Student Name: Casey Johnson
MBA Concentration: Integrated Marketing Communications
Current Employer: The Schwan Food Company
Marketing Management “Top 10” Reflection
As the final assignment to the Marketing Management course the class was told to consider all of the concepts discussed in our assignments, videos, case discussions and activities throughout the course and identify the top ten things we learned. To give you a better idea of what this class was about and all of the concepts we covered below are my top ten, plus a couple extra tidbits.
- The first and probably the most realized by the class is that marketing is part of everything within a business. It can help determine who to sell to, what to sell, the price you should sell an item and where to sell it.
- The importance of sticking to a target segment. You can’t make everyone happy. By making one group happy you may make another segment mad, so stick with a target segment. This will also help the company focus on the right things to improve the business.
- Market research is an important step in developing products and marketing. Without knowing what the company’s target segment wants and how they will react to the company’s marketing the company may end up making poor decisions.
- Marketing research can be as big or as small as one needs it to be. For example when launching a new category extension a company may spend a lot of time and money on market research to understand the category as well as how they can differentiate their product. Another example is small market research that was done in class on Yellowdig. Our class used Yellowdig for discussions and we shared feedback on the tool better informing Michelle if it would be the right tool for the school to use.
- Large transitions within a company take time. One cannot expect the company to turn around in 17 months, like the JC Penny example. Transitions should be taken slowly and guided by market research.
- Before a company can create emotional ads for their brand, the audience first must be familiar with the product. If a company is launching a brand for the first time. People need to understand what it is the company is trying to sell before they can have an emotional attachment to it.
- Distribution can have a large effect on pricing. I didn’t fully understand how distribution mark ups could affect the price that the retailer would have to sell an item at. This helped put in perspective the importance of determining how a company would distribute and sell their product.
- Profits are also an important part of marketing. Having satisfied customers is good, but if the company can’t make money they will eventually upset their customers by going out of business.
- The perceptual mapping tool will be great to use when comparing my company’s products and brands to our competitors.
- I work in the marketing department for Schwan’s Food Service. What I have come to realize is all that we discussed in class is what our marketing department does, so what I’m learning in class applies to my job right away.
Thank you, cohort and Michelle, for a wonderful class. I had learned far more than this top ten. For those of you have gone through this class, feel free to add a comment on this post about what you learned in class.
- I started in the St. Kate’s MBA program last fall focused on the Integrated Marketing Communications concentration.
- One of the great things about this program is starting with a cohort. I have gotten to know a bunch of people focused on different concentrations. I’m learning as much from them as I am from the classes.