The fifth outcome of this course is the ability to describe the role and contribution that marketing plays in organizations and society. Marketing develops products that satisfy needs, and creates competition which brings down consumer cost. It also builds demand for product that make it so companies will need to expand their labor force, creating more jobs in society. Marketing also has the ability to convey important societal messages and public service announcements.
Through this class I have also developed a good understanding of current marketing concepts, strategies and techniques. I believe that I have gained this knowledge, and I feel very comfortable identifying and implementing different marketing strategies. One of the biggest insights into marketing strategy that I gained through this course was the Four P’s and Four C’s. The Four P’s are Product, Price, Place and Promotion. The Four C’s are Consumer Solutions, Customer Cost, Convenience, and Communication. Using these strategies, marketers can ensure that they are meeting consumer needs.
Another outcome of this course was gaining an understanding of how marketing decisions are made. Marketing decisions are made to cater to the needs of the consumers, while still providing profit for the company. Decisions are made after much research is done, and by identifying the Four P’s and C’s of the marketing mix.
As a result of this course, I also now know how organizations search for new marketing opportunities and select target markets. They do this by researching, polling, surveying, etc. It is important for the marketers to get to know the consumers in order to identify marketing opportunities and market gaps. Once the need is identified, the marketer can identify the target market whose needs will be met by filling this gap.