Marketing Concepts Reflection Essay

Introduction

This paper gives me an excellent opportunity to have a comprehensive reflection on the marketing information I gained throughout the introductory section of our marketing course. The information I acquired in this course served as a vital beginning for understanding various concepts of marketing while considering how multiple scholars, including Theodore Levitt, discussed the differing needs of sellers as well as marketers (Labrecque, Esche, Mathwick, Novak, & Hofacker, 2013). This paper allows me to not only reflect but also discuss different issues associated with the field of marketing. As a result, I will reflect on the impact of this introductory marketing course on changing my view of how the entire field of marketing operates. I will also identify and explain one of the most surprising things I learned and what I need to learn more. Lastly, I will provide my opinion on the rise of consumer power through evolving changes in technology and provide an appropriate explanation to support my opinion.

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How the Introductory Marketing Course Has Changed my View

I had a strong desire to learn and understand the concept of marketing. This desire to learn motivated me to register for this marketing course that, in turn, changed my view about different marketing concepts and how their application. For example, I learned and understood the idea of the value proposition, which refers to a typical promise made by the sellers to make their companies, products, or services attractive to the target customers. As one of the most common business statements, value proposition seeks to convince a potential client to purchase or utilize the products and services offered by a particular company over its competitors. Therefore, value propositioning explains the worth and the quality of the product to the target customers and, in turn, convinces them to use the company's products due to its unique brand and the ability to meet their needs and expectations. Also, I learned how to apply the concept of market segmentation to identify target markets. Segmentation is the process of dividing a market into various parts to allow the company to target the most appropriate consumers and offer goods and services that can fulfil their needs and preferences (Rahmani, Emamisaleh, & Yadegari, 2015). I learnt about four types of market segmentation.

The first type, demographic segmentation, uses various factors such as age, level of income, educational status, family size, occupation, gender, and age. Demographic segmentation allows the company to sell its products to consumers that share similar demographic attributes. The second segmentation approach, geographic, entails dividing customers depending on their geographical locations such as countries and providing them with the predetermined products and services. Psychographic segmentation focuses on the intrinsic attributes of the target customers, such as personalities, opinions, interests, lifestyles, and attitudes. The last type of market segmentation, behavioural, is similar to psychographic segmentation. However, behavioural segmentation focuses on the predetermined reactions of customers and how they make their decisions before buying a product or utilizing a service. Also, I learned various pricing strategies use by different companies. First, organizations use the cost-plus pricing approach, which entails determining the costs of production and adding a predetermined price.

Secondly, firms employ the competitive pricing approach, which involves analyzing the prices of products from competitors and setting yours. Companies use the value-based pricing strategies by selling products at the prices depending on customers' perception of its worthiness. The relationship between product positioning and brand strategy was also another critical subtopic I learned. The two concepts have a strong correlation with their goal being to create a unique impression in the mind of customers so that they have a positive perception of the products and services offered by the organization. The last topic that changed my view was the issue of supply and logistics management in marketing. I learned that for an organization to achieve success in its marketing activities, it must effectively manage the movement of its products from its stores to the final consumer within the right time to fulfil the evolving needs of its customer.

Most Surprising Thing Learned and What I Should Learn More

This marketing course became one of the most exciting learning experiences in my academic life. The class had numerous exhilarating concepts that left me interested in advancing it. However, the marketing mix was the most surprising lesson for me. I learned about the 4P's of marketing mix alongside their meaning and how to apply them practically in a typical organization. These essential 4P's include place, product, price, and promotion. The four elements are crucial when developing a strategic marketing plan because they help people venturing into business to achieve their long-term goals and objectives (Goi, 2009). For example, price refers to the amount of money that buyers are willing and able to pay to receive a product or service from the seller. There are various factors that entrepreneurs must consider while determining the price of their products and services. Such variables include the costs incurred while producing the product in question, the demand and supply forces, the economic conditions, and the ability of the target customers to purchase the product at the set price. The product is the item that a seller brings to the market to sell and earn a predetermined profit (Hagberg, Sundstrom, & Egels-Zanden, 2016). A product must deliver the highest level of performance and be in the best quality to satisfy the needs and preferences of customers.

Conversely, place refers to the platforms through which customers can access the product sold by a given organization (Labrecque et al., 2013). Successful entrepreneurs must be ready and willing to take all the risks to ensure that customers access their products through appropriate platforms. For instance, some businesses can incur significant expenses by paying for space in retail firms, such as supermarkets to ensure that consumers get adequate products on the shelves whenever they come to shop. Also, businesses can develop appropriate online platforms such as Facebook, Youtube accounts, and websites for selling their products to the final consumer (Rahmani et al., 2015). The element of promotion refers to numerous processes that an organization undertakes to create awareness and increase the sales of their products in the target market. Some of these essential strategies include use of social media channels to attract more customers, providing incentives and discounts on products and services, and free-take away offers to increase sales (Hagberg et al., 2016). Marketing entails numerous concepts that people must understand to shape their view and become successful entrepreneurs, as discussed in this section.

How the Evolving Changes in Technology Impact Consumer Power

The contemporary changes in technology have a far-reaching impact on the power of consumers. The knowledge I gained in this class emphasizes on the fact that the evolving technological transformations will increase the strength of consumers. Scholarly materials reviewed in this course shows that the development of new platforms such as company websites, Twitter, Facebook, and Youtube will help customers by allowing them to have seamless access to information of various products (Labrecque et al., 2013). This information includes packaging, prices, access points, and associated benefits. As a result, customers will be comparing different products on more than three platforms before deciding on the best item to purchase. Customers may opt for products that are easily accessible and available, sold at a lower price when compared to its substitutes and meet their needs and preferences. Therefore, marketers find it crucial to lower the costs of their products while maintaining their quality to meet the needs of their customers (Goi, 2009). However, lower prices may lead to losses and imminent failure for some organizations in the long-run.

Conclusion

This course was crucial in improving my general understanding of the concept of marketing. The course was also vital in enhancing my skills and knowledge on how to conduct marketing in a practical context. The course changed my view on how marketing works and in turn allowed me to gain more experience on how I can leverage different marketing concepts, including digital marketing to start and sustain a highly successful business venture upon completion of my studies.

References

Hagberg, J., Sundstrom, M., & Egels-Zanden, N. (2016). The digitalization of retailing: an exploratory framework. International Journal of Retail & Distribution Management, 44(7), 694-712. Retrieved from: https://www.researchgate.net/publication/305922138_The_digitalization_of_retailing_an_exploratory_framework.

Goi, C. L. (2009). A review of marketing mix: 4Ps or more? International Journal of Marketing Studies, 1(1), 2. Retrieved from http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.656.1894&rep=rep1&type=pdf

Rahmani, K., Emamisaleh, K., & Yadegari, R. (2015). Quality function deployment and new product development with a focus on marketing mix 4P model. Asian Journal of Research in Marketing, 4(2), 98-108. Retrieved from https://aijsh.com/shop/articlepdf/2015/04/14281994369%20abstract.pdf.

Labrecque, L.I., Esche, J. V. D., Mathwick, C., Novak, T. P., & Hofacker, C. F. (2013). Consumer power: Evolution in the digital age. The Journal of Interactive Marketing, 27(3), 257-269. Retrieved from: https://www.marketingcenter.de/sites/mcm/files/downloads/research/lmm/literature/labrecque_2013_jim_consumer_power_evolution_in_the_digital_age.pdf.