the professor about the products and services we can use for the project.
Once we actually chose our product, I felt more comfortable applying the marketing techniques we have learned in class. This week was very interesting; it covered how to justify the importance of marketing research in the development of marketing strategy and tactics. Analyze the importance of competitive intelligence and analysis in marketing. Identify various segmentation criteria that impact target market selection. Week two discussion also covered or describe the various types of organizational buyers and consumers and the factors that influence their purchasing decisions.
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It was a challenge to pick a product to work on phase 1 of the paper, a challenge because every topic was interesting in a unique way. Finally, the team came to the conclusion, with the instructor approval, and picked the best topic for the Marketing Plan Phase 1 paper. During this week one we learned that “Marketing is the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client” (Perreault, Cannon, and McCarthy, 2009, p. 6). Marketing a significant part to increasing sales.
Market penetration is used to try to increase sales through using products that the company already has. This information was very easy for me to understand, Currently, I work in the insurance business and marketing a sure key to get our products to customers. We also learned the importance of planning. Planning is important to marketing because of the strategies the plan will have in order to bring the product and services to life with the consumers and how the consumers can benefit from the services and products. To be fresh in the company as the new marketing manager, the best way to move the company more in the favor of putting more mphasis on the planning within the marketing organization would be; intrusting a plan of action to understand the company and its background, do the research to facilitate backup to what competition is out, and show a plan of action for primary customers and then a plan for potential customer’s to follow. No business would be able to thrive in today’s business market if planning is not’ done properly Reference: Marketing Management, Fourteenth Edition, by Philip Kotler and Kevin Lane Keller. Published by Prentice Hall. Copyright © 2011 by Pearson Education, Inc.