Please Address the following Questions:
1. As a business executive, what is your definition of Marketing?
As a business executive, my definition of marketing focuses on the mechanisms used by businesses to develop and distribute products that meet consumer needs. Marketing can be defined as a process of developing a product and communicating it to customers to persuade them to buy the product. It is a process of making customers aware of an existing product and/or reminding them of an existing product or service. Companies promote their business to attract customers by focusing on the consumer needs. Marketing begins with market research where the firm identifies the dynamics of the market, including the changing consumer needs and the strategies used by competitors. The company then moves to provide products and services that add value to their customers. Therefore, marketing is a complete process of creating, communicating and delivering offerings that meet the needs of customers. The marketing process entails all sets of activities aimed at enhancing the buying decision of the consumers as well as boosting the sale of a product or service. It also entails building relationships with customers to enable repeat purchases and long term loyalty from the customers. For example, a company may offer discounts and free gifts for repeat clients to entice them to come back for more products or services.
2. What role does marketing play in your current organization and what is your perception of the value that marketing brings to your company? Or does it bring value?
Marketing plays a significant role in my current organization. One thing that marketing achieves is long term relationship with customers. This is achieved because marketing plays a significant role in creating value for the customers. The organization uses various marketing tactics to add value to every buying experience of the customer. Marketing also creates a positive brand image for the company. During marketing communication, the business passes a message that represents the organization’s vision and identity. Marketing plays a key role in communicating the firm’s products and services to external stakeholders. Through marketing, customers get to know the features of products and services sold by the company, the benefits of those products and services, and the methods the company uses to deliver them.
Marketing is of great value to the organization. It creates awareness among existing and potential customers about the firm’s offerings. Marketing also influences the customers’ decision making and buying behavior, leading to customer attraction and retention. The function also adds value to the company by ensuring that customers get what they want, leading to customer satisfaction, loyalty, and increased sales in the long term. The company uses marketing to convince customers that the products of the firm meets their specific needs. Through enhanced shopping experience and targeted marketing communication, customers will establish long term relationship with the company which translates to increased sales and profits.
3. What is your favorite marketing campaign and why?
My favorite marketing campaign is “Share a Coke” by Coca-Cola. This promotional ad campaign was first introduced in Australia in 2011, and has dominated various media channels including television, social media and YouTube over several years. The campaign touched the hearts of consumers and created personalized experience. In the campaign, Coca-Cola Company replaced its brand name with over 200 most popular individual names in America. Customers would buy a Coke that has their name on it, or buy one as a gift to a friend with their friend’s name on the bottle. The aim was to ensure that customers can share their experiences with families and friends, with Coke as a symbol of strong human bonds. I liked this campaign because it touches on the every—day experiences of human beings. People like to interact with the people they love. Soft drink like Coke can be an affordable way of showing and sharing love with others. Adding a name to it makes the experience even more valuable, leading to happy and prosperous societies. The campaign was successful because it made customers to feel as if the company cares about their daily experiences. It is a promotion ad campaign that leaved a positive mark on individuals and societies, leading to strong relationships between the company and communities across the world.
4. What do you hope to gain from this course?
From this course, I hope to gain more insight on marketing theories and practices. I have got a chance to experience how companies advertise their products in real life, but I need to understand the basic ideas and rationale for those advertisements. I understand that professional marketers must understand the psychological and behavioral factors that shape marketing strategies. Particularly, I want to know what a marketer looks for when identifying target customers and how he customizes their marketing tactics to meet the needs of those customers. I want to know how to carry out market research and group customers into different categories based on their characteristics, interests and needs. This course will also offer me a great understanding and knowledge about marketing tactics that I may use to create attractive and effective campaigns. I also intend to learn ways in which marketers can interact and communicate with customers to establish positive and meaningful long term relationships. I am looking forward to gaining new ideas that will transform my perception and skills in marketing and communication.