Marketing reflections on learning outcomes

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Unlike the 4P’s of marketing that can be controlled by us, some environments are uncontrollable by nature, because we just have no chance to influence them. They may include, for example, cultural, economic, legal, political, technological, and social environments. This should not mean, however, that we should let them control us without any response. To succeed, businesses have to re-adjust themselves and find the best ways to work in them. The important point is that we need not only identify them, but also try to see if there are new opportunities. For example, the changing demographics inside our country should make us look around to see how to readjust our products and services to different tastes and preferences. Internationally, we should always be aware of tariffs and quotas and estimate our competitive potential. Watching the changes we develop possible scenarios, make relevant decisions, and get ready to implement them. What can be the consequences of the war in Iraq for marketing decisions? Tremendous, to say the least of it. So there are a lot of things for marketing specialists to think of both internationally and domestically.


The supply, demand, and elasticity have a direct impact on marketing decisions. The low demand may point to the necessity for better promotion of products and services simply because the consumers may turn out to know too little about the product, or be unaware of it at all. There would be little wonder if our specific product is not in demand, even though our competitors sell the same one very successfully. What if we fail to sell fresh water in hot summer time? Such paradox is quite possible if we do not follow simple marketing principle of 4 Ps. In terms of marketing, demand should not be viewed as something static. Even as applied to fundamentally new products, it can be created through marketing decisions. To say nothing of basic needs like fresh water in hot summer. We just have to remember of 4 Ps. The idea of supply in marketing is especially important in terms of competition: if we fail to provide supply that meets demand, our competitors will do it for us fast enough to their own advantage. The idea of demand elasticity is also important in terms of marketing decisions. For example, inelastic demand for a product usually results from a lack of substitutes. For this reason, marketing decisions might be aimed at identifying or creating a new product or service to substitute for the one with inelastic demand.


In simple terms, the idea of market segmentation (naming and segmenting) is how not to lose the focus. For this purpose, identifying most promising consumers is really a critical part of marketing activities. Would it be a reasonable decision for us to try selling air conditioners in Northern Territories and snow-removing equipment in South California? Hopefully not. The idea of positioning is also important in terms of consumers' psychology. With the diversity of products today, it becomes important to be able to have a proper understanding of consumer’s needs and attitude, to see what and why they need and how their needs are satisfied by the existing market.


The idea of consumer product classifications is important in terms of understanding how they think of them and what can be the motivation to buy them. This understanding is really critical, because to project our own perceptions on what we want to sell should be the last thing to do. Since the human nature is really a complicated thing, therefore the accumulated knowledge and observations made by the marketing scientists can be really helpful in making decisions. This may apply to certain particular classes of consumers' products like convenience, shopping, specialty, and unsought products. The useful thing to realize is that in selling a specific product or service we need to take into account specific qualities they offer, in terms of both material and psychological implications. Branding is also an important factor in marketing decisions. The idea of branding is to win wider and steadier recognition, though in real life a brand would not necessarily ensure a desired quality. Yet it works and, therefore, should be taken into account for competitive considerations. One of the important real life implications here is that to sell a branded product we would have to think well of what kind of advantages might contrast our product or service against the competitor’s one. The product life cycle is especially important to in terms of planning of our marketing activities. For example, when dealing with a new product on the market it is important to be aware of the main stages of product’s life. The low sales at the introduction and market growth stages would affect our marketing decisions in many ways, specifically in terms of promotion approaches, pricing policies, scale of production, financing, risk taking, etc.

Реферат опубликован: 19/07/2006