Critical Reflection

By: Caleb Lothian

Over the course of the semester there were many things that I was able to learn about the art and science of marketing. There were many lessons to be learnt and connections to be made with outcomes and objectives.

1)    The first course objective/outcome that was very important throughout the entirety of the semester was the study and understanding of the marketing mix, target markets, consumer behavior, service marketing, and social media marketing and strategic and financial implications of marketing decisions on the other functional areas of business.

http://www.professionalacademy.com/blogs-and-advice/marketing-theories---the-marketing-mix---from-4-p-s-to-7-p-s

The marketing mix is the overall outline of marketing in general. It includes the 4 main P’s or aspects of marketing. The goal and or point of marketing managers is to promote and price a product that can be provided to consumers/customers through different places, otherwise known as distribution chains.

Target Markets are who the 4 P’s will be distinguished for. A target market must be defined in order to develop a product that can be priced, promoted, and distributed. In order to properly allocate money, a company must target one or more groups of consumers whom will be the target of their marketing strategies.

Consumer behavior is then how the consumers respond to the promotional, pricing, and distribution tactics. Financial and strategic analysis play a major role in the understanding of consumer behavior. Companies must analyze their own financials and strategies, as well as their competitions in order to make progress and make the correct decisions for each quarter.

2)      Secondly, the objective of understanding that the marketing process starts and ends with customers and consumers is crucial.

https://app.slidebean.com/p/w9QtojzCSz/Why-Satisfied-Customers-Defect

The point of marketing is to connect a company’s product or service with consumers. It is the gateway to a company’s success in terms of sales and awareness. If there were no consumers than what would be the purpose of marketing? Therefore, marketing was developed and started for the betterment of customers. It does not just start because of customers but continues due to customers/consumers. Marketing develops consumer behavior, which are “the actions a person takes in purchasing and using products and services, including the mental and social processes that come before and after these actions” (pg. 112, Marketing Twelfth Edition). Being able to understand and analyze the consumers behavior leads to adjustments and different approaches in terms of marketing schemes. In order to successfully market products or services, marketing managers must understand consumer’s motivations and needs for specific products. Whether, what the company is distributing suffices to the consumer’s physiological needs, safety needs, social needs, personal needs, or self-actualization needs the important thing is to recognize that the needs refer to the consumer. It is simple to see that the consumer is the beginning, middle, and end of marketing. In Practice marketing we could have made a backpack that we liked but that would not have done our company any good. We needed to focus on the wants and needs of the consumers and make changes as the game progressed depending on the consumers levels of satisfaction. We also needed to focus on the customers when making our own commercial. In order to speak to our target market, we needed use promotion strategies that connected the consumer to our backpack.

  3) A third objective to be reflected upon would be the opportunity we were provided with to put marketing into action via team and individual projects, research, reports and presentations.

We all know that marketing is recognized as the “activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large” (pg. 5, Marketing Twelfth Edition). We were able to test our own marketing abilities while using class discussion and information/knowledge as our guide. Practice marketing brought to life what we learned in class and served as a simulation to the real world. We had to construct a product (backpack), price it, promote it and distribute it to our target market. Before we were able to produce anything we needed to research the consumer segments and determine their wants and needs. Research leads to development; development in terms of products, ideas, or decisions. To sell a product, a company or marketing manager must “discover the needs and wants of prospective consumers” (pg.5, Marketing Twelfth Edition), and then in turn, to satisfy them.

Breaking down and analyzing multiple commercials opened our eyes to the depth within commercials and advertising. Subliminal messaging, something that you may not know you recognize but you do subconsciously, is very effective.  In order to be successful, it is important to develop the skill of patience and the ability to speak to consumers through creative forms of communication. An example would be commercials.

Reports, such as those we developed in groups, allowed us to see the breakdown of information in a more detailed and formatted way. Analyzing information proved to be a key to success. Proper analyzing can yield terrific results in many different forms. I have practiced the method of analyzing so much this semester that I feel I am analyzing everything I read and watch in order to, quite possibly, catch anything different and or hidden.

4)       Another objective where I am able to reflect lessons learned and connections to course outcomes and objectives would be the ability to understand the functions, roles and responsibilities of marketers.
Marketing is the competitive aspect of a company. The better the marketing techniques of a company than the greater their level of success. But, a company can’t just market as much as they want. They need to understand and realize that the level of marketing that will prove to be profitable will be one where the company is still producing a positive profit margin. This includes the deduction of variable costs such as production costs and fixed costs such as marketing and advertising a product or service through the use of promotions. Being a marketing manager for a simulated company opened our eyes to an in depth meaning of the functions and roles of a marketer. As I have stated before, research and development is critical when discussing the success of increasing consumer awareness of a product or service. A marketer must understand how to connect to the consumers on many different levels. I mentioned earlier that there are many different levels within the spectrum of consumer needs. Therefore, a marketer must know when to target a certain level of need for a customer. Overall, this class revealed that a marketer’s function is to connect the consumer with the product through the use of a variety of marketing and promotional strategies. It is their responsibility to increase product and company awareness. I have learned that marketing resembles a telephone. It provides a bridge from initiator (company), to receiver (consumer). When done right, marketing sparks excitement within the minds of the consumers. It is a science and an art to manipulate the consumers into thinking that they need something, when in reality, they just want the product.

5)  Finally, a fifth objective/ outcome I will address will be participation and communication of an effective team member.

https://app.slidebean.com/p/w9QtojzCSz/Why-Satisfied-Customers-Defect

As a team member, in order to be successful and effective, an individual must understand the value of understanding. Understanding that there are levels to teamwork is very important. Not only that, it is important to understand that there are different levels with different roles and authority. It is hard to experience this through simulations due to the fact that more likely than not, teams within classes experience flat line management. In real life there are corporate levels where top level management oversees and directs all strategy within a company. Strategy is an important piece to the puzzle in a stable company. Each team member must understand and support their group’s long term course of action of their company or group. A strong strategy is backed 100% by all team members.

Core values are another aspect that plays an important role in proper participation and communication of an effective team member. Following your companies fundamental, passionate, and enduring principles could be the pivotal point of a company’s strength and success. Along with the core values of a company that are consistent with the beliefs of a company is the mission. The mission describes a company’s function in society. The mission and core values of a company need to be communicated throughout the entirety of a business in order for stability. Communication is what allows progression in any situation. Marketing simulations bring these aspects to life. Communication and agreeing on an action(s) is the foundation for groups, companies, etc.

Along with communication is participation. Think of it as dominoes. When there is one flaw in a line of dominoes, the rhythm of all of the other dominoes is affected. Lack of participation leads to a decrease in team chemistry. Lack of chemistry causes a group to stray off course in terms of their mission and core values. To be an effective teammate, it is important to communicate and participate at all times, no matter the situation. Marketing is built off of creativity. Combining the minds and ideas of multiple individuals usually develops successful and creative ideas.