Introduction to Marketing Core Job of Marketing

Question: Describe about the Introduction to Marketing for Core Job of Marketing. Answer: Learning Journal 1: Marketing is one of the most crucial activities which are responsible for organizational success. The core job of marketing is to recognize the demand of products and services in the market and according to its organizational goals and objectives are adjusted to meet customer demand and earn revenue profit (Hollensen, 2015). In an organization other departments are directly or indirectly related to marketing. According to Kotler Keller, 2015, Marketing is a process where the organization strategizes its activities to meet customer needs and desires profitability. According to my study and analysis of the module and previous experience as marketing executive, I believe that marketing is a process which is more than just selling and advertising and the story does not ends there. According to my understanding it is about recognizing and considering the competitiveness of the market and where as a marketer we have to tap the current trends and changes in the market, and reaching consume rs with products and services that matches their wants, desires, and needs. There are mainly four types of consumers Seasonal Customers, Personal Consumers, Organizational Consumers, Impulsive Buyer, Discount Driven Consumers, and Need Based Consumers and Habitual Consumers (Jobber Ellis-Chadwick, 2012). I consider myself a Habitual consumer as I am very brand conscious and I tend to choose same brand of products and services when purchasing something for my personal use. For instance, I tend to buy Pepsi over Coca Cola as I have become habituated with the soft drink brand Pepsi. Learning Journal 2: In this module we learnt about marketing strategy and why it is important for organizational success. In the contemporary competitive market, markets use strategic planning for their organizational competitive advantage. It is the framework to achieve organizational success or business objective. According to my understanding of module 2, it provides a business organization a focus and direction to recognize the prospect and chances that are worth following as well avoiding possible threats. A successful marketing strategy will generate consumer preference for the brand (MacInnis, et al. 2014). To take my example, I am a regular customer of ASOS when I am buying cloths for myself online. I prefer ASOS because of its customer friendly website, long product line, easy payment options, and quick delivery; all these attributes have created a strong brand image in my perception. So, whenever I do online shopping for clothes I instantly choose ASOS. As a regular user of ASOS website, I hav e observed how user friendly website it splits down its products into related and constructive categories, like, product type, material, colour, price, purpose, etc. It is very stylish and easy to navigate which allows targeting its customer successfully. And these are the reason I am a loyal customers of ASOS.com. Learning Journal 3: In this module we have learnt about environmental analysis in strategic marketing. Environmental analysis is a strategic framework which is utilized by marketers to recognize all the external and internal factors that effects organizational performance (Kotler, 2009). Environmental analysis can be subdivided into Micro and macro environmental analysis. In simple words, micro environmental factors are those which directly affect organizational performance and they are staffs, customers, suppliers, shareholders, and competitors. Whereas, macro environmental factors are those which indirectly effect organizational performance and they are socio-cultural, legal, technological, political and environmental. To understand and recognize the environmental factors, markets use SWOT, PESTEL, Porters Five Force analysis, and etc frameworks. For instance, let us discuss environmental factors on mobile phone products- The micro environmental analysis helps marketers to position the on the whole goals, strategies and policies of the business. Whereas, the macro environmental analysis usually allows mobile phone business organizations to understand the risks, threats and opportunities that are present inside the industry and the factors which are beyond control of business. Restaurant is one of the most common industries in service industry. Micro environmental factors like availability of skilled staffs, customer preferences, relationship with suppliers and competition in the market or competitors strategic planning can affect restaurant business. Whereas, macro environmental factors like local government policy reforms, socio-cultural preference or taboo over a specific kind of cruise, environmental effects on the process of business can directly change or affect restaurant business. Learning Journal 4: According to my learning outcome of this learning module the following are some of the factors that make a good market research. They are: A successful marketing research utilizes the standard of the scientific methods, which are observation, proposition, calculation and testing (Malhotra, 2008). As the major objective of a market research is to recognize useful data and information, how I conduct my research is a very crucial factor. To make my research successful and effective I should follow the above standard method. A successful market research utilizes multiple methods to receive information data and avoids relaying on only one method. An effective research identifies the importance of utilizing multiple methods and sources to acquire the required information. To conduct a successful market research, a marketer should make the scenario a win-win-win situation. A promising research should show value for organization, product, customers, and should not take advantage of the situation. According to my learning outcome of this learning module the following are some of the factors that make a bad or unsuccessful market research. They are: Wrong or irrelevant questions that does not focus on the main concern of the research. Lack of sustained pace to market research to analyse and recognize continues shits in customer preferences, competitions and other environmental factoUse of amateur inexpensive survey software fails to focus on the main problem in the organizational performance. A successful market research requires more than intelligence and software, it requires proper knowledge and experience. Learning Journal 5: The consumer buying decision process is a complex method for every time an individual makes a buying process (Kotler, et al. 2015). Generally, I buy products when I need one and which suits my pocket. But in this model we learned how factors effects an individuals purchasing decisions. In reference to the consumer decision making model, I would like to explain my buying behaviour. Need recognition- I buy a product when I feel the need or to simplify it is a situation when there is a gap between the actual situation and the desired situation. For instance, when my phone broke, I felt the need to buy one. Information search- I search for the best possible way to find out what are the good phones that are available at the market. Alternative valuation- Then I searches for the alternative models of phones that are available in the market. I try to analyse their performance, price, value for money etc. Purchasing decision- Then I finally makes decision of buying a phone which generally will depend on the phone features, previous experience with the brand, price and availability of discount etc. Post- Purchase behaviour- Although I learnt about this step after the course completion but this is an important behaviour in the whole process. This generally involves the sense of satisfaction after buying the product In consumer buying process, some consumers make quick decisions in comparison to others who make slow decisions, these is because of consumers perception and experience about the product or brand (Solomon, 2014). This is known as level of involvement. When buying an expensive product, the decisions I make are not impulsive and are rather high involvements in my decision making process, but in case of cheap or low involvement products I often make impulsive decisions. According to my observations while buying a service my purchasing decision process remains more or less same with the product buying behaviour. Learning Journal 6: In this module, we have learned about market segmentation and its importance in targeting the prospective customers. In simple words, market segmentation is a marketing strategy which engages in breaking a broader target market in sub market targets according to needs, priorities, values, etc and then planning and applying strategy marketing tactics to target them (Chernev, 2014). For developing a marketing strategy, it is crucial for a business organization to recognize its target audience. Some of the organizations that have effectively targeted the market strategic segmentation plans are McDonalds, Walmart, Coca Cola, etc. McDonalds for instance have segmented its products according to demographics, psychographic and behavioural market segments (Pickton, Broderick, 2001). They have also segmented their products according to age- kids, kid-adults and family. But it hasnt targeted single adults. Wal-Mart on the other hand mainly segments their market into four different segments- the geographic, demographic, behavioural and the psychographic. But Coca Cola does not have specific target segmentation but is applies its marketing strategy by introducing new products. The management of Coca Cola utilizes a combination of undifferentiated niche targeting strategies to achieve competitive advantage over its competitors (Hartley Claycomb, 2013). Coca Cola doesnt target a specific segment but adapts its marketing strategy by developing new products. Similarly it uses combine of undifferentiated niche targeting strategies in order to drive sales in the competitive market. Its product Cola is popular worldwide is liked by people of all age group while the diet Coca Cola targets niche segment for people who are more health conscious. Coca Cola make use of aggressive positioning strategy in order to stay in advance of its competitors soft drinks market. Learning Journal 7: A product does include goods, services, ideas, and people. A product can even be a physical or virtual or cyber in its form. It is basically an item which is offered for sale. Each and every product that is produced is made at a cost and so each of them bears a value to it when sold. Every product has a life cycle and replaced by other after a certain period. When I buy a product, I believe the experience is important because it helps me to build perception about a product which assists me in my buying decisions. Products usability develops user experience. Learning Journal 8: The new age marketers are utilizing online promotional techniques to influence consumer buying behaviour (De Mooij, 2013). This is a matter of study that to what extent online promotional techniques and social media marketing influences in buying behaviour of an individual. Marketers are using online product reviews, which are often evoking customer purchasing decisions. For instance, when I shop online in e-commerce websites like Amazon, ASOS, etc I tend to check the product reviews that are provided by other users who have shared their experience regarding the particular product. Generally these testimonies or reviews are by genuine customer experience so referring to them often gives idea about the product quality or experience both positive and negative. So, often these e-commerce websites asks their buyers to write feedback about the product so that it will encourage others to buy the product. Parents, family and friends play a very vital role in shaping our behaviour and principles- this is known as peer pressure. While we interact with others in our day to day life, we often exchange our views and beliefs which to some amount influence our behaviour. The more we interact and communicate the more chances of shaping our views in influence of others. People with whom I am the most close to are my parents and my best friend tends to influence me most. Learning Journal 9: Pricing is a strategy which sets value of a product. When buying a product I look for a good deal not a cheap product. Even though price makes me think about buying the product or should find an alternative cheaper version of the product. Price facilitates my purchasing decisions about what should I buy and what is beyond by purchasing limit. Thus it can be concluded that the function of price of a product plays a crucial both as dominant and intricate (Wilson Gilligan, 2012). When buying a service, it is often difficult to understand the real value of the service before using it. A product is a tangible element which we can touch and hold and anticipate about its quality. It is quite difficult for me to evaluate the real value for a product. For instance, last year I went on a vacation and stayed at a hotel which charged us less than market value. I anticipated that they are charging less may be because they have inferior service quality. But to my surprise, the value of service was more than our expectation. So, it becomes difficult to evaluate the real value of a service considering its pricing. Learning Journal 10: Yes, I am a regular purchaser of online products. One of the main reasons why I buy online is because I get a list of alternatives where I can compare and buy among products. Ecommerce websites like Amazon, Flipkart, etc have a wider shelf space as compared to brick and mortar shopping malls. I have just to turn on my internet to get a wide range of products on my computer screen to choose from. One of the most positive parts of online shopping is that we can view reviews from other buys so we get a clear picture about the product or service quality before considering of purchasing it. I would not buy flowers and medicines online because I prefer choosing my flowers with their freshness, which online cannot guarantee me. And I will not buy medicine because there has been news recently about the fraud dug producers who are selling duplicate medicinal drugs online and misguiding consumers. I would rather visit a local drug store and buy my medicines checking their expiry date rather than buying online. I would like to buy electronic products, cloths, kitchen appliances, fishing gear, groceries, hotel reservations, plane tickets, toys, video games, movie tickets and books because in our busy schedule I do not have time to visit brick and mortar shops to buy individual items of my needs. I would rather sit and order my needs in just one click. Learning Journal 11: Marketing is a strategic business phenomenon which is more than just advertising and selling. I joined the above course with the primary objective of self development and career enhancement. Finishing the course modules has shaped a great learning path for me on numerous points. The module contents, valuable coaching styles of our respected teaching guide, satisfactory learning resources and individual learning hard work. Learning marketing has unlocked a comprehensively knowledge about the principle features of product and service design from marketing point of view in both as theoretical and practical stages. I have learned about how branding is important in marketing and how different factors effect buyers purchasing decisions. So, as a marketing student and a prospective marketing this learning module will assist me in strategic decision making for marketing a product or service and become professionally successful. Learning marketing has changed my perception about how products and services are marketed and what are the tactics that are used by organizations to attract the target audience. After finishing the course module my purchasing decisions will be defiantly changed. Reference: Chernev, A. (2014).Strategic marketing management. Cerebellum Press. De Mooij, M. (2013).Global marketing and advertising: Understanding cultural paradoxes. Sage Publications. Hartley, R. F., Claycomb, C. (2013).Marketing mistakes and successes. Wiley. Hollensen, S. (2015).Marketing management: A relationship approach. Pearson Education. Jobber, D., Ellis-Chadwick, F. (2012).Principles and practice of marketing(No. 7th). McGraw-Hill Higher Education. Kotler, P. (2009).Marketing management: A south Asian perspective. Pearson Education India. Kotler, P., Burton, S., Deans, K., Brown, L., Armstrong, G. (2015).Marketing. Pearson Higher Education AU. Kotler, P., Keller, K. L., Manceau, D., Hmonnet-Goujot, A. (2015).Marketing management(Vol. 14). Englewood Cliffs, NJ: Prentice Hall. MacInnis, D. J., Park, C. W., Priester, J. W. (2014).Handbook of brand relationships. Routledge. Malhotra, N. K. (2008).Marketing research: An applied orientation, 5/e. Pearson Education India. Pickton, D., Broderick, A. (2001).Integrated marketing communications. Harlow: Prentice Hall. Solomon, M. R. (2014).Consumer behavior: Buying, having, and being. Engelwood Cliffs, NJ: prentice Hall. Wilson, R. M., Gilligan, C. (2012).Strategic marketing management. Routledge.