MKT 6120 – Marketing Management – Davis (Combo)
Write down the three most important things that you learned about marketing from this class.
Please note: All of your discussion threads are to be at least 300-400 words and grammatically correct. Moodle will count the words for you. Late discussion threads will not receive full credit. You must post your initial response by Wednesday for full credit. (see the University Policy)
Discussion Thread 1 (initial post)
Discussion Thread 2 (two responses) Each response should be at least 200-300 words.
Comment on two other students’ initial responses, and add specific recommendations on what they should add, modify, and delete from their responses to make their responses even better and more compliant with the case study part 8 grading criteria).
TOPIC: MKT 6120 Synopsis
These are three important things that I have learned about marketing from this MKT 6120 – Marketing Management class:
TOPIC #1: Brand, Brand Story.
A brand is a name, word, sign, symbol, design, or any element that distinguishes one seller’s goods or services from those of other vendors, according to the American Marketing Association. In today’s fast-changing marketing world, a brand’s marketing strategy must stay ahead of the curve if it is to thrive and prosper over time. It must adapt to changing client preferences and inclinations while also utilizing the myriad new communication tools available to reach out to its target markets (Marshall & Johnston, 2018). And a brand story is a coherent narrative that recounts the story of your company’s facts and sentiments or if you prefer, its business. A tale, unlike standard advertising, must elicit an emotional response. Your brand can be influenced by a variety of factors, including your product, pricing, history, quality, marketing, in-store experience, purpose, values, location, and–most importantly–what others think about you (Hope, 2018).
And from that, I was able to come up with my company/ company brand and brand story: “Phoebe by the Sea” seafood restaurant (We also do caterings and event planning.)
TOPIC #2: Metrics, Lag Indicators, Lead Indicators.
Lag(ging) and Lead(ing) are metrics/indicators, also known as measures, statistics, and drives, that are important and sometimes the key to quantifiable variables in a business. They are used to analyze and evaluate performance, progress, and success through time toward a desired goal or aim. Lagging Indicators report on previous events while leading indicators estimate future outcomes. The success of your organization will be determined by your ability to recognize, analyze, and regulate the performance of these simple but important Lagging and Leading indicators. To improve your company’s current performance, you must focus on leading indicators or measures. They are the things you can change and influence to get a different result (Hans, 2019).
Although the assignment was short, you have to understand what the LAG and LEAD measurements were. For my company, my metrics are:
- Goal: Increase the number of product re-orders.
- Lag measurement: # of customers who re-ordered from website visits.
- Lead measurement: # of sent-out messages to remind them of re-ordering.
TOPIC #3: Going Global.
There are several strategies to expand your business internationally, each of which requires certain prior knowledge, expertise, and dedication. They can range from acquisition-driven expansion to the foundation of a new country subsidiary with the help of a professional employer organization (Lobell, 2021). When it comes to doing business in the United States versus doing business internationally, culture is a significant factor. Only roughly a quarter of American business ventures in other countries thrive. Much of this is due to Americans’ failure to conduct adequate research or their belief that the rest of the world should conduct business in the same manner as they do (Hendricks, 2022). For this reason, my company uses a different infrastructure for separate locations and different countries.
My company “Phoebe by the Sea” was able to increase its exposure through various digital marketing media. Among them are advertising on Facebook, having reviews on Twitter, and posting delicious recipes and dishes on Instagram. Additionally, we also have a YouTube channel for more content related to catering and event planning. Those videos can act as commercials for our company. For more information or to book an appointment, please give us a call or visit our newly developed website: https://ndinh37.wixsite.com/phoebebythesea
Hans (2019). Leading vs. Lagging Indicators Examples in Business. The Business Sniper. Retrieved from https://thebusinesssniper.com/lead-and-lag-indicat…
Hendricks, D. (2022). How to Take Your Company Global in 7 Steps. startupgrind
Hope, J. (2018). What’s a Brand Story, and Why Does My Company Need One? echostories
Lobell, K. (2021). How to Best Lead a Multicultural or International Team. Business News Daily. https://www.businessnewsdaily.com/8211-expand-busi…
Marshall, G. & Johnston, M. (2018). Marketing Management 3rd ed. McGraw Hill. ISBN: 9781259637155
student 2 : niloufar(200WORDS)
In marketing course, I learned how to create my company brand, vision and mission statements and how to make my company global.
I have learned the following important concepts in this course:
Digital marketing, often known as online marketing, refers to any marketing activity that takes place through the internet. Search engines, social media, email, and other websites are used by businesses to communicate with current and potential customers. Text messaging and multimedia messaging are also available. For every company’s profitability and brand exposure, digital marketing is essential. There appears to be a webpage for every other brand. They have a social media presence or a digital ad plan if they don’t. Every day, the number of people seeking online grows. As a result, the objective is to maximize online visibility. In fact, digital marketing is used to reach the appropriate individuals at the right time (Balegar, 2022).
Market Research Process
The research procedure or process consists of a sequence of actions that occur in stages. These phases are intricately linked and reliant on one another. They are so logical that the success of one stage is contingent on the success of the preceding level. The essential stages in the marketing research process are as follows: 1. Identifying and Defining the Problem 2. Defining the Research Objectives 3. Designing the Research Study or Planning the Research Design 4. Sample Preparation 5. Data Gathering Processing and analysis of data 7. They create a conclusion and prepare and present the report (Sharma, 2015).
In marketing, big data refers to the collecting, analysis, and use of large amounts of digital data to improve commercial operations. Consumer data, financial data, and operational data are the three types of big data that marketers are interested in. Structured, unstructured, and semi-structured data are the three forms of big data. Any data that can be saved, accessed, and processed in a consistent way is classified as structured data. Any data with an arbitrary shape or structure is defined as unstructured data. Volume, velocity, variety, and veracity are the four traits that currently constitute big data. CRM needs big data in order to improve customer experiences, notably personalization and service modification (Taylor, 2022).
Metrics are quantitative evaluation metrics that are often used to compare and track performance or production. A lead measure informs whether businesses are likely to reach the target, but a lag measure tells if they have already achieved it. Whatever businesses are trying to do, two types of metrics will determine their success: lag and lead. Lag measurements keep track of their crucial goal’s progress (Watts, 2019).
Balegar, D. (2022, March 15). What is Digital Marketing & Types of Digital Marketing? Infidigit. Retrieved March 16, 2022, from https://www.infidigit.com/blog/what-is-digital-marketing/
Sharma, M. (2015, April 18). Marketing research procedure (7 steps). Your Article Library. Retrieved March 22, 2022, from https://www.yourarticlelibrary.com/marketing/marketing-research-procedure-7-steps/48911
Watts, S. (2019, November 1). Leading vs lagging indicators: What’s the difference? BMC Blogs. Retrieved April 13, 2022, from https://www.bmc.com/blogs/leading-vs-lagging-indicators/
Taylor, D. (2022, January 22). What is big data? introduction, types, characteristics, examples. Guru99. Retrieved March 30, 2022, from https://www.guru99.com/what-is-big-data.html
Answer preview write down the three most important things that you learned about marketing from this class.