Introduction
In this paper, I am going to reflect on the marketing information that I have gained over the period while studying the principle of marketing course. The majority of the information which was learned in this course was an eye-opener for me in many ways. More specifically, I was intrigued by the ways the retailers use a variety of marketing strategies for their benefit and for attracting the customers towards its products and services. On another level, I came to know about all the terms of the marketing tactics which were employed by the companies but then I was not aware of it.
Reflect on how marketing has changed your view of how the field of marketing works.
As I grow up, I have seen my father owned a small restaurant in which he sold beverages, desserts, and Caribbean food. The restaurant was always good enough to attract the revenues for feeding our family good enough. The entrepreneurship of my father made me saw the functions of business and how these were performed smoothly. From preparation of the food for the cooking, promotion, delivery, and customer service, I knew how the business was to run. So with this experience, I thought that I have some prior knowledge of the business terms. But, it was surprising to know that all that knowledge would do less for me in this course. For me, the learning’s from this course and that I had from my childhood experience were hugely different. The concept of target marketing and market segmentation looked like a beacon if seen in retrospect of our business, where we often tried to sell unwanted products. More specifically the focus on the psychology of the customer was very influencing for me. The way a manufacturer can use the overconfidence or lack of confidence of a person to buy its products (Reeves, Haanaes, & Sinha, 2015).
What was the most surprising thing you learned? What do you need to learn more about?
The most influencing learning that I received while studying the course of introductory marketing was the way Dell changed its manufacturing process to sell a computer to the market. The assembly line strategy seems to be practical and effective for any company like Dell. However, Dell changed its assembly line and made it into an assembly team, which would rather build the computers as it was ordered and this same team was to be responsible for the inspection and testing of the finished product as well. The fact that Dell has never sold computers in stores, but it has to be ordered through the internet or phone for a specific computer purchase was ignored by me. I used to have a Dell computer at first, which I liked very much. However, with time, I assumed that the company has gone out of business because of the lack of advertising or any promotional activity. I was curious enough to call on their customer service and ask if it was still in business. The representative was polite enough to assure me that they were doing business and can provide the computer as specified. I realized that the lack of any advertisements was because Dell was more focusing on B2B business and less on the consumer market. I was even surprised to know that the US army provides one of the biggest contracts to Dell for its computers every three or two years. It showed me how the advertising and promotional activities of a company could be so much influence on an average person like me. And how they change in primary focus or direction can impact the market as well (Chopra, 2007).
After going through this course, several interesting topics have interested me, and I would love to learn more about these. As I am particularly interested in the retail industry, I want to see how a retailer new to the industry would pick its ideal customer for attracting it to its products. Business digs deep into the lives of their ideal customer to look at their preferences and priorities to better cater to their needs. Another major area of my interest was the pricing strategy. How big retailers like Wal-Mart and Kroger’s set on a price, what is the process which goes behind this price setting (Davis, 2017).
Do you see the rise of consumer power through evolving changes in technology? If so, how? If not, why not?
With the growth in technology every second and with the urging desires of the customers to have access to the latest of technologies, I think I can safely suggest the rise of consumer power over the retailers. Earlier the consumers used to go to the retail stores and would stand to listen to the salesperson’s speech about the advantages of the equipment. However, it is to be noted that this equipment can also be outdated and the advantages mentioned by the salespersons were in light of securing vacant shelf for new technology equipment. Back then the consumers were not so aware of the technologies and would usually get the equipment they not needed in actual. It is not the case now.
The consumers know everything from specifications, to the advantages and cons. They read reviews, go over the brochures, and conduct comparisons of the competitive products before coming actually to purchase it. They certainly know what they need and thus cannot be fooled into an outdated technology. It shows how the consumers, becoming more aware of the products they are purchasing, and also by demanding the companies to act sustainable and environment friendly has the power over the retailers. A customer now will always find its product from a competitor if a company was unable to provide it on time.
Conclusion
It is concluded that the introductory class of marketing shows that I have learned how companies change their strategies to cater to the demands of the customers like Dell did. Moreover, I learned how customer segmentation and target marketing could act as the main difference between successful and unsuccessful business. The pricing strategies and target marketing are the areas in which I am most interested. The consumer power, at the end of the paper, is shown to have risen with the rise in technology.
References
Chopra, S. (2006). A New Channel Strategy for Dell. Retrieved May 19, 2018, from https://insight.kellogg.northwestern.edu/article/a_new_channel_strategy_for_dell
Davis, J. A. (2017). Measuring Marketing: The 100+ Essential Metrics Every Marketer Needs (3 ed.). Boston: Walter de Gruyter GmbH & Co KG.
Reeves, M., Haanaes, K., & Sinha, J. (2015). Your Strategy Needs a Strategy: How to Choose and Execute the Right Approach (1 ed.). Boston: Harvard Business Review Press.
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