Marketing Reflection | Assignment Help
Out of many subjects that a student would come across during his/her studies, marketing is one of those subjects that pretty much every student would have to study. Since I am pursuing my degree in business, so I came across a similar course named Marketing practice. Through this course I got to know so many new things about business and specifically marketing. What exactly marketing is, why is it so important for every business, what are different strategies involved in marketing and even the role technology has to play in marketing.
Introduction to Marketing
Like many other people I had the same perception in mind, I always assumed that marketing is all about selling, but I was wrong. Different marketers have different terms for marketing, and it won’t be wrong to say that marketing bring many benefits to society. It’s an ongoing learning process, anyone who claims to be an expert on marketing, probably won’t have command on all the different marketing platforms that are available. However, one thing is for sure that marketers have to be creative and smart in order to be successful. If marketers are not smart and creative enough, they will probably won’t be able to perform their role properly.
A really important aspect that I came across during my study is the term marketing mix. This term really grabbed my attention as it is really an interesting topic to learn about. It can easily be explained as a term that comprises of different variables so a marketer can exercise their control over creating an offer.
The marketing environment and market analysis
Marketing is just not something that anyone can do without having proper product and market knowledge. To be able to market something, it is really important for a marketer to understand the product / service that needs to be maretered and at the same time must understand the market and its environment. For example a same product or service cannot be marketed across different countries, as there are cultural differences that needs to be consider. In simple words, it is important for any marketer to consider the internal and external factors that might have a direct or indirect link with the product or service. For example, factors like technology, politics, environment, sociocultural and economic play a significant role. Many companies or brands do a proper PEST or PESTEL analysis before marketing any product or service in a different country. With the help of PESTEL analysis, brands are able to analyze the probability of success or failure of a brand. As stated by Yuksel, (2012), to be able to develop sustainable competitive advantage it is very important to conduct environmental analysis of a country.
Market research
Doing PEST or PESTEL analysis can actually be considered as part of marketing research. It is really very important to do a proper market research in order to analyze the demands of target market. It provides vital data and informational that enables the company for predicting positive and negative circumstances and situations that might incur in future (Bivolaru, et al., 2009).
What is it that is likely to work, what are people expectations, how much people usually spend on a particular product and so on? To know all this, data is gathered through various techniques, such as conducting interviews, filling out survey questionnaires, observations and use the data that is already available. Best thing is, data from various sources can be combined in order to achieve better in detailed insights (Lo, 2016). Through the course, I got to know that there are five steps in conducting proper market research, that are comprise of Collecting, Recording, Analyzing, Interpreting and then decision making. Another important thing that I got to learn is that there’s actually a difference between data and information. Data can be defined as raw numbers or other factual information that, on its own, has limited value to marketers. However, when the data are interpreted, they become information.
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Consumer behavior and business buying behavior
There is no doubt that consumers differ from one to another not only on the basis of their culture and backgrounds but on the basis of their likes and dislikes (Dean, D., & Croft, R. 2009). Market research also plays a major role in identifying consumer behavior. Only by understanding consumer behavior properly, companies would then be able to design their models accordingly and would be better of in deciding how to communicate with the target market. There are various factors that play their role towards consumer behavior, factors like culture, social, physical and so on. According to Comor. E, 2000, by understanding behavior of consumers, marketers and practitioners consumers would be able to reach the consumers properly.
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