Over the course of the term so far

Over the course of the term so far, I have acquired important knowledge that will be beneficial to me now and in the future. I have learned lots of things, but I will explain three concepts I find very interesting. Concepts are marketing segmentation, consumer decisions, and business markets. Marketing segmentation is a system by which business or companies group markets based on location, class, and other criteria’s. Consumer’s decision is a study of how buyers react to a product and how it can influence them into buying the product. Business markets is how businesses view the difference involved in selling products to consumers and other businesses. Businesses analyze the markets based on the relative demand of consumers to other businesses. Moreover, I have learned to keep up with the timeline schedule outlined by Professor Alan to get my works done without pressure. Besides I also learned how to write a marketing charter for a company with my group members. Thus, group work has helped me in expanding my knowledge of team work and understanding the essence of team spirit as an important life skill.
“Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large” (Solomon et al. 8). The first important thing I have learned during the first half of the course is about the use of marketing segmentation and how it is used to achieve the desired market by classifying the market into four major standards. They are segmentation by demographics, geography, psychographics, and behavior (178-190). Segmentation by geography is a study based on the location of market (191). It helps a company study the location where more profit can be made by selling its products. Segmentation by psychographics is segmentation based on consumer’s attitudes and norms to their societal values (181). For example, a consumer is different based on his or her upbringing and backgrounds. The other type of segmentation is based on demographics. Which is a segmentation based on a particular group of people in a population. Demographics include gender, race, age, class, income and so on. Hence, demographic segmentation classifies group of people with the same characteristics and likely to intertwine with each other. The last segmentation is segmentation based on behaviour. It categorizes consumers based on their feeling and action made when purchasing a product. It asks the question on how to deliver a product that can touch consumers and influence them. Segmentation helps businesses strive to make a product that consumers will likely buy by adjusting to which market and part of population they want. Moreover, “it helps companies achieve stronger positioning” (Kokemuller).
The other concept I have learned about is consumer’s decision in buying a product. Consumer decision can be complex based on the feeling or desire the consumer has and the factors that influence his or her actions (Dudovskiy). These days, companies are studying consumers and what type of products are likely going to be accepted by the general population in a society. Consumer’s decision is very important in knowing what type of product or service to provide. For example, some businesses have approved the use of self-serve in restaurants. This was a new idea that didn’t exist before, but now people accept it and move forward. Businesses analyze consumer decision and modify their product. They input social norms, culture, segmentation in making the product. Consumers decide to buy a product based on the quality, price, and desire to have the product. “The consumer decision-making process involves a series of steps, which are: problem recognition, information search, evaluation of alternatives, product choice, and postpurchase evaluation” (Solomon et. al 122). The consumer decision-making involves many influences on the buyer. These are internal and external influences. “Internal influences include perception, learning, attitudes, age, lifestyle and personality” (128-134). “Perception is a process by which people select, organize, and interpret information from the outside world” (128). Buyers are influenced by perception as to how they view a product. Learning is another major aspect of decision-making, it relates to how a consumer learns about a product or service through experience or from another consumer (131). Attitude is reflected by a customer and what type of feeling or emotion is revealed by the customer for a product. For example, a customer that likes fashion, might change attitude when shown an old-style fabric or cloth. The customer will not be happy, that is the attitude towards the product. Age also influences the consumer, because some products are consumed in relation to the social status the consumer is living in. For instance, an old person will probably not use some of the products a teenager uses. Lifestyle outlines a person’s consuming behavior. The last thing is personality. It is a big component for a consumer’s decision. It is the basic character/trait that is shown by a person, and it shows how the consumer will respond to a product (133). The other factors that affect decisions are categorized as situational and social influences. Situational influences affect a consumer on the condition of location, time, and way they buy a product (134). Social influences affect a person based on the background and culture.
Business market are an essential part in marketing. The basic use of business market is to help a business know what type of product to or service to provide when the consumer is an individual customer or another business. There are two types of business markets. They are business to business and business to customer markets. Business to business markets “are group of customers that include manufacturers, wholesalers, retailers, and other organizations” (150). Conversely, business to consumer market involves an individual consumer and a business. The differences in consumer and business markets are concentration, number of buyers, and size of purchases (151). For example, a company makes use of business markets to develop and suite products which other businesses need by bulk or products individual customers need in single. They study the effect and try to make products that increase profit. Nowadays, business markets have expanded the use of technology in marketing. Social media and e-commerce have become a wide issue. E-commerce is the exchange of product or services by producer and consumer using the internet (157). There are three types of database networks in business: intranets, extranets, and private exchanges (157-158). Intranet is an internal corporate computer network that uses Internet technology to link a company’s departments, employees, and databases (157). Extranet is the same as internet except it is used by parties outside the organization. Private exchanges are systems that link an invited group of suppliers and partners over the web (158). Although there are advantages in using e-commerce, there are disadvantages. Due to hacking and social engineering many businesses face difficulties in creating a strong encrypted system. There is also a situation where an employee can give access to a database for an outside party. In my opinion, the important part of business market is to help identify the type of market a business should emphasize on to gain profit.
Another important thing I learned during the six weeks is team work. Working in group was an experience for me to learn and be interested in marketing class. This helped me in getting engaged with the team and working towards making the charter. I am happy to be a part in the group, and I have also learned that situations dictate for our team to move ahead in completing the charter. Moreover, I have learned how to be flexible in dealing with my team and understood the core of team spirit. I will continue to work hard with my group to accomplish the marketing plan. So far, I have enjoyed marketing class and look forward to expanding my knowledge.
To summarize, I have learned a lot in marketing class. I enjoyed all the chapters, but I really emphasized on three topics. These are market segmentation, consumer’s decision, and business market. Market segmentation is classifying the market into parts based on standards of segmentation. Consumer’s decision is action taken by buyers when a product is made and advertised. Business market is a process of studying the market on which type of product or service is to be made based on the customer. Group work was essential and communication between my group members was efficient in making the charter. I had a great time during the first half of the course.