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Marketing
Marketing is an important strategy to ensure the growth of any business. While the current customers should always be the main priority, marketing efforts can help to expand this base. Little efforts like social media posts and email campaigns can not only engage existing consumers but spread the word to new potential customers. In essence, marketing secures the business’s future through new and old customer engagement.
The three most interesting topics:
In chapter 3 which is Strategic Market Planning Marketing which describes how a company will adapt to take advantage of opportunities in it’s constantly changing environment. I learned about different levels of business planning which are: strategic planning, functional planning and the operational planning. I find this topic interesting because strategic market planning helps the business to evaluate the current environment, the business also can establish clear marketing goals.
In chapter 4 which is Market Research which refers to taking an aboveboard approach to conducting market research does no harm to the participant. I learned the steps in the marketing research process that starts with defining the research problem and ends with preparing the research report. I find this topic interesting because market research can identify how customers might view your business and identify the gaps in customer expectations
In chapter 10 which is pricing which is the assignment of value or the amount the consumer must exchange to receive the offering. I learned about the importance of pricing and how marketers set objectives for their pricing strategies. I find this topic interesting because it has so many pros for the market and for the marketers; it develop bundle pricing offers in order to increase market share, it set prices to allow for 8 percent profit margin on all goods sold, and it alter price levels to match customer expectations.