. What competencies were you able to develop in researching and writing the course Comprehensive Project? How did you leverage knowledge gained in the intellipath assignments (Units 1- 4) in completing the Comprehensive Project? How will these competencies and knowledge support your career advancement in management?
2. Marketers must consider the strategic implications of buyer behavior, market segmentation, product positioning, pricing, distribution, advertising management, and customer relationship management. Analyze how your strategic marketing plan fits with your mission statement and goals and what type of target audience would your pricing objectives likely to positively affect.
3. Detail how you will use customer relationship management to ensure loyalty to your product and the brand.
4. What role does technology play in supporting your customer relationship management plan?
· Please reply to the presented statement(s).
When I looked at my course curriculum and seen a marketing class, I wondered how I would use that in my current position or as a Human Resource Director of an organization. I soon realized from our intellipath, M.U.S.E., and discussion boards that I could use it in many ways.
Some of the things I learned was that marketing is used to retain existing customers as well as gain new customers. The marketing matrix categorizes marketing into four categories, product, place, price and promotion (Editorial Board [EB], 2014, p. 4). Part of marketing is the product life cycle which has stages, introduction, growth, maturity and decline, which is important to know because these steps can help identify opportunities in a product (American InterContinental University, 2019).
Analyzing consumer behavior is a result market research. When it comes to consumer behavior, we learned in M.U.S.E., The Function of Marketing Research, that consumers buy a benefit rather than a product (AIU, 2019). The identification of a problem is next and the product will provide a resolution to this problem. Some important information to research is the competition and regulatory environment. This is important because it can determine if your product can meet the standards and be sold to consumers.
We learned about retailing and wholesaling in unit 3 and the variety of options available to get a product or service to market. It is important to consider the four Ps of marketing, packaging, pricing, placement and promotion (AIU, 2019). These are considered when determining the cost to make the product, how the product will be displayed, the cost and type of packaging and last but not least the message to be communicated by the promotion.
We learned the importance of target markets and market segmentation which are the consumers to focus on and sub-sets within the target market. We can use consumer profiles that contain useful data to help identify our target market. Understanding the target market will allow the marketing to be cost effective.
We learned about different marketing types such as telemarketing, direct mail and direct e-mail. Email is the cheapest of these three but direct mail is cheaper than telemarketing (AIU, 2019). These methods are used to reach the target audience.
We also learned about the global marketing mix in unit 4 which is important since the product or service must have a strategy for a worldwide basis. The same things are considered such as the product or service, the cost to produce, distribution and marketing.
And finally, I learned the importance of collecting and analyzing the data from the consumers. This data is anything from someone that click son the product but does not purchase it, to someone that placed an item in the cart but does not purchase it to the consumer who actually purchases the product or service and understanding why they purchased it. There can also be a form that is set up that requires an email to be entered and there can be other information collected such as the age and sex of the consumer that can be used for future marketing.
This information that I learned about marketing will give me much needed insight if I become a Human Resource Director because I will need to understand the job market and I will need to look at competitors with similar job offers and see what thy offer in salary and perks which will allow me to market the organization to a potential employee or a candidate that is considering why they should choose our organization. This will assist me in helping the organization obtain and retain competitive employees with the proper skill set and ones that will be happy and satisfied.
The target audience the pricing objectives will likely positively affect is the college student that is always busy and on the go nonstop and may be running from class to class but has a few minutes to stop on the way to get an energy drink or a quick bite to eat. The price of the phone case will also benefit the hard working person such as a waiter/waitress or someone in a manufacturing job. This will not only help them prevent losing their wallet but it will also allow them to save more money since they will not have cash on hand which is easier to spend. The cost of the case is so cost effective that any consumer that buys it will benefit from the price because it is the same price of any other case but it has an additional feature of the security built in at no additional cost.
American InterContinental University. (2019). The business environment: Marketing Philosophy and Strategy [Multimedia presentation]. American InterContinental University Virtual Campus, MKT640-2003C-02: https://mycampus.aiu-online.com
American InterContinental University. (2019). The Function of Marketing Research: Analyzing Consumer Behavior [Multimedia presentation]. American InterContinental University Virtual Campus, MKT640-2003C-02: https://mycampus.aiu-online.com
American InterContinental University. (2019). Marketing Decision Making: Four Ps of Marketing [Multimedia presentation]. American InterContinental University Virtual Campus, MKT640-2003C-02: https://mycampus.aiu-online.com
American InterContinental University. (2019). Strategic Market Plan: Channels, Approaches and Sales [Multimedia presentation]. American InterContinental University Virtual Campus, MKT640-2003C-02: https://mycampus.aiu-online.com
Board, E. (02/2014). Marketing Management. [VitalSource Bookshelf]. Retrieved from https://online.vitalsource.com/#/books/9781938390579/