2 Peer Review 1 Video Review 8W

Although this course has introduced many important marketing concepts relevant for business and personal application, four, in particular, stood out the most. I feel these concepts if applied appropriately, can not only help in future marketing/business implementations but also in my personal/business life as well. From chapters 1-8, I found Maslow's Hierarchy of Needs, in relation to appealing/exploiting the needs of certain target markets (page 3.1) and components related to the product development process (page 7.1), to be the most beneficial. From chapters 9-16, I found predictive analytics, in association with big data (page 10.1) and the marketing research process (Page 10.1-10.2), to be of considerable interest. 

Trying to understand influential factors related to consumers' buying behavior can be very dynamic and also very intriguing. From current mood, economic situations and cognitive age, many things can influence us into buying certain offerings. What I found to be of particular interest was the psychological factors behind certain buying behaviors. Adapted from Abraham Maslow's Hierarchy of Needs, these factors can explain a lot about certain observable characteristics in human behavior and fulfillment. When applied to marketing, I think having a coherent understanding of these concepts would go a long way. If utilized appropriately, these needs can be exploited through advertising and marketing campaigns to influence the buying behavior for specified products (Tanner & Raymond, 2019). These can also help segment certain groups more effectively. Benefits would be the same for personal life applications as they would in business/marketing. 

Another relevant topic in chapters 1-8 was the product development process. This process stood out to me because it enables companies to remain competitive through the continuous delivery of innovative and applicable products. This utilizes ideas generated from many different sources, such as lead users and crowdsourcing, to name a few, and screens them to see if they can be of significant value. Through specifications, development, and testing, these products gain value and consumer applicability. I think this has a personal application because it can help in personal product or idea development. 

The final two concepts that I found to be of value from chapters 9-16 are predictive analytics in association with big data and the marketing research process. Our textbook defines big data as the massive amounts of data being gathered by the Internet and computer systems (Tanner & Raymond, 2019). I think this concept on its own, is very intriguing and is a new frontier for many associated dimensions. I think it becomes even more interesting, however, when it is applied to predictive analytics. Analyzing the predictive behaviors of consumers or target markets, through the use of data, has shown to be very accurate. The ability to detect human patterns utilizing statistics and other developmental models can help businesses tremendously in how they market consumers. Perhaps the same can be used in one's personal life but on a smaller scale. 

The market research process can also utilize predictive analytics but is very interesting in its own right and is why I made it my fourth concept. I find this process so interesting because it provides a systematic approach to specific problems or questions and can be utilized by anyone. Whether your part of a large corporation or a small personal business, this process can facilitate research and data to produce effective solutions. A big downfall to this is that it can be expensive but depending on the level of necessity, it can pay dividends for the long-term effectiveness of a company (Tanner & Raymond, 2019). 

References:

Tanner, J., & Raymond, M. (2019). Principles of Marketing (4th ed). N.p.: FlatWorld.

2ND Peer Review

Hello,

The four concepts I have chosen are mass marketing verses targeted marketing (Ch. 5.1), selective distribution (chapter 8.4), outsourcing and offshoring (chapter 9.1), and search engine marketing (chapter 12.1).

The fist concept I have listed is mass marketing verses targeted marketing. This is an important distinction to understand. Depending on the product will dictate which method you will use or even a combination of the two. Closing in on a target market allows you to focus your efforts on a group you have identified to be more willing to purchase your product or service. I plan to lean more towards a targeted market because it allows you to focus more one a specific group. This is a flexible option considering the different types of products and services.

Selective distribution in the process of only selling your products to specific retailers and locations. This allows for more control over the product or service. This control helps keep prices stable and target a specific audience. When you shotgun a product out to every available outlet you lose control fast. One outlet may undercut the price and absorb the financial loss to ensure they receive the new business. Carefully selecting who to allow into your channels is important to distribution.

The concept of outsourcing often has a negative view but if used correctly can be very effective in reducing costs and increasing efficiency. By allowing a third party to take over tasks they specialize in saves time and money. This is a concept that needs to be monitored closely to avoid using sources that can lead to a negative public image to the company. I would cut cost where I can but closely examine the process. If cutting cost means offshoring to an unregulated factory in a third world country then it is not worth it.

Lastly I listed search engine marketing. This is one of the bigger ones for me because I believe the internet is the future. Search engines are such a heavily used tool in today's society. Using this platform to promote offerings is a must. By using paid or unpaid search engine marking you can increase the traffic to your website. I will mainly focus on the unpaid marketing. Improving the flow of the web pages I manage for my organization and ensuring quality context will increase the rankings on search engines.

References

Tanner, J. & Raymond, M. A. (2019). Principles of Marketing. Boston, MA: FlatWorld

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