Reflective Report of Marketing Module
The concept of marketing is essential for an organization from different aspects, and the provision of the same is the one that make a marketing department strong and effective. It is the only department of an organization that works like wonders for them, because it covers both the strategic and economic well-being of a corporation (Baum et al., 2013). From this aspect, it can be said that marketing function and orientation are essential and effective for their future aspects and growth of the entity (Baum et al., 2013). In this assignment, it is required to make a personal reflection report in which all the sections would be analyzed with personal intentions and imagination, like which element of the report brings effectiveness in the personal life of the individual, and how improvement could be bring to have positive change and improvement in these elements in the future as well.
Analysis & Findings
I have been among those individuals who always try to look over different consequences of the companies in order to bring them in the consequences of the companies. After writing the assignment relate to marketing, the strategies have been used which deem like essential for an entity (Paver, 2006). I have searched and after critical evaluation, it is analyzed that the current advancement in the marketing industry bring revolution in the industry, and it will be worthwhile for the strategic consequences of the company (Baum et al., 2013). I have found some interesting facts about the marketing and its effectiveness for an organization, and it is also considered from the critical aspect that marketing tactics and strategies are more towards the economic growth of an organization. I have found from the entire assignment that the strategies related to product, pricing, place and promotion are some of the essential strategies on which the growth of an organization depend upon, and these are the strategies which also effective in catering the organizations even in the international markets. The report contains number of options and aspects that are integral to an organization, like target marketing, making of product decisions, consumer behavior, promotion, pricing and many more (Baum et al., 2013).
The first item which has been learned and described in the analysis is target marketing. I have found some interesting facts in the target marketing. Previously, the idea which I have towards the target market was very change as it was only targeting a specific type of customer, however after analyzing this particular report, I have analyzed that targeting is the name of segmentation. It is more towards getting a partition in the target market of the organizations in particular, and it is equally beneficial for the organizations all over the world (Baum et al., 2013). This particular aspect of behavioral change and perspective certainly changes the entire aspect of marketing and orientation of the organization, and in my view it gives a detailed idea about the marketing and its consumers to the company, and it is more than essential for them. The current report changes my mind considerably for the performance and behavior, and it will be equally beneficial for the companies to enhance the performances accordingly. For example, a company which has a great idea regarding different segments of a market can deliver the goods to them accordingly. This particular information will certainly help in career making and career development, because I have a plan to become an entrepreneur in the future, and I have an idea that target marketing is the most significant aspect through which an organization can enhance their efficacy and level of efficiency. There is a room for further development in the current topic, which will be examine with the help of further research and development (R&D) stances.
There are some important features that found for an organization in their economic consequences is known as four (Ps) of marketing. The marketing base of 4Ps is product, distribution, pricing and promotion (Baum et al., 2013). From this entire report, it is found that these four elements work like wonders for an organization, and entities are obliged to use elements for sustaining in the competition to remain effective and powerful. I have found that the organization which has quality products and services for their consumers are more productive and effective for their consumers (Baum et al., 2013). I have also found that the thing which attracts the consumers towards a particular organization is the pricing strategy. In my view pricing strategy is that behavior for an organization which has a direct linkage with sustaining their customers accordingly, because no organization can become essential without sustaining the customers accordingly, and the performance of the companies in particular. There are certain pricing structure that deem essential for an entity like competitive, penetration, premium and cost plus. The idea of implementation of the pricing strategy depends upon the fact that how effective the company is doing their operations, and how they are attracting their consumers. I have learned from the report that pricing is the only element which emphasizes by the consumers a lot, and consumers always try to evaluate different things in a best possible manner. The pricing decisions and methods depend entirely upon the fact that how consumers perceive the products of the company. I have also learned from the report that new companies are more entitled towards taking an effective pricing decision, because they are new in an industry, and they are required to analyze a new place accordingly. It could be done by taking strategic alliance decision with the existing companies, and also by taking powerful pricing decision. For example, if P&G let is trying to enter in India, a low Purchasing Power Parity (PPP) country, then the company has to change its entire pricing structure because the people in the new country might not able to have the products or services of the respective company. These information regarding pricing, distribution and promotion is effective for me, and it will be more effective when I will become an entrepreneur. There are further rooms are available for the companies which I have examine in this particular context, which is to use the social media networking in the promotional stance.
Building of Strong Customer relationship
Customer orientation and customer focus are more powerful and essential for the corporations, and those organizations which are more towards enhancing the relationship with their shareholders are more towards productivity and level of efficacy in comparison to those companies which are not. The list of examples are very heavy wherein the companies are towards the customer orientation in terms of providing customized solutions to them, like Apple Inc, IBM and Microsoft. I have learned from the analysis strong customer relationship are essential for an entity from both financial and non financial angles. I have found some strong relationship among the customer relationship and spurring growth of an organization from different angles. This particular aspect helped me a lot regarding the effectiveness of the customer for an organization, and how organizations can fulfill their appetite accordingly. There are certain aspects that can be done for further enhancement and development in the topic by applying and implementing some of the major customer oriented applications and functions, like Customer Relationship Management (CRM), used by different organizations of the world, and creating effectiveness for their future effectiveness.
Personal reflection based upon the personal ideas which have been emerged during the making of a report. It also analyzes the barriers and problems faced by an author in terms of increasing the productivity of the entity is concerned. This particular aspect is also towards writing a personal reflection paper on an already made report on marketing. From this entire report, I have some important aspects and functions that are essential for an organization to catering their customers in a perfect manner. Some of the major concepts have been described here accordingly that makes me learned number of things regarding the effectiveness of the company and its structure.
Baum, M., Dickerboom, J., Hackstein, M. and Mehling, M. (2013). Business Simulation. Munich: GRIN Verlag GmbH.
Paver, J. (2006). Theological reflection and education for ministry. Aldershot, England: Ashgate Pub.